The great leaders of the second world war alliance, Franklin Roosevelt and Winston Churchill, understood the twin sides of destruction and salvation. Their war aims were not only to defeat fascism, but to create a world of shared prosperity.
From Jeffrey Sachs
White House and State Department foreign-policy experts are overwhelmingly directed towards military and diplomatic issues, not development issues.
Globalization was a deep trend pushed by technology and right ideas, as much as anything else.
The essence of Africa's crisis is fundamentally its extreme poverty.
We were proposing, in a sense, that the rest of the world be made safe for American ideas, as they adopted intellectual property rights that gave patent protection to our very innovative economy.
The basic idea was that if a country would put its economy as an integrated piece of the world system, that it would benefit from that with economic growth. I concur with that basic view.
The truth of good economic doctoring is to know the general principles, and to really know the specifics. To understand the context, and also, to understand that an economy may need some tender loving care, not just the so-called hard truths, if it's going to get by.
In the early 1990s, when a lot of the developing world opened up to international capital flows... they ended up in very good long-term projects, but projects that weren't going to pay off for five or 10 or 20 years.
I think the IMF helped to detonate the Indonesian crisis.
We, being the Western world, wouldn't let Russia off the hook on debt. So there were demands on debt servicing in the early days until they ran out of reserves. There was no real aid program, just a fictional aid program.
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