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Developing countries often have hypertrophied bureaucracies, requiring businesses to deal with enormous amounts of red tape.
James Surowiecki
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James Surowiecki
Age: 57
Born: 1967
Born: April 30
Journalist
Writer
Meriden
Connecticut
James Michael Surowiecki
Amount
Bureaucracy
Deals
Businesses
Often
Tape
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Developing
Red
Enormous
Bureaucracies
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Requiring
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The ban on sports betting does exactly what Prohibition did. It makes criminals rich.
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The profit motive, indecorous though it may seem, may represent the best chance the poor have to reap some of globalization's benefits.
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From a social point of view, it's beneficial that homeownership encourages commitment to a given town or city. But, from an economic point of view, it's good for people to be able to leave places where there's less work and move to places where there's more.
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Movies' mistrust of capitalism is almost as old as the medium itself.
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In the heart of the Great Depression, millions of American workers did something they'd never done before: they joined a union. Emboldened by the passage of the Wagner Act, which made collective bargaining easier, unions organized industries across the country, remaking the economy.
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Of course, presidents are always blamed or rewarded for the state of the economy.
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I tend to have a hard time working on pieces long before they're due. That's why I think the fact that I write a column is really good for me - the column has to be done, and there's no getting around it.
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When all is said and done, cheap gas is an illusion, because our reliance on gas creates a whole series of costs that aren't factored in to the pump price - among them congestion, pollution, and increased risk of accidents.
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All things being equal, letting people make decisions for themselves will produce smarter outcomes, collectively, than relying on government planners.
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In part because individual judgement is not accurate enough or consistent enough, cognitive diversity is essential to good decision making.
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As technology improves, on-screen avatars look more and more like real people. When they start looking too real, though, we pull away. These almost-humans aren't quite right they look creepy, like zombies.
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Real politics is messy and morally ambiguous and doesn't make for a compelling thriller.
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No decision-making system is going to guarantee corporate success. The strategic decisions that corporations have to make are of mind-numbing complexity. But we know that the more power you give a single individual in the face of complexity and uncertainty, the more likely it is that bad decisions will get made.
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Corporate welfare isn't necessarily a bad thing.
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If private-equity firms are as good at remaking companies as they claim, they don't need tax loopholes to make money.
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Self-dealing, essentially, occurs when managers run companies to line their own pockets instead of those of the companies' owners. It's been a perennial problem in American capitalism and became a real dilemma when America moved toward a model in which corporations would be run by professional managers who had only small ownership stakes.
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The business of America shouldn't be subsidizing business.
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You might think of consumption as a fairly passive activity, but buying new products and services is actually pretty risky, at least if you value your time and money.
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Workers who come to the U.S. see their wages and their standard of living boosted sharply simply by crossing the border. That's a good thing, and one of the best arguments for immigration reform, even if you'll rarely hear a politician make it.
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The typical American corporation is a shareholders' republic the same way that China is a peoples' republic.
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