Yale’s Shiller: Financial Capitalism Is Taking Over, and That's Good

Monday, 09 Apr 2012 12:56 PM

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Despite the anger directed at Wall Street for the country's economic woes, financial capitalism is good for the U.S. and the entire world, says Yale Professor Robert Shiller.

"This time in history will be remembered as a time financial capitalism took over the world," Shiller tells Yahoo's Daily Ticker, a finance blog.

"A time when emerging countries became developed. The plan we're on is going to yield a remarkable world in the future. It's really about finance."

Editor's Note: Wall Street Insider: The System Is Rigged

Those blaming Wall Street have plenty of fodder.

Executives at faltering banks have reaped in huge payouts, many at institutions bailed out by taxpayers, while recovery remains sluggish and lending tight.

And while no economy can exist without regulation, it won't likely prosper without capitalism either.

"We have to think the financial institutions we have today are part of a long historic progress to a better world, a better civilization," Shiller says.

Wall Street has seen its share of critics.

The Occupy Wall Street movement, which sprang up in the U.S. in late 2011 and spread worldwide, has waned from media coverage, although some say the movement is set to begin anew, likely demanding policy changes at government institutions.

"I don't see it dying, I see it morphing into something beyond just an attack on the big banks or Wall Street," says Mark Tatge, journalism professor at DePauw University in Indiana, the Christian Science Monitor reports.

"I expect more, not less, political activism over the next five years,” he says, adding "most of this is because of the widening split between the haves and have-nots in this country."

Editor's Note: Wall Street Insider: The System Is Rigged



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