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Quotation of the Day…

… is from page 288 of Martin Wolf’s splendid 2004 book, Why Globalization Works:

Foreign capital is inevitably unstable if it has no confidence in the protection of its property rights.

DBx: Indisputably so. And confidence in the protection of property rights understandably falls the greater and louder is the talk of replacing the discipline of markets with the discretion of government officials.