Do we need a new theory of capitalism? You bet – and soon.
In an interesting column for today’s “Guardian” newspaper, economist Paul Mason argues that, to move beyond boom and bust, we need a new theory of capitalism. He writes:
“For me, the most fundamental question in economics still concerns the 2008 crisis. Was this event the last in a series of shocks needed to allow a third technological revolution to take off? Or was it evidence that capitalism’s tendency to adapt and reshape in response to technology has stalled, or is even finished? That is the shadow we have to jump over in economics. Amid a mania for “new economic thinking”, it is what we need to think hardest about.”