The World of Capitalism 4.0
The G20 foreshadows the planetary governance of the twenty-first century.
—President Nicolas Sarkozy of France
CONVENTIONAL WISDOM maintained that the crisis of 2007-09 would mark the end of America’s global dominance—not only as an economic model but probably also as a hegemonic military and geopolitical power. This could still turn out to be true. The U.S. economy could succumb to a double-dip recession if fiscal stimulus is withdrawn too quickly or if the Federal Reserve fails to keep interest rates low enough for long enough to ensure sustained growth. Fierce partisanship, aggravated by the unsustainability of the old politico-economic model, could make the country increasingly ungovernable. ...