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Brooks Wilson's Economics Blog: Rogoff on Capitalism

Thursday, January 26, 2012

Rogoff on Capitalism

Most economists agree with Greg Mankiw’s sixth principle of economics, “markets are usually the best way to organize economic activity.  Kenneth Rogoff, a coauthor of This Time Is Different: Eight Centuries of Financial Folly, illustrates economists trust in capitalist markets.

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.

Read “Is Modern Capitalism Sustainable?” to learn Rogoff’s alternatives to Anglo-American capitalism, their weaknesses and strengths. 

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