Capitalism 4.0 is a forceful and informed, overdue corrective to the glut of apocalyptic economic predictions peddled by commentators, Nobel laureates, and celebrity financiers since the financial crash of September, 2009. As Kaletsky retorts, reports of the death of capitalism have been greatly exaggerated. To understand the dynamics of capitalism, we must recognize the 'arrow' of history, and the 'ring' of finance - the interplay between long term trends that are changing the world forever, and the cyclical nature of markets and expectations.
What we are seeing today is the evolution of Democratic Capitalism - that dynamic, ever-improving form - from the market fundamentalism spawned under Reagan and Thatcher, to what may one day be called Obamanomics. What will distinguish this new system from the old is an emphasis on uncertainty; the recognition that economic behaviour is inherently unpredictable, that markets and governments are both capable of big economic mistakes, and that both private business and government must follow economic policies in a spirit of experimentation.
