Ahmadinejad says capitalism faces defeat

Iran’s President Mahmoud Ahmadinejad says capitalism is facing defeat and is calling for an overhaul of the “undemocratic and unjust” global decision-making bodies.

In a speech on the second day of a U.N. anti-poverty summit, the Iranian leader called on world leaders, thinkers and global reformers “to spare no effort” to make practical plans for a new world order.

To spotlight this effort, Ahmadinejad proposed Tuesday that the United Nations name the current decade the Decade for Joint Global Governance.