Global economy

“ By investing in research and development, improving the quality of science and mathematics education in our schools, teaching workers new skills to fill jobs in the technology sector, and keeping e-commerce fair, safe, and competitive, we can stimulate our export industries, sustain this remarkable period of growth and prosperity, and ensure America's continued leadership in the global economy. ”

“ We know that the nation that goes all-in on innovation today will own the global economy tomorrow. This is an edge America cannot surrender. ”

“ We must also recognize that our own economic well-being is inextricably linked to the world economy. We export over 20 percent of our industrial production, and 40 percent of our farmland produces for export. ”

“ This thoroughly modern market economy features high-tech agriculture, up-to-date small-scale and corporate industry, extensive government welfare measures, an equitable distribution of income, comfortable living standards, a stable currency, a stable political system, and high dependence on foreign trade. ”

“ I'm here to keep our economic recovery going by promoting economic growth throughout the world. What happens here affects every American. More than ever, what happens in the international economy has a direct impact on our jobs, our incomes, and our prospects. ”

“ Of such cases, the argument to show that Demand for Commodities is not Demand for Labor, the Doctrine of International Values, and the Effect of the Progress of Society on wages, profits, and rent, are examples. ”

“ The direct benefits of commerce consist in increased Efficiency of the productive powers of the World. From this exposition we perceive in what consists the benefit of international exchange, or, in other words, foreign commerce. Setting aside its enabling countries to obtain commodities which they could not themselves produce at all, its advantage consists in a more efficient employment of the productive forces of the world. ”

“ By stimulating industry, by rewarding ingenuity, and by using most efficaciously the peculiar powers bestowed by nature, it distributes labour most effectively and most economically: while, by increasing the general mass of productions, it diffuses general benefit, and binds together by one common tie of interest and intercourse, the universal society of157 nations throughout the civilized world. ”

“ As I said, we've got experts from a wide range of business sectors, and what we're going to talk about is, are there mechanisms that we can start putting in place where we see the kind of growth that used to characterize the U.S. economy -- export-driven growth, manufacturing growth, growth that pays high wages and provides high living standards for a broad-based middle class. ”

“ A country which produces for a larger market than its own, can introduce a more extended division of labour, can make greater use of machinery, and is more likely to make inventions and improvements in the processes of production. Whatever causes a greater quantity of anything to be produced in the same place, tends to the general increase of the productive powers of the world. ”

“ We have surveyed the field of economical facts, and have examined how they stand related to one another as causes and effects; what circumstances determine the amount of production, of employment for labour, of capital and population; what laws regulate rent, profits, and wages; under what conditions and in what proportions commodities are interchanged between individuals and between countries. We have thus obtained a collective view of the economical phenomena of society, considered as existing simultaneously. ”

“ Aiming at greater production, economy and efficiency, through their large means and modern improvements, than had been possible with small concerns, they marked a forward step in that progressive industrial, commercial and financial march which has created our vast national wealth and made this country the Wonder of the World. ”

“ Though the returns, therefore, of the foreign trade of consumption should be as quick as the home497 trade, the capital employed in it will give but one half the encouragement to the industry or productive labour of the country. ”

“ If two countries which trade together attempted, as far as was physically possible, to produce for themselves what they now import from one another, the labour and capital of the two countries would not be so productive, the two together would not obtain from their industry so great a quantity of commodities, as when each employs itself in producing, both for itself and for the other, the things in which its labour is relatively most efficient. ”

“ The great wealth created by our enterprise and industry, and saved by our economy, has had the widest distribution among our own people, and has gone out in a steady stream to serve the charity and the business of the world. The requirements of existence have passed beyond the standard of necessity into the region of luxury. Enlarging production is consumed by an increasing demand at home and an expanding commerce abroad. ”

“ It is quite as important to the happiness of mankind, that our enjoyments should be increased by the better distribution of labour, by each country producing those commodities for which by its situation, its climate, and its other natural or artificial advantages it is adapted, and by their exchanging them for the commodities of other countries, as that they should be augmented by a rise in the rate of profits. ”

“ From the causes now enumerated, unless counteracted by others, the progress of things enables a country to obtain at less and less of real cost, not only its own productions but those of foreign countries. ”

“ For generations, our Nation's free enterprise system has provided consumers an unparalleled selection of high quality goods and services, as well as ample opportunities for earning, spending, and investing personal income. Now, as more and more countries around the world adopt market-oriented economies, thereby expanding global trade and commerce, consumers stand to benefit from an ever wider array of options. ”

“ Yet although countries of industrial production and those producing raw materials exist side by side and depend upon one another, such “international division of labour” should not be regarded as a sign that mankind is about to attain to a higher stage of development which it would be proper to contrast, under the label of world economy, with the ... ”

“ They are pre-eminently qualified to stimulate a brisk traffic in goods under conditions hitherto determined by natural economy and both are significant in economic history as mile-stones along the route of rapid dissolution of old economic organisations, of social crises and of the development of modern conditions, that is to say of the development of commodity economy to begin with, and further of the production of capital. ”

“ The higher civilization advances, the dearer all those commodities in the production of which the factor nature with [pg 390] value in exchange predominates are apt to become; and the cheaper, on the other hand, all those in which labor and capital play the principal productive part.790 This is accounted for, not only by the almost unlimited capacity of labor and capital to be increased, while the natural forces which have value in exchange are susceptible of increase to so small an extent ”

