The Ideological Crisis of Western Capitalism

The Ideological Crisis of Western Capitalism / Joseph E. Stiglitz, Project Syndicate, 6/07/2011

http://www.project-syndicate.org/commentary/stiglitz140/English

Just a few years ago, a powerful ideology – the belief in free and unfettered markets – brought the world to the brink of ruin. Even in its hey-day, from the early 1980’s until 2007, American-style deregulated capitalism brought greater material well-being only to the very richest in the richest country of the world. Indeed, over the course of this ideology’s 30-year ascendance, most Americans saw their incomes decline or stagnate year after year…