Work fast or new models of capitalism may win day

EUROPEAN leaders must work fast to overcome the current crisis or else new models of capitalism — such as that of China — may win the day, warns one leading American financial services figure.

David Rubenstein, the co-founder and managing director of asset management firm Carlyle Group, was not alone in stating that the West’s free markets are on trial at the World Economic Forum, which kicked off in the Swiss Alps yesterday.

Mr Rubenstein said: “As a result of this recession, that’s lasted longer than anyone predicted and will probably go on for a number more years... we’re going to have a lot of economic disparities.