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Capitalism 4.0: The Birth of a New Economy in the Aftermath of Crisis

Book Description

In this controversial book, Anatole Kaletsky puts the upheavals of 2007-2009 in historical and ideological perspective. He shows how the forces that precipitated the financial meltdown are now creating a new and stronger version of the global capitalist system-- one that will continue to be led and shaped by the U.S. if its businesses and politicians play their cards well. This is Capitalism 4.0, and it will change politics, finance, international relations, and economic thinking in the coming decades.

Table of Contents

  1. Title Page
  2. Dedication
  3. Introduction
  4. Part I - Capitalism and Evolution
    1. CHAPTER ONE - Mr. Micawber and Mad Max
    2. CHAPTER TWO - Political Economy and Evolution
    3. CHAPTER THREE - The Four Ages of Capitalism
  5. Part II - The Arrow and the Ring
    1. CHAPTER FOUR - Annus Mirabilis
    2. CHAPTER FIVE - The Four Megatrends
    3. CHAPTER SIX - The Great Moderation
      1. The Platform Company: A New Business Model
      2. The Reinvention of Demand Management
    4. CHAPTER SEVEN - The Financial Revolution
      1. Megatrends in Housing and Finance
    5. CHAPTER EIGHT - The Ring of Finance
    6. CHAPTER NINE - Boom and Bust Forever
      1. The Theories of Boom-Bust Cycles
      2. Why Finance Is Different from Every Other Business
  6. Part III - Market Fundamentalism Self-Destructs
    1. CHAPTER TEN - The Economic Consequences of Mr. Paulson
    2. CHAPTER ELEVEN - There Is No Can Opener
      1. The First Era of Economics
      2. The Second Era: Keynes’s Government-Led Economics
      3. The Third Era: The Triumph of Rational and Efficient
      4. The Next Transition
    3. CHAPTER TWELVE - Toward a New Economics
  7. Part IV - The Great Transition
    1. CHAPTER THIRTEEN - The Adaptive Mixed Economy
      1. Energy Policy and the 2008 Oil Shock
    2. CHAPTER FOURTEEN - Irresistible Force Meets Immoveable Object
    3. CHAPTER FIFTEEN - What—Me Worry?
      1. Will Rising Interest Rates Choke Off Economic Recovery?
      2. Will Printing Money Unleash Inflation?
      3. Will the Dollar Collapse?
  8. Part V - Capitalism 4.0 and the Future
    1. CHAPTER SIXTEEN - Economic Policy in Capitalism 4.0
      1. Will There Be a Government Debt Crisis?
      2. The Myth of National Bankruptcy
      3. The Myth of Burdening Our Grandchildren
      4. The Real Case for Tackling Deficits
      5. Japanese-Style Paralysis and Zombie Banks
      6. The Great Rebalancing of Global Growth
      7. Stagflation
    2. CHAPTER SEVENTEEN - Politics in Capitalism 4.0
      1. Conservatives Will Keep Winning Until Progressives Find a Narrative
      2. More Government Means Smaller Government
      3. Democracy Means Less Power for Public Opinion
      4. Bigger Deficits Are Necessary but Impossible
      5. Priorities: Less Spending and More Taxes
      6. International Experience: Learning from Others’ Mistakes
      7. Commanding Heights: As Socialism Has Retreated, It Has Won
      8. Health Reform: More Government and More Market
      9. Health Care Reform Will Become a Conservative Issue
      10. Progressives Will Fight for Less Progressive Taxes
    3. CHAPTER EIGHTEEN - Finance and Banking in Capitalism 4.0
      1. Finance Is Indispensable
      2. Uncertainty and Guarantees
      3. Regulation
      4. Capital Structures
      5. Accounting
      6. Credit Ratings and Macroeconomic Assumptions
      7. Mortgage Market Reform
      8. Fiduciary Duty and Government as a Silent Partner
      9. Bankers’ Earnings and Bank Profits
      10. Talent and Plunder
    4. CHAPTER NINETEEN - The World of Capitalism 4.0
      1. Global Competition between the United States and China
      2. Convergence between the United States and Europe
      3. The Rivalry of Western and Asian Values
      4. Business Interests Will Embrace the New Model
      5. Trade and Industrial Structures
      6. Limits to Growth and Physical Resources
      7. The Environment Can Become a Positive Economic Story
      8. Prosperity without Growth
      9. Currencies and Financial Relations: Will There Be a New Bretton Woods?
      10. Will Global Governance Be Strengthened to Resolve Global Problems?
  9. Notes
  10. Bibliography
  11. Acknowledgements
  12. Index
  13. Copyright Page