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.
Interpretation
Democracies require economic stability and job security for their citizens to function effectively.
Joseph Stiglitz emphasizes that the success of democracies is closely tied to the economic well-being of the populace. When the majority of people feel insecure about their jobs and economic prospects, it undermines the foundations of democratic governance, leading to discontent and instability. Therefore, economic benefits and job security are essential for a healthy democratic society.
In practice
This quote could be used in a political debate to highlight the importance of economic issues in democratic societies.
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.
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.
We have a locale-based education system; we have increasing economic segregation. We clearly need a larger federal program to try to help disadvantaged districts.
Populism has had as many incarnations as it has had provocations, but its constant ingredient has been resentment, and hence whininess. Populism does not wax in tranquil times; it is a cathartic response to serious problems. But it always wanes because it never seems serious as a solution.
We must try again to be alive to what the people of our country really long for in our national life: forgiveness and grace, maturity and wisdom. ...Our political leaders will know our priorities only if we tell them, again and again, and if those priorities begin to show up in the polls.
The shadow of crisis has passed, and the State of the Union is strong.
It is an unquestionable truth, that the body of the people in every country desire sincerely its prosperity. But it is equally unquestionable that they do not possess the discernment and stability necessary for systematic government. To deny that they are frequently led into the grossest of errors, by misinformation and passion, would be a flattery which their own good sense must despise.
If American women would increase their voting turnout by ten percent, I think we would see an end to all of the budget cuts in programs benefiting women and children.
The master class has always declared the wars; the subject class has always fought the battles. The master class had all to gain and nothing to lose, while the subject class has had nothing to gain and all to lose - especially their lives.
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