Capitalism 4.0

Anatole Kaletsky’s 2010 book has a question that I had not really thought about before – when did the 21st Century start?

1815 and 1918 are the dates, as a historian, you often associate with the previous two centuries. Kaletsky considers key dates in the 21st.

Identified are 1989 (Berlin Wall collapse and the WWW being two of five “major transformations”).

However, the era of “Capitalism 3.0” ended in 2008 (with the collapse of Lehmans) and thus the 21st century began.

For the record:
– Capitalism 1.0 = laissez faire (1776-1932)
– Capitalism 2.0 = state involvement (1931-1980)
– Capitalism 3.0 = Thatcher-Reagan led (1979-2008)

As a history graduate I like to try and step back from issues and consider these trends. In-particular, the point made that it was not just cheap credit that caused the 2008 problems. It was a wider self-destruction of “market fundamentalism”, growth driven by 30m communist souls opened to western goods.

The argument is that we now face a period of balance between state and free-market.

So will we look back and consider a banking crash to be the great apocalyptic moment of our generation – when we moved into a new century of new concepts? Perhaps – its something to keep in mind going forward though.

One thought on “Capitalism 4.0

  1. talking about communism… China is on its way to be the biggest economic power in the world. It’s very dangerous to have a communist dictatorship moving in that direction. I hope for a similiar development in China that happened in former Soviet and East Europe 1989-1991.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s