Many economists agree that there is a significant imbalance between the growth of global economy and the development of a free society. One of these economists who agrees with this point is George Soros. Soros bases his dilemma mainly on the Thai crisis that hastened the currency meltdown in Asia. Also the Russian collapse inflicted temporary chaos on the Western financial system, and most recently, the volatility of the worlds stock markets has caused most investors much tremor. George Soros argues that in the last 20 years, the emergence of market fundamentalism, that is the idea that markets need only be regulated by the forces of profit and competition, has distorted the role of capital to the extent that it is today a greater threat to open society than any totalitarian.
Soros argues that capitalism, when completely unregulated tends to swerve out of control, like a car taking a curve too fast. Decision by markets are amoral but not immoral. Soros believes that capitalism can be effectively mediated by and open society. He does not define precisely what this means, but he suggests that society needs to be able to experiment with cultural value systems. Standards of right and wrong may change with technology and with social process; however, the involvement of the state in resolving conflicts, and in a democratic society, he sees as inevitable. According to Soros opinion too, to be able to stabilize and regulate a truly global economy, the world will need a global system of political decision-making.
In short, a global society is needed to support the global economy. A global society does not mean a global state. What makes Soros claims interesting is that the greatest opposition to this idea is coming from the United States. Nevertheless, there has never been a time when a strong lead from the United States and other like minded countries could achieve such powerful and benign results. With the right sense of leadership and with clarity of purpose, the U.S.
and its allies could help to stabilize the global economic system and to extend the uphold universal human values.