For much of the 20th century, tough lines were drawn around the world between capitalist and Communist countries and economies.
Now, Communism is all but gone, and some economists are saying it's time to draw new lines between kinds of capitalism, between "good capitalism" and "bad capitalism" — good capitalism as in open, dynamic, entrepreneurial; bad as in state-run or oligarchic systems sewn up for the rich.
They're putting the great debate over what works best for the most in a whole new frame.
This hour On Point: good capitalism, bad capitalism and the lives we lead.
William Baumol, professor of entrepreneurship at New York University, professor emeritus at Princeton, and co-author of "Good Capitalism Bad Capitalism"
Robert Litan, vice president for research and policy at the Kauffman Foundation and senior fellow at the Brookings Institution
Robert Kuttner, co-founder and co-editor of the American Prospect
This program aired on July 11, 2007.