A Crisis of Leadership, Not a Crisis of Capitalism: Clive Crook
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Jan. 4 (Bloomberg) -- With the world’s rich economiesstruggling and the leaders of the European Union intent onmaking things worse, the gravity of the economic crisis stillconfronting the West is hard to exaggerate. Nonetheless, it canbe done.
According to what I read, we face not just the worstrecession since the 1930s, but a challenge to the West’s entireeconomic order. The Great Recession exposes the poverty oforthodox economics. It constitutes an ideological crisis. Itshows that capitalism itself is “fundamentally” flawed. If allthis were true, I’d be a lot more worried about the coming yearthan I am -- which is saying something.