Socialist Soros Launching Anti-Market Institute

By Matthew Vadum —— Bio and Archives October 28, 2009

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Left-wing philanthropist George Soros plans to ramp up his war on markets worldwide by creating an “Institute for New Economic Thinking” (INET) next year, according to reports.

INET will be launched at England’s Cambridge University in April. Soros plans to shell out $50 million for INET over a decade and hopes matching funds will push the total endowment to $200 million. The purpose of INET, according to Newsweek’s Michael Hirsh, will be “to make research grants, convene symposiums, and establish a journal, all in an effort to take back the economics profession from the champions of free-market zealotry who have dominated it for decades, and to correct the failures of decades of market deregulation.” Soros is reportedly gathering economists this week to plot his new drive for statism. One of those economists is Joseph Stiglitz, a member of the Socialist International. Stiglitz sits on SI’s Commission on Global Financial Issues, which was created “to address from a social democratic perspective the ongoing global financial crisis.”