BBC News – Has Western capitalism failed?

“My answer to this question would be no. But I also wonder whether capitalism should be answering to the prosecution.

We failed as regulators, we failed as supervisors, we failed as corporate governance managers, we failed as risk managers, and we also failed in the allocation of roles and responsibilities for international economic organisations.” So says Angel Gurria: Secretary General, Organisation for Economic Co-operation and Development (OECD) via BBC News – Has Western capitalism failed?.

My answer to this question would be no, too, but it’s not a failure of regulators and supervisors, although they have failed. It’s a failure of morality. What caused this failure?

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