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.
The IP standards advanced countries favour typically are designed not to maximise innovation and scientific progress, but to maximise the profits of big pharmaceutical companies and others able to sway trade negotiations.
Interpretation
What this quote means
This quote critiques the influence of powerful industries on intellectual property standards, prioritizing profit over innovation.
Joseph Stiglitz highlights the concern that the intellectual property standards favored by developed nations do not truly encourage scientific advancement or innovation. Instead, these standards often prioritize the financial interests of large pharmaceutical companies, suggesting that the system is rigged to benefit those with the resources to influence trade discussions rather than to foster genuine progress in science and technology.
Themes
In practice
Example use cases
During a seminar on ethical practices in the pharmaceutical industry, this quote can be used to emphasize the need for reform.
More from Joseph Stiglitz
All quotes →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.
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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.
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The reason why life is a sleep & dream for most people is because their awareness is caught up with past or future & not with what is.
Whoever thought that he had understood something of me had merely construed something out of me, after his own image.