Capitalism defended by CEOs
Source: Agencies |
January 26, 2012, Thursday
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Print Edition
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SOME of the world's top CEOs are admitting that capitalism is worsening inequalities, but they say it's better than any alternative.
The defensive salvos by chief executives kicked off talks at the World Economic Forum in Davos, Switzerland, yesterday. Europe's debt crisis and a looming slowdown in the developed world are casting a cloud over this year's gathering of 2,600 elite business and political leaders.
"Capitalism may be the worst form of systems, except for every other system," said David Rubenstein, co-founder of the Carlyle Group, the Washington-based global asset management firm.
With protesters camped at an igloo near the snowy meeting venue, pressure is on the VIPs at this year's forum to take workers' fears into account as they discuss the world's economic problems. The Occupy movement and other protests have drawn global attention to inequality, stubbornly high unemployment in many areas, and increasing poverty.
Those from the corporate world shifted some blame onto governments.
Reform is "not just about corporations and greed. It's about decision-making," said Alcatel-Lucent CEO Ben Verwaayen. "Why does it take Europe (and its leaders) two years to come to a conclusion that they knew they had to face anyway?"
Brian Moynihan, CEO of Bank of America, said banks have "done a lot" to reduce excesses and said that boom and bust cycles are a part of the capitalist structure.
But, others argued that the process is not inevitable.
The chief of the International Trade Union Confederation, Sharan Burrow, said "we've lost a moral compass" and said that if governments don't invest in social protections now, "nobody will like the social unrest that will follow."
The defensive salvos by chief executives kicked off talks at the World Economic Forum in Davos, Switzerland, yesterday. Europe's debt crisis and a looming slowdown in the developed world are casting a cloud over this year's gathering of 2,600 elite business and political leaders.
"Capitalism may be the worst form of systems, except for every other system," said David Rubenstein, co-founder of the Carlyle Group, the Washington-based global asset management firm.
With protesters camped at an igloo near the snowy meeting venue, pressure is on the VIPs at this year's forum to take workers' fears into account as they discuss the world's economic problems. The Occupy movement and other protests have drawn global attention to inequality, stubbornly high unemployment in many areas, and increasing poverty.
Those from the corporate world shifted some blame onto governments.
Reform is "not just about corporations and greed. It's about decision-making," said Alcatel-Lucent CEO Ben Verwaayen. "Why does it take Europe (and its leaders) two years to come to a conclusion that they knew they had to face anyway?"
Brian Moynihan, CEO of Bank of America, said banks have "done a lot" to reduce excesses and said that boom and bust cycles are a part of the capitalist structure.
But, others argued that the process is not inevitable.
The chief of the International Trade Union Confederation, Sharan Burrow, said "we've lost a moral compass" and said that if governments don't invest in social protections now, "nobody will like the social unrest that will follow."
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