In an article written by Richard Stevenson of the New York Times, a discussion of re-thinking the current predominate economic model for the US economy is presented. Mr. Stevenson points out that, “In the two decades since the fall of the Berlin Wall, the American model of capitalism, largely unchallenged by ideological alternatives and increasingly dominant around the world, drifted toward what conservatives viewed as a more pure form of economic liberty and what liberals came to view as misguided free-market fundamentalism.”Furthermore Mr. Stevenson states, “But now, as the United States and other nations look for lessons in the wreckage from the excesses of that period, political leaders are confronting uncertainty about what economic structures and values should define capitalism’s next chapter.” This article provides some fuel for discussion not simply on the US economy, but also the global economy. For example, currently over 90% of the worlds research and development budget for medical devices and pharmaceutical products is targeted towards 10% of the world’s population. Chaos creates opportunity.
While the existing political will and policy tools might not support a board re-shaping of how the US and European countries incentivize corporations to develop life saving medicines and products for the world’s poor, it is time to start re-thinking how best to create incentives to do so.
