In The Philosophy of History, Hegel discerned a disturbing historical pattern — the crack and fall of civilizations owing to a morbid intensification of their own first principles. Although I have made a fortune in the financial markets, I now fear that the untrammeled intensification of laissez-faire capitalism and the spread of market values into all areas of life is endangering our open and democratic society. The main enemy of the open society, I believe, is no longer the communist but the capitalist threat.
by George Soros, The Japan Times, Nov. 8, 2009
NEW YORK — Twenty years after the fall of the Berlin Wall and the collapse of communism, the world faces another stark choice between two fundamentally different forms of organization: international capitalism and state capitalism.
The former, represented by the United States, has broken down, and the latter, represented by China, is on the rise. Following the path of least resistance will lead to the gradual disintegration of the international financial system. A new multilateral system based on sounder principles must be invented. [Read more…]