While attending Occupy Wall Street, Nobel Prize winning economist and author of the study that showed that the richest 1% control 40% of the US wealth, Joseph Stiglitz, said that there were too many regulations stopping demonstrations and not enough stopping Wall Street from behaving. Given that Wall Street has gotten rich by misallocating capital, socializing losses and privatizing gains, Stiglitz goes on to say that this is not capitalism, it is a distorted economy.
Have we perverted the basic model of capitalism, created destruction into destructive creation? Is it time to save capitalism from the capitalist? This week on Capitalism in Crisis, CNBC-TV18Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
