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.
From the earliest ages of history to the present day there never have been thirteen millions of people associated in one political body who enjoyed so much freedom and happiness as the people of these United States. You have no longer any cause to fear danger from abroad... It is from within, among yourselves - from cupidity, from corruption, from disappointed ambition and inordinate thirst for power.
Whenever anything extraordinary is done in American municipal politics, whether for good or for evil, you can trace it almost invariably to one man. The people do not do it. Neither do the 'gangs,' 'combines,' or political parties.
A Russia that gradually begins to gravitate toward the West will also be a Russia that ceases to disrupt the international system.
I'm also very much aware that it is you who brought democracy to Chile, you set up a constitution suitable for democracy, you put it into effect, elections were held, and then, in accordance with the result, you stepped down.
Representative democracy is a remarkably blunt instrument. Hundreds of issues are bundled together at every election, yet the vote tends to swing on just one or two of them.
If we insist that public life be reserved for those whose personal history is pristine, we are not going to get paragons of virtue running our affairs. We will get the very rich, who contract out the messy things in life the very dull, who have nothing to hide and nothing to show and the very devious, expert at covering their tracks and ambitious enough to risk their discovery.
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