The Transcontinental Railroad Act is the first step in creating a continental common market.

It may not be replicable: One of the hardest transition that a developing country can make is the transition to middle-class status. Governments have to let go, people start insisting on following their own lights, etc.

Credit is the air that financial markets breathe, and when the air is poisoned, there's no place to hide.

merica was middle-class for the very start - the people who came first were hyper-strivers from England. There were no vested interests, no ranks, no classes, it was very lightly populated, there were unlimited natural resources - for free essentially - if you failed, you could always start over.

I've been among their critics [MBA programs]. Much of what I've seen in business schools is quite non-rigorous. Anecdotal histories are stretched to illustrate favored slogans. Evidence of their effectiveness is similarly anecdotal.

We demonstrated what you could do when a band of entrepreneurs settles an empty country with vast resources. The Chinese have a billion people and are running out of water. Tougher problem for sure.

I find her [Frances Trollope] simply delightful, even in her prejudices and cantankerousness. It is a gift to an author to find a funny, wry, perceptive contemporary observer to whom the subject matter seems almost as different and alien, and requiring as much struggling to understand, as it did to me.