“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.”

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

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "The 2008 financial meltdown is the result of under-regulated markets built on an ideology of free market capitalism and…" by Robert Costanza?
Robert Costanza photo
Robert Costanza 7
American economist 1950

Related quotes

Michael Hudson (economist) photo
Olivier Blanchard photo
R. Venkataraman photo

“The vocabulary of growth must be held in position by the grammar of financial discipline and the punctuations of a social ideology.”

R. Venkataraman (1910–2009) seventh Vice-President of India and the 8th President of India

Source: Commissions and Omissions by Indian Presidents and Their Conflicts with the Prime Ministers Under the Constitution: 1977-2001, p. 180.

Ronald Reagan photo
George Soros photo
William F. Sharpe photo

“Our world today is in the grip of anti-capitalism. State bureaucracies ruling over anti-market policies have grown into ideological and political elites who arrogantly presume to know and dictate how we should all live and work.”

Richard Ebeling (1950) American economist

“Is the ‘Spectre of Communism’ Still Haunting the World?” https://fee.org/resources/is-the-spectre-of-communism-still-haunting-the-world/, speech entitled “Evenings at FEE” in March 2006. Posted in Foundation for Economic Education (FEE), (December 19, 2008)

Robert Costanza photo
Richard D. Wolff photo
Theresa May photo

Related topics