What Crisis of Capitalism?

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Another column for your consideration:

With the world's rich economies struggling and the leaders of the European Union intent on making things worse, the gravity of the economic crisis still confronting the West is hard to exaggerate. Nonetheless, it can be done.

According to what I read, we face not just the worst recession since the 1930s, but a challenge to the West's entire economic order. The Great Recession exposes the poverty of orthodox economics. It constitutes an ideological crisis. It shows that capitalism itself is "fundamentally" flawed. If all this were true, I'd be a lot more worried about the coming year than I am -- which is saying something.

A new year's corrective is in order. Reports of the death of capitalism are greatly exaggerated.

Read on: A Crisis of Leadership, Not a Crisis of Capitalism.  

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Clive Crook is a senior editor of The Atlantic and a columnist for Bloomberg View. He was the Washington columnist for the Financial Times, and before that worked at The Economist for more than 20 years, including 11 years as deputy editor. Crook writes about the intersection of politics and economics. More

Crook writes about the intersection of politics and economics.

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