President Bush Proposes Reforms, Defends Capitalism
In advance of the G-20 economic summit, President Bush addressed the Manhattan Institute on the global financial crisis. His proposed reforms included bolstering accounting rules, requiring credit default swaps to be processed through a central clearinghouse, and modernizing the IMF and the World Bank. In addition, Bush made the case for free-market capitalism:
- Free market principles offer the surest path to lasting prosperity.
- The greater threat to economic prosperity is not too little government involvement in the market, but too much involvement.
- The surest path to sustained economic growth is free markets and free people.
- The free market system promotes social justice and human dignity.
- Leaders around the world must reject the temptation of protectionism.