BUSINESS

George Soros: Why We Need Another Bretton Woods To Reinvent The Global Financial System

03/18/2010 05:12 am ET | Updated May 25, 2011

NEW YORK -- Twenty years after the fall of the Berlin Wall and the collapse of communism, the world is facing another stark choice between two fundamentally different forms of organization: international capitalism and state capitalism. The former, represented by the United States, has broken down, and the latter, represented by China, is on the rise. Following the path of least resistance will lead to the gradual disintegration of the international financial system. A new multilateral system based on sounder principles must be invented.

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