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Making capitalism pay

Anglo-Saxon capitalism has seen its reputation plummet. Is tougher punishment the answer?

By Howard Davies   July 2003

Book: Going Off The Rails Author: John Plender Price: John Wiley, £19.99

The events of the last three years have dealt a serious blow to the global reputation of Anglo-Saxon capitalism, or at least to its western variant. The excesses of the dotcom boom and bust, in which $4 trillion were added to and then rapidly subtracted from US equity valuations, followed by the revelations of corporate excess at Enron, Global Crossing, WorldCom and others, raised big questions about the efficiency of Anglo-Saxon markets as allocators of capital. Major questions have been raised, too, about the robustness of the regulatory…

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