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Bonus Quotation of the Day…

… is from page 24 of Columbia University economist Charles Calomiris’s 2002 monograph, A Globalist Manifesto for Public Policy:

416F22V868L._SX300_BO1,204,203,200_It is fair to say, then, that although the most prominent proponents of free trade have been optimistic about its tendency to promote wealth, peace, individual opportunity and individual freedom, they did not claim that globalisation, by itself, would necessarily eliminate poverty or oppression in most or all poor countries.  It is quite appropriate for eminent historians like David Landes to upbraid today’s economists for their ignorance about the cultural and institutional constraints that have limited economic development in many countries over the past millennium.  But the most famous advocates of globalisation shared Landes’s appreciation for the many institutional and cultural preconditions for successful economic development.


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