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Free-market ideology is discredited: Sarkozy |
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Updated at:
1820
PST, Thursday, October 23, 2008 |
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FRANCE: The world financial crisis shows that free-market ideology is now discredited and that economies need strong state intervention to succeed, French President Nicolas Sarkozy said on Thursday.
"The ideology of the dictatorship of the market is dead," he said, in a speech in which he announced that France will set up a sovereign wealth fund to "intervene massively" in companies of national strategic importance.
Historians will one day see that "this crisis marks the real start of the 21st century," he said, a century which will see the "return of politics" in the running of national economies.
"This is an intellectual and moral revolution that is happening," he said in the speech to French business leaders in the town of Annecy in eastern France. If a summit of world leaders on the crisis to be held next month in the United States is successful, Sarkozy said, "a better world will emerge from this crisis than the one we had before." |
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ISSN 1563-9479 
