According to Balcerowicz, it looks too simple and superficial just condemn the entrepreneurial capitalism, while the true question should be “what capitalism” and whether the present crisis sheds a new light on this issue. Is the financial sector an exception? Can the financial crisis be interpreted as a pure market failure which calls for more public intervention? The author presents examples of various policy flaws during the last decade which might contribute to building global imbalances, assets bubles, and finally to financial crash.

Every crisis produces a shock to mass beliefs and thus may have policy consequences. In democracy the direct impact of the economic crisis is mediated by competing interpretations provided by the intellectuals and politicians, and conveyed by the media. There is a risk that empirically dubious but emotionally attractive interpretations, which condemn markets and call for more statism, can gain ground. The materialization of this risk would damage longer term growth prospects of the entire world economy and cause serious social and political consequences.

In conclusion Leszek Balcerowicz affirms that dynamic, entrepreneurial capitalism has nowadays no serious external enemies; it can only be weakened from within. Such a risk should be regarded as a call to action – for those who believe that individuals’ prosperity and dignity are best ensured under the limited government.