Lessons learnt for capitalism’s future
A retreat from globalisation is economically damaging; in the current political climate it will also sow distrust and strengthen antagonism between nations
The Future of Capitalism
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The credit crunch has destroyed faith in the free market ideology that has dominated Western economic thinking for a generation. But what can – and should – replace it?
Martin Wolf: This crisis is a moment, but may not be a defining one
Is the current crisis a watershed, with market-led globalisation, financial capitalism and western domination on the one side and protectionism, regulation and Asian predominance on the other? Or will historians judge it, instead, as an event caused by fools, signifying little, asks Martin Wolf
Opinion: This has not been a pure failure of markets
There is a risk that empirically dubious but emotionally attractive interpretations of the financial crisis, which condemn markets and call for more statism, could gain ground, writes Leszek Balcerowicz
Samuel Brittan: A catechism for a system that endures
The Future of Capitalism: The assumption that the pursuit of self-interest within the rules and conventions of society will also promote the public interest may be succeeded by a mushy collectivist pseudo-altruism, in which jealousy and envy are given a free ride, writes Samuel Brittan
Opinion: Uncertainty bedevils the best system
The Future of Capitalism: Unfortunately, there is still no wide understanding among the public of the benefits that can fairly be credited to capitalism and why these benefits have costs. This has left capitalism vulnerable to opponents and to ignorance within the system. Regaining a well-functioning capitalism will require re-education and deep reform, writes Edmund Phelps
Opinion: The pendulum will swing back
Just as the crash was inevitable, so will be the swing the other way – capitalism will escape from its deathbed but with a more human face and we will see the return of forms of state corporatism familiar to those of us who remember the 1970s, writes Sir Martin Sorrell
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