Fareed Zakaria has a rather sanguine view about what the world will make of the subprime crisis (Hat tip: Andrew Sullivan):
Capitalism is now a global phenomenon, powered by the actions of companies and governments all over the world. Countries will continue to rely on free markets and free trade to get growth and rising standards of living. Over the last three decades countries have liberalized their markets not because people like Bob Rubin or Hank Paulson forced them to do so, but because they could see the benefits of moving in that direction (and the costs of not doing so). This movement will continue to be halting and episodic, and vulnerable to political pressures. But I would bet that over the next 20 years, more countries will open up parts of their economies (in a controlled fashion) than nationalize parts of them.
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