11/20/2008 05:12 am ET | Updated May 25, 2011

The International Fight Over The Future Of Capitalism

WASHINGTON -- A planned international summit on the financial crisis is turning into a debate over the future shape of capitalism, with European leaders favoring greater international oversight of markets, and U.S. officials preferring the current model of national regulation.

U.S. President George W. Bush, French President Nicolas Sarkozy -- the current head of the European Union -- and European Commission President José Manuel Barroso said Saturday that they would begin putting together a series of summits to address the long-term challenges facing the global economy.

At their meeting at Camp David in Maryland on Saturday, Mr. Sarkozy repeated his call for a new global financial order. "This is a world-wide crisis and therefore we must find a world-wide solution," he said. The answer "will be all the more effective insofar as we find it together, we speak with one and the same voice, and we build together the capitalism of the future."

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