World Changes

Jeffrey Garten (“Money Is in a Mood to Hedge Its Bets,” Op-Ed Page, Feb. 20) suggests that the euphoria over recent events in Eastern Europe, South Africa, and elsewhere around the world ought to be tempered with caution. As evidence, he cites the “nervous” responses to these developments of the “heavyweights” of capital.

His argument makes some sense, but fails to acknowledge that what may be bad news for the multinational executives and investment bankers is often good news for the millions whose economic exploitation--whether by apartheid, East Bloc communism, or other forms of corrupt authoritarianism--has reduced costs, suppressed competition, and generally made life easier for Western business. So long as the status quo is profitable, the “heavyweights” will be made nervous by any change.

JOHN MILLER

Irvine