What Asia's postwar economic miracle demonstrates is that_x000D_ capitalism is a path toward economic development that is potentially_x000D_ available to all countries. No underdeveloped country in the_x000D_ Third World is disadvantaged simply because it began the growth_x000D_ process later than Europe, nor are the established industrial powers_x000D_ capable of blocking the development of a latecomer, provided_x000D_ that country plays by the rules of economic liberalism.
Interpretation
The quote emphasizes that capitalism can facilitate economic development for all nations, regardless of when they start their growth journey.
Francis Fukuyama's quote highlights the potential of capitalism as a universal pathway to economic development. He asserts that no country is inherently disadvantaged in its growth prospects due to its historical timing of economic development. Instead, if latecomers adhere to the principles of economic liberalism, they can achieve growth comparable to more established industrial nations, suggesting that the rules of the market can level the playing field for all countries, including those in the Third World.
In practice
In an economics class when discussing the growth of nations.
If people who have to work together in an enterprise trust one another it is because they are all operating to a common set of ethical norms....such a society will be better able to innovate...since the high degree of trust will permit a wide variety of social relationships to emerge.
The desire for economic prosperity is itself not culturally determined but almost universally shared
It was the slave's continuing desire for recognition that was the motor which propelled history forward, not the idle complacency and unchanging self-identity of the master
The rationale for tenure is still valid. But the system has turned the academy into one of the most conservative and costly institutions in the country. Yes, conservative: Economists joke that their discipline advances one funeral at a time, but many fields must wait for wholesale generational turnover before new approaches take hold.
The unions might be good for the people who are in the unions but it doesn't do a thing for the people who are unemployed. Because the union keeps down the number of jobs, it doesn't do a thing for them.
In reality there is no such thing as an inflation of prices, relatively to gold. There is such a thing as a depreciated paper currency.
No country, however rich, can afford the waste of its human resources. Demoralization caused by vast unemployment is our greatest extravagance. Morally, it is the greatest menace to our social order.
This is the paradox of thrift: belt-tightening causes people to lose their jobs, because other people are not buying what they produce, so their debt burden rises rather than falls.
No pecuniary consideration is more urgent, than the regular redemption and discharge of the public debt: on none can delay be more injurious, or an economy of time more valuable.
For most Americans, economic growth is a spectator sport.
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