Global Ethics Corner: Market Capitalism Questioned

Nov 28, 2008

Will people associate U.S. power with "global misery" or with the opportunity and pluralism that Obama's victory represents? There is clearly a need to reflect on the future of market capitalism.

The financial crisis may severely erode the ability of the United States to promote market capitalism. The ability to preach persuasively on the virtues of market reform is gone. Backlash against markets will probably go too far, with adverse results for economic recovery and democracy around the world.

We are seeing increased anti-Americanism, since the global economic slowdown is rooted in the U.S. mortgage market. We may expect heightened state intervention, protectionism, and mercantilism as governments enter into arrangements that guarantee preferential domestic outcomes.

When the global financial meltdown makes life worse for the world's poor, many may link the U.S. model of democratic capitalism with global misery. The financial crisis also makes American taxpayers and NGOs less able to provide foreign aid to help the world's poor. U.S. investors will be under considerable pressure to create jobs at home. U.S. tax policy is likely to favor domestic job creation and investment.

Will people associate U.S. power with "global misery" or with the opportunity and pluralism that Obama's victory represents? There is clearly a need to reflect on the future of market capitalism.

What are your views?

Adapted from an article by Devin Stewart on Policy Innovations

To post a comment, go to the Global Ethics Corner slideshow.

You may also like

DEC 1, 2023 Podcast

Keeping Tech Ethics Grounded: A Discussion with Stephanie Hare

In this discussion with Senior Fellow Arthur Holland Michel, researcher and author Stephanie Hare describes the fundamental dimensions of technology ethics.

Launch of OSIRIS-REx, September 2016, Florida. CREDIT: NASA Goddard Space Flight Center.

NOV 29, 2023 Article

A Human-Centric Epic for NATO Space Domain Awareness

In this report on NATO's annual space policy summit, Visiting Fellow Zhanna Malekos Smith analyzes the challenges the institution faces in the final frontier.

NOV 28, 2023 Podcast

AI and Consumers, with Helena Leurent

In this far-reaching conversation, Consumer International's Helena Laurent and Senior Fellow Wendell Wallach outline the challenges that AI poses to consumers.

Not translated

This content has not yet been translated into your language. You can request a translation by clicking the button below.

Request Translation