Anatole Kaletsky explains the recent global crisis in sweeping
historical context, and points out the once-in-a-lifetime opportunity
now opening up to economists - particularly the younger generation.
Capitalism 4.0: The Birth of a New Economy in the Aftermath of Crisis frames the systemic problems of recent years and sketches out the transformational changes that could come in terms that particularly resonate with the goals of the Institute for New Economic Thinking.
Kaletsky’s book draws off key insights from economic history, comparing today’s crisis with three previous systemic crises of capitalism in the early 19th century, the 1930s and 1970s. The author, a longtime economic journalist currently serving as editor-at-large for The Times of London, frequently describes the critical interplay of economics with politics - and refers to a wide range of other disciplines outside economics. And Kaletsky makes a strong case that a new economic paradigm is imminent as capitalism goes through a rare reinvention to a new form that balances the market and the state in ways not seen before.
Capitalism 4.0 makes economics accessible to a range of audiences and shows how critical this current era of creative destruction of the system is. Despite all the trauma, the books stays positive and is genuinely optimistic that the economic system to emerge in the early 21st century will be better than the previous three versions.
All in all, the book encapsulates many of the themes and preoccupations that INET expects to engage in the years ahead. It is a great read for those who want to understand what is really going on around them and get a sense of what this Institute is about.
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.