Can Capitalism Still Work? > “Is the American model of free-market capitalism, the de facto ideology of the post-cold-war period, in retreat? …It is clear that the contours of the crisis are different from anything we’ve seen in a long time. In severity and speed, it has taken most economists totally by surprise. Its deflationary core has unsettled policymakers accustomed to a lifetime of inflationary problems. The erosion of pricing power is startling corporate managers. Repudiation of debt is terrifying bankers.”—Business Week, September 14, 1998
At the start of 1998, the Dow was 7965.04. By the start of 2007, the Dow was 12474.52, an increase of over 4,500 points and 36%.
