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Capitalism: One Size Does Not Suit All |
| Section: CURRENT ISSUES / ECONOMIC WATCH |
| Author: Pranab Bardhan |
| Publication: The world & I online |
| Issue Date: 1/1/2007 |
| Size: 1,390 Words, 9,530 Characters |
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Uncertainty abounds over the Anglo-American economic model that has held sway ever since Adam Smith. Excessive debt, growing inequality, increasing costs for health care and retirement as well as large prison populations in the U.S. and UK have raised doubts about its viability. Many nations have sought to adapt capitalism for their specific cultures and needs. Scandinavian and Japanese models value social protections and coordination of corporate governance. Developing nations appreciate the East Asian model with land reforms and ample education. All countries fret about rapid globalization and loss of jobs, but economist Pranab Bardhan notes that social safety nets--including education and retraining, portable health insurance and environmental protection--can help societies adjust to...
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...eady in danger of triggering a substantial backlash in many countries. The advocates of capitalism should try to protect it from the enthusiasts for any one particular variety of capitalism.
Reprinted with permission from YaleGlobal Online, (http://yaleglobal.yale.edu) a publication of the Yale Center for the Study of Globalization. Copyright © 2006 Yale Center for the Study of Globalization
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