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Bonus Quotation of the Day…

… is from page 49 of Columbia University economist Charles Calomiris’s 2002 monograph, A Globalist Manifesto for Public Policy:

Competition in trade has not only permitted static efficiency gains, it has also encouraged technology transfer, which sometimes takes the form of foreign entry. In turn, foreign direct investment reduces the extent to which domestic production depends on existing domestic institutions, which can help to undermine practices of corruption and rent-seeking.

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