When you start cutting government expenditure, at some point you are cutting essential services rather than excessive services. So you have to take into account the social costs involved in cutting government spending.

For nearly two centuries, scholars and politicians have debated the future of capitalism. Its critics, most prominent among them Karl Marx, have seen capitalism as intrinsically unstable, full of contradictions that will lead eventually to its collapse. Its supporters see it as the best way to allocate resources and rewards. Some even hint that the democratic capitalistic society is not just a phase in the historical evolution of economic systems but its ultimate end.

We are taking a greater chance of having another crash at a time when the world is less capable of bearing the cost.

Our actions will be at measured pace given the current market turmoil.

I think the willingness to listen is really a matter of confidence. You can't be so superconfident in your abilities that you ignore what others say, and you can't be so diffident in your abilities that you think that if they say something, you will be so taken in that you will do the wrong thing. When you are confident about your abilities and also fully aware of what you don't know you are willing to listen to outside experts with the full sense that if you don't find it worthwhile you will ignore it.

When you start cutting government expenditure, at some point you are cutting essential services rather than excessive services. So you have to take into account the social costs involved in cutting government spending.

Because the free market system is so weak politically, the forms of capitalism that are experienced in many countries are very far from the ideal. They are a corrupted version, in which powerful interests prevent competition from playing its natural, healthy role.