Dear ladies and gentlemen,

Thank you very much for being here with us today.

We, the Foundation for Effective Governance, are very happy and proud to make this event possible. Due to the BBC World News and Intelligence Squared the whole world will be able to watch this debate by Ukrainians from Ukraine and on Ukraine related topic. The World will be able to rediscover Ukraine.

Free Market Capitalism has failed the former Soviet States. This one differs considerably from all of our previous motions that were less philosophical but rather more practical and specific, mainly dealing with economic reform in this country.

Given the fact, that about 76 mln. people around the globe are going to watch this debate, the motion simply could not be local but by the same token important for Ukraine as well as for a big part of the world. Especially now, when tough lessons from the crisis have been learned.

Was it actually the economic model of capitalism that was flawed or rather the implementation of it? Is it inevitable that without strong democratic culture capitalism in principle can not function in an ethical manner? Or can capitalism, as well as democracy, only be learned by doing?

I think these are very interesting and important questions. An attempt to find the answers will help us better understand where we come from and how we should develop right.

Only when people think realistically having no illusions but healthy level of optimism and constructive hope, they can bring their societies to success.