Iran President Ahmadinejad: Capitalism Nearing an 'End'

Global capitalism is near death, which is why the world needs a new economic system, according to Iranian President Mahmoud Ahmadinejad. The Iranian leader made the declaration in a speech Tuesday at a U.N. General Assembly session on poverty.

"The discriminatory order of capitalism and the hegemonic approaches are facing defeat and are getting close to their end," Ahmadinejad said in comments cited by Reuters.

"The undemocratic and unjust governance structures of the decision-making bodies in international economic and political fields are the reasons behind most of the plights today humanity is confronting," Ahmadinejad said, according to an English translation of his prepared remarks cited by the wire service.

In his speech, the Iranian leader did not offer an alternative to capitalism, but said: "The world is in need of an encompassing and, of course, just and humane order in the light of which the rights of all are preserved and peace and security are safeguarded."

Ahmadinejad delivered his speech to a near empty hall, Reuters noted.