A Quote by Michael Spence
China's economic transformation began with the introduction in the 1980s of market incentives in the agricultural sector. These reforms were followed by a gradual opening to the global economy, a process that accelerated in the early 1990s.
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The recent period has been marked by a transformation to an economy that is more productive as competitive forces become increasingly intense and new technologies raise the efficiency of our businesses...While these tendencies were no doubt in train in the "old," pre-1990s economy, they accelerated over the past decade as a number of technologies with their roots in the cumulative innovations of the past half-century began to yield dramatic economic returns.
Prime Minister Singh is to be commended for beginning the process of transforming India into a global economic power by initiating economic liberalization in the early 1990s.
I believe in market economics. But to paraphrase Churchill - who said this about democracy and political regimes - a market economy might be the worst economic regime available, apart from the alternatives. I believe that people react to incentives, that incentives matter, and that prices reflect the way things should be allocated. But I also believe that market economies sometimes have market failures, and when these occur, there's a role for prudential - not excessive - regulation of the financial system.
China reformed its state sector before, in the late 1990s. Tens of millions were laid off at the time. That was scary and we had warnings of social unrest. But it did not happen. Instead, there was a restructuring in our economic system. I am not sure if China will follow a Western playbook in this respect.
I noticed in the late 1990s that my friends and I were already nostalgic for the 1980s, and by the turn of the century, VH1's 'I Love the '80s' gave all of us an accelerated nostalgia for our generation.
Normalization of U.S.-China relations in 1979, combined with economic reforms and opening, transformed the Chinese people's lives.
When I first saw China, there were no automobiles. There were no supermarkets. There were no high-rise buildings. There were no consumer goods. There were no restaurants that were at least accessible that foreigners could see. It was a Stalinist society, and a very poor Stalinist society. So the economic system has totally changed, and the private sector in the economic system is now the dominant sector. It didn't exist at all as late as 1979.
With lower start-up costs and a vastly expanded market for online services, the result is a global economy that for the first time will be fully digitally wired - the dream of every cyber-visionary of the early 1990s, finally delivered, a full generation later
With lower start-up costs and a vastly expanded market for online services, the result is a global economy that for the first time will be fully digitally wired-the dream of every cyber-visionary of the early 1990s, finally delivered, a full generation later.
I think the Australian people are very conscientious. During the 1980s and 1990s we proved they will respond conscientiously to necessary reforms. They mightn't like them but they'll accept them. But reforms have to be presented in a digestible format.
People tend to overlook the fact that North Korea's economy collapsed at about the same time as South Koreans lost faith in their own state. The late 1980s and early 1990s were a time when South Koreans were questioning the very legitimacy of their republic.
Ontario's auto sector is a cornerstone of our economy - a key source of our ability to export, innovate and create jobs. In this highly competitive global economy, we need to drive further investment and ensure the sector remains strong. I am confident that this new partnership, with Ray Tanguay's strategic advice and leadership, will allow Ontario to increase our competitiveness, productivity, and market share in the auto sector, and I look forward to their important work contributing to a more prosperous, innovative Ontario economy.
The early 1990s was a time of great advancements in precooked bacon technology. Pork producers, food labs, and agricultural schools such as Iowa State University began investing substantially in precooked R&D.
Unemployment determination in a modern economy was the main subject area of my research from the mid-1960s to the end of the 1970s and again from the mid-1980s to the early 1990s.
You cannot just depend on the market, because the market will say: China needs oil; China needs coal; China needs whatever, and Africa has got all these things in abundance. And we go there and get them, and the more we develop the Chinese economy, the larger the manufacturing is, the more we need global markets - sell it to the Africans which indeed might very well destroy whatever infant industries are trying to develop on the continent. That is what the market would do.
Growing up in Singapore, I wasn't allowed to visit China. So when I was finally able to go there after the country began opening up to tourism in the 1990s, I found it to be utterly astounding.
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