Western capitalism has much to learn from Asia Capitalism itself is not in crisis, but western capitalism is. This is a result of three strategic mistakes. The first error was to regard capitalism as an ideological good, not as a pragmatic instrument to improve human welfare. Alan Greenspan was probably the greatest victim of this ideological conviction that markets always knew best. The former chairman of the Federal Reserve fully agreed with the Reagan-Thatcher thesis that governments should step aside and let the markets roll, writes Kishore Mahbubani dean of the Lee Kuan Yew School of Public Policy at the National University of Singapore, and author of ‘The New Asian Hemisphere’.
http://link.ft.com/r/DHGUVV/30IKFG/RNF1Y5/30M162/QNV1SA/T3/h?a1=2012&a2=2&a3=7
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