“It is time to recognize that financial markets are inherently unstable. Imposing market discipline means imposing instability, and how much instability can society take? … To put it bluntly, the choice confronting us is whether we will regulate global financial markets internationally or leave it to each individual state to protect its interests as best it can. The latter course will surely lead to the breakdown of the gigantic circulatory system, which goes under the name of global capitalism.”

The Crisis of Global Capitalism (1998)

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Hungarian-American business magnate, investor, and philanth… 1930

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“The global crisis is caused by pathologies inherent in the global financial system itself.”

George Soros (1930) Hungarian-American business magnate, investor, and philanthropist

The Crisis of Global Capitalism (1998)

“If financial markets aren't efficient, then what are they? According to the 'fractal market hypothesis', they are highly unstable dynamic systems that generate stock prices which appear random, but behind which lie deterministic patterns.”

Steve Keen (1953) Australian economist

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 11, Finance And Economic Breakdown, p. 243

“The free market tide has now receded. In its place has come state capitalism, a system in which the state functions as the leading economic actor and uses markets primarily for political gain.”

Ian Bremmer (1969) American political scientist

"State Capitalism Comes of Age," http://www.foreignaffairs.com/articles/64948/ian-bremmer/state-capitalism-comes-of-age Foreign Affairs (May/June 2009).

“For those of us who grew up believing that capitalism is the foundation of democracy and market freedom, it has been a rude awakening to realize that under capitalism, democracy is for sale to the highest bidder and the market is centrally planned by global megacorporations larger than most states.”

David Korten (1937) writer, sustainability advocate

The Post-Corporate World: Life After Capitalism (2012)

“The more money to be made gaming the financial markets, the more people would decide they were put on earth to game the financial markets – and create romantic narratives to explain to themselves why a life spent gaming the financial markets is a purposeful life.”

Michael Lewis book Flash Boys

Source: Flash Boys (2014), p. 266

“The 2008 financial meltdown is the result of under-regulated markets built on an ideology of free market capitalism and unlimited economic growth. The fundamental problem is that the underlying assumptions of this ideology are not consistent with what we now know about the real state of the world. The financial world is, in essence, a set of markers for goods, services, and risks in the real world and when those markers are allowed to deviate too far from reality, “adjustments” must ultimately follow and crisis and panic can ensue. To solve this and future financial crisis requires that we reconnect the markers with reality. What are our real assets and how valuable are they? To do this requires both a new vision of what the economy is and what it is for, proper and comprehensive accounting of real assets, and new institutions that use the market in its proper role of servant rather than master.”

Robert Costanza (1950) American economist

Source: Toward a New Sustainable Economy, 2008, p. 40

“When laissez-faire creates instability, the move to a freer market can be something less than pure gain.”

Robert Kuttner (1943) American journalist

Source: The Economic Illusion (1984), Chapter 2, Capital, p. 85

“It serves to remind us that, in trying to explain the globalization of economic activity, we are dealing with the workings of a dynamic capitalist market system, and not just individual agents within it.”

Peter Dicken (1938) British geographer

Source: Global Shift (2003) (Fourth Edition), Chapter 7, Transnational Corporations, p. 202

“Even in financial markets, the concept of market efficiency does not hold.”

Paul Ormerod book The Death of Economics

Part II, Chapter 8, The Dynamics of Unemployment, p. 176
The Death of Economics (1994)

“…there won’t be one, single global market. But there will be global investors.”

Kenneth Griffin (1968) American hedge fund manager

"The Age of Global Markets and the Global Investor," 25th International SFOA Bürgenstock Conference http://www.ioncorporation.com/presentation2.html <br class="br">From a presentation by Griffin.

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