International Quotes - page 64
Yes, we believe in democracy -- with elections that are free and fair; and independent judiciaries and opposition parties; civil society and uncensored information so that individuals can make their own choices. Yes, we believe in open economies based on free markets and innovation, and individual initiative and entrepreneurship, and trade and investment that creates a broader prosperity. And, yes, we believe in human dignity -- that every person is created equal, no matter who you are, or what you look like, or who you love, or where you come from. That is what we believe. That's what makes us strong. And our enduring strength is also reflected in our respect for an international system that protects the rights of both nations and people -- a United Nations and a Universal Declaration of Human Rights; international law and the means to enforce those laws. But we also know that those rules are not self-executing; they depend on people and nations of goodwill continually affirming them.
Barack Obama
Both the existence of these parallels and their tragic nature would not have escaped Charles Kindleberger, whose World in Depression, 1929-1939 was published exactly 40 years ago, in 1973. Where Kindleberger's canvas was the world, his focus was Europe. While much of the earlier literature, often authored by Americans, focused on the Great Depression in the US, Kindleberger emphasised that the Depression had a prominent international and, in particular, European dimension. It was in Europe where many of the Depression's worst effects, political as well as economic, played out. And it was in Europe where the absence of a public policy authority at the level of the continent and the inability of any individual national government or central bank to exercise adequate leadership had the most calamitous economic and financial effects.
Barry Eichengreen