George Soros Spending $50M to Battle Free-Market Capitalism

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George Soros is announcing a $50 million effort to battle the free-market system. According to Newsweek, this week Soros is gathering some of the leading practitioners of the market-skeptic school, who were marginalized during the era of “free-market fundamentalism,” including Joseph Stiglitz, George Akerlof, Michael Spence, and Sir James Mirrlees. According to the article Soros is also creating an “Institute for New Economic Thinking” to make research grants, convene symposiums, and establish a journal, all in an effort to take back the economics profession from the champions from what Newsweek calls free-market zealotry.

Soros hopes matching funds will bring the total endowment up to $200 million. “Economics has failed not only to predict and explain what happened but has also failed to protect society,” says Robert Johnson, a former managing director at Soros Fund Management, who will direct the new institute. “That’s what the crisis revealed. The paradigm has failed. There is no guidance.”

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October 27, 2009 · Filed Under George Soros


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