Refitting the West’s Winning Economic Model
To commemorate its founding 25 years ago, PS will be republishing over the coming months a selection of commentaries written since 1994. In the following commentary, Edmund S. Phelps proposes measures to remedy a damaging flaw in the system of competitive capitalism.
https://prosyn.org/WShaDWK
NEW YORK – The advantages of the West’s economic system defeated communism in Eastern Europe and set back economic nationalism and populism in much of the Third World. Yet, in the West itself, a flaw in the system has become glaring – and damaging – to all.