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.
Actually, in my advanced, high-falutin' frontier economics, I often work with what I define as 'money metric utility,' and I ask people, 'Do you really want that? What are you willing to pay for that?'
When people from organizations like the World Bank descended on Third World countries, they always tried to remove obstacles to development, to reduce economic anxiety and uncertainty.
If stability and efficiency required that there existed markets that extended infinitely far into the future - and these markets clearly did not exist - what assurance do we have of the stability and efficiency of the capitalist system?
There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen.
The Reichswirtschaftsministerium ('Reich Ministry of Economic Affairs') tells the shop managers what and how to produce, at what prices and from whom to buy, at what prices and to whom to sell. It assigns every worker to his job and fixes his wages. It decrees to whom and on what terms the capitalists must entrust their funds. Market exchange is merely a sham.
If you increase the quantity of money, you bring about the lowering of the purchasing power of the monetary unit.
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