Capitalism may be endangered says Davos elite
The economic crisis rocking Europe and the United States, which has resulted in a income-gap between the Middle Class and wealthy larger than ever seen in modern history, has compelled financial leaders to admit Wednesday at the Davos, Switzerland annual business conference, World Economic Forum, that Western capitalism itself may be endangered along with former standards of living in the Western world.
David Rubenstein, the co-founder and managing director of asset management firm Carlyle Group, said at the conference Wednesday, “We’ve got to work through these problems. If we don’t do in 3 or 4 years … the game will be over for the type of capitalism that many of us have lived through and thought was the best type.”
Mark Penn, global CEO of the public relations firm Burson-Marsteller, told AP “the whole crisis has raised larger questions about how is capitalism working, how do you redefine fairness in the 21st century?”
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