US Financial Crisis Is a Black Eye for Capitalism

An excerpt of the Milken Global Conference roundtable of Nobel laureates in economics, which was published by the Nobel Laureates Plus service of the New Perspectives Quarterly, is presented. Held in Los Angeles in April, this roundtable--chaired by financier Michael Milken and joined by Gary Becker, Myron Scholes, Michael Spence, and Ed Phelps--discussed the depth of the US financial crisis, its effect on the rest of the world and the commodity price rises for oil and food. It also discussed the effects of the rapid economic growth of China, India and Brazil to the US economy. Additionally, the less awe given by the financial sector to capitalism is also acknowledged in this roundtable.