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A Failure of Capitalism ()

Judge No Longer A Believer In Unfettered Markets

May 9, 2009 (All Things Considered)

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Richard Posner is one of the most cited legal scholars in America. He's a federal judge, and he's cranked out a new book almost every year for the past 40 years, writing about everything from sex to Kafka to, of course, the law.

Posner is also one of the country's leading libertarian thinkers. He and his compatriots at the University of Chicago put their trust in free, unfettered and barely regulated markets.

But the title of Posner's new book might tip you off to his recent change of heart: A Failure of Capitalism.

He says better regulation is necessary — because it's our nature to be greedy — and it all boils down to the law of the jungle.

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