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In my book "Capitalism 4.0," I argued that comparable political upheavals would follow the fourth systemic breakdown of global capitalism heralded by the 2008 crisis.First, macroeconomic management must ensure that demand always grows as strongly as the supply potential created by technology and globalization.At the same time, a second, more momentous, intellectual revolution will be needed regarding government intervention in social outcomes and economic structures.By deregulating finance and trade, intensifying competition, and weakening unions, governments created the theoretical conditions that demanded redistribution from winners to losers.After this year's political upheavals, the fatal contradiction between social benefits and individual losses can no longer be ignored.The redistribution has been away from low-paid young workers, whose jobs and wages are genuinely threatened by trade and immigration, and toward the managerial and financial elites, who have gained the most from globalization, and elderly retirees, whose guaranteed pensions protect them from economic disruptions.The search for new economic models that I called "Capitalism 4.1" has clearly started – for better or worse.
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