Toward a New International Capitalism

This article by Steven Pearlstein addresses the decisiveness of the financial crisis and how it is the most important moment in American Capitalism since 1944, when leaders of 44 nations came up with a blueprint for a new world financial order based on principles of free market, free trade and the free flow of capital. In recent years the US has gone from being the world's largest creditor to being the world's largest debtor and can no longer expect to dominate the international financial institutions. The current crisis in America has contributed to global instability, proves that the current unregulated US system has many flaws and does not necessarily produce the best outcome.