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Global capitalism has entered a long downswing that started with the outbreak of the financial crisis in 2008. A debate has been opened about the causes of this slowdown, the prospect of a recovery and the role played by technology. The first point to observe is the character of the preceding long upswing. We argue that Fifth Kondratiev upswing was unstable and shortens by several weaknesses in the institutional framework. Given that weakness digital technology spread unevenly across even in the US economy, and the impact on productivity was limited. A huge excess of capital was the results of that forces mainly after 2000, driving the global economy to the financial crisis and then to global recession that still persist, in spite of the lender of  last resort . At this point the prospects of recovery depend on the extension of digitization to a new level often called Artificial Intelligence. However, this new level of digitization will imply a deep impact on social relations in general and specifically in labor relations. A disturbing feature of the present time is the role played by digital monopolies that control the passage to AI. The only way to counteract that power is by a new social pact at global level.

Present and Future in the Mirror of the Past: Capitalist Dynamics, Digital Technology and Industry in the Fifth Kondratiev