“If economics were only about profit maximization, it would be just another name for business administration. It is a social discipline, and society has other means of cost accounting besides market prices.” PoliticsEconomicsGlobalizationBusiness AdministrationInstituions Book:The Globalization Paradox: Democracy and the Future of the World Economy Source: The Globalization Paradox: Democracy and the Future of the World Economy
“Unlike national markets, which tend to be supported by domestic regulatory and political institutions, global markets are only 'weakly embedded'. There is no global lender of last resort, no global safety net, and of course, no global democracy. In other words, global markets suffer from weak governance, and are therefore prone to instability, inefficiency, and weak popular legitimacy.” LastsPoliticalSufferingCoursesDemocracyWeakSafetyInstitutionsResortsGovernanceEmbeddedInstabilityLegitimacySafety NetInefficiencyLendersPolitical Institutions Book:The Globalization Paradox: Why Global Markets, States, and Democracy Can't Coexist Source: The Globalization Paradox: Why Global Markets, States, and Democracy Can't Coexist
“What determines success in industrial policy is not the ability to pick winners but the capacity to let the losers go.” AbilityPolicyPicksCapacityDetermineWinnerLoser Author:Dani Rodrik
