Globalisation, for me, seems to be not first-order harm, and I find it very hard not to think about the billion people who have been dragged out of poverty as a result.
Interpretation
Globalization has helped lift millions out of poverty, outweighing its negative impacts.
In this quote, Angus Deaton reflects on the positive effects of globalization, emphasizing that despite its flaws, it has played a crucial role in improving the lives of a billion people who have escaped poverty. He suggests that the benefits of globalization, particularly in terms of economic advancement and poverty alleviation, are significant enough to overshadow its first-order harms.
In practice
In a discussion about the impacts of globalization on developing countries.
My work shows how important it is that independent researchers should have access to data so that government statistics can be checked and so that the democratic debate within India can be informed by the different interpretations of different scholars.
Economic growth is very important, but it is not the only thing, and it must be accompanied by sharing with those who are left behind, through effective social services and provision.
It had been held that the economic system, any capitalist system, found its equilibrium at full employment. Left to itself, it was thus that it came to rest. Idle men and idle plant were an aberration, a wholly temporary failing. Keynes showed that the modern economy could as well find its equilibrium with continuing, serious unemployment. Its perfectly normal tendency was to what economists have since come to call an underemployment equilibrium.
We need to revise our economic thinking to give full value to our natural resources. This revised economics will stabilize both the theory and the practice of free-market capitalism. It will provide business and public policy with a powerful new tool for economic development, profitability, and the promotion of the public good.
No economy can succeed without a high-quality workforce, particularly in an age of globalization and technical change.
If you paid Americans a living wage, they would be able to pay for products made by Americans in America.
The accepted ideas of any period are singularly those that serve the dominant economic interest...What economists believe and teach, whether in the United States or in the Soviet Union, is rarely hostile to the institutions - the private business enterprise, the Communist Party - that reflect the dominant economic power. Not to notice this takes effort, although many succeed.
That's the world we live in: when it comes to economics, people have emotions; it's not like chemistry or physics.
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