“International specialization and division of labor requires institutions and organizations to safeguard property rights across international boundaries so that capital markets as well as other kinds of exchange can take place with credible commitment on the part of the players.”

Source: Institutions (1990), p. 121

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Douglass C. North18

American Economist 1920–2015

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“We shall here define the market as a set of social institutions in which a large number of commodity exchanges of a specific type regularly take place, and to some extent are facilitated and structured by those institutions. Exchange as defined above, involves contractual agreement and the exchange of property rights, and the market consists in part of mechanisms to structure, organize and legitimate these activities. Markets, in short, are organized and institutionalized exchange. Stress is placed on those market institutions, which help to both regulate and establish a consensus over prices and, more generally, to communicate information regarding products, prices, quantities, potential buyers and potential sellers.”

Geoffrey Hodgson (1946) British economist

Source: Economics and Institutions, 1988, p. 174

“Capitalism is commodity production at the highest stage of development, when labor power itself becomes a commodity. The growth of internal exchange, and particularly of international exchange, is a special feature of capitalism. The uneven and spasmodic character of the development of individual enterprises, of individual branches of industry and individual countries, is inevitable under the capitalist system.”

Vladimir Lenin (1870–1924) Russian politician, led the October Revolution

Source: Imperialism, The Highest Stage of Capitalism (1917), Chapter Four, "The Export of Capital"

“In order to create the appropriate material conditions, Lenin was prepared to make recourse not only to market arrangements, but to international capitalism as well. Not only was private property, private enterprise, and private profit largely restored in Lenin’s Russia, but Lenin appealed to international capitalism for assistance as well. He was prepared to offer generous concessions to foreign capitalism.”

A. James Gregor (1929–2019) American political scientist

Source: Marxism, Fascism & Totalitarianism: Chapters in the Intellectual History of Radicalism, (2008), p. 55

“Both the control of territory and the political domination of one state over another have profound consequences for international economic relations. However… market power or economic power has itself become a principal means by which states seek to organize and manipulate the international division of labor to their own advantage.”

Robert Gilpin (1930–2018) Political scientist

p, 125
War and Change in World Politics (1981)

“The U.S. has always insisted on its right to use force, whatever international law requires, and whatever international institutions decide.”

Noam Chomsky (1928) american linguist, philosopher and activist

PBS, March 12, 1998 http://www.pbs.org/newshour/forum/march98/intervention_3-12.html. <br class="br">Quotes 1990s, 1995-1999 <br class="br">Context: The U. S. has always insisted on its right to use force, whatever international law requires, and whatever international institutions decide.… The U. S., of course, is not alone in these practices. Other states commonly act in much the same way, if not constrained by external or internal forces.

“Any account of the development of the international monetary system is also necessarily an account of the development of international capital markets.”

Barry Eichengreen Introduction

Source: Globalizing Capital (2008), Chapter 1. Introduction

“The U. S. has always insisted on its right to use force, whatever international law requires, and whatever international institutions decide.… The U. S., of course, is not alone in these practices. Other states commonly act in much the same way, if not constrained by external or internal forces.”

Noam Chomsky (1928) american linguist, philosopher and activist

PBS, March 12, 1998 http://www.pbs.org/newshour/forum/march98/intervention_3-12.html. <br class="br">Quotes 1990s, 1995-1999

“Property rights develop to internalize externalities when the gains of internalization become larger than the cost of internalization. Increased internalization, in the main, results from changes in economic values, changes which stem from the development of new technology and the opening of new markets, changes to which old property rights are poorly attuned [G]iven a community's tastes… [for private versus state ownership], the emergence of new private or state-owned property rights will be in response to changes in technology and relative prices.”

Harold Demsetz (1930–2019) American economist

Harold Demsetz, (1967). "Toward a Theory of Property Rights." American Economic Review 57 (May, No. 2): 347-359. p. 350, as cited in Eggertsson (1990; 250)

“Some institutions within the market are associated with exchange and contracts in an elemental sense (such as the legal system and the customs which govern the contract)… These would be present even if a formal market did not exist. Other institutions are specifically to do with the development of a market and the coordination of a large number of exchanges in an organized manner.”

Geoffrey Hodgson (1946) British economist

Source: Economics and Institutions, 1988, p. 174

“A study of the inter-American system published by the Royal Institute of International Affairs in London concluded that, while the US pays lip service to democracy, the real commitment is to "private, capitalist enterprise." When the rights of investors are threatened, democracy has to go; if these rights are safeguarded, killers and torturers will do just fine.”

Noam Chomsky (1928) american linguist, philosopher and activist

" Our Commitment to Democracy https://chomsky.info/unclesam02/," p. 19 <br class="br">Quotes 1990s, 1990-1994, What Uncle Sam Really Wants, 1993

“International specialization and division of labor requires institutions and organizations to safeguard property rights across international boundaries so that capital markets as well as other kinds of exchange can take place with credible commitment on the part of the players.”

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Douglass C. North18

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