Yes, change is needed, I think the evidence is clear but we are so entrenched in old habits–even if they are not working well or for everyone–we still prefer the old and known to the new and unknown. The unfortunate thing is going forth with blind ambition in old known ways will still lead to change–think how different consumer spending habits are after one year in a deep recession….Change happens whether you like it or not, the paradox of choice is, that we have the opportunity to make the world in the way we want it to be, but only if we are willing to acknowledge there is a problem, then choose to roll our sleeves up and begin doing a little work.
French President Nicolas Sarkozy has called for a fundamental rethink of capitalism in the aftermath of the financial crisis.
Mr Sarkozy told the delegation – to scattered applause – that governments and companies in the world economy could not pretend it was business as usual.
“We are not asking ourselves what we will replace capitalism with, but what kind of capitalism we want?” he said.
“We must re-engineer capitalism to restore its moral dimension, its conscience,” he said. “By placing free trade above all else, what we have is a weakening of democracy.
While saying that those who ran companies that made money deserved to be compensated well, Mr Sarkozy hit out at huge bank bonuses that have caused public outcry in the US and UK.
“There are remuneration packages that will no longer be tolerated because they bear no relation to merit,” he said.
Earlier in Davos, legendary investor George Soros backed Mr Obama’s proposed reforms to limit the size of banks and told journalists that Wall Street bankers who opposed the plans were “tone-deaf”.
via BBC News – Davos 2010: Sarkozy calls for revamp of capitalism.
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