We live in a world in which individuals and businessmen… they want to do so unencumbered by national boundaries. At the same time, modern democracie… - Paul Volcker
" "We live in a world in which individuals and businessmen… they want to do so unencumbered by national boundaries. At the same time, modern democracies, at least as much as other forms of government, long for autonomy; they want to control their own destinies in ways responsive to the needs of an electorate often concerned less with national than with local or sectorial interests. Yet, theory and experience indicate we can’t have it both ways, full integration and full autonomy.
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About Paul Volcker
Paul Adolph Volcker, Jr. (September 5, 1927 – December 8, 2019) was an American economist. He was Chairman of the Federal Reserve under Presidents Jimmy Carter and Ronald Reagan from August 1979 to August 1987.
Also Known As
Birth Name:
Paul Adolph Volcker Jr.
Alternative Names:
Paul A. Volcker
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Paul Adolph Volcker
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Paul Adolph Volcker, Jr.
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Additional quotes by Paul Volcker
In the 1950s and 1960s, a substantial number of economists taking on a role of social philosopher defended a "little" inflation as a kind of social solvent, helping to reconcile competing political and economic pressures.… It was a game of mirrors, but it seemed acceptable for a while, more acceptable than imposing the degree of fiscal, monetary and other restraints necessary to deal with inflation.
The happy days of Bretton Woods, often viewed today with nostalgia, were a special case, workable because of a particular economic and political setting… the inherent contradictions in the system were too great. With the benefit of hindsight, it would seem that an erosion of the United States competitive position was implicit in the postwar arrangements.
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