Capitalism isn’t dead. It is different. It is still efficient in core areas but also has a dark side. The era of Reagan and Thatcherism is also long past. There is no going back.
‘Capitalism 4.0’ is not a prescription for the future. There are no ‘do this, get that’ formulas.
The outlook of ‘Capitalism 4.0’ is that we must be prepared to experiment because we no longer know what it all means. We kinda do and yet … we must keep our radar alert, stay focused on economic situations, and when things go wrong then we must be prepared to fix it and to move on.
What will create and keep a strong balance is where strong traditions of democracy exist. For some, success will mean a greater willingness to undertake Keyne’s experimental temperament where government and industry work together. For others, Friedman may be more appropriate. Due to the behavioral impact of how we see things, Keynes or Friedman will work differently with different outcomes.
Keeping thinking. Stay alert. Don’t assume.
Capitalism 4.0 is by Anatole Kaletsky, conservative economist and columnist for the London Times.