Countering the many claims that the best days of capitalism are over following the economic meltdown of 2008 onwards, this book provocatively argues that a new golden age of capitalism - or upwave - began around 2002, and despite the unstable markets in the western world of the past few years, this upwave will produce previously unseen levels of wealth creation during the next twenty years. Basing this theory on the commercialisation of new technologies and the growth of new markets, the author claims that these positive trends are key to economic recovery in the US, UK and Europe. It argues that the most serious problem facing some countries in the west is government debt and that macroeconomic policy is of limited use in flexible and adaptive economies, where innovation, entrepreneurship and private investment should be encouraged in a range of cities and city regions. This highly original book will interest those concerned with national economies, nation states and urban policy.
Table of Contents
Contents: Prologue; The long waves of capitalist growth; The problem with economics; Real economies, real places; Growth and decline: part 1 - merchants and mercantile capitalism; Growth and decline: part 2 - industrial capitalism and the new economy; The new upwave; Epilogue; Bibliography; Index.
'John Montgomery is one of Australia's most original and interesting analysts of contemporary life. This important new book audaciously peers beyond the gloom of the recent banking crisis to assert that global capitalism is alive and well and that a new wave of growth and prosperity is already under way. Politicians as well as economists should read it.' www.petersaunders.org.uk 'The commentary on the 'Global Financial Crisis' has been dominated by economists so it is very welcome to have this broader perspective from John Montgomery. There is no doubt that we need an analysis of this kind and it is very refreshing to have the crisis located in such a historical context. The author establishes fascinating links to the city scale and provides a very enjoyable, erudite and provocative read.' Andy Thornley, London School of Economics, UK 'John Montgomery's good news is that the next economic 'upwave' will come. In answering the question about which cities will benefit, the book takes us through a sophisticated review of what makes cities work, drawing on his depth of experience and delivering the argument in his lucid and forthright style.' Peter Newman, University of Westminster, UK