'The global financial crisis of 2007 to 2009 ruined businesses and banks, individuals and even nations, and seemed to land a mortal blow to the capitalist system. But capitalism has not been destroyed, rather it has been irrevocably altered: the forces that precipitated the crisis are now contributing to the evolution of a new, stronger version of the capitalist model. Tracing the development of capitalism from the late eighteenth century through three distinct historical phases, Kaletsky shows how at each of these transitions the existing economic order appeared to be fatally threatened, only for capitalism to reinvent itself and emerge stronger than before. The turning point for our most recent age of capitalism came on 15 September 2008 when Lehman Brothers collapsed, setting off market chaos which, had it not been for government bailouts and guarantees, would have toppled every bank in the Western world, an incident which set off the fourth major systemic transformation in capitalism's history' - "Capitalism 4.0". Understanding Capitalism 4.0 will be critical to the continued recovery of our global economies. In this controversial and wide-ranging book, Anatole Kaletsky, one of the world's foremost economic commentator, puts recent financial events into historical and ideological perspective. He describes the emerging features of this new capitalist model, explains how it differs from the previous versions - and how it will change politics, finance, international relations and economic thinking in the next decade.
Capitalism 4.0
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'Anatole Kaletsky is a brilliant economist and a gifted writer, a combination as valuable as it is unusual. Capitalism 4.0 will add greatly to our understanding of the future of global finance' George Soros 'Anatole Kaletsky is one of the handful of heavyweight UK commentators who set the tone of public discourse on economic policy. His book goes well beyond typical comment to give an insightful analysis of the recent financial crash in a broad historical context. There are lots of books giving a blow-by-blow account of what happened in the market or who was to blame for the mess. This book is not of that genre. It has a clear, powerful thesis that capitalism will survive and flourish as it did in the wake of the three previous systemic crises of the last two centuries. Capitalism 4.0 tackles a big ambitious theme in a way that will not disappoint' Vince Cable
Book Description
The definitive book about the state of Capitalism; now and in the future, that debunks myths and presents groundbreaking new theories
--This text refers to the Paperback edition.
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Most Helpful Customer Reviews
11 of 11 people found the following review helpful
By Athan
Format:Hardcover
Books about the latest crisis are predominantly from the angle that "we're all doomed."
Kaletsky, whom I have admired and read a lot over the past 20-odd years, resolutely does not think we are. His main thesis is that capitalism has suffered setbacks before and each time (namely after the Great Depression and after the stagflationary seventies) it has reinvented itself and thrived. He identifies four "megatrends" (three really: globalisation, the great moderation and the democratization of debt) that remain in place and will keep the world economy going in the medium term.
The book is full of deep and rather iconoclastic analysis, as well as packed with facts that are not widely publicised. Trouble is, I've just finished it and I remain unconvinced.
How come? First of all, Kaletsky provides the best analysis, bar none, of how we got into this mess. Global imbalances, animal spirits, the "Minsky moment," "reflexivity," income inequality, it's all there. Somehow, though, Kaletsky thinks all of the above added up to less than eveybody thinks and a single man, the doctrinaire Hank Paulson, managed to bring down a world that was already on the mend. He devotes 28 whole pages to his bete noire!
Funnily enough, the book then goes on to explain how we should deal with all these problems, even though they did not really cause the recession. Kinda weird.
Regardless, the book is well worth a read, because it is comfortably the most coherent "What me worry" account of the world economy to emerge so far. With no sense of irony, the author actually lists many of the risks the economy is facing in a chapter of precisely that name!
Kaletsky, whom I have admired and read a lot over the past 20-odd years, resolutely does not think we are. His main thesis is that capitalism has suffered setbacks before and each time (namely after the Great Depression and after the stagflationary seventies) it has reinvented itself and thrived. He identifies four "megatrends" (three really: globalisation, the great moderation and the democratization of debt) that remain in place and will keep the world economy going in the medium term.
The book is full of deep and rather iconoclastic analysis, as well as packed with facts that are not widely publicised. Trouble is, I've just finished it and I remain unconvinced.
