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Does Capitalism have a future?

October 21, 2008

Text: Pete Engardio

On October 11, amid a week of astonishing developments in the global stock and credit markets, Federal Reserve Bank of Dallas president Richard W Fisher addressed the high and mighty of global finance in Washington during pivotal meetings of the Group of Seven and the International Monetary Fund.

The gravity and complexity of the 15-month-old credit crisis called for action that transcended familiar ideological categories, he hinted, such as free markets vs. state intervention.

Fisher even borrowed a Chinese proverb popularized by the late Chinese leader Deng Xiaoping: "No matter if it is a white cat or a black cat, as long as it can catch mice, it is a good cat."

Image: A sign provides a commentary on the current US government bailout of banks | Photograph: Stan Honda/AFP/Getty Images

Also read: The credit crunch spreads to business

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