A couple of weeks ago a friend of mine sent me the link to the speech by Dominic Strauss-Kahn from April 13 2011 that would be his legacy. It was given in front of the Brookings institution and ended like this:
Let me conclude. A few thousand years ago, Aristotle wrote that “The best partnership in a state is the one which operates through the middle people…those states in which the middle element is large… have every chance of having a well-run constitution”.
This was true in the time of Aristotle, it was true in the time of Keynes, and it is true today. Stability depends on a strong middle class that can propel demand. We will not see this if growth does not lead to decent jobs, or if growth rewards the favored few over the marginalized many.
Ultimately, employment and equity are building blocks of economic stability and prosperity, of political stability and peace. This goes to the heart of the IMF’s mandate. It must be placed at the heart of the policy agenda. Thank you very much.
I always wanted to write some words around it, but now Joseph Stiglitz has taken up the topic in a recent article in The Economist’s Voice. What is it called when someone does your job without knowing it and without sending you a bill? Pre-free-outsourcing? Anyway, I recommend the article.