A Quote by Joseph Stiglitz
I think that for the developing world there are many versions of capitalism, and countries have to choose one that's appropriate.
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Developed countries and advanced developing countries must open their markets for products from the developing world, and support in developing their export and import capacity.
The history of capitalism has been so totally re-written that many people in the rich world do not perceive the historical double standards involved in recommending free trade and free market to developing countries.
People think what's in the US today is capitalism. It's not even close to capitalism. Capitalism doesn't have a central bank, capitalism doesn't have taxes, it doesn't have regulations; capitalism is just voluntary transactions. What they have in the US today I call crapitalism. But it's sad that so many people are confused and they think, 'Oh that's free markets in the US', when it's one of the least free market countries on earth.
In developing countries the situation could be even worse because developing countries do not have to count their emissions under the Kyoto Protocol. Private companies from industrialized nations will seek cheap carbon credits for their country in the developing world.
We are developing in the United States a huge underclass of unwanted people, many of them the descendants of the exploitation of the South American and Latin American countries by American piratical capitalism. Not all capitalism is piratical, but some of it certainly is. And we have a fantastic gap beginning to exist between rich and poor.
People always think of technology as something having silicon in it. But a pencil is technology. Any language is technology. Technology is a tool we use to accomplish a particular task and when one talks about appropriate technology in developing countries, appropriate may mean anything from fire to solar electricity.
Many children with cancer in the developing world can be cured. But without appropriate treatment, few survive.
Outside of a Grand Slam, I don't think there's a tournament in the world that has this many top players representing their countries. It's really remarkable that we have this many No. 1's. And with so many countries being represented, it's going to give the fans from Las Vegas who are from those countries a chance to come out and root for their countrymen.
Targeting women is key in developing countries. It allows them to go to school, to say how many children they're going to have, which drives the issue of population and how their children will be educated. Women are the best investments in developing countries.
The West has become the world model; developing countries are dreaming of living like us, which is impossible. They should reject our model, because it is not sustainable. Developing countries should even give us the example, but unfortunately that's not what happens.
And why is our music called world music? I think people are being polite. What they want to say is that it's third world music. Like they use to call us under developed countries, now it has changed to developing countries, it's much more polite.
As developing countries became bigger traders, it was clear that the old way of doing business wouldn't fly. To get them back to the bargaining table, the wealthy countries had to offer something more: a new round of talks that would use trade as a tool to help developing countries grow.
Today, being the biggest developing countries in the world, China and India are both committed to developing their economy and raising their people's living standards.
The developing world is full of entrepreneurs and visionaries, who with access to education, equity and credit would play a key role in developing the economic situations in their countries.
Exporters monitor economic and political policies to the developing world, but the consequences of that have been to make developing countries far more sensitive to the constant fluctuations. Developing countries are not always allowed to support their farmers in the same way as the U.S. or Europe is. They're not allowed to have tariff barriers. They're forced, more or less, to shrink their social programs. The very poorest people have fewer and fewer entitlements. The consequence of this has been that there's been a chronic increase in the vulnerability of those economies to price shocks.
I don't think the western world is questioning capitalism. Capitalism as a concept is not something that society has written off. But today, there is degree of caution around capitalism. We believe in compassionate capitalism. Growth for growth's sake can never be an end in itself.
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