In a refreshing and passionate manner, Naomi Klein, Hernando de Soto and Joseph Stiglitz engaged in an enthusiastic conversation regarding the current global economic crisis. The event was focused on capitalism, the market system and mostly on the recent bail out of the banks by the government.

Both Klein and Stiglitz criticized the American bail out. While Stiglitz praised the British handling of the bail out because of their stipulations and clear guidelines on where the money will be allocated, he condemned the United States government for the failure to do so. Where or who exactly is the bail out money going to? This is an important flaw in our bail out, especially in the light of recent AIG spending on exotic hunting trips for their executives. Klein also raised an interesting point regarding the issue. The government is not establishing the rules for Wall Street and the financial sector in the crisis. Rather, it is Wall Street that is directing the actions of our government. It really demonstrates that the government does not act in the interest of all; instead it is controlled by the elites for the elites.

Klein and Stiglitz primarily discussed the crisis in terms of the American government, Wall Street, the upcoming elections and what it means for the next president in office and the actions they will have to take. Hernando De Soto, on the other hand, brought the perspective of the developing nations, the so-called “banana republics” to the conversation. He emphasized that the cause of the financial collapse in northern countries is due to the failure of reconciling the reality and records. He insisted that the foundation of our economic system was our legal system, in the form of property rights. The collapse of the system of property rights has subsequently led to the downfall of the financial sectors.

Although the event was enlightening, it was disappointing in one aspect. I was expecting a more wholesome discussion on capitalism as an economic system and how it changed due to the bail out. I was hoping they would address the future of capitalism. Was it a failure as a system or just needed additional tweaking? But overall, it was a very lively evening where the audience got to hear some of the most prominent people discuss the current economic conditions.