I've always argued that this country has benefited immensely from the fact that we draw people from all over the world.
Alan GreenspanRead
Every economy exists, no matter what the level of democracy, has elements of crony capitalism. It's - given human nature and given the democratic structures, which we all, I assume, adhere to, that is an inevitable consequence.
Interpretation
What this quote means
Crony capitalism is an unavoidable aspect of every economy influenced by human nature and democratic structures.
The quote by Alan Greenspan suggests that regardless of how democratic a society may be, elements of crony capitalism will always persist. This phenomenon stems from human nature and the inherent flaws in political and economic systems that allow for favoritism and corruption, leading to the conclusion that crony capitalism is an inevitable consequence for all economies.
Themes
Crony CapitalismEconomyDemocracyHuman NaturePolitics
In practice
Example use cases
During a lecture on economic systems, one might use this quote to illustrate the challenges of maintaining pure democracy.
More from Alan Greenspan
All quotes βThere's no other job in public life that is like chairman of the Fed.
Alan GreenspanRead
Since 1948 I have spent every single day thinking how the economic and political worlds have changed.
Alan GreenspanRead
Most high-income people in our country do not realize that their incomes are being subsidized by their protection from competition from highly skilled people who are prevented from immigrating to the United States. But we need such skills in order to staff our productive economy, so that the standard of living for Americans as a whole can grow.
Alan GreenspanRead
I don't know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we've been talking about today or anything anybody else was talking about.
Alan GreenspanRead
I do not understand where the backing of Bitcoin is coming from. There is no fundamental issue of capabilities of repaying it in anything which is universally acceptable, which is either intrinsic value of the currency or the credit or trust of the individual who is issuing the money, whether it's a government or an individual.
Alan GreenspanRead
Similar quotes
Policy makers should be compelled to take action given the serious costs of long-term unemployment when overall unemployment is already high. A week of unemployment is worse when it is experienced as part of a longer spell.
Janet YellenRead
The value of a currency is, ultimately, what someone will give you for it - whether in food, fuel, assets, or labor. And that's always and everywhere a subjective decision.
James SurowieckiRead
Hillary Clinton understands that if someone in America this country works 40 hours a week, that person should not be living in poverty. She understands that we must raise the minimum wage to a living wage.
Bernie SandersRead
I have come to a resolution myself as I hope every good citizen will, never again to purchase any article of foreign manufacture which can be had of American make, be the difference of price what it may.
Thomas JeffersonRead
It is better that a man should tyrannize over his bank balance than over his fellow-citizens and whilst the former is sometimes denounced as being but a means to the latter, sometimes at least it is an alternative.
John Maynard KeynesRead
How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Charlie MungerRead