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" If you look at the history of the American capital market, there's probably no innovation more important than the idea of generally accepted accountancy principles. "

Lawrence Summers

American

Innovation

You

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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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" 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. "

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" Contagion has become very much a phenomenon, and it's a phenomenon of globalization. "

" Many children are taught to believe in God. I came to believe in the power of systems analysis. "

" 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. "

" I think the economic logic behind dumping a load of toxic waste in the lowest wage country is impeccable and we should face up to it. "

Lawrence Summers

Country

Logic

" Now is the time for us to strike. We must strengthen our foothold in Asia, to ensure no nation overtakes us. "

" In politics, as in poetry, it is sometimes true that it is darkest before dawn. "

" I've always thought that underpopulated countries in Africa are vastly underpolluted. "

" 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. "

" It certainly was difficult to sell NAFTA because it's always difficult to sell open markets. "

" It says something about this new global economy that USA Today now reports every morning on the day's events in Asian markets. "

" Blaming speculators as a response to financial crisis goes back at least to the Greeks. It's almost always the wrong response. "