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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2 Responses to “George Soros Spending $50M to Battle Free-Market Capitalism”

  1. Mike Labno on October 28th, 2009 12:12 pm

    No free market Mr. Soros? So do you promote socialism or communism?

  2. New York 23: A Win Win Situation « Campaign Trail on October 28th, 2009 6:07 pm

    [...] feel Free Market Capitalism is a failure.  Yet they are not honest in their approach as they have deep pockets themselves and have abused Free Markets in order to manipulate economic conditions.   It then supports the [...]

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