If the financial system has a defect, it is that it reflects and magnifies what we human beings are like. Money amplifies our tendency to overreact, to swing from exuberance when things are going well to deep depression when they go wrong. Booms and busts are products, at root, of our emotional volatility.
It's all very well for us to sit here in the west with our high incomes and cushy lives, and say it's immoral to violate the sovereignty of another state. But if the effect of that is to bring people in that country economic and political freedom, to raise their standard of living, to increase their life expectancy, then don't rule it out.
Interpretation
What this quote means
The quote discusses the moral complexities of intervening in other nations for the sake of promoting freedom and improving living conditions.
Niall Ferguson's quote raises important questions about the morality of foreign intervention. While it is easy for those in affluent countries to condemn actions that violate another nation's sovereignty, the potential benefits of intervention—such as economic and political freedom, improved standards of living, and increased life expectancy—must also be considered. The quote challenges us to think about the ethics of our stances on international politics and the implications of our privilege.
Themes
In practice
Example use cases
This quote could be used in a discussion about international relations during a university lecture.
More from Niall Ferguson
All quotes →Civilisation is partly about restraining the male of the species from engaging in the violence of the hunter-gatherer period. But it doesn't take an awful lot to unleash it.
For 500 years the West patented six killer applications that set it apart. The first to download them was Japan. Over the last century, one Asian country after another has downloaded these killer apps- competition, modern science, the rule of law and private property rights, modern medicine, the consumer society and the work ethic. Those six things are the secret sauce of Western civilization.
The West may collapse very suddenly. Complex civilizations do that, because they operate, most of the time, on the edge of chaos.
Over time, the welfare state has become dysfunctional in a surprising way. But in a way it became a victim of its own success: It became so successful at prolonging life, that it becomes financially unsustainable, unless you make major changes to things like retirement ages.
Today, the average Korean works a thousand hours more a year than the average German. A thousand. ... That is the end of the Great Divergence.
Similar quotes
How much reverence can you have for a Supreme Being who finds it necessary to include such phenomena as phlegm and tooth decay in His divine system of Creation? What in the world was running through that warped, evil, scatological mind of His when He robbed old people of the power to control their bowel movements?
Every thought you produce, anything you say, any action you do, it bears your signature.
Every decision you make - every decision that you make every second - is not a decision about what to do, it is a decision about who you are. Every act is an act of self-definition.
Hell, in my opinion, is never finding your true self and never living your own life or knowing who you are.
How can it be "mutually beneficial" to sell at world market prices the raw materials that cost the underdeveloped countries immeasurable sweat and suffering.
All legitimate government is a mutual insurance company, voluntarily agreed upon by the parties to it, for the protection of their rights against wrong-doers. In its voluntary character it is precisely similar to an association for mutual protection against fire or shipwreck.