Capitalism's last chance?

Foreign Policy

Volumn , Issue 113, 1998, Pages 55-66

  Soros, George ^a  

^a NONE

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0010666468     PISSN: 00157228     EISSN: None     Source Type: Journal    
DOI: 10.2307/1149232     Document Type: Article

References (14)

1. The flaws of the global financial system have been the focus of much analysis and debate. Karl Polanyi, in The Great Transformation (New York: Rinehart & Co., 1944), argues that capitalism is an anomaly since it embodies a system wherein social relations are defined by economic relations. In previous economic systems, he observes, economic interactions followed from social relations. Robert Kuttner's Everything for Sale: The Virtues and Limits of Markets (New York: Alfred A. Knopf, 1997) makes a case for the market's insufficiency in many fields and argues for intelligent intervention to produce better outcomes. In Has Globalization Gone too Far? (Washington: Institute for International Economics, 1997), Dani Rodrik posits that the world's leaders must ensure that international economic integration does not further domestic social disintegration.
2. The flaws of the global financial system have been the focus of much analysis and debate. Karl Polanyi, in The Great Transformation (New York: Rinehart & Co., 1944), argues that capitalism is an anomaly since it embodies a system wherein social relations are defined by economic relations. In previous economic systems, he observes, economic interactions followed from social relations. Robert Kuttner's Everything for Sale: The Virtues and Limits of Markets (New York: Alfred A. Knopf, 1997) makes a case for the market's insufficiency in many fields and argues for intelligent intervention to produce better outcomes. In Has Globalization Gone too Far? (Washington: Institute for International Economics, 1997), Dani Rodrik posits that the world's leaders must ensure that international economic integration does not further domestic social disintegration.
3. The flaws of the global financial system have been the focus of much analysis and debate. Karl Polanyi, in The Great Transformation (New York: Rinehart & Co., 1944), argues that capitalism is an anomaly since it embodies a system wherein social relations are defined by economic relations. In previous economic systems, he observes, economic interactions followed from social relations. Robert Kuttner's Everything for Sale: The Virtues and Limits of Markets (New York: Alfred A. Knopf, 1997) makes a case for the market's insufficiency in many fields and argues for intelligent intervention to produce better outcomes. In Has Globalization Gone too Far? (Washington: Institute for International Economics, 1997), Dani Rodrik posits that the world's leaders must ensure that international economic integration does not further domestic social disintegration.
4. For more analysis of the link between social relations and economic arrangements, see George Soros' "The Capitalist Threat" (Atlantic Monthly, February 1997), which argues that the free market undermines efforts to achieve open and democratic societies. Other works by Soros include: "Toward Open Societies" (FOREIGN POLICY, Spring 1995) in which he proposes that the creation of open societies should be a primary foreign-policy objective; "After Black Monday" (FOREIGN POLICY, Spring 1988), which advocates a reform of the international currency system; and The Alchemy of Finance (New York: John Wiley & Sons, 1987), which describes the "theory of reflexivity" that guides his investment strategies.
5. For more analysis of the link between social relations and economic arrangements, see George Soros' "The Capitalist Threat" (Atlantic Monthly, February 1997), which argues that the free market undermines efforts to achieve open and democratic societies. Other works by Soros include: "Toward Open Societies" (FOREIGN POLICY, Spring 1995) in which he proposes that the creation of open societies should be a primary foreign-policy objective; "After Black Monday" (FOREIGN POLICY, Spring 1988), which advocates a reform of the international currency system; and The Alchemy of Finance (New York: John Wiley & Sons, 1987), which describes the "theory of reflexivity" that guides his investment strategies.
6. For more analysis of the link between social relations and economic arrangements, see George Soros' "The Capitalist Threat" (Atlantic Monthly, February 1997), which argues that the free market undermines efforts to achieve open and democratic societies. Other works by Soros include: "Toward Open Societies" (FOREIGN POLICY, Spring 1995) in which he proposes that the creation of open societies should be a primary foreign-policy objective; "After Black Monday" (FOREIGN POLICY, Spring 1988), which advocates a reform of the international currency system; and The Alchemy of Finance (New York: John Wiley & Sons, 1987), which describes the "theory of reflexivity" that guides his investment strategies.
