Jagdish Bhagwati challenges Joseph Stiglitz’s analogy that the current worldwide recession is analogous to the fall of the Berlin Wall. For Stiglitz, the decline is due to neo-liberal policies gone awry. Bhagwati, on the other hand, sees things differently. First, he reads the recent evidence of economic liberalism as poverty reducing and welfare enhancing. (...)Second, he also doubts claims that markets undermine morality. (...) And finally, rent-seeking caused the crisis.