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.
More Quotes from Jeffrey Sachs:
When countries open up to trade, they generally benefit, because they can sell more, then they can buy more. And trade has two-way gain.Jeffrey Sachs
I think the IMF helped to detonate the Indonesian crisis.
Jeffrey Sachs
If you have a lot of short-term debt, it means that all of that money can be demanded in a very short period of time. Technically, short-term debt means money that's coming due within a year. Typically, it means money that's coming due within 30 to 90 days.
Jeffrey Sachs
I want the donors to think ahead, not just handle the immediate crisis,
Jeffrey Sachs
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.
Jeffrey Sachs
We had a booming stock market in 1929 and then went into the world's greatest depression. We have a booming stock market in 1999. Will the bubble somehow burst, and then we enter depression? Well, some things are not different.
Jeffrey Sachs
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