Capitalism 4.0: The Birth of a New Economy in the Aftermath of Crisis
ReadHowYouWant.com, Jul 19, 2010 - 588 pages
In early 2009, many economists, financiers, and media pundits were confidently predicting the end of the American-led capitalism that has shaped history and economics for the past 100 years. Yet the U.S. economic model, far from being discredited, may be strengthened by the financial crisis. In this provocative book, Anatole Kaletsky re-interprets the financial crisis as part of an evolutionary process inherent to the nature of democratic capitalism. Capitalism, he argues, is resilient. Its first form, Capitalism 1.0, was the classical laissez-faire capitalism that lasted from 1776 until 1930. NeYest was Capitalism 2.0, New Deal Keynesian social capitalism created in the 1930s and eYestinguished in the 1970s. Its last mutation, Reagan-Thatcher market fundamentalism, culminated in the financially-dominated globalization of the past decade and triggered the recession of 2009-10. The self-destruction of Capitalism 3.0 leaves the field open for the neYest phase of capitalism's evolution. Capitalism is likely to transform in the coming decades into something different both from the totally deregulated market fundamentalism of Reagan/Thatcher and from the Roosevelt-Kennedy era. This is Capitalism 4.0.Anatole Kaletsky is editor-at-large of The Times of London, where he writes a column on politics, economics, and international relations. Kaletsky was a full-time journalist for The Times, Financial Times, and The Economist from 1976 until 1998 when he eYespanded his activities to include economic forecasting and financial consulting.
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Capitalism 4. 0: The Birth of a New Economy in the Aftermath of Crisis
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academic American ancl assets bankers bankruptcy behavior billion boom boom—bust cycle borrowing Britain British bust Capitalism 3.3 Capitalism 4.0 capitalist capitalist system central banks chapter China Chinese collapse competition conservative consumers countries created credit crunch crises currency debt decades demand democratic dollar economic growth economists Efficient Market Hypothesis efficient markets emerging Europe eurozone financial crisis financial cycles financial institutions financial markets financial system fiscal free—market future global government’s guarantees Henry Paulson ideological income increase industries inflation interest rates investment investors Japan Keynes Keynesian Keynesian economics Lehman long—term macroeconomic Margaret Thatcher market fundamentalism market fundamentalist ment model of capitalism monetarism monetarist mortgage nomics onward period political politicians postcrisis precrisis predicted profits rational expectations reason recession reforms regulators response shareholders social spending stability stagflation taxes Thatcher Thatcher—Reagan theory tion transformed Treasury trillion unemployment United world economy