A Quote by Joseph Stiglitz
For 60 years, since World War II, we have been trying to create a rules-based system, a global economic system. We understand that what makes our economy function is what we call the rule of law, and what is true domestically is also true internationally. It is important to have rules by which we govern our relations with other countries.
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What Trump has announced - that he is going to not obey rules by which we govern our relations with other countries. He's going to reject the treaties that we have had in the past. He is going to go from what is called a multilateral system, where we all work together, to trying to deal country by country and basically throw out what has been achieved over a 60-year period.
I find Chinese debates about their political system domestically, but also about China's claims in the international system, to be among the most original and surprising and exciting of our time. The starting point is a system that none of us had anticipated, which I call Leninist capitalism, but also obviously because it is the most important emerging power. The question of China's relations with the United States in particular, and the rest of the world in general, is the question of war and peace in the 21st century.
Our global institutional arrangements - the basic ground rules that govern our world economy - are human-made. They don't exist naturally, nor are they God-given. We make these rules, those of the WTO [World Trade Organization] Treaty for instance, which fill tens of thousands of pages. These words have been strung together by human beings and are also interpreted and enforced by human beings.
Globalization makes our economy, our health, and our security all captive to events on the other side of the world. And no other nation on earth has a greater capacity to shape that global system, or to build consensus around a new set of international rules that expand the zones of freedom, personal safety, and economic well-being. Like it or not, if we want to make America more secure, we are going to have to help make the world more secure.
Our example - and commitment - to freedom has changed the world. But along with the genius of our Declaration of Independence, our Constitution, and our Bill of Rights, is the equal genius of our economic system. Our Founding Fathers endeavored to create a moral and just society like no other in history, and out of that grew a moral and just economic system the likes of which the world had never seen. Our freedom, what it means to be an American, has been defined and sustained by the liberating power of the free enterprise system.
Lady Justice doesn't have empathy for anyone. She rules strictly based upon the law, and that's really the only way that our system can function properly under the Constitution.
Facing dramatic global challenges, we need a global capacity to address them that reaffirms the importance of multilateralism and the importance of a rules-based set of international relations, based on the rule of law and in accordance with the U.N. Charter.
Historically, international law lent a measure of legality to the colonial system, and allowed the West to set the rules for participation as a sovereign state on a global level. It also protected the interests of foreign investment in countries of the global South even when these were exploitative, and deprived countries of the benefits of resources situated within their territories.
We have to make sure America writes the rules of the global economy, and we should do it today while our economy is in the position of global strength, because if we don't write the rules for trade around the world, guess what: China will.
Following World War II, the U.S. was the architect of the UN system, and the world financial system, and the Human Rights Declaration, and of course the United Nations is based here in New York City. But, unfortunately, especially in the last decade, the U.S. really has been turning its back on international agreements and the set of agencies and procedures that they create as a means for governing the world.
I saw that animals were important. I saw that plants were even more important. I was also to learn that compared to many of the other species, we weren't important at all except for the damage we do. We do not rule the natural world, despite our conspicuous position in it. On the contrary, it is our lifeline, and we do well to try to understand its rules.
We must work our destiny in our own way and present to the world an economic system based on true Islamic concept of equality of manhood and social justice. We will thereby be fulfilling our mission as Muslims and giving to humanity the message of peace which alone can save it and secure the welfare, happiness and prosperity of mankind.
Capitalism does not permit an even flow of economic resources. With this system, a small privileged few are rich beyond conscience, and almost all others are doomed to be poor at some level. That's the way the system works. And since we know that the system will not change the rules, we are going to have to change the system.
The US two party system is very different, of course. Here the people decides about who should rule them, but it is not reasonable to claim that the people rules itself through the political institutions. In comparison, I find that the standard European system is better, also as a model for global democracy.
Now, I’m not saying that we don’t need rules in society. But the question of who makes the rules and on what basis becomes supremely important. Will the rule-making flow from the matrix of voluntary exchange based on the ethic of serving others through private enterprise? Or will the rules be made and enforced by people wearing guns and bulletproof vests with a license to shock or kill based on minor annoyances?
I think the President of the United States must operate by rules. I think our judicial system must operate by the rules. You have to operate by the rules of the system, and if you don't, if you pull rank, then you lose all your credibility.
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