Taming “Speculative Capitalism”

Leading French presidential contender Nicolas Sarkozy has recently lashed out against “speculative capitalism.” But he should be asking how capitalism can be developed even further, with new institutions in finance and insurance to deal with the risks to jobs and livelihoods that he has highlighted.

Nicolas Sarkozy, the leading contender in the French presidential election, recently lashed out against what he called “speculative capitalism,” and says he wants to “moralize the financial zone” created by the euro. What does Sarkozy mean by “speculative capitalism?” Something immoral, apparently, but what? The term has rarely been used before, and seems to be redundant. After all, capitalism is practically a synonym for speculation, isn’t it?

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