66 ordspråk av Jeffrey Sachs

Jeffrey Sachs

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In 1991, a miraculous thing happened, and that's the Soviet Union ended. So there was an opportunity to build a very healthy and new world, on the basis of the change that the Russian people themselves wanted. But for Russia to make that change was going to be one of the most remarkably difficult and complex passages imaginable.

The Russian government not only acted corruptly, not only built up a new oligarchy of billionaires out of nothing, basically, but also gave away its most valuable financial assets-its ownership of the huge natural resource sector in Russia.

In Asia, a lot of successful economies that had been living on their own saving, decided to open up their financial markets to international capital in the early 1990s. So here were countries doing quite well, but they decided they'd borrow a bit more and do even better.

Business often does a good job supporting communities: the arts, universities, and scientific enterprises... But that philosophy has rarely reached poor countries. Even businesses that are enlightened in their home bases see Africa, Latin America, and parts of Asia as places to exploit natural resources or use cheap labor.

The essential truth for developing countries is, if you try to live by yourself, you will cut yourself off from the amazing progress of world technology. You won't be able to purchase the goods that you need from abroad, because you're not exporting to the rest of the world. You have to be part of the world system.

Russia increasingly lived on short-term borrowing. Now, this was an extraordinary merry-go-round.

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