1. A SHORT HISTORY OF CAPITALISM
“The Thatcher Era” by
Jeffrey E. Garten
YALE School of Management
November 5, 2008

2. FIVE ERAS
1890’s – 1914
1914 – 1945
1945 – 1980’s
1980’s – 2008 ?

3. GOLDEN AGE OF CAPITALISM: 1890’s – 1914
Quantum increase in trade
Quantum increase in capital flows
Era of modern communications
Huge waves of immigration

4. Breakdown of political order Communism and fascism
THE ERA OF STATISM: ’s
Breakdown of political order
Communism and fascism
Protectionism and the 1930’s

5. Bretton Woods Institutions New Deal, Great Society in U.S.
THE ERA OF STATISM: ’s
World War II
John Maynard Keynes
Bretton Woods Institutions
New Deal, Great Society in U.S.

6. Trade unionism in Europe Commanding heights
THE ERA OF STATISM: ’s
Socialism in Europe
Trade unionism in Europe
Commanding heights

7. THE RISE OF MARGARET THATCHER
Rise of the politician
Political philosophy
Britain on the eve of the Thatcher election

8. THE THATCHER REVOLUTION
Individualism
Market
Government

9. THE THATCHER REVOLUTION
Fiscal policies
Privatization
Battle with unions

10. THE THATCHER REVOLUTION
Cold war – global political context
Religious fervor – moral dimension
Politics as conflict

11. Intellectual dominance of ideas
GLOBAL IMPACT
Reaganism
Former Soviet Union
Developing countries
Intellectual dominance of ideas

12. The desire for more regulation
2008 – THE END OF AN ERA
The financial crash of 2008
The desire for more regulation
The feeling that materialism and consumption got out of hand
The need for more balance between finance and real production

13. Summit meeting November 15, 2008
THE NEXT CAPITALISM
What’s different now?
More power centers, more views, more voices
Green revolution 1980’s – 2008
New global institutions
Summit meeting November 15, 2008

14. A SHORT HISTORY OF CAPITALISM
“The Thatcher Era” by
Jeffrey E. Garten
YALE School of Management
November 5, 2008