Andrew

“The easiest way to run developmentally efficient finance continues to be through a banking system, because it is banks that can most easily be pointed by governments at the projects necessary to agricultural and industrial development. Most obviously, banks respond to central bank guidance. They can be controlled via rediscounting loans for exports and for industrial upgrading, with the system policed through requirements for export letters of credit from the ultimate borrowers. The simplicity and bluntness of this mechanism makes it highly effective. Bond markets, and particularly stock markets, are harder for policymakers to control. The main reason is that it is difficult to oversee the way in which funds from bond and stock issues are used. It is, tellingly, the capacity of bank-based systems for enforcing development policies that makes entrepreneurs in developing countries lobby so hard for bond, and especially stock, markets to be expanded. These markets are their means to escape government control. It is the job of governments to resist entrepreneurs’ lobbying until basic developmental objectives have been achieved. Equally, independent central banks are not appropriate to developing countries until considerable economic progress has been made.”
― Joe Studwell, How Asia Works

“As long as nuclear engineering can strive for new innovations and learn from its history of accidents and mistakes, the benefits that nuclear power can yield for our economy, society, and yes, environment, will come.”
― James Mahaffey, Atomic Accidents: A History of Nuclear Meltdowns and Disasters: From the Ozark Mountains to Fukushima

“This points to a central tension in our very idea and practice of democracy – it is not a simple appeal to the rule of the majority. It is also about respecting that the power of the people is limited by what’s fair to minorities, what’s reasonable, and by what’s legal and constitutional.”
― Bob Rae, What's Happened to Politics?

“Canada’s political parties spend a few years in opposition and then govern as if it’s permanent payback time.”
― Bob Rae, What's Happened to Politics?