Ahmadinejad: Capitalism on the verge of collapse

Here’s what Iran’s president had to say at a summit of the Central Asia’s 10-nation Economic Cooperation Organization: "After the collapse of the closed socialist economy, the capitalist economy is also on the verge of collapse," Ahmadinejad said in a speech. "The liberal economy and the free market have failed," he said, pointing to the ...

By , a former associate editor at Foreign Policy.

Here's what Iran's president had to say at a summit of the Central Asia's 10-nation Economic Cooperation Organization:

Here’s what Iran’s president had to say at a summit of the Central Asia’s 10-nation Economic Cooperation Organization:

"After the collapse of the closed socialist economy, the capitalist economy is also on the verge of collapse," Ahmadinejad said in a speech.

"The liberal economy and the free market have failed," he said, pointing to the use of "thousands of billions of dollars" to bail out Western banks and companies.

Ahmadinejad proposed a single currency for the region to facilitate trade, though I’m not sure if even he’d go as far as Kazakh President (and fellow ECO member) Nursultan Nazarbayev’s global "acmetalism" idea. The ECO definitely seems like a contender for the world’s most outside-the-box regional trade federation.

Joshua Keating was an associate editor at Foreign Policy. Twitter: @joshuakeating

More from Foreign Policy

Newspapers in Tehran feature on their front page news about the China-brokered deal between Iran and Saudi Arabia to restore ties, signed in Beijing the previous day, on March, 11 2023.
Newspapers in Tehran feature on their front page news about the China-brokered deal between Iran and Saudi Arabia to restore ties, signed in Beijing the previous day, on March, 11 2023.

Saudi-Iranian Détente Is a Wake-Up Call for America

The peace plan is a big deal—and it’s no accident that China brokered it.

Austin and Gallant stand at podiums side by side next to each others' national flags.
Austin and Gallant stand at podiums side by side next to each others' national flags.

The U.S.-Israel Relationship No Longer Makes Sense

If Israel and its supporters want the country to continue receiving U.S. largesse, they will need to come up with a new narrative.

Russian President Vladimir Putin lays flowers at the Moscow Kremlin Wall in the Alexander Garden during an event marking Defender of the Fatherland Day in Moscow.
Russian President Vladimir Putin lays flowers at the Moscow Kremlin Wall in the Alexander Garden during an event marking Defender of the Fatherland Day in Moscow.

Putin Is Trapped in the Sunk-Cost Fallacy of War

Moscow is grasping for meaning in a meaningless invasion.

An Iranian man holds a newspaper reporting the China-brokered deal between Iran and Saudi Arabia to restore ties, in Tehran on March 11.
An Iranian man holds a newspaper reporting the China-brokered deal between Iran and Saudi Arabia to restore ties, in Tehran on March 11.

How China’s Saudi-Iran Deal Can Serve U.S. Interests

And why there’s less to Beijing’s diplomatic breakthrough than meets the eye.