Capitalist Meltdown
While capitalism remains more compatible with personal freedom than communism ever was, it is now blindingly obvious that the system is too unstable to survive without strong public regulation. That is why, after years of being neglected as a viable option, it is time for the social-democratic project to return to the political fore.
PARIS – There is a strange foreboding in the world economy. Newspapers report downward revisions in growth estimates for all the major developed countries: the United States, Germany, France, Japan. No one, it seems, is being left out. Indeed, these estimates are roughly half a percentage point lower than those issued only last autumn.