Will modern capitalism survive this financial crisis? The Occupy protesters camped out around the country may hope that it won’t, at least not in its current form. Economist Kenneth Rogoff sees few alternatives, but plenty of challenges to the system in a new essay for Project Syndicate:
I am often asked if the recent global financial crisis marks the beginning of the end of modern capitalism. It is a curious question, because it seems to presume that there is a viable replacement waiting in the wings. The truth of the matter is that, for now at least, the only serious alternatives to today’s dominant Anglo-American paradigm are other forms of capitalism.