The Birth of Plenty Quotes

“P. J. O’Rourke: “North Korea has a 99% literacy rate, a disciplined, hardworking society, and a $900 per capita GDP. Morocco has a 43.7% literacy rate, a society that spends all day drinking coffee and pestering tourists to buy rugs, and a $3,260 per capita GDP.”1”
― William J. Bernstein, The Birth of Plenty: How the Prosperity of the Modern Work Was Create

“Such high interest rates are prohibitive for long-term projects; at 20% per annum, the amount owed doubles in less than four years. With such a crushing future burden, no rational businessman or corporation borrows to fund a project that will not become profitable for five or ten years, as is the case with most large commercial undertakings.”
― William J. Bernstein, The Birth of Plenty: How the Prosperity of the Modern Work Was Create