When the Chinese write the word crisis they combine two symbols; one stands for danger, the other opportunity. What if the recent and arguably ongoing financial crisis gave us the opportunity to look at our market system in a whole new way? Not only because we have to, but because the times demand it.
Perhaps we have moved beyond the early laissez-faire capitalism of the industrial revolution, beyond the post war, post new deal Keynesian religion and now, even beyond the ideas of totally unfettered, deregulated markets. What would that economic world look like?
Anatole Kaletsky, editor-at-large for The Times of London and one of the leading lights of economics journalism and analysis, proposes the idea of Capitalism 4.0: The Birth of a New Economy in the Aftermath of Crisis. My conversation with Anatole Kaletsky: