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Business Daily: Has western capitalism failed?

Has western capitalism failed?

23/09/2011

BBC World Service - Business Daily, Has western capitalism failed?

Are we in one of capitalism's periodic crises or is the free market system itself failing?

As shares plummet we ask if the current economic troubles are one of capitalism's periodic crises or whether this is something more: is the free market system itself failing?

"There's a storm coming, buddy, there's a storm coming": at least that's what the markets seem to think.  

The main world stock markets plummeted after a series of dark warnings from the great and good of world finance about the strength of the global economy.  

The American Federal Reserve warned of "significant downside risks", the European Central Bank of the "dire situation" in many member countries and the head of the IMF said the world economy was entering a "dangerous place"  

It is easy to see why they are all so worried.  Despite the trillions of dollars poured into the American economy it struggles to register any growth.  Ditto Europe, convulsed by crisis after crisis and with the survival of the Euro now in serious doubt.  

The scale of the problems have prompted some people - including the team here at Business Daily - to ask a question that would have been unthinkable a few years ago - does the problem lie with the system itself: has western capitalism in some sense failed?  

Professor Tim Jackson, an expert in sustainable development, gives his provocative view.

Then Justin Rowlatt discuss the issues Tim Jackson raises with three leading thinkers:  David F Ruccio, the Professor of Economics at Notre Dame University; Andrew G Briggs, the resident fellow at the American Enterprise Institute and a former Associate Director of the National Economic Council at the White House; and Matthias Schaefer, the leader of the Ecnomic Policy Team for the Konrad Adenauer Foundation in Germany.

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