It's all very well for us to sit here in the west with our high incomes and cushy lives, and say it's immoral to violate the sovereignty of another state. But if the effect of that is to bring people in that country economic and political freedom, to raise their standard of living, to increase their life expectancy, then don't rule it out.

The law of unintended consequences is the only real law of history.

A historian is battling all the time to remember as much as possible.

If the financial system has a defect, it is that it reflects and magnifies what we human beings are like. Money amplifies our tendency to overreact, to swing from exuberance when things are going well to deep depression when they go wrong. Booms and busts are products, at root, of our emotional volatility.

Today, the average Korean works a thousand hours more a year than the average German. A thousand. ... That is the end of the Great Divergence.

Why did the Germans and Japanese keep fighting after 1943 when every rational hope of victory had disappeared?

The ascent of money has been essential to the ascent of man.