The Birth of a New Economy in the Aftermath of Crisis Public Affairs
“Contrary to the teachings of modern economic theory, no immutable laws govern the behaviour of a capitalist economy. Instead, capitalism is an adaptive social system that mutates and evolves in response to a changing environment. When capitalism is seriously threatened by a systemic crisis, a new version emerges that is better suited to the changing environment and replaces the previously dominant form. Once we recognise that capitalism is not a static set of institutions, but an evolutionary system that reinvents and reinvigorates itself through crises, we can see the events of 2007- 09 in another light: as the catalyst for the fourth systemic transformation of capitalism, comparable to the transformations triggered by the crises of the 1970s, the crises of the 1930s, and the Napoleonic Wars of 1803-15.”
Anatole Kaletsky. 2010. Capitalism 4.0 The Birth of a New Economy in the Aftermath of Crisis Public Affairs. 1st ed. New York, NY: Public Affairs.
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