"People around the world once admired us for our economy, and we told
them if you wanted to be like us, here's what you have to do -- hand
over power to the market," said Joseph Stiglitz, the Nobel
Prize-winning economist at Columbia University.
"The point now is that no one has respect for that kind of model
anymore given this crisis. And of course it raises questions about our
credibility. Everyone feels they are suffering now because of us."
them if you wanted to be like us, here's what you have to do -- hand
over power to the market," said Joseph Stiglitz, the Nobel
Prize-winning economist at Columbia University.
"The point now is that no one has respect for that kind of model
anymore given this crisis. And of course it raises questions about our
credibility. Everyone feels they are suffering now because of us."
Several years ago Fukuyama, in coincidence with the collapse of communism in Russia, asserted that capitalism was the end of history. After the economic crisis hit the Unites State identified by the falling market at the Down Street, people highly expected that the $ 700 billions bailout will help 'the capital' to gain back the market. Unfortunately, this bailout has not shown any signs that it will help recover the capital market. The capital has gone too far so that causes the market instability. I think we have to believe that economy has limits, human greed does not have limits. Therefore, market somehow must be intervened based on a collective consensus to control the 'greed' of the ruling and the ruled, or the dominant and the dominated.
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