Is Free Market Capitalism Failing?

Abstract

Who would have thought that free market capitalism, once considered the "cures all" system, would be considered a highly flawed economic system just twenty years after the fall of the Berlin Wall? But as demonstrated by the massive collapse of the financial institutions in the USA in the last fourteen months, it seems miracles do happen in the Wall Street. A recent BBC poll conducted across 27 countries showed widespread dissatisfaction with free market capitalism. Are we, therefore, seeing the last days of free market capitalism? Do we need a new economic system or an old buried one to address complex economic issues of our time? In this paper, the results of the BBC poll is discussed.