Western nations have three or four years to fix their “severe problems” and reduce debt, or else Chinese-style “state capitalism” will prevail, according to David Rubenstein, co-founder of Carlyle Group.
“The game will be over for the type of capitalism many of us lived through,” Rubenstein said today at a panel discussion organized by Time magazine at the World Economic Forum’s annual meeting in Davos, Switzerland.
State-capitalist countries “have the most efficient model right now,” he said. “We have to solve our debt problems, our deficit problems. We have three or four years to improve our economic model. Otherwise we have lost the game.”