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We still have a great amount of work to do in social development, including resolving one of the biggest challenges we face in this area, namely, reducing the gap between high-income earners and people, citizens of our country, who are still living on very modest means indeed. But we cannot, of course, adopt the solution used 80 years ago and simply confiscate the riches of some to redistribute among others. We will use completely different means to resolve this problem, namely, we will ensure good economic growth.
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Vladimir Putin

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Economists can take a good deal of credit for the stabilization policies which have been followed in most Western countries since 1945 with considerable success. It is easy to generate a euphoric and self-congratulatory mood when one compares the twenty years after the first World War, 1919-39, with the twenty years after the second, 1945-65. The first twenty years were a total failure; the second twenty years, at least as far as economic policy is concerned, have been a modest success. We have not had any great depression; we have not had any serious financial collapse; and on the whole we have had much higher rates of development in most parts of the world than we had in the 1920’s and 1930’s, even though there are some conspicuous failures. Whether the unprecedented rates of economic growth of the last twenty years, for instance in Japan and Western Europe, can be attributed to economics, or whether they represent a combination of good luck in political decision making with the expanding impact of the natural and biological sciences on the economy, is something we might argue. I am inclined to attribute a good deal to good luck and non-economic forces, but not all of it, and even if economics only contributed 10 percent, this would amount to a very handsome rate of return indeed, considering the very small amount of resources we have really put into economics.

 

Kenneth Boulding

 

The success of Japanese development is due simply to the fact that Japan devoted a substantial portion of its resources to the growth industry, and particularly to the human resources and then commended Max Weber's emphasis on hard work and thrift.
All the law and the prophets of economic development can be summed up in the old proverb that "where there's a will there's a way". The way indeed is absurdly easy and is well known. It consists merely in putting resources into growth. What could be simpler and easier! the problem however, is the will, and this. I think, we understand very little. The whole cultural milieu of society plays a role in the process of developing its will, and it is hard to separate the determining factors. A widespread puritan ethic, as Max Weber pointed out, is undoubtedly an asset, if this leads people to place a high value on hard work and thrift. On the other hand, puritanism often goes along with a resistance to social change and an unwillingness to innovate outside a narrow field of technology, and thrift alone can often lead to uncreative forms of accumulation or even to unemployment and depression. Mere accumulation is not enough. Economic development does not consist merely in the piling up of things, but in the accumulation of new kinds of things.

 

Kenneth Boulding

 

If "freedom" means, first of all, the responsibility of every individual for the rational determination of his own personal, professional and social existence, then there is no greater fear than that of the establishment of general freedom. Without a thoroughgoing solution of this problem there never will be a peace lasting longer than one or two generations. To solve this problem on a social scale, it will take more thinking, more honesty and decency, more conscientiousness, more economic, social and educational changes in social mass living than all the efforts made in previous and future wars and post-war reconstruction programs taken together.

 

Wilhelm Reich

 

I think there are things of which I and the people who have worked with me can feel deservedly proud. They include restoring Russia's territorial integrity, strengthening the state, progress towards establishing a multiparty system, strengthening the parliamentary system, restoring the Armed Forces' potential and, of course, developing the economy. As you know, our economy has been growing by 6.9 percent a year on average over this time, and our GDP has increased by 7.7 percent over the first four months of this year alone.
When I began my work in the year 2000, 30 percent of our population was living below the poverty line. There has been a two-fold drop in the number of people living below the poverty line since then and the figure today is around 15 percent. By 2009-2010, we will bring this figure down to 10 percent, and this will bring us in line with the European average.
We had enormous debts, simply catastrophic for our economy, but we have paid them off in full now. Not only have we paid our debts, but we now have the best foreign debt to GDP ratio in Europe. Our gold and currency reserve figures are well known: in 2000, they stood at just $12 billion and we had a debt of more than 100 percent of GDP, but now we have the third-biggest gold and currency reserves in the world and they have increased by $90 billion over the first four months of this year alone.
During the 1990s and even in 2000-2001, we had massive capital flight from Russia with $15 billion, $20 billion or $25 billion leaving the country every year. Last year we reversed this situation for the first time and had capital inflow of $41 billion. We have already had capital inflow of $40 billion over the first four months of this year. Russia's stock market capitalisation showed immense growth last year and increased by more than 50 percent. This is one of the best results in the world, perhaps even the best. Our economy was near the bottom of the list of world economies in terms of size but today it has climbed to ninth place and in some areas has even overtaken some of the other G8 countries' economies. This means that today we are able to tackle social problems. Real incomes are growing by around 12 percent a year. Real income growth over the first four months of this year came to just over 18 percent, while wages rose by 11-12 percent.
Looking at the problems we have yet to resolve, one of the biggest is the huge income gap between the people at the top and the bottom of the scale. Combating poverty is obviously one of our top priorities in the immediate term and we still have to do a lot to improve our pension system too because the correlation between pensions and the average wage is still lower here than in Europe. The gap between incomes at the top and bottom end of the scale is still high here – a 15.6-15.7-fold difference. This is less than in the United States today (they have a figure of 15.9) but more than in the UK or Italy (where they have 13.6-13.7). But this remains a big gap for us and fighting poverty is one of our biggest priorities.

 

Vladimir Putin

 

We have achieved political freedom but our revolution is not yet complete and is still in progress, for political freedom without the assurance of the right to live and to pursue happiness, which economic progress alone can bring, can never satisfy a people. Therefore, our immediate task is to raise the living standards of our people, to remove all that comes in the way of the economic growth of the nation. We have tackled the major problem of India, as it is today the major problem of Asia, the agrarian problem. Much that was feudal in our system of land tenure is being changed so that the fruits of cultivation should go to the tiller of the soil and that he may be secure in the possession of the land he cultivates. In a country of which agriculture is still the principal industry, this reform is essential not only for the well-being and contentment of the individual but also for the stability of society. One of the main causes of social instability in many parts of the world, more especially in Asia, is agrarian discontent due to the continuance of systems of land tenure which are completely out of place in the modem world. Another — and one which is also true of the greater part of Asia and Africa — is the low standard of living of the masses.

 

Jawaharlal Nehru