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.

The era of multilateral trade liberalization seems to be nearing an end (at least for a while), as well-founded disillusionment in the developing countries combines with growing protectionist sentiment in the developed world.

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.