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.
Milton FriedmanComplete free trade is not politically feasible. Why? Because it's only in the general interest and in no one's special interest.
Milton FriedmanYou know there are very few Marxists left in the world... they're all in American universities.
Milton FriedmanIf you cannot state a proposition clearly and unambiguously, you do not understand it.
Milton FriedmanSelf-interest is not myopic selfishness. It is whatever it is that interests the participants, whatever they value, whatever goals they pursue. The scientist seeking to advance the frontiers of his discipline, the missionary seeking to convert infidels to the true faith, the philanthropist seeking to bring comfort to the needy - all are pursuing their interests, as they see them, as they judge them by their own values.
Milton Friedman