Quote of the Week

[T]he West cannot design a comprehensive reform for a poor country that creates benevolent laws and good institutions to make markets work. We have seen that the rules tat make markets work reflect a complex bottom-up search for social norms, networks of relationships, and formal laws and institutions that have the most payoff. To make things worse, these norms, networks, and institutions change in response to changed circumstances and their own past history. Political philosophers such as Burke, Popper, and Hayek had the key insight that his social interplay was so complex that top-down reform that tried to change all the rules at once could make things worse rather than better.

— William Easterly, The White Man’s Burden (Penguin: New York, 2006), p. 100.

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