What Asia's postwar economic miracle demonstrates is that_x000D_ capitalism is a path toward economic development that is potentially_x000D_ available to all countries. No underdeveloped country in the_x000D_ Third World is disadvantaged simply because it began the growth_x000D_ process later than Europe, nor are the established industrial powers_x000D_ capable of blocking the development of a latecomer, provided_x000D_ that country plays by the rules of economic liberalism.
Interpretation
The quote emphasizes that capitalism can facilitate economic development for all nations, regardless of when they start their growth journey.
Francis Fukuyama's quote highlights the potential of capitalism as a universal pathway to economic development. He asserts that no country is inherently disadvantaged in its growth prospects due to its historical timing of economic development. Instead, if latecomers adhere to the principles of economic liberalism, they can achieve growth comparable to more established industrial nations, suggesting that the rules of the market can level the playing field for all countries, including those in the Third World.
In practice
In an economics class when discussing the growth of nations.
If people who have to work together in an enterprise trust one another it is because they are all operating to a common set of ethical norms....such a society will be better able to innovate...since the high degree of trust will permit a wide variety of social relationships to emerge.
The desire for economic prosperity is itself not culturally determined but almost universally shared
It was the slave's continuing desire for recognition that was the motor which propelled history forward, not the idle complacency and unchanging self-identity of the master
The rationale for tenure is still valid. But the system has turned the academy into one of the most conservative and costly institutions in the country. Yes, conservative: Economists joke that their discipline advances one funeral at a time, but many fields must wait for wholesale generational turnover before new approaches take hold.
Some degree of inequality in income and wealth, of course, would occur even with completely equal opportunity because variations in effort, skill, and luck will produce variations in outcomes.
One of the evils of paper money is that it turns the whole country into stock jobbers. The precariousness of its value and the uncertainty of its fate continually operate, night and day, to produce this destructive effect. Having no real value in itself it depends for support upon accident, caprice, and party; and as it is the interest of some to depreciate and of others to raise its value, there is a continual invention going on that destroys the morals of the country.
To restore confidence in our markets and our financial institutions so they can fuel continued growth and prosperity, we must address the underlying problem. The federal government must implement a program to remove these illiquid assets that are weighing down our financial institutions and threatening our economy.
When money is free, the rational lender will keep on lending until there is no one else to lend to.
Speculation is only a word covering the making of money out of the manipulation of prices, instead of supplying goods and services.
I think there's a lot of merit in an international economy and global markets, but they're not sufficient because markets don't look after social needs.
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