7. For more analysis of the link between social relations and economic arrangements, see George Soros' "The Capitalist Threat" (Atlantic Monthly, February 1997), which argues that the free market undermines efforts to achieve open and democratic societies. Other works by Soros include: "Toward Open Societies" (FOREIGN POLICY, Spring 1995) in which he proposes that the creation of open societies should be a primary foreign-policy objective; "After Black Monday" (FOREIGN POLICY, Spring 1988), which advocates a reform of the international currency system; and The Alchemy of Finance (New York: John Wiley & Sons, 1987), which describes the "theory of reflexivity" that guides his investment strategies.
8. Other excellent recent articles include "The Crisis of Global Capitalism" (The Economist, September 12-18, 1998) in which Jeffrey Sachs argues that world leaders should focus on a "development agenda" and suggests a Group of Sixteen summit - the Group of Eight countries plus eight developing nations - to tackle international financial reform, specifically, the international assistance process. Ricardo Hausmann's article, "Will Volatility Kill Market Democracy?" (FOREIGN POLICY, Fall 1997) describes alternatives to the common solutions for stabilizing the intense boom-and-bust cycles that characterize today's markets.
9. Other excellent recent articles include "The Crisis of Global Capitalism" (The Economist, September 12-18, 1998) in which Jeffrey Sachs argues that world leaders should focus on a "development agenda" and suggests a Group of Sixteen summit - the Group of Eight countries plus eight developing nations - to tackle international financial reform, specifically, the international assistance process. Ricardo Hausmann's article, "Will Volatility Kill Market Democracy?" (FOREIGN POLICY, Fall 1997) describes alternatives to the common solutions for stabilizing the intense boom-and-bust cycles that characterize today's markets.
10. Speeches by Treasury Secretary Robert Rubin over the last six months track the evolution of the official U.S. position on reforming the global financial system. Especially useful are his "Statement at the Special Meeting of Finance Ministers and Central Bank Governors" on April 16, 1998, the transcript of the "Post-Group of Seven Press Conference" on April 15, 1998, the "Statement at the 58th Annual Development Committee of the World Bank and the International Monetary Fund" of October 5, 1998, and the "Statement to the IMF Interim Committee" on October 4, 1998.
11. Speeches by Treasury Secretary Robert Rubin over the last six months track the evolution of the official U.S. position on reforming the global financial system. Especially useful are his "Statement at the Special Meeting of Finance Ministers and Central Bank Governors" on April 16, 1998, the transcript of the "Post-Group of Seven Press Conference" on April 15, 1998, the "Statement at the 58th Annual Development Committee of the World Bank and the International Monetary Fund" of October 5, 1998, and the "Statement to the IMF Interim Committee" on October 4, 1998.
12. Speeches by Treasury Secretary Robert Rubin over the last six months track the evolution of the official U.S. position on reforming the global financial system. Especially useful are his "Statement at the Special Meeting of Finance Ministers and Central Bank Governors" on April 16, 1998, the transcript of the "Post-Group of Seven Press Conference" on April 15, 1998, the "Statement at the 58th Annual Development Committee of the World Bank and the International Monetary Fund" of October 5, 1998, and the "Statement to the IMF Interim Committee" on October 4, 1998.
13. Speeches by Treasury Secretary Robert Rubin over the last six months track the evolution of the official U.S. position on reforming the global financial system. Especially useful are his "Statement at the Special Meeting of Finance Ministers and Central Bank Governors" on April 16, 1998, the transcript of the "Post-Group of Seven Press Conference" on April 15, 1998, the "Statement at the 58th Annual Development Committee of the World Bank and the International Monetary Fund" of October 5, 1998, and the "Statement to the IMF Interim Committee" on October 4, 1998.
14. For links to the texts of these speeches and relevant Web sites, as well as a comprehensive index of related FOREIGN POLICY articles, access www.foreignpolicy.com.