How come? First of all, Kaletsky provides the best analysis, bar none, of how we got into this mess. Global imbalances, animal spirits, the "Minsky moment," "reflexivity," income inequality, it's all there. Somehow, though, Kaletsky thinks all of the above added up to less than eveybody thinks and a single man, the doctrinaire Hank Paulson, managed to bring down a world that was already on the mend. He devotes 28 whole pages to his bete noire!
Funnily enough, the book then goes on to explain how we should deal with all these problems, even though they did not really cause the recession. Kinda weird.
Regardless, the book is well worth a read, because it is comfortably the most coherent "What me worry" account of the world economy to emerge so far. With no sense of irony, the author actually lists many of the risks the economy is facing in a chapter of precisely that name!
6 of 6 people found the following review helpful
By M. Wilkinson
Format:Hardcover|Amazon Verified Purchase
I bought this book to get a better handle on what is going on with our economy and was not disappointed. The book is understandable by a non-specialist, cuts through all the conflicting points of view and provides a long view.
Overall I would heartily recommend this book trying to make sense of the current financial mess. It is amazing how differently you see things that other people write about the economic crisis once you have read this book. There are so many conflicting opinions it can drive you crazy!
Overall I would heartily recommend this book trying to make sense of the current financial mess. It is amazing how differently you see things that other people write about the economic crisis once you have read this book. There are so many conflicting opinions it can drive you crazy!
6 of 6 people found the following review helpful
By Rolf Dobelli
TOP 500 REVIEWER
Format:Hardcover
Capitalism is dead; long live capitalism. That's the central tenet of veteran business journalist Anatole Kaletsky's instructive, perceptive tome. Global capitalism has served humanity pretty well over the centuries, and it has survived by changing with the times. The aftermath of the 2008 financial crisis and the near collapse of the world's financial system demand a major revamp of free market thinking. The new version, which Kaletsky posits as the fourth in capitalism's history, will take its lessons from the past and adapt them to harness market forces in the 21st century. getAbstract recommends his thorough recap of what's happened and his vision of what probably will happen - including economic recovery - to all those looking for a cogent handle on the economic future.
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Most Recent Customer Reviews
5.0 out of 5 stars
Nice overview of the current situation and future perspective
I love it!
I also like author's optimism
Nice overview of the recent economic history, current situation and future perspective
I also like author's optimism
Nice overview of the recent economic history, current situation and future perspective
Published 3 months ago by Javier
5.0 out of 5 stars
One of the best crisis books
If you want an accessible, broad view of recent global economic history and the prospects for the next few decades, this is possibly the best book on offer. Read more
Published 13 months ago by Feyd
3.0 out of 5 stars
Events, dear boy, events!
Events have humbled Anatole Kaletsky's Capitalism 4.0, turning it from a fascinating but erratic book into a bit of a mess of failed prediction. Read more
Published 18 months ago by The Outsider
5.0 out of 5 stars
A brilliant book
This book has been one of the most enlightening reads I have encountered. So many of the questions I have had and perceptions I felt during the recent past, about our world have... Read more
Published on 7 Jan 2011 by H. A. Adams
4.0 out of 5 stars
The shape of things to come?
This is a great book. It presents the recent events in the world economy from a much longer perspective. Read more
Published on 29 Oct 2010 by S. Aguilar-Millan
4.0 out of 5 stars
Lucid optimism hamstrung by a category mistake
That book can be judged, I think in two parts separately. One, as a recent economic history (Capitalism 1.0 to 3. Read more
Published on 11 Sep 2010 by J. Mcmahon
5.0 out of 5 stars
Excellent book
Anyone with an interest in the economy or current affairs generally should make the effort to read this book. Read more
Published on 21 Aug 2010 by TimMason
4.0 out of 5 stars
PERSPECTIVE
Anatole Kaletsky has provided much needed historical perspective on the Global Financial Crash. There are many books that have been, or are being, written about the GFC but... Read more
Published on 20 Aug 2010 by david ramsay
2.0 out of 5 stars
Disappointing, still the traditional study of Capitalism as a "closed"...
I know of Kaletsky as a young adult looking at the moody'ish photos of him that must have been in the Times reading the articles and being impressed as someone who knows so much... Read more
Published on 2 Aug 2010 by Mr. L. J. Doig
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