Can the relationship between governments and markets be sustained in its current form? Why did the 2008 global financial crisis result in the longest continuous stock-market rise since the 1920s? Should governments ignore their debts and deficits when they can borrow seemingly unlimited sums at near-zero interest rates? How can policymakers ensure that ordinary citizens, rather than bond investors and banks, benefit most from monetary or fiscal stimulus?
Today, the interplay of politics, financial markets, and economics has never been more important – or more confusing. Renowned economists offer contradictory advice on fundamental policy issues. Central bankers and equity investors seem to be living in a parallel universe. And voters – buffeted by economic forces that politicians seem unable to understand, much less control – lurch from one extreme to another.
At a time like this, Anatole Kaletsky’s informed, impartial, and penetrating contributions to public debate have never been more necessary. Described by former Bank of England Governor Mervyn King as “possibly the world’s leading economic commentator,” and by George Soros as “a brilliant analyst who adds greatly to our understanding of the world economy,” Kaletsky has never shied from bucking conventional wisdom and reframing the terms of discussion. That is why theEconomist has praised his “breath-taking ambition, clever insights, creativity, and sheer intellectual chutzpah,” and why the Guardian has called him “the Stephen Hawking of economics.”
Following an extraordinary career at the Economist, the Financial Times, and theTimes of London, Kaletsky has relied on his profound understanding of politics, economics, and financial markets to advise more than 800 of the world’s top hedge funds, financial institutions, sovereign wealth funds, and banks. His 2010 bookCapitalism 4.0 anticipated global capitalism’s evolution toward new forms of partnerships between firms and governments, and predicted the post-crisis US recovery, the boom in financial markets, the revolt in the eurozone against German economic orthodoxy, and the emergence of a new form of post-Keynesian demand management.
Lucid, wide-ranging, and always provocative, Kaletsky spots the gaps between what politicians, central bankers, and market participants say and what they actually do. Every month in The Econoclast, written exclusively for Project Syndicate, he shows how it is from these gaps that the most important risks – and opportunities – often emerge.
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