NEW YORK, FEB. 18, 2006 (Zenit.org).- After the collapse of communism and the adoption of free-market policies by just about all countries and political parties, market capitalism should be triumphant. But recent books highlight the shortcomings of the free markets.
In "The Battle for the Soul of Capitalism" (Yale University Press), John Bogle analyzes what he considers to be crucial failings in the financial markets. Bogle, former chief executive of the Vanguard mutual fund group, wants the system to be run in the interests of the shareholders and owners, rather than the managers.
Bogle argues that the last couple of decades have seen serious erosion in the conduct and values of business leaders, investment bankers and money managers. A staunch defender of capitalism and free markets, Bogle nevertheless laments the excessive attention given to stock market prices, instead of the intrinsic values of corporations.