Challenges capitalism facing
Photo: AFP
There are controversies and severe criticisms all over the world about the efficacy of the capitalist market economy model. Charles W. Eliot University Professor at Harvard and former US Treasury Secretary Lawrence H. Summers came up with his scholarly exposition in an article under the above caption wherein Professor Summers unambiguously endorsed the model. He also discounted the version of different schools of thought that capitalism brings about various kinds of social maladies. In the opinion of Professor Summer, as I understand, capitalist model delivers satisfactorily in today's global economy. Maladies referred to by the critics are actually outside the ambit of the system as such. It is the responsibility of the stakeholders including the workers, their employers, businesses and above all the government need address problem.
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