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.
More Quotes from Jeffrey Sachs:
An estimated 25 million Africans are infected with HIV. Of those, 3 (million) to 4 million have advanced disease. Of those, only about 10,000 wealthy people with HIV have access to these drugs.Jeffrey Sachs
Despite a decade of criticism and budget cuts, the specialised UN agencies have far more expertise and hands-on experience than any other organisations in the world.
Jeffrey Sachs
If you have billions and billions of dollars coming due in a country in a short period of time, and if a sense of panic develops among your creditors, so that everybody demands the money out all at once, it's almost inevitable that the debtor economy will collapse, because it won't be able to come up with that amount of money in a short period.
Jeffrey Sachs
We give away tens of billions to Brazil, or to one place or another, without thinking. But in those days, to give even a tiny amount to Russia was viewed almost as anathema by many parts of our own society and our political leadership, whether it was the Bush administration or the Clinton administration.
Jeffrey Sachs
The basic idea was that if a country would put its economy as an integrated piece of the world system, that it would benefit from that with economic growth. I concur with that basic view.
Jeffrey Sachs
Trade is important, but I visit places that are so cut off from world markets that they aren't really part of the local economy, let alone the world economy.
Jeffrey Sachs
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