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
No matter how the financial system is set up, no matter what the economic system is, as long as you have people, you're going to have financial crises; you're going to have bubbles that manifest themselves in the financial system.
Henry PaulsonRead
The only way that has ever been discovered to have a lot of people cooperate together voluntarily is through the free market. And that's why it's so essential to preserving individual freedom.
Milton FriedmanRead
The interests of the IMF represent the big international interests that today seem to be established and concentrated in Wall Street.
Che GuevaraRead
Does inequality in the distribution of income increase or decrease in the course of a country's economic growth?
Simon KuznetsRead
Economics is a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong. About the future, not so much.
Ben BernankeRead
In America, people with lots of money can easily avoid the consequences of bad bets and big losses by cashing out at the first sign of trouble.
Robert ReichRead