Liberal economists conceive of societies as black boxes connected by exchange rates; as long as exchange rates are correct, what goes on inside the black box is regarded as not very important.
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Chapter Ten, Emergent International Economic Order, p. 393Robert Gilpin
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A new global financial environment has unfolded in several stages since the collapse of the Bretton Woods system of fixed exchange rates in 1971.
Michel Chossudovsky
"Other aspects of Taiwan's reforms are similar to structural adjustment programmes in Africa: in particular, the currency was devalued as part of an effort to shift from import substitution with overvalued exchange rates to import substitution with export promotion. However, the nominal exchange rate was tightly controlled by the Government, which kept it at realistic levels. Interest on savings and on loans were consistently positive in real terms, similar to structural adjustment recommendations that rates be set at positive real levels: these undoubtedly assisted the high savings rate and local resource mobilisation, while not subsidising capital and assisting industry to develop in a labour-intensive manner. Assisted by generous aid from the U.S., and driven by the fear of hyperinflation, the Government in Taiwan rejected deficit spending strategies and resolved to balance the budget through direct and indirect taxation, bringing about a surplus from 1964 onward."
Deborah Brautigam
No free country will ever again have anything like the 90 percent tax rates that we had in this country. Past a certain point, high marginal tax rates are, indeed, terribly destructive.
Lawrence Summers
A convincing demonstration of correctness being impossible as long as the mechanism is regarded as a black box, our only hope lies in not regarding the mechanism as a black box.
Edsger W. Dijkstra
The exchange of one fear or pleasure or pain for another fear or pleasure or pain, which are measured like coins, the greater with the less, is not the exchange of virtue. O, my dear Simmias, is there not one true coin, for which all things ought to exchange?--and that is wisdom; and only in exchange for this, and in company with this, is anything truly bought or sold, whether courage or temperance or justice. ...in the true exchange, there is a purging away of all these things, and temperance, and justice, and courage, and wisdom herself are a purgation of them.
Socrates
Gilpin, Robert
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