2008 Articles

BBC Postcard on the Financial Crisis

Bhagwati, Jagdish N.

The current financial crisis poses little risk of a meltdown like the Great Crash in 1929. Left to itself, it certainly could. But the governments are wide awake and a flood of interventions to kill the crisis is in evidence. The crisis therefore will pass. Will it however destroy “capitalism” and undermine “globalization”? I find such claims fanciful.