The Misinterpretation of the Financial Crisis
Amartya Sen, Nobel Prize Winner in Economics | March 12, 2009
Noble Prize winner Amartya Sen argues that the current global crisis does not signal the end of capitalism, but rather calls for rethinking the nature of capitalism. ++ Sen refers to Adam Smith to argue that the pioneer of the “free hand” did not define capitalism solely on profit motive and self interest. ++ Rather, he spoke also of “trust and confidence to work efficiently.” ++ The current crisis does not demand a “new capitalism” but rather “an open-minded understanding of older ideas about the reach and limits of the market economy.”
