Only the rulers of Cuba, Venezuela, Iran and some ideologues in the west condemn capitalism. Empirically minded people know that there is no good alternative. However, capitalism takes many forms and evolves over time. The questions to ask, then, are “What capitalism?” and “Does the present crisis shed new light on this issue?”

The popular condemnations of “greed” in response to the crisis seem to me superficial. Economists are expected to explain human behaviour in terms of situational factors and not to compete with preachers and politicians. Equally unconvincing is the speculation about what John Maynard Keynes would be saying were he alive.