The big thing that happened in the early to mid-90s was the last big discussion about political economy. Roughly speaking we went for endogenous growth, for flexible labour markets and the financial sector, and that was considered modern. The book that I wrote at that time was arguing that the German system – which had worker representation on boards, very strong vocational training, regional banks, very strong federal forms of democratic government – was actually better suited to globalisation because it preserved knowledge, trust, institutions, skills ... Now, I think the results of our experiment are in and we really got it wrong.
Maurice Glasman, Baron GlasmanRelated topics
book democratic early experiment federal went government knowledge last now regional representation sector speaking thing trust wrong labour globalisationRelated quotes
Objectively speaking, the history of North Korean state has been one of an ambitious social if brutal experiment that ended in a very ugly disaster. Essentially, the 70 years of the Kim Family's rule have been the wasted years. The Kim family did not merely build one of the world's most "perfect” Stalinist dictatorships, but also managed to transform into a basket case what once, in the 1940s, was the most advanced industrial economy of East Asia outside Japan. However, one should not expect that such a pessimistic, if honest, view of North Korea's past, is going to be enthusiastically embraced by those North Koreans who bother to care about such matters.
Andrei Lankov
When challenges to our prosperity emerged, we rose to meet them. Facing the prospect of a financial collapse, we took decisive measures to safeguard our economy. These are very tough times for hardworking families, but the toll would be far worse if we had not acted. All Americans are in this together. And together, with determination and hard work, we will restore our economy to the path of growth. We will show the world once again the resilience of America's free enterprise system. The decades ahead will bring more hard choices for our country, and there are some guiding principles that should shape our course.
George W. Bush
In the ranks of Labour there would be no faltering until victory was won and German and Japanese aggression had been utterly defeated. But they had reached a stage when they could look beyond war to peace. In all our parties there was a firm resolve to build up a world system of security that would prevent our fellow men and women again being subjected to the horror of war. The lesson of the war of 1914–18 was...only half learnt. The idea of the League of Nations was right, but it was not put into practice. This time we must see to it that an international order is established in the world with the power and the will, and not merely the desire, to prevent war breaking out again.
Clement Attlee
.. the nineteenth-century Empire undeniably pioneered free trade, free capital movements and, with the abolition of slavery, free labour. It invested immense sums in developing a global network of modern communications. It spread and enforced the rule of law over vast areas. Though it fought many small wars, the Empire maintained a global peace unmatched before or since. In the twentieth century too it more than justified its own existence, for the alternatives to British rule represented by the German and Japanese empires were clearly far worse. And without its Empire, it is inconceivable that Britain could have withstood them.
Niall Ferguson
In this book I try to show how models of self-organization can be applied to many economic phenomena - how the principle of "order from instability," which explains the growth of hurricanes and embryos, can also explain the formation of cities and business cycles; how the principle of "order from random growth" can explain the strangely simple rules that describe the sizes of earth quakes, meteorites, and metropolitan areas. I believe that the ideas of self-organization theory can add substantially to our understanding of the economy; whatever their ultimate usefulness, these ideas are very exciting, and playing around with them is tremendous fun.
Paul Krugman