I've always argued that this country has benefited immensely from the fact that we draw people from all over the world.
Alan GreenspanRead
Every economy exists, no matter what the level of democracy, has elements of crony capitalism. It's - given human nature and given the democratic structures, which we all, I assume, adhere to, that is an inevitable consequence.
Interpretation
What this quote means
Crony capitalism is an unavoidable aspect of every economy influenced by human nature and democratic structures.
The quote by Alan Greenspan suggests that regardless of how democratic a society may be, elements of crony capitalism will always persist. This phenomenon stems from human nature and the inherent flaws in political and economic systems that allow for favoritism and corruption, leading to the conclusion that crony capitalism is an inevitable consequence for all economies.
Themes
Crony CapitalismEconomyDemocracyHuman NaturePolitics
In practice
Example use cases
During a lecture on economic systems, one might use this quote to illustrate the challenges of maintaining pure democracy.
More from Alan Greenspan
All quotes βThere's no other job in public life that is like chairman of the Fed.
Alan GreenspanRead
Since 1948 I have spent every single day thinking how the economic and political worlds have changed.
Alan GreenspanRead
Most high-income people in our country do not realize that their incomes are being subsidized by their protection from competition from highly skilled people who are prevented from immigrating to the United States. But we need such skills in order to staff our productive economy, so that the standard of living for Americans as a whole can grow.
Alan GreenspanRead
I don't know where the stock market is going, but I will say this, that if it continues higher, this will do more to stimulate the economy than anything we've been talking about today or anything anybody else was talking about.
Alan GreenspanRead
I do not understand where the backing of Bitcoin is coming from. There is no fundamental issue of capabilities of repaying it in anything which is universally acceptable, which is either intrinsic value of the currency or the credit or trust of the individual who is issuing the money, whether it's a government or an individual.
Alan GreenspanRead
Similar quotes
European officials thought that austerity was part of what they called their 'convergence policies,' of trying to bring countries together. Instead, it actually made things worse. There's more inequality within countries and more disparity across countries.
Joseph StiglitzRead
When corporations refuse to practice due diligence by not establishing grievance mechanisms for remedy of abuses against the hidden 94% of their workforce in their global supply chains, they perpetuate a depraved model of profit-making that has driven inequality to a level now seen as a global risk in itself.
Sharan BurrowRead
Drug companies spend more on advertising and marketing than on research, more on research on lifestyle drugs than on life saving drugs, and almost nothing on diseases that affect developing countries only. This is not surprising. Poor people cannot afford drugs, and drug companies make investments that yield the highest returns.
Joseph StiglitzRead
Never in the history of human credit has so much been owed.
Margaret ThatcherRead
Government-to-government foreign aid promotes statism, centralized planning, socialism, dependence, pauperization, inefficiency, and waste. It prolongs the poverty it is designed to cure. Voluntary private investment in private enterprise, on the other hand, promotes capitalism, production, independence, and self-reliance.
Henry HazlittRead
The welfare of a nation can scarcely be inferred from a measurement of national income as defined by the GDP.
Simon KuznetsRead