Cowboy Capitalism

To many europeans, revelations of false accounting tricks and bogus stock tips are proof that there's something rotten at the heart of the American way — and that the gentler brand of capitalism practiced in Europe is somehow better. "It may sound complacent, but there is no chance of a scandal like Enron or WorldCom happening here," argues George Cox, director general of Britain's Institute of Directors, a leading business association. "I'm not saying we won't have problems, but we have a different corporate culture and we don't have the same gung-ho mentality."

Cox is at least half-right;...