29 Oct '11, 4am

Why should a teacher earn less than a manager, asks Klaus Schwab of the World Economic Forum

Criticism of capitalism has increased in recent months. Protest movements, such as 'Occupy Wall Street', are outraged at the excesses of bankers who, according to the protesters, bear the main responsibility for the current economic crisis - but apparently are not being held responsible. A growing number of voices from different parts of society are now showing solidarity with the anti-capitalism activities and reflecting the widespread frustration felt by citizens. Undoubtedly, these anti-capitalist protests have their finger on the pulse of our time. But it is not enough to simply condemn capitalism for its undeniable excesses. We need a deeper analysis of why the capitalist system, in its current form, no longer fits the world around us. When the crisis began in January 2009, I said in my opening speech in Davos: 'Today, people from every corner of the globe ask how it ...

Full article: http://www.straitstimes.com/The-Big-Story/The-Big-Story-2...

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