US Financial Crisis: Crony Capitalism? Privatising Profits and Socialising Losses?
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Code : ECC0015
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Region : US |
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Introduction: Recently there has been a lot of anger towards the US model of capitalism. There was a time when economies all over the world aspired to be like US economy but the current financial crisis has changed the scenario. As Joseph E. Stiglitz, the Nobel Prize-winning economist opines, "People around the world once admired us for our economy, and we told them if you wanted to be like us, here's what you have to do – hand over power to the market. The point now is that no one has respect for that kind of model anymore given this crisis. And of course it raises questions about our credibility. Everyone feels they are suffering now because of us." |
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