The parallel existence and mutual interaction of "state" and "market" in the modern world create "political economy"; without both state and market there could be no political economy.

The dreams of "leaving it up to the market" or of returning to a politically neutral gold standard cannot succeed because the nature of the monetary system has a profound impact on the interests of powerful groups and states. Affected groups and states will always try to intervene in the operation of the system to make it serve their interests.

The multinational corporation and international production reflect a world in which capital and technology have become increasingly mobile, while labor has remained relatively immobile.

I was certain that I was not a Marxist, but I did believe firmly that a connection between economics and politics existed.

A prolonged and massive increase in aggregate wealth per capita has taken place over several centuries.

Trade is the oldest and most important economic nexus among nations. Indeed, trade along with war ha been central to the evolution of international relations.

Liberal economists conceive of societies as black boxes connected by exchange rates; as long as exchange rates are correct, what goes on inside the black box is regarded as not very important.