A Quote by Raghuram Rajan
In a world with weak aggregate demand, countries are engaging in a futile competition for a greater share of it. In the process, they are creating financial-sector and cross-border risks that will become increasingly apparent as countries exit their unconventional policies.
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When large companies take on risk, then they impose risks on the rest of the system. And these are systemic risks and these systemic risks we never used to think were really that important, but as soon as we recognize how the financial sector - the risks the financial sector takes on can impact the entire global economy, we realize that those risks needed to be controlled for the social good.
Rich countries have 'kicked away the ladder' by forcing free-market, free-trade policies on poor countries. Already established countries do not want more competitors emerging through the nationalistic policies they themselves successfully used in the past.
A considerable proportion of the developed world's prosperity rests on paying the lowest possible prices for the poor countries' primary products and on exporting high-cost capital and finished goods to those countries. Continuation of this kind of prosperity requires continuation of the relative gap between developed and underdeveloped countries - it means keeping poor people poor. Increasingly, the impoverished masses are understanding that the prosperity of the developed countries and of the privileged minorities in their own countries is founded on their poverty.
Compared to developed countries, or even to some major emerging countries, burdened by aging populations, financial crises, widening budget deficits, faltering faith in politics and growing social demands, Africa has become the world's last 'New Frontier:' a kind of 'it-continent.'
In addition to not stopping the spread of Ebola, isolating countries will make it harder to respond to Ebola, creating an even greater humanitarian and health care emergency. Importantly, isolating countries won't keep Ebola contained and away from American shores.
The U.S.-Mexico border has often been described as an open wound. NAFTA was expected to heal it, albeit through a long, slow, and imperfect scarring process, by creating a basic framework for cooperation between the two countries.
If Texas and Kansas were countries they wouldn't be admitted to the World Trade Organization. Their policies are congruent with North Korea, Somalia, Turkestan, several other countries I can't pronounce and Micronesia.
If we want more trade in the world, we should establish bilateral trade agreements with other democratic countries. That way we can control the decision-making process. The major economic countries of the world will enter into those agreements.
European officials thought that austerity was part of what they called their 'convergence policies,' of trying to bring countries together. Instead, it actually made things worse. There's more inequality within countries and more disparity across countries.
America doesn't border on Muslim countries. European countries do and that seems to be a fundamental difference.
The U.S. should worry about the effects of its polices on the rest of the world. We would like to live in a world where countries take into account the effect of their policies on other countries and do what is right, broadly, rather than what is just right given the circumstances of that country.
First, climate change is the greatest long-term threat faced by humanity. It could cause more human and financial suffering than the two world wars and the great depression put together. All countries will be affected, but the poorest countries will be hit hardest. Secondly, the costs of inaction far outweigh the costs of action.
It's not an accident that the U.S. ranks lowest of all major donor countries in the world - that is the share of our income that goes to development aid. Americans will ask whether, because were so generous privately, that makes up the difference. But it doesn't. We still rank far below other countries.
I have to create in India a macroeconomic environment where the employment in aggregate can go up at a handsome rate. Once that happens, people losing jobs in one sector will not mean that they will become perpetually unemployed. From one sector, they can move on to other sectors.
...99% of the casualties linked to climate change occur in developing countries. Worst hit are the world's poorest groups. While climate change will increasingly affect wealthy countries, the brunt of the impact is being borne by the poor, whose plight simply receives less attention.
I lived near the border with China, and one night, I simply left home and walked across the iced-over river that separated the two countries. I was fortunate that my family had close relationships with some of the border guards, so I was able to cross without incident.
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