Overview

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. Next was Capitalism 2. 0, New Deal Keynesian social capitalism created in the 1930s and extinguished 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 next phase of capitalisms 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.

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9781586488710

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Literary Review, July 2010 Hugely ambitious.... The overall impression is startlingly original. Kaletsky offers a genuinely new take on the credit crunch. The Economist, July 8, 2010 Pedants will find plenty to quibble about in Mr Kaletsky's analysis of the past, let alone his predictions.. But his book is full of clever insights. For sheer intellectual chutzpah and creativity, it is well worth reading. Financial Times, July 18, 2010 Provocative.... There are now many - too many - books on the credit crunch. Kaletsky's considerable achievement is to put these events in a perspective that looks back to history and forward to an extended future, and to do so in a framework which goes far beyond a chronology of events. His book is a major contribution to the debate on the nature of the market economy that needs to follow the practical failures of market fundamentalism.

<p> Literary Review , July 2010<br> Hugely ambitious.... The overall impression is startlingly original. Kaletsky offers a genuinely new take on the credit crunch. The Economist , July 8, 2010 Pedants will find plenty to quibble about in Mr Kaletsky's analysis of the past, let alone his predictions.. But his book is full of clever insights. For sheer intellectual chutzpah and creativity, it is well worth reading. Financial Times , July 18, 2010 Provocative.... There are now many - too many - books on the credit crunch. Kaletsky's considerable achievement is to put these events in a perspective that looks back to history and forward to an extended future, and to do so in a framework which goes far beyond a chronology of events. His book is a major contribution to the debate on the nature of the market economy that needs to follow the practical failures of market fundamentalism.

Literary Review , July 2010 Hugely ambitious.... The overall impression is startlingly original. Kaletsky offers a genuinely new take on the credit crunch. The Economist , July 8, 2010 Pedants will find plenty to quibble about in Mr Kaletsky's analysis of the past, let alone his predictions.. But his book is full of clever insights. For sheer intellectual chutzpah and creativity, it is well worth reading. Financial Times , July 18, 2010 Provocative.... There are now many - too many - books on the credit crunch. Kaletsky's considerable achievement is to put these events in a perspective that looks back to history and forward to an extended future, and to do so in a framework which goes far beyond a chronology of events. His book is a major contribution to the debate on the nature of the market economy that needs to follow the practical failures of market fundamentalism.

Author Information

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 expanded his activities to include economic forecasting and financial consulting.

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