Peter Dicken quote: “It serves to remind us that, in trying to explain the globalization of economic activity, we are dealing with the worki…”

“In the midst of economic recovery and global upheaval, disasters like this remind us of the common humanity that we share.”

Barack Obama (1961) 44th President of the United States of America

2011, Address on the natural and nuclear energy disasters in Japan (March 2011)
Context: In the midst of economic recovery and global upheaval, disasters like this remind us of the common humanity that we share. We see it in the responders who are risking their lives at Fukushima. We show it through the help that has poured into Japan from 70 countries. And we hear it in the cries of a child, miraculously pulled from the rubble.
In the coming days, we will continue to do everything we can to ensure the safety of American citizens and the security of our sources of energy. And we will stand with the people of Japan as they contain this crisis, recover from this hardship, and rebuild their great nation.

“Capital, explaining the origins of the capitalist mode of production, points towards the inevitable historical decline and fall of this same social system. An economic theory based upon the historical relativity of every economic system, its strict limitation in time, tactlessly reminds Messrs the capitalists, their hangers-on and their apologists that capitalism itself is a product of history. It will perish in due course as it once was born. A new social form of economic organization will then take the place of the capitalist one: it will function according to other laws than those which govern the capitalist economy.”

Ernest Mandel (1923–1995) Belgian economist and Marxist philosopher

Introduction to Capital. Introduction to volume 1 (1976)

“In a capitalist country foreign trade, like any other trade, is carried on by individual firms, and individual firms cannot be guided in their activities by "global"considerations, by concern with the impact of their operations on the economy as a whole.”

Paul A. Baran (1909–1964) American Marxist economist

Source: The Political Economy Of Growth (1957), Chapter Four, Standstill and Movement Under Monopoly Capitalism, II, p. 110

“When we approach the study of business cycle with the intention of carrying through an analysis that is truly dynamic and determinate in the above sense, we are naturally led to distinguish between two types of analyses: the micro-dynamic and the macro-dynamic types. The micro-dynamic analysis is an analysis by which we try to explain in some detail the behaviour of a certain section of the huge economic mechanism, taking for granted that certain general parameters are given. Obviously it may well be that we obtain more or less cyclical fluctuations in such sub-systems, even though the general parameters are given. The essence of this type of analysis is to show the details of the evolution of a given specific market, the behaviour of a given type of consumers, and so on.”

Ragnar Frisch Propagation problems and impulse problems in dynamic economics

Source: 1930s, Propagation problems and impulse problems in dynamic economics, 1933, p. 2

“It is time to recognize that financial markets are inherently unstable. Imposing market discipline means imposing instability, and how much instability can society take? … To put it bluntly, the choice confronting us is whether we will regulate global financial markets internationally or leave it to each individual state to protect its interests as best it can. The latter course will surely lead to the breakdown of the gigantic circulatory system, which goes under the name of global capitalism.”

George Soros (1930) Hungarian-American business magnate, investor, and philanthropist

The Crisis of Global Capitalism (1998)

“The mark of a capitalistic society is that resources are owned and allocated by such nongovernmental organizations as firms, households, and markets. Resource owners increase productivity through cooperative specialization and this leads to the demand for economic organizations which facilitate cooperation. When a lumber mill employs a cabinetmaker, cooperation between specialists is achieved within a firm, and when a cabinetmaker purchases wood from a lumberman, the cooperation takes place across markets (or between firms). Two important problems face a theory of economic organization—to explain the conditions that determine whether the gains from specialization and cooperative production can better be obtained within an organization like the firm, or across markets, and to explain the structure of the organization.”

Harold Demsetz (1930–2019) American economist

Source: Production, information costs, and economic organization. 1972, p. 777, Lead paragraph

“The mark of a capitalistic society is that resources are owned and allocated by such nongovernmental organizations as firms, households, and markets. Resource owners increase productivity through cooperative specialization and this leads to the demand for economic organizations which facilitate cooperation. When a lumber mill employs a cabinetmaker, cooperation between specialists is achieved within a firm, and when a cabinetmaker purchases wood from a lumberman, the cooperation takes place across markets (or between firms). Two important problems face a theory of economic organization—to explain the conditions that determine whether the gains from specialization and cooperative production can better be obtained within an organization like the firm, or across markets, and to explain the structure of the organization.”

Armen Alchian (1914–2013) American economist

Source: Production, information costs, and economic organization. 1972, p. 777, Lead paragraph

“Global poverty is an "input" on the supply side; the global economic system feeds on cheap labor.”

Michel Chossudovsky (1946) Canadian economist

Source: The Globalization of Poverty and the New World Order - Second Edition - (2003), Chapter 5, The Global Cheap-Labor Economy, p. 69 (See also: Rosa Luxemburg, Karl Marx)

“We live in the capitalist system, so-called because its dominated b the capitalist class. In this system the capitalists are the rulers and the workers the subjects. The capitalists are in a decided minority and yet they rule because of the ignorance of the working class.”

Eugene V. Debs (1855–1926) American labor and political leader

Working Class Politics (1910)

“The time component of economic production became vital in Hayek’s work in economic theory. Essentially, his economic work could be said to rest on the idea that the price system is a method for coordinating economic activity through time.”

Alan O. Ebenstein (1959) American political scientist, educator and author

Hayek's Journey: The Mind of Friedrich Hayek (2003)

“It serves to remind us that, in trying to explain the globalization of economic activity, we are dealing with the workings of a dynamic capitalist market system, and not just individual agents within it.”

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