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"It used to be said that when the U.S. sneezed, the world caught a cold. The opposite is equally true today."
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"So the American economy needs the world, and the world needs the American economy."
"It says something about this new global economy that USA Today now reports every morning on the day's events in Asian markets."
"The more I come to know about the outside world's perception of China, the more I feel there are all sorts of misunderstandings, and to a certain extent, people do not get the full picture from the media. A lot of foreigners have few opportunities to visit China, and a lot of Chinese people do not have the chance to go to Europe or to the West."
"The world is getting so small. Young people are mobile; they want to travel around the world. When you travel around the world, you exchange culture, you want to make friends, you want to exchange things."
"Russia should support globalization. The Internet can develop in Russia in a very speedy way."
"We may freak out globally, but we suffer locally."
"The more worrying feature of the new global corporate structures is their capacity to devastate national labour markets by transferring their operations to cheaper locations overseas."
"Contagion has become very much a phenomenon, and it's a phenomenon of globalization."
"It has been said that arguing against globalization is like arguing against the laws of gravity."
"Most agree, whatever their party political position, that the West can and should open its agricultural markets more fully to the products of the poorer countries of the globe. They are agricultural societies that need our markets more than our charity."
Explore more quotes by Larry Summers
"It says something about this new global economy that USA Today now reports every morning on the day's events in Asian markets."
"Now is the time for us to strike. We must strengthen our foothold in Asia, to ensure no nation overtakes us."
"Global capital markets pose the same kinds of problems that jet planes do. They are faster, more comfortable, and they get you where you are going better. But the crashes are much more spectacular."
"The dramatic modernization of the Asian economies ranks alongside the Renaissance and the Industrial Revolution as one of the most important developments in economic history."
"The United States basically accepted protection abroad as the price of post-war recovery. Now, that these countries have caught up to our level of prosperity, it is time for them to catch up to our level of openness."
"It was wrong to allow Stalin to shape the European landscape of the 20th century. It would be even more wrong to let him shape the landscape of the 21st century."
"We are inheriting the worst financial system since the Depression. We're inheriting a situation - when people go back and study major banking crises a quarter century from now, the one that America developed in 2007 and 2008 is going to be one of those crises."
"You can't have a situation in which companies proceed on a permanent basis relying only on cash from the government."
"Blaming speculators as a response to financial crisis goes back at least to the Greeks. It's almost always the wrong response."
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