The future of capitalism, which is better thought of as economies based on enterprise, market competition and uncertainty, is robust on the trend line, but volatile, as always. People who think capitalism is about equilibrium, who value above all stability and theorise that markets will create it, are shocked by this volatility. This is to miss the essence of the matter.
Click here to read the full analysis - the key point is to emphasize the uncertain or, to use Douglass North't term - non ergodic nature of society.
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