To paraphrase Winston Churchill, capitalism is the worst economic system except for all the other forms.

The washing machine changed the world more than the Internet.

95 percent of economics is common sense made complicated, and even for the remaining 5 percent, the essential reasoning, if not all the technical details, can be explained in plain terms.

Financial markets need to become less, not more, efficient.

To paraphrase Winston Churchill, capitalism is the worst economic system except for all the other forms.

It takes time and experience to absorb new technologies, so technologically backward producers need a period of protection from international competition during this period of learning. Such protection is costly, because the country is giving up the chance to import better and cheaper products. However, it is a price that has to be paid if it wants to develop advanced industries.

Gore Vidal, the American writer, once described the American economic system as 'free enterprise for the poor and socialism for the rich'. Macroeconomic policy on the global scale is a bit like that. It is Keynesianism for the rich countries and monetarism for the poor.