“ It is established, that the advantage which two countries derive from trading with each other, results from the more advantageous employment which thence arises, of the labour and capital—for shortness let us say the labour—of both jointly. The circumstances are such, that if each country confines itself to the production of one commodity, there is a greater total return to the labour of both together; and this increase of produce forms the whole of what the two countries taken together gain by the trade. ”

“ International trade and finance, if given a free hand, may be trusted to bring about, between them, the utmost possible development of the power of the world to grow and make things in the places where they can be grown and made most cheaply and abundantly, in other words, to secure for human effort, working on the available raw material, the greatest possible harvest as the reward of its exertions. ”

“ The possibility of substituting the large system of production for the small, depends, of course, in the first place, on the extent of the market. The large system can only be advantageous when a large amount of business is to be done: it implies, therefore, either a populous and flourishing community, or a great opening for exportation. ”

“ If, therefore, it be asked what country draws to itself the greatest share of the advantage of any trade it carries on, the answer is, the country for whose productions there is in other countries the greatest demand, and a demand the most susceptible of increase from additional cheapness. In so far as the productions of any country possess this property, the country obtains all foreign commodities at less cost. ”

“ They prevent a saving of labour and capital, which, if permitted to be made, would be divided in some proportion or other between the importing country and the countries which buy what that country does or might export. ”

“ But when two countries exchange with each other the commodities which each has some comparative facility for producing, each country is permanently benefited, and therefore such a trade will be lasting and stable in its character. ”

“ But if by gain be meant saving of labour and capital in obtaining the commodities which the country desires to have, whatever they may be; the country will gain, not in proportion to its own need of foreign articles, but to the need which foreigners have of the articles which itself produces. ”

“ Our courts of justice, our financial institutions, our methods of trade, and our schools of all grades are examples of social harmonies which found their form by long conflict, and settled down to smooth action by custom. The financial institutions and the methods of trade belong to the economic system. The system of production is modern and new. ”

“ With the emergence of modern industry, and its production of large amounts of surplus commodities, important industrial groups like Britain and Germany which depended for their prosperity on their ability to find foreign markets for their surplus commodities, have been driven to a fierce struggle for these markets. ”

“ This important feature in the economical progress of nations will receive full consideration and discussion in the succeeding book.256 It is obviously a totally different thing from a want of market for commodities, though often confounded with it in the complaints of the producing and trading classes. The true interpretation of the modern or present state of industrial economy is, that there is hardly any amount of business which may not be done, if people will be content to do it on small profits ”

“ In the countries in which there are the largest markets, the widest diffusion of commercial confidence and enterprise, the greatest annual increase of capital, and the greatest number of large capitals owned by individuals, there is a tendency to substitute more and more, in one branch of industry after another, large establishments for small ones. ”

“ We've taken concrete steps to strengthen the world economy. We've agreed on measures to anticipate and prevent future financial crises, like the one that happened earlier this year in Mexico, and to promote economic growth in countries that will provide markets of tomorrow for our American exports. ”

“ He shewed, that the advantage of an interchange of commodities between nations consists simply and solely in this, that it enables each to obtain, with a given amount of labour and capital, a greater quantity of all commodities taken together. ”

“ Capital, then, is wealth invested in industry, finance is the machinery by which this process of investment is carried out, and international finance is the machinery by which the wealth of one country is invested in another. ”

“ All things look, not only to the integration of trade, but to its exaltation.
Trade has ceased to be a thing of individual energy, talent, and commercial alertness. It has risen to great proportions. The large trader is in control of national conduit, as well as of national expense. There is a great deal more in business than the art of making money. Business is, at the roots, a way of making nations; of developing the resources of a country, of handling its industries, of protecting its commerce, of enlarging its institutions, of uplifting its training, aspirations, and ideals. ”

“ We have the power, gentlemen, of going back to the time when protection was in full and unchecked force, and of examining the effect which it produced313 upon the wealth of the country. How, will you say, do I mean to test that wealth? I mean to test that wealth by the exports of the country, and I will tell you why, because your prosperity depends upon the wealth of your customers—that is to say, upon their capacity to buy what you produce. And who are your customers? Your customers are the industrial population of the country, who produce what we export and send all over the world. ”

“ Cost of Production not a regulator of international values. Extension of the word “international.” Some things it is physically impossible to produce, except in particular circumstances of heat, soil, water, or atmosphere. But there are many things which, though they could be produced at home without difficulty, and in any quantity, are yet imported from a distance. ”

“ The Economic Function.—The nation has an economic function. It is its business to encourage trade by means that seem most likely to help, whether by subsidies, tariffs, or expert advice; to protect all producers, distributers, and consumers by just laws and tribunals, so that unfair privileges shall not be enjoyed by the few at the expense of the many, and to provide in every legitimate way for the spread of information and for experimentation that agriculture, mining, and manufacturing may be improved. ”

“ This is the moment when we must build on the wealth that open markets have created, and share its benefits more equitably. Trade has been a cornerstone of our growth and global development. But we will not be able to sustain this growth if it favors the few, and not the many. ”