- Capitalism has always changed. That is its genius. Today’s shocks make the case for reform urgent.
- The core institution of contemporary capitalism is the limited liability corporation. It is a brilliant social invention. But it has inherent failings, the most important of which are that companies are not effectively owned. That makes them vulnerable to looting.
- The corporation is the best institution we know of for running large, complex and dynamic businesses.
- A crisis, it has been said, “is a terrible thing to waste”. Capitalism has always changed. It needs to change right now if it is to survive and thrive. We need to find specific practical reforms within capitalism and to review the framework within which it operates.
- But capitalism must still be capitalism. It is highly imperfect. Yet so are we. It is still a uniquely flexible, responsive and innovative economic system. It may be “in crisis” right now. But it is still among humanity’s most brilliant inventions. It is the basis for the prosperity that so many now enjoy and far more aspire to. It is transforming the lives of billions of people. Let us strive to make it better.
sábado, 28 de janeiro de 2012
Martin Wolf no FT, sobre a crise do capitalismo (Seven ways to fix the system's flaws):