I Believe, Unlike People That Are Totally

I Think Globalization Actually Maintains And Fosters Various Elements Of National And Cultural Identities. I Don't Think Everything Is Being Homogenized. If Anything, Your Food, Your Culture, And Your Ethnicity Might Become Part Of The Globalized World, And Thus Absorbed By Other Countries.

What We Need To Understand Is, One, That There Are Market Failures; And Two, That There Are Things Like Asset Bubbles And Irrational Exuberance. There Are Periods Of Booms, Bubbles, And Manias. These Things, If Left To Themselves, Can Lead To Crashes, To Busts, To Panics.

But In The Financial Markets, Without Proper Institutional Rules, There's The Law Of The Jungle - Because There's Greed! There's Nothing Wrong With Greed, Per Se. It's Not That People Are More Greedy Now Than They Were 20 Years Ago. But Greed Has To Be Tempered, First, By Fear Of Losses. So If You Bail People Out, There's Less Fear. And Second, B Prudential Regulation And Supervision To Avoid Certain Excesses.

I Believe In Market Economics. But To Paraphrase Churchill - Who Said This About Democracy And Political Regimes - A Market Economy Might Be The Worst Economic Regime Available, Apart From The Alternatives. I Believe That People React To Incentives, That Incentives Matter, And That Prices Reflect The Way Things Should Be Allocated. But I Also Believe That Market Economies Sometimes Have Market Failures, And When These Occur, There's A Role For Prudential - Not Excessive - Regulation Of The Financial System.

The Gains From Technology Must Be Channeled To A Broader Base Of The Population Than Has Benefited So Far.