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Russia has gone through eight years of continuing economic pain.

Jeffrey Sachs

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Jeffrey Sachs
Age: 70
Born: 1954
Born: November 5
Economist
University Teacher
Writer
Detroit
Michigan
Jeffrey David Sachs
Jeffrey D. Sachs
Continuing
Russia
Eight
Economic
Gone
Pain
Years

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Devaluations are never easy.
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We had a booming stock market in 1929 and then went into the world's greatest depression. We have a booming stock market in 1999. Will the bubble somehow burst, and then we enter depression? Well, some things are not different.
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The great leaders of the second world war alliance, Franklin Roosevelt and Winston Churchill, understood the twin sides of destruction and salvation. Their war aims were not only to defeat fascism, but to create a world of shared prosperity.
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The runs started in Thailand after the IMF intervened in such a dramatic way. Then the IMF came to Indonesia.
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The rich do not have to invest enough in the poorest countries to make them rich they need to invest enough so that these countries can get their foot on the economic ladder . . . Economic development works. It can be successful. It tends to build on itself. But it must get started.
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The essence of Africa's crises is fundamentally it's extreme poverty.
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It's not so unusual to run out of someone else's currency.
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My concern is not that there are too many sweatshops, but that there are too few.
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Every morning our newspapers could read, 'More than 20,000 people perished yesterday of extreme poverty.' How? The poor die in hospital wards that lack drugs, in villages that lack antimalarial bed nets, in houses that lack safe drinking water. They die namelessly, without public comment. Sadly, sad stories rarely get written.
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Roosevelt talked not only about Freedom from Fear, but also Freedom from Want.
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In Asia, a lot of successful economies that had been living on their own saving, decided to open up their financial markets to international capital in the early 1990s. So here were countries doing quite well, but they decided to borrow a bit more and do even better.
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At the most basic level, the key to ending extreme poverty is to enable the poorest of the poor to get their foot on the ladder of development.
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Let the future say of our generation that we sent forth mighty currents of hope and that we worked together to heal the world.
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My colleagues and I took a stand in our work several years ago that we would not look for the magic bullet, because there is none. These are just basic problems requiring basic work. Nothing magic about it.
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Business often does a good job supporting communities: the arts, universities, and scientific enterprises... But that philosophy has rarely reached poor countries. Even businesses that are enlightened in their home bases see Africa, Latin America, and parts of Asia as places to exploit natural resources or use cheap labor.
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Globalization was a deep trend pushed by technology and right ideas, as much as anything else.
Jeffrey Sachs
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This is our greatest challenge: learning to live in a crowded and interconnected world that is creating unprecedented pressures on human society and on the physical environment.
Jeffrey Sachs
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The truth of good economic doctoring is to know the general principles, and to really know the specifics. To understand the context, and also, to understand that an economy may need some tender loving care, not just the so-called hard truths, if it's going to get by.
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White House and State Department foreign-policy experts are overwhelmingly directed towards military and diplomatic issues, not development issues.
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The Russian drama began at the end of 1991, when the Soviet Union mercifully ended. Russia and 14 other new countries emerged from the ruins of the Soviet Union. Every one of those 15 new states faced a profound historical, economic, financial, social and political challenge.
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