"An emerging market is a country where politics matters at least as much as economics to the market."

“I believe that if you go and ask a chief executive of a Goldman Sachs or a BP, and they answer you honestly...they want monopolies, they want government subsidies, they want preferences – they're not interested in free markets.”

“Political scientists don't work at banks—which is a problem. As political issues become more important for the markets, analysts at banks are asked all sorts of questions they don't have the ability to answer. And if you're getting paid to answer questions—as analysts at banks are—you never want to be in the position of saying you don't know.”

“The developed world should neither shelter nor militarily destabilize authoritarian regimes—unless those regimes represent an imminent threat to the national security of other states. Developed states should instead work to create the conditions most favorable for a closed regime’s safe passage through the least stable segment of the J curve—however and whenever the slide toward instability comes. And developed states should minimize the risk these states pose the rest of the world as their transition toward modernity begins.”

“India and China offer intriguing mirror images. Modern India has long been open politically and, until recently, closed economically. Modern China has opened economically, but remains politically closed. The comparison reveals that, while politics and economics can never fully be separated, political openness is a better guarantor of long-term stability than economic openness.”

“It's not a third way between state capitalism and free markets, it is the free market way. Multi-national corporations should be the principal actors, but they should be properly regulated.”

“The G-Zero isn't aspirational, it's analytic. Unfortunately, it's also where we are.”