Vishnudeep Panicker

“West Germany, even after absorbing the migrants fleeing East Germany, had yet more jobs to fill, and in the 1960s signed agreements with Greece, Morocco, Portugal, Spain, Tunisia, Turkey, and Yugoslavia whereby they would send “guest” workers to West Germany, on condition they would eventually return. In 1973, foreign workers were one-eighth of the labor force in Germany. France was not far behind, with 2.3 million foreign workers, or 11 percent of the labor force. Many of these were employed for childcare, as cooks, and as custodians.20 England drew immigrants from the Caribbean and South Asia, including those expelled by Idi Amin from East Africa.”
― Raghuram G. Rajan, The Third Pillar: How Markets and the State Leave the Community Behind

“Even outside the EEC, global trade grew as new multilateral organizations like the General Agreement on Trade and Tariffs pushed for lower import tariffs across the world. The IMF helped, monitoring exchange rates so that no country attempted to get an undue advantage from the increased openness by depreciating its exchange rate and exporting more—the “beggar-thy-neighbor” strategy that was much feared during the Great Depression.”
― Raghuram G. Rajan, The Third Pillar: How Markets and the State Leave the Community Behind

“These strongly Aristotelian attitudes, which still dominate many societies today, reflected a suspicion of the middleman. They were thought to make money not by adding intrinsic value to the traded item, but by moving goods or money to areas of shortage, or even, many believed, by creating the shortage in the first place.”
― Raghuram G. Rajan, The Third Pillar: How Markets and the State Leave the Community Behind

“As economist Alan Blinder has argued, all impersonal services that can be delivered electronically at a distance, with little or no degradation in quality, are potentially vulnerable.16 What will be harder to replace are human creativity, customization, and human empathy.”
― Raghuram G. Rajan, The Third Pillar: How Markets and the State Leave the Community Behind