Capital Evolution, the New American Economy – Book Review
American capitalism is at a crossroads. Economic anxiety, political polarisation and the thinning of the middle class have made this unavoidable. Capital Evolution addresses this moment directly. Seth Levine and Elizabeth MacBride ask what form of capitalism can still offer a fair chance to most people, and what kind of economic model the United States is now drifting toward.
The authors begin with the lived reality behind the debate: rising costs, fragile families, people shifting from job to job without building assets, and communities that never fully recovered from de-industrialisation. These examples are not used as anecdotes but as signs of a deeper structural shift. The economic model that shaped the late twentieth century no longer reflects the experience of many Americans.
This is part of the backdrop to the political turbulence of recent years, including the return of Donald Trump and a renewed argument about the purpose of markets.
The end of the old economic story
Levine and MacBride argue that the neoliberal period, shaped by the influence of Milton Friedman, has reached its limits. Shareholder primacy, deregulation and faith in markets once promised efficiency and growth. Over time, these ideas widened inequality, weakened mobility and left many workers exposed to risk.
The authors do not call for abandoning capitalism. Instead, they ask what form of capitalism can replace a model that no longer sustains the broad middle class it once relied upon.
Policy Instability and Economic Uncertainty
One of the strongest parts of the book examines the instability created by unpredictable policy. The authors describe how shifts in tariffs, trade rules and regulatory signals have increased uncertainty for businesses of all sizes. Several interviewees note how difficult long-term planning has become when rules can change quickly.
This is not a debate about ideology but about reliability. Markets need steady ground beneath them. When policy becomes erratic, investment weakens and risk-taking declines.
A System Moving Toward Industrial Strategy
The authors place this in a wider context: the United States is experimenting with a more assertive industrial posture, particularly in strategic sectors. They describe the expansion of trade barriers and the emergence of a modern industrial policy, without judging it as good or bad. The question they raise is whether these changes are building a more productive system or simply adding volatility.
What Dynamic Capitalism means
The centre of the book is the idea of Dynamic Capitalism, it is not a blueprint but a direction. The authors argue that capitalism evolves, and that the next stage must focus on
- widening access to ownership,
- rebuilding economic mobility,
- reinforcing the rule of law
- and restoring trust in reliable information.
Their emphasis on information is particularly strong. The epilogue argues that capitalism cannot function without truth.
Reliable information underpins markets, contracts and risk-taking. If access to trustworthy information narrows, power concentrates and innovation suffers.
As they write,
“Capitalism cannot function without truth,”
and,
“If these foundations erode at a national level, the viability of the American free market system itself could be at risk.”
Real-World Voices: What Entrepreneurs Say
A number of founder and leader interviews illustrate this point. Dan Schulman of PayPal describes how redesigning pay structures and improving transparency changed internal culture.
“Employee engagement skyrocketed,” he told the authors, and he dismissed the old dichotomy outright: “This whole idea that profit and purpose are at odds with each other is ridiculous.”
These examples support the authors’ argument that values, incentives and clear information matter inside real businesses.
Other perspectives
Viewed from outside the United States, many of the pressures described in Capital Evolution resonate across advanced and developed economies. Thinkers such as Mariana Mazzucato have highlighted the importance of public investment in shaping new industries. Writers like David McWilliams have explored how culture and local networks influence economic life, while trade specialists including David Henig have shown how exposed modern economies are to global supply chains and political shocks. These viewpoints do not form part of Levine and MacBride’s argument, but they sit alongside it and help international readers understand how the American debate fits within wider shifts happening across developed economies.
The most important chapter
The final chapter is the clearest part of the book. When Levine and MacBride began their research, they believed the federal system might help shape a fairer and more resilient form of capitalism. By the end, they reach a different conclusion.
The “hard and constructive work,” they write, will be carried out by business leaders, industry groups, local communities, states and philanthropies. The federal government is unlikely to lead this renewal.
Their closing warning is simple. The rule of law and access to reliable information are the foundations on which markets stand. If they weaken, so does the system itself. Yet they end on a measured note. Capitalism can evolve, as it has done before, and prosperity remains possible but not guaranteed.
“We can’t take American prosperity for granted,” they write. “It must be earned.”
About the authors
Elizabeth MacBride is a journalist with long experience in finance, entrepreneurship and technology. She has written for international outlets and has been a consistent advocate for widening economic opportunity, particularly for women and founders outside major hubs.
Seth Levine is a venture capitalist at Foundry in Colorado, with a long track record of advising firms and supporting community-based initiatives. He co-founded Pledge 1%, which encourages companies to commit equity, time and resources to their communities.
I first met Elizabeth several years ago on a press trip to the Middle East and have followed her work since. Her interest in the people who sustain communities is evident throughout the book.
Reading America at a turning point
Capital Evolution arrives at a moment when the United States is questioning economic assumptions that once felt settled. It is not an argument against capitalism. It is a study of a system under strain, and a call for renewal based on responsibility, stability and shared opportunity.
I will be in the United States at the start of December for the AWS re:Invent conference in Las Vegas, which will demonstrate its own view of American capitalism in motion. The book is a timely companion for that trip.
Publication details
Title: Capital Evolution: The New American Economy
• Authors: Seth Levine & Elizabeth MacBride
• Publisher: Matt Holt Books (BenBella)
• ISBN: 978-1637747780
• Available: via major booksellers and Amazon US
Billy Linehan
Billy Linehan writes for Irish Tech News on innovation, tech for good, and entrepreneurship, covering events in Ireland and abroad. A business mentor and consultant with Celtar Advisers, he has advised hundreds of SME and startup owners. Outside work, he’s passionate about the environment and heritage, and is intrigued by how our history shapes both people and place. He co-founded StartUp Ballymun, Dublin’s longest-running entrepreneurship series.
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