Saturday, September 11, 2010

Roubini and Bremmer: Financial Crisis Ended the Era of Free-Market Capitalism

The global financial crisis just might give those in the U.S. who advanced the idea of a "new world order" their wish – but not exactly in the way they wanted.

Ian Bremmer (right), president of Political Risk Research, and influential economist Nouriel Roubini lay out a compelling argument in the September Institutional Investor asserting that the free-market system of capitalism has been so damaged by the recent financial crisis that the U.S., Europe and Japan face a future in which they will struggle to keep pace with deep-pocketed developing nations like Brazil, India, China and Saudi Arabia. The result could be a world in which the Western political and economic dominance that existed prior to the crisis is gone, with little hope of coming back.

Read full article from DailyFinance:

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