A Quote by Lawrence Summers
It says something about this new global economy that USA Today now reports every morning on the day's events in Asian markets.
Related Quotes
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.
There's whole television stations, magazines, organizations devoted to analyzing every up-and-down twist and turn, IPO, everything that happens in the formal economy. And yet the informal economy, these black and gray markets, actually make up for almost half of the global economy. And there's so little information that we have about them.
That's the media now. They get lazy. Rumors become fact. Some blogger says something, next thing you know, it's in 'USA Today.'
Today it's fashionable to talk about the New Economy, or the Information Economy, or the Knowledge Economy. But when I think about the imperatives of this market, I view today's economy as the Value Economy. Adding value has become more than just a sound business principle; it is both the common denominator and the competitive edge.
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.
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.
Every day, in the USA, our radar instruments capture objects of form and composition unknown to us. And there are thousands of witness reports and a quantity of documents to prove this.
The trouble with dead people often begins with something called the Death Master File, which is kept by the Social Security Administration. Every day, new reports are added, provided by relatives, funeral homes, and the state agencies that issue official death certificates. The list contains 90 million reports.
[Constant curiousity leads to happiness:] I wake up curious every day and every day I'm surprised by something. And if I can just recognize that surprise every day and say, 'Oh, that's a new thing, that's a new gift that I got today that I didn't even know about yesterday,' it keeps me going. It keeps me more than going. It keeps me enthusiastic and grateful!
For the past 33 years, I have looked in the mirror every morning and asked myself: 'If today were the last day of my life, would I want to do what I am about to do today?' And whenever the answer has been 'No' for too many days in a row, I know I need to change something.
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.
When I was in government, the South African economy was growing at 4.5% - 5%. But then came the global financial crisis of 2008/2009, and so the global economy shrunk. That hit South Africa very hard, because then the export markets shrunk, and that includes China, which has become one of the main trade partners with South Africa. Also, the slowdown in the Chinese economy affected South Africa. The result was that during that whole period, South Africa lost something like a million jobs because of external factors.
Here's good news: George W. Bush says that he is committed to fighting global warming. Yeah, well, he nipped that in the bud, didn't he? ... President Bush says he's really going to buckle down now and fight global warming. As a matter of fact, he announced today he's sending 20,000 troops to the sun
Geographically, the global economy is now multi-polar , as new centres of production have emerged in parts of what had been, historically, the periphery of the world economy. The world is now more accurately described as a 'mosaic of unevenness in a continual state of flux'.
Today I send this message to every emerging global corporation: "justice; family, community, and union" are the same in every language and, wherever you go and whatever you do, a new global labor movement is coming to find you.
Related Authors
Adam Smith Quotes
Scottish
Economist
Alan Greenspan Quotes
American
Economist
Benjamin Graham Quotes
American
Economist
Friedrich August von Hayek Quotes
Austrian
Economist
John Kenneth Galbraith Quotes
American
Economist
John Maynard Keynes Quotes
English
Economist
Joseph Stiglitz Quotes
American
Economist
Ludwig von Mises Quotes
Austrian
Economist
Milton Friedman Quotes
American
Economist
Muhammad Yunus Quotes
Bangladeshi
Economist
Murray Rothbard Quotes
American
Economist
Paul Krugman Quotes
American
Economist
Richard Thaler Quotes
American
Economist
Robert Reich Quotes
American
Economist
Thomas Sowell Quotes
American
Economist
Walter E. Williams Quotes
American
Economist