[Vision2020] Nicolas Sarkozy: We Need to Build a New Form of Capitalism

nickgier at roadrunner.com nickgier at roadrunner.com
Wed Apr 1 13:03:44 PDT 2009


On the eve of the Summit in London, here is a word from France's president:

The world expects that we speed up the reform of the international financial system. The world expects that we rebuild, together, a new form of capitalism, better regulated, with a greater sense of morality and solidarity. This is a precondition for mobilizing the economy and achieving sustainable growth.

This crisis is not the crisis of capitalism. On the contrary, it is the crisis of a system that has drifted away from the most fundamental values of capitalism. It is the crisis of a system that drove financial operators to be increasingly reckless in the risks they took, that allowed banks to speculate instead of doing their proper business of funding growth in the economy; a system, lastly, that tolerated a complete lack of control over the activities of so many financial players and markets.



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