The recent financial crisis marked the fourth systemic transformation of the global capitalist system, comparable to the upheavals that followed the great inflation of the 1970s, the great depression of the 1930s and the period of geopolitical turmoil that culminated with Wellington’s victory over Napoleon in 1815. The new politico-economic system emerging from the crisis can therefore be described as the fourth distinctive version of capitalism: Capitalism 4.0.
Not so long ago, it was fashionable among apologists and many other commentators on contemporary capitalism to refer to the nation state as passé. Globalization of large corporations was enshrined as a mechanism enhancing efficiency far beyond what could be achieved within national boundaries. Not surprisingly these rosy assessments of capitalism’s prospects glossed over the problem of its inherent instability.
The financial and economic events of the last few weeks have shocked many of us. Indeed, they have shocked us out of our complacency and made apparent the urgent need to reform the financial sector. But more than that, there is a sense that it may now be possible to seize this moment as an opportunity to go much further.
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