Having excessive power in the hands of one country meant the fate of the world was too dependent on what happened in that one country.
Interpretation
The quote warns against the dangers of having too much power concentrated in a single country, as it poses risks to global stability.
Joseph Stiglitz highlights the significant risks associated with the concentration of power in one nation. When one country holds excessive influence, the well-being and security of the entire world can become overly reliant on its decisions and actions, potentially leading to instability and unpredictability on a global scale.
In practice
During a political debate, one might use this quote to discuss the implications of a superpower's actions on international relations.
Free migration within Europe means that countries that have done a better job at reducing unemployment will predictably end up with more than their fair share of refugees. Workers in these countries bear the cost in depressed wages and higher unemployment, while employers benefit from cheaper labor.
I don't think we can have democracies that work where most of the people are not benefiting economically, where most of the people are worried about their job security.
Let me put it very forcefully: No large economy has ever recovered from an economic downturn through austerity. It's not going to happen in the United States, and it's not going to happen in Europe.
What separates developing countries from developed countries is as much a gap in knowledge as a gap in resources.
One of the arguments I make for the failure of the euro is that, at the time it was being constructed, there was a 'neo-liberal' ideology which said that all we need to do to make this thing work is to get deficits low, keep inflation low, and take down barriers, and then everything would be fine.
Trump sees the world in terms of a zero-sum game. In reality, globalisation, if well managed, is a positive-sum force: America gains if its friends and allies - whether Australia, the E.U., or Mexico - are stronger. But Trump's approach threatens to turn it into a negative-sum game: America will lose, too.
Palestine belongs to the Arabs in the same sense that England belongs to the English or France to the French.
To the people who are upset about their hard-earned tax money going to things they donβt like: welcome to the f*cking club. Reimburse me for the Iraq war and oil subsidies, and diaphragms are on me!
It is impossible that the whisper of a faction should prevail against the voice of a nation.
It is the genius of our Constitution that under its shelter of enduring institutions and rooted principles there is ample room for the rich fertility of American political invention.
In a strange way, I expected Russia to become more like America since the Soviet Union collapsed, but the reverse is true. America has become more like Russia: a kleptocratic society.
I get asked a lot about getting into politics. I say, 'Take a look at politics. You tell me what seems appealing about that.'
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