Globalisation, for me, seems to be not first-order harm, and I find it very hard not to think about the billion people who have been dragged out of poverty as a result.
Interpretation
Globalization has helped lift millions out of poverty, outweighing its negative impacts.
In this quote, Angus Deaton reflects on the positive effects of globalization, emphasizing that despite its flaws, it has played a crucial role in improving the lives of a billion people who have escaped poverty. He suggests that the benefits of globalization, particularly in terms of economic advancement and poverty alleviation, are significant enough to overshadow its first-order harms.
In practice
In a discussion about the impacts of globalization on developing countries.
My work shows how important it is that independent researchers should have access to data so that government statistics can be checked and so that the democratic debate within India can be informed by the different interpretations of different scholars.
Economic growth is very important, but it is not the only thing, and it must be accompanied by sharing with those who are left behind, through effective social services and provision.
Money never seems to be interested in strengthening regulatory agencies, for example, but always in subverting them, in making them miss the danger signs in coal mines and in derivatives trading and in deep-sea oil wells.
Economics is haunted by more fallacies than any other study known to man
Regulatory reform must move beyond limiting the damage that the financial sector can do and ensure that the sector genuinely serves society.
Many markets work best with little or no outside interference. But others - especially those subject to big 'externalities' - need a helping hand.
There would be plenty of justification to raise revenues in order to subsidize businesses that employ low-wage workers. But there can be no justification for pandering to the economy's entire bottom half merely to attract its votes.
We all knew this. We all knew that it would take more time than any of us want to dig ourselves out of this hole created by this economic crisis.
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