Former Federal Reserve Chairman Alan Greenspan said on Thursday: “capitalism has achieved success after another, reducing poverty” dramatic “and the extension to more than double the life expectancy. However, the capitalist model should be improved. “Capitalist practice needs adjustment,” Greenspan wrote in an article in the Financial Times. The battle for free-market capitalism was “far from won”.
“While central planning may no longer be a credible form of economic organization. According to Greenspan, “competition in the market does not forgive”, which defines market capitalism “clashes with the innate human desire for stability and for some, humanity and morality?”
He believes that “greed often attacked and avarice associated with capitalism” are “characteristics of human nature, not of market capitalism.” ”I was particularly distressed by the bankers as being manifestations of capitalist prudence, had allowed their capital reserves disminuyeran dangerously as the financial crisis approached.” However, the anti-capitalist virulence appears strongest since it tends to confuse “crony capitalism” with “free market“.
”The crony capitalism operates between government leaders usually in exchange for political support, routinely confer favors on private sector individuals or businesses. That’s not capitalism. It is called corruption. “ Greenspan said U.S.immigration law was an additional inequality in the United States, arguing that “protects” many high earners who have qualified immigrants as competitors factor.
”Although free-market capitalism is not perfect, there is a regime that has been tried as a substitute, able to meet the needs of its people,” Greenspan wrote. ”However, I fear that, in response to the crisis, many achievements of the capitalist model could finish.”Greenspan: Battle for Capitalism, far from won”
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