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.
A faction willing to take the risks of making war on the ossified status quo in the Middle East can be described as many things, but not as conservative.
When you've spent half your political life dealing with humdrum issues like the environment, it's exciting to have a real crisis on your hands.
All of us can agree that we want government to work as well as possible, and we should all applaud efforts to improve it. But there is no escaping the divisive and essential questions: What is the purpose of the state, and whom does it serve?
The chief internal enemies of any state are not spies nor saboteurs nor the paid agents of foreign governments. They are, on the contrary, those myriads of public officials who betray the trust imposed upon them by the people.
Back in 2014, my fellow Hong Kongers and I hoped to use nonviolent means to fight for our territory's democratic system - a simple right, promised by Beijing, to choose our own leader.
Over the course of history, governments, political regimes, and leaders have done some stupid things despite all arguments to the contrary, at times even against their own self-interest.
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