In the long run, the most important changes required to make globalization work are reforms to reduce the… — Joseph E. Stiglitz

Limited liability should not be sacrosanct. Like property rights—including intellectual property—it is a creation of man, to provide appropriate incentives; when that artifice fails to fulfill its social function, it needs to be modified.

When I was at the World Bank, it would often be said in the face of obvious failure that our strategy was correct, it just wasn't implemented well.

The job of the Western trade negotiators is to get a better trade deal for their country's interests—for example, gaining more market access and stronger intellectual property rights—without giving up agriculture subsidies or nontariff trade barriers. Fairness is not in the lexicon of these trade negotiators.