I suspect that many of the world's financial lords are somewhat embarrassed to tell Japan repeatedly at G-7 meetings and elsewhere to adopt a Keynesian solution. Within Europe, central banks and governments think Keynesian theories and policies are absolutely wrong. Despite the remarkable success of pragmatic policies in the United States, true believers in the Invisible Hand reject Keynesian diagnoses and prescriptions. Many observers of Japan have found it intellectually comforting to blame the slump on the plight of the banks, flooded with bad loans dated from the land and equity bubbles and their collapse. They hope that a governmentmanaged and -subsidized rectification of bank balance sheets will trigger overall economic recovery. I think this is a false hope. The bank problem is only a small part of the macroeconomic disaster. It has to be resolved, of course, but resolution that is no substitute for the needed fiscal and monetary stimuli.
James TobinRelated topics
bad bank blame central course diagnosis elsewhere equity false found fiscal hope japan land overall plight pragmatic problem recovery rectification slump small somewhat stimulus success suspect tell trigger wrong Keynesian Lords StatesRelated quotes
Far from there being a constant flow of resources and aid from northern countries to southern countries, the opposite is the case, and has been for most of the past 200 years. Colonialism was not about exporting civilisations; it was not about improving the lot of people in the poorest countries-it was driven by greed and avarice and a determination to control other people's lives. It was about ensuring that the work, the raw materials and the food of the poorer countries flowed out to the richest parts of the world. That is the legacy of colonialism and imperialism that we have to deal with today. I honestly believe that the role of the world's twin financial institutions, the International Monetary Fund and the World bank, is essentially to reassert that old-world order so that once more a minority of northern, predominantly rich countries dominate the majority of southern, predominantly poor countries.
Jeremy Corbyn
Why should we put up with the present evils in our society? As opposed to the society we are visualizing, the present one can be described as a diseased one. The evils are there on all levels, international and national, and even within the smaller units such as towns and families. Of course, the disease did not appear like a bolt from the blue, either yesterday, or last year. It is the result of factors that have deep roots and long lives. These consist of privations, discriminations oppressions, bigotries, hatreds, and hostilities; poverty, ignorance, hunger, and illiteracy. Each and all of these have been left to us as ar evil heritage from the past. The fundamental difference between our situation today and that of our forefathers is that now knowledge has enabled us to realize that these evils are neither natural nor inevitable in the same way as we have found that cholera or the bubonic plague are not necessary calamities.
Muhammad Reza Pahlavi
We imagine that the Creator at the actual time of creation made only one single species for each natural order of plants, this species being different in habit and fructification from all the rest. That he made these mutually fertile, whence out of their progeny, fructification having been somewhat changed, Genera of natural classes have arisen as many in number as the different parents, and since this is not carried further, we regard this also as having been done by His Omnipotent hand directly in the beginning; thus all Genera were primeval and constituted a single Species. That as many Genera having arisen as there were individuals in the beginning, these plants in course of time became fertilised by others of different sort and thus arose Species until so many were produced as now exist... these Species were sometimes fertilised out of congeners, that is other Species of the same Genus, whence have arisen Varieties.
Carl Linnaeus
I am not a friend to a very energetic government. It is always oppressive. It places the governors indeed more at their ease at the expense of the people. The late rebellion in Massachusetts has given much more alarm than I think it should have done. Calculate that one rebellion in thirteen States in the course of eleven years is but one for each State in a century and a half. No country should be so long without one. Nor will any degree of power in the hands of the government prevent insurrections. In England, where the hand of power is heavier than with us, there are seldom half a dozen years without an insurrection. In France, where it is still heavier but less despotic, as Montesquieu supposes, than in some other countries and where there are always two or three hundred thousand men ready to crush insurrections, there have been three in the course of the three years I have been here, in every one of which greater numbers were engaged than in Massachusetts.
Thomas Jefferson
The theories that I (and others) helped develop explained why unfettered markets often not only do not lead to social justice, but do not even produce efficient outcomes. Interestingly, there has been no intellectual challenge to the refutation of Adam Smith's invisible hand: individuals and firms, in the pursuit of their self-interest, are not necessarily, or in general, led as if by an invisible hand, to economic efficiency. The only question that has been raised concerns the ability of government to remedy the deficiencies of the market. Within academia, a significant fraction of economists are involved with developing and expanding on the ideas of imperfect information (and imperfect markets) that I explored. For instance, Edmund Phelps, this year's Nobel Prize winner, belongs to this "school" of thought. But in political discourse, simplistic "market fundamentalism” continues to exert enormous influence.
Joseph Stiglitz