A Quote by George Soros
I think there's a lot of merit in an international economy and global markets, but they're not sufficient because markets don't look after social needs.
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Unlike national markets, which tend to be supported by domestic regulatory and political institutions, global markets are only 'weakly embedded'. There is no global lender of last resort, no global safety net, and of course, no global democracy. In other words, global markets suffer from weak governance, and are therefore prone to instability, inefficiency, and weak popular legitimacy.
In Germany it is good if as many people as possible join initiatives and peaceful demonstrations against the rule of the financial markets. Worshipping the unfettered freedom of global markets has brought the world to the brink of ruin. We now need social and ecological rules for the market economy.
Markets are designed to allow individuals to look after their private needs and to pursue profit. It's really a great invention and I wouldn't under-estimate the value of that, but they're not designed to take care of social needs.
Markets are designed to allow individuals to look after their private needs and to pursue profit. It's really a great invention, and I wouldn't underestimate the value of that. But they're not designed to take care of social needs.
Markets are a social construction, they're made from institutions. We in a democratic society create markets, we constitute markets, we bring them into existence, and we shouldn't turn markets over to a narrow group of people who regulate them and run them in their interests, rather they should be run democratically for the common good.
The change in economic values created by the new markets for global public goods will reorient our global economy and under the right conditions can usher the satisfaction of basic needs of the present and of the future. This is what is needed right now.
Capitalism has taught us that markets are always more efficient than hierarchical managerial coordination. But in a situation where those three conditions aren't met, I can't outsource or partner with you because markets don't function in the absence of sufficient information.
When you are starting a new business you don't want to go after giant markets. You want to go after small markets and take over those markets quickly.
In the States, I think, the syllogism goes like this: 'free markets solve all problems. Free markets aren't solving global warming, QED global warming is not a problem'. It's not a very good syllogism but it's emotionally comforting if you're in that world.
In certain circumstances, financial markets can affect the so-called fundamentals which they are supposed to reflect. When that happens, markets enter into a state of dynamic disequilibrium and behave quite differently from what would be considered normal by the theory of efficient markets. Such boom/bust sequences do not arise very often, but when they do, they can be very disruptive, exactly because they affect the fundamentals of the economy.
I mean the whole economy just comes to a grinding halt. Competence in markets and in institutions, it's a lot like oxygen. When you have it, you don't even think about it. Indispensable. You can go years without thinking about it. When it's gone for five minutes, it's the only thing you think about. And the oxygen has been sucked out of the credit markets.
The principal linkages between Japan and the U.S. global economies are trade, financial markets, and commodity markets.
There is not a lot known about the informal economy, and yet it makes over 60% of the global economy. And these black markets are all around us. It's important for us to know that and to understand how they operate if we really want to stop them.
The impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained.
Global markets must be balanced by global values such as respect for human rights and international law, democracy, security and sustainable economic and environmental development.
It used to be said that when the U.S. sneezed, the world caught a cold. The opposite is equally true today. Our prosperity is linked inextricably to the maintenance of a strong world economy, an open international trading system, and stable global financial markets.
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