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| George Soros: I’m a passionate critic of market fundamentalism | George Soros: I’m a passionate critic of market fundamentalism |
| (7 months later) | |
| Daniel Bessner has written a thorough and insightful examination of my philosophy and actions over a lifetime (How George Soros thinks, The long read, 6 July) but his assessment itself suffers from a fatal flaw – a set of mistaken assumptions about the beliefs and convictions underpinning that philosophy and those actions. | Daniel Bessner has written a thorough and insightful examination of my philosophy and actions over a lifetime (How George Soros thinks, The long read, 6 July) but his assessment itself suffers from a fatal flaw – a set of mistaken assumptions about the beliefs and convictions underpinning that philosophy and those actions. |
| Bessner says I believe “in a necessary connection between capitalism and cosmopolitanism” and that I believe “a free society depends on free (albeit regulated) markets”. He further asserts that my “class position made [me] unable to advocate the root-and-branch reforms necessary to bring about the world [I desire]”. | Bessner says I believe “in a necessary connection between capitalism and cosmopolitanism” and that I believe “a free society depends on free (albeit regulated) markets”. He further asserts that my “class position made [me] unable to advocate the root-and-branch reforms necessary to bring about the world [I desire]”. |
| To the contrary, I have been a passionate critic of market fundamentalism at least since I first discussed the phenomenon in my essay The Capitalist Threat in the Atlantic Monthly 20 years ago. Moreover, I have been a steadfast promoter of what Bessner calls the “root-and-branch reforms” that could bring about the better world that I and many others desire – for example, I would cite the positions I adopted regarding reforms after the financial crisis of 2008. Anybody who reviews the record will see that my proposals were far from the mainstream “centre left” approach that eventually prevailed. In the same vein, regarding eastern Europe post-1989, Bessner writes: “It was more than a lack of political will that constrained the west during this moment. In the era of ‘shock therapy’, western capital did flock to eastern Europe – but this capital was invested mostly in private industry, as opposed to democratic institutions or grassroots community-building, which helped the kleptocrats and anti-democrats seize and maintain power.” I agree. But Bessner continues: “Soros had identified a key problem but was unable to appreciate how the very logic of capitalism, which stressed profit above all, would necessarily undermine his democratic project. He remained too wedded to the system he had conquered.” To the contrary, my interventions were entirely in support of “democratic institutions and grassroots community-building”, and I urged others, including governments, to follow me in this approach. | To the contrary, I have been a passionate critic of market fundamentalism at least since I first discussed the phenomenon in my essay The Capitalist Threat in the Atlantic Monthly 20 years ago. Moreover, I have been a steadfast promoter of what Bessner calls the “root-and-branch reforms” that could bring about the better world that I and many others desire – for example, I would cite the positions I adopted regarding reforms after the financial crisis of 2008. Anybody who reviews the record will see that my proposals were far from the mainstream “centre left” approach that eventually prevailed. In the same vein, regarding eastern Europe post-1989, Bessner writes: “It was more than a lack of political will that constrained the west during this moment. In the era of ‘shock therapy’, western capital did flock to eastern Europe – but this capital was invested mostly in private industry, as opposed to democratic institutions or grassroots community-building, which helped the kleptocrats and anti-democrats seize and maintain power.” I agree. But Bessner continues: “Soros had identified a key problem but was unable to appreciate how the very logic of capitalism, which stressed profit above all, would necessarily undermine his democratic project. He remained too wedded to the system he had conquered.” To the contrary, my interventions were entirely in support of “democratic institutions and grassroots community-building”, and I urged others, including governments, to follow me in this approach. |
| Likewise, Bessner’s conclusion that my status “as a member of the hyper-elite and [my] belief that, for all its hiccups, history was headed in the right direction made [me] unable to consider fully the ideological obstacles that stood in the way of [my] internationalism” is unfounded. I don’t think I have ever expressed an optimism that history is headed in the right direction. Martin Luther King famously said “the arc of the moral universe is long, but it bends toward justice”. I am less of an optimist, which is why I have spent my life actively trying to bend the arc in a positive direction. But recognising that I am a biased evaluator of my life’s work, I will submit it to the judgment to history.George SorosOpen Society Foundations | Likewise, Bessner’s conclusion that my status “as a member of the hyper-elite and [my] belief that, for all its hiccups, history was headed in the right direction made [me] unable to consider fully the ideological obstacles that stood in the way of [my] internationalism” is unfounded. I don’t think I have ever expressed an optimism that history is headed in the right direction. Martin Luther King famously said “the arc of the moral universe is long, but it bends toward justice”. I am less of an optimist, which is why I have spent my life actively trying to bend the arc in a positive direction. But recognising that I am a biased evaluator of my life’s work, I will submit it to the judgment to history.George SorosOpen Society Foundations |
| • Join the debate – email guardian.letters@theguardian.com | • Join the debate – email guardian.letters@theguardian.com |
| • Read more Guardian letters – click here to visit gu.com/letters | • Read more Guardian letters – click here to visit gu.com/letters |
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