Economics Quote by Bernard Connolly
““Schmidt agreed at the Bonn summit of world industrial leaders, in July 1978, to increase Germany’s budget deficit. The Bonn summit was a classic example of international economic ‘coordination’: one country agrees to do something that is bad for it on condition that another country does something equally bad for it. The world economy suffers, a diplomatic triumph is proclaimed, and the bureaucratic policy-making establishment on all sides comes away with a mandate for increased misdirected interference in economic life.””
About This Quote
Source Speech: Bonn Summit, July 1978, International Economic Coordination
Countries may deliberately worsen their own fiscal position to pressure others, leading to collective economic harm despite diplomatic praise.
In simple terms: Nations sacrifice themselves to force others, hurting the global economy.
Key Takeaway
Beware policies that trade one nation’s loss for another’s gain.
Themes
economics
politics
coordination
policy
diplomacy
Mood
cautious
critical
analytical
Type
political
economic
philosophical
When to use this quote
- budget planning
- international negotiations
- economic forecasting
- policy analysis
Key Concepts
collective action
tragedy of the commons
strategic sacrifice
Questions to Reflect On
- How can nations cooperate without harming each other?
- What safeguards prevent harmful economic bargains?
A Different Perspective
Such coordination can backfire, creating long‑term instability and resentment.
