. , - . . - . . , , , , , , . , C : [16;24], [14], [17], , - « - », . . . [36;18-21;4;3;1;8] . . ( ( ) .1). . 1. , , - , ) ( . ( XX .) . . ( . - ) (« », ); , ; « » - - , , . ( ) - - , . ( » ( ), ) . »( ) - « , , , . - – . , . , . , . – . . . . - – [31] [30]. , . 2. - . , 1975-2003 .[28] , – . . , , - , , , , . . , , , . [6]. , - - , . - . . ( , – - ). ( , - , . ). ,– [26, - , . .122-125], , 1970- , . , 1998). ( . 2). 2000. , . , - – . , , – . . . , [35]. - , , , . , , - . , - . 1970, , . - ., ( . 3. . 3). , , . , %.[30] - , , , . . - , . , [22, . 221]. , 2004), , , , (Perez, . . ( ) , , , , - ( ) . . - , . . - . - , - , - . . , . . . - - , . – - . . - 1991 . – - [27], . . ). . ( - , . , - , - , . . , , - . . - , ( . , [34], . - - . ), , . . , ( - - - ). . . [25], ). . « , - ( » . , . - , . , . - , ( , . , - ). . , . [33]. - . , , , , - . . , - . , , . , , - . [10-12]. - - , . . - . , . [23;15]. , - . – , - - , , . - . – - - , 40 [2]. , . - . 1980-2020 70- . [29]. - , . , 60- . . (Dow Jones . – Industrial Average . 4. (http://homepage.mac.com/ttsmyf) 70. DJIA), , . , DJIA 30 , . DJIA ( . 4). , . 5. - - , , 1) ( . , Nas- . daq, ( . 5). Nasdaq 1977-1979 . 1977 . (http://moneycentral.msn.com/) . - . 5, . , , . , DJIA, - - ( ( . 6), 1980- , - . 7). 2000 . ( NASDAQ) . - . - . 1981-1982 - , , . 6. (The Long Wave Analyst, 2007). 10,8%. DJIA 1021 777 1982 . . 1981 . Nasdaq 1986-1987 . 1986 . (http://moneycentral.msn.com/) . 7. Nasdaq 1999-2001 . 1999 . (http://moneycentral.msn.com/) 1994- 80- 2000 . [7]. - 5- 5. - 2000 . . . 15 50%. 1994 . ( – ). , 1987- 1994 . - 2000 . . 90( 2,7 , , ). 2007 ., 2008 . 6- 2,4 (www.federalreserve.gov/releases/g19/hist/cc_hist_mh.txt). 2001 . 40%, , . . . , 2001-2004 . , . ( , . - ). , . - , 25% , ( . . 2008. 24 .). : . – . , - . , . . - « » ( ) . , , , , - , . , . , , , - . . , - , . , - , , . – . - - . . , , . - , 5, . , . - - . ( ) , , - . 2000 . 2007 . . - , . . , . , , , . - , , - . , . , - , , . . , , . : , - « , , » . , , ( , , , . , . 8). . ( - ), - ) , , . . , , , ( – - ) . - . , , . - « , - » - . . , 5, 6- . – - , ( ). , , . . 8. - – [32] – . . . , - , (5)– « - » ). , (6. ) . , , - second-hand , , . - 5- [9]. , - . , . ( - , , ), , ( ) - . - , , « » - 15. . .: . 16. « . 2008 », 1997. : // , 2009. , 17. . » ( , ) - , 1. // 2009. 19. // 2008-2009 / . . .: , 2009. . . . . 2009. (http://www.econorus.org/ sub.phtml?id - 2. . ., // 4. 1. // - . . 2009. 5. 3. . 6. ., // . 2009. 1. // . . 2009. 7. ., . . 2001. 12. . 7. // 8. Wall Street // 2009/252. M.: #WP/ , 2009. 9. . 10. . 2006. . - // 4. // . . 9. .: , 2007. 11. . // . . 10. .: , 2007. 12. . . // . 5. .: 13. , 2005. . : // . 2009. 5. . // .45. 2. 21. . . . 2009. 1. : // . 2009. . 1. .: . « », 2001. 23. . , 1982. .: : . 2009. . 2009. // 22. // 3. . - . . 2005. . 6. =21). - , 3. 20. . 2. - . , . 14. . 2009. 18. . - . // , . 2. 24. . . // . 2009. 1. 25. Angeletos G-M., Lorenzoni G., Pavan A. Wall Street and Silicon Valley: A Delicate Interaction // NBER Working Paper 13475. October 2007. 26. Berry B.J. Long-Wave Rhythms in Economic Development and Political Behaviour. London, 1991. 27. Brooks Ch., Katsaris A. Speculative Bubbles in the S&P 500: Was the Tech Bubble Confined to the Tech Sector? October 2005 (SSRN: http://ssrn.com/ abstract=834484). 28. Case K.E., Shiller R.J. Is There a Bubble in the Housing Market? // Cowles Foundation Paper 1089. 2004 (http://cowles.econ.yale.edu). 29. Hirooka M. Innovation Dynamism and Economic Growth. A Nonlinear Perspective. Cheltenham, UK – Northampton, MA: Edward Elgar, 2006. 30. Hobijn B, Jovanovic B. The Information Technology Revolution and the Stock Market: Evidence // NBER Working Paper 7684. May 2000. 31. Jovanovic B., Rob R. Long Waves and Short Waves: Growth through Intensive and Extensive Search // Econometnca. November 1990. Vol. 58. 6. 32. Jovanovic B., Rousseau J. Mergers and Technological Change: 1885-1998, Working Paper Vanderbilt University, 2001. 33. Kamihigashi Takashi. The Spirit of Capitalism, Stock Market Bubbles, and Output Fluctuations // Research Institute for Economics & Business Administration, Kobe University. Discussion Paper Series. 2007. 205. 34. Ozdenoren E., Yuan K. Feedback Effects and Asset Prices // The Journal of Finance. 2008. Vol. 63. 4. 35. Perez C. Great Surges of Development and Alternative Forms of Globalization. 2007 (www.carlotaperez.org). 36. Perez C. Technological Revolutions and Financial Capital: The Dynamics of bubbles and Golden Ages. Cheltenham: Elgar, 2002.