The value of a currency is, ultimately, what someone will give you for it - whether in food, fuel, assets, or labor. And that's always and everywhere a subjective decision.
James SurowieckiAlthough oil is a commodity, it's still not a commodity like coffee, which, thank God, we will have with us always. At some point the oil will run out.
James SurowieckiDeveloping countries often have hypertrophied bureaucracies, requiring businesses to deal with enormous amounts of red tape.
James SurowieckiThe challenge for capitalism is that the things that breed trust also breed the environment for fraud.
James SurowieckiIn the heart of the Great Depression, millions of American workers did something they'd never done before: they joined a union. Emboldened by the passage of the Wagner Act, which made collective bargaining easier, unions organized industries across the country, remaking the economy.
James Surowiecki