● Uprising: Will Emerging Markets Shape or Shake the World Economy?
By George Magnus
Review via Financial Times
It is not often these days that an investment banker takes a sceptical view of emerging markets. Such has been the rush to put money into China, India, Brazil and the rest that caution has often been thrown to the wind…Magnus rightly warns that financial instability and financial euphoria often go together, with disastrous results.
● Capitalism 4.0: The Birth of a New Economy in the Aftermath of Crisis
By Anatole Kaletsky
Summary via publisher, Public Affairs
In this provocative book, Anatole Kaletsky re-interprets the financial crisis as part of an evolutionary process inherent to the nature of democratic capitalism. Capitalism, he argues, is resilient. Its first form, Capitalism 1.0, was the classical laissez-faire capitalism that lasted from 1776 until 1930. Next was Capitalism 2.0, New Deal Keynesian social capitalism created in the 1930s and extinguished in the 1970s. Its last mutation, Reagan-Thatcher market fundamentalism, culminated in the financially-dominated globalization of the past decade and triggered the recession of 2009-10. The self-destruction of Capitalism 3.0 leaves the field open for the next phase of capitalism’s evolution. Capitalism is likely to transform in the coming decades into something different both from the totally deregulated market fundamentalism of Reagan/Thatcher and from the Roosevelt-Kennedy era. This is Capitalism 4.0.
