CEOs defend capitalism at anguished Davos forum
Monday, January 23, 2012
DAVOS, Switzerland (AP) -- Some of the world's top CEOs are admitting that capitalism is worsening inequalities, but they say it's better than any alternative.
The defensive salvos by chief executives kicked off talks at the World Economic Forum in the Swiss ski resort of Davos on Wednesday. Europe's debt crisis and a looming slowdown in the developed world are casting a cloud over this year's gathering of 2,600 business and political leaders.
David Rubenstein, co-founder of the Carlyle Group, said: "Capitalism may be the worst form of systems, except for every other system."
The chief of the International Trade Union Confederation disagreed. Sharan Burrow said "we've lost a moral compass" and warned of social unrest.