With its roots in the early 20th century, how has rational market theory survived as its very foundation is challenged by the financial crisis now gripping the global markets? What role did the belief that the stock market is both random and perfectly rational play in the current crisis and how did it influence new ideas about corporate governance? How did it help to spawn new financial instruments such as index funds, credit default swaps, and collateralized debt obligations? TIME magazine’s Justin Fox joins the Council to tell the story behind the premise that financial markets are rational, reliable and capable of regulating themselves. He also introduces the economists who have challenged the new rational market orthodoxy, among them Robert Shiller, Joseph Stiglitz, and the current top economic adviser in the Obama White House, Lawrence Summers.