The only reason free markets have a ghost of a chance is that they are so much more efficient than any other form of organization.

I think a major reason why intellectuals tend to move towards collectivism is that the collectivist answer is a simple one. If there's something wrong, pass a law and do something about it.

The only reason there is a crisis about Social Security in the US and pensions in Europe and Japan is that you cannot maintain a "Ponzi" scheme indefinitely. We have collected from today's young to pay today's old and counted on tomorrow's young to keep doing so. That was a fine scheme as long as the number of young people was rising faster than old people. When that ratio comes to an end, such a system also has to end.

China's productive system draws upon the other East Asian countries to a great extent. The volume of trade is much larger than the net amount being exported from China. China needs substantial reserves to finance all that.

Speeches by businessmen on social responsibility...may gain them kudos in the short run. But it helps to strengthen the already too prevalent view that the pursuit of profits is wicked.... There is one and only one social responsibility of business-to...engage in open and free competition without deception or fraud.

The black market was a way of getting around government controls. It was a way of enabling the free market to work. It was a way of opening up, enabling people.

The Internet is the most effective instrument we have for globalization.