I think there's a lot of merit in an international economy and global markets, but they're not sufficient because markets don't look after social needs.
Sentiment: NEGATIVE
I think the market driven economic system is the most productive system, but to have that work in the world, you've got to also have social investments to go along with that.
The market system requires that people be committed and willing to work hard. Inherent with that is what I call a merit system, which I think gives people the greatest opportunity.
We must ensure that the global market is embedded in broadly shared values and practices that reflect global social needs, and that all the world's people share the benefits of globalization.
But I think we need the international market.
Global markets must be balanced by global values such as respect for human rights and international law, democracy, security and sustainable economic and environmental development.
Markets are very important but for the government the citizens are more so.
Markets are designed to allow individuals to look after their private needs and to pursue profit. It's really a great invention and I wouldn't under-estimate the value of that, but they're not designed to take care of social needs.
You need in the long run for stability, for economic growth, for jobs, as well as for financial stability, global economic institutions that make sure that growth to be sustained has to be shared, and are built on the principle that the prosperity of this world is indivisible.
If history judges society for how it treats those in need, so markets judge economies by the incentives they provide for private investment, the infrastructure that supports growth, and the burdens placed on job creation.
Economic issues are a subset of social justice. Social justice is unimaginable without economic justice. Isn't that obvious?
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