--- title: "Meaning & Key Takeaway of: It's probably conventional wisdom now…" description: "\"It's probably conventional wisdom now that you bring openness of markets only after the market has developed to a certain level.\" — James Wolfensohn" image: "https://sms4smile.com/quotes/i/0f0/james-wolfensohn-14014_conventional-wisdom_it-s-probably-conventional-wisdom-now-th_1346137.jpg" --- # It's probably conventional wisdom now that you bring… ![“It's probably conventional wisdom now that you bring openness of markets only after the market has developed to a certain level.” quote by James Wolfensohn](https://sms4smile.com/quotes/i/0f0/james-wolfensohn-14014_conventional-wisdom_it-s-probably-conventional-wisdom-now-th_1346137.jpg) [Download](https://sms4smile.com/quotes/i/0f0/james-wolfensohn-14014_conventional-wisdom_it-s-probably-conventional-wisdom-now-th_1346137.jpg) [Open image](https://sms4smile.com/quotes/i/0f0/james-wolfensohn-14014_conventional-wisdom_it-s-probably-conventional-wisdom-now-th_1346137.jpg) > “It's probably conventional wisdom now that you bring openness of markets only after the market has developed to a certain level.” [James Wolfensohn](https://sms4smile.com/quotes/author/james-wolfensohn/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Suggests that market openness should follow economic development, not precede it, to ensure stability and effectiveness. **In simple terms:** Open markets after development. Key Takeaway Delay liberalization until ready. Themes economics development policy Mood analytical pragmatic Type policy economic When to use this quote - emerging economies - policy reform - investment strategies - trade negotiations Key Concepts market maturity institutional capacity global trade Questions to Reflect On - When is the right time to open markets? - What indicators show market readiness? A Different Perspective Premature openness can cause instability. ★ ★ ★ ★ ★ No ratings yet [Bring Openness](https://sms4smile.com/quotes/about/bring-openness-2559017/) [Conventional wisdom](https://sms4smile.com/quotes/about/conventional-wisdom/) [Investing](https://sms4smile.com/quotes/about/investing/) [Market](https://sms4smile.com/quotes/about/market/) [Market Developed](https://sms4smile.com/quotes/about/market-developed-4561880/) [Now](https://sms4smile.com/quotes/about/now/) [Only](https://sms4smile.com/quotes/about/only/) [Openness](https://sms4smile.com/quotes/about/openness/) [Openness Markets](https://sms4smile.com/quotes/about/openness-markets-4561879/) [Probably Conventional](https://sms4smile.com/quotes/about/probably-conventional-4561881/) [Wisdom](https://sms4smile.com/quotes/about/wisdom/) ## Related quotes > [As both Republican Study Committee Chairman and Majority Whip, I've made it a top priority to bring openness and inclusiveness into the legislative process…](https://sms4smile.com/quotes/steve-scalise/as-both-republican-study-committee-chairman-and-majority-whip-i-ve/) [Steve Scalise](https://sms4smile.com/quotes/author/steve-scalise/) > [Science is based on experiment, on a willingness to challenge old dogma, on an openness to see the universe as it really is. Accordingly,…](https://sms4smile.com/quotes/carl-sagan/science-is-based-on-experiment-on-a-willingness-to-challenge-old/) [Carl Sagan](https://sms4smile.com/quotes/author/carl-sagan/) > [“What is carved on rocks were away in time. What is told from mouth to mouth will live forever.”](https://sms4smile.com/quotes/vietnamese/what-is-carved-on-rocks-were-away-in-time-what-is-told-from-mouth-to/) [Vietnamese](https://sms4smile.com/quotes/author/vietnamese/) > [Conventional wisdom tells us we'll only be happier after a divorce if the marriage itself was a war zone.](https://sms4smile.com/quotes/ariel-gore/conventional-wisdom-tells-us-we-ll-only-be-happier-after-a-divorce-if/) [Ariel Gore](https://sms4smile.com/quotes/author/ariel-gore/) > [The line that I am urging as today's conventional wisdom is not a denial of consciousness. It is often called, with more reason, arepudiation…](https://sms4smile.com/quotes/willard-van-orman-quine/the-line-that-i-am-urging-as-today-s-conventional-wisdom-is-not-a/) [Willard Van Orman Quine](https://sms4smile.com/quotes/author/willard-van-orman-quine/) > [Conventional wisdom on government's role in inequality often has it backwards. Tax reforms have resulted in a more progressive federal income tax; government transfer…](https://sms4smile.com/quotes/paul-ryan/conventional-wisdom-on-government-s-role-in-inequality-often-has-it/) [Paul Ryan](https://sms4smile.com/quotes/author/paul-ryan/) > [“If you're careful to listen to your instincts and question conventional wisdom, set priorities, and make thoughtful choices, eventually you will figure out how…](https://sms4smile.com/quotes/arlene-dickinson/if-you-re-careful-to-listen-to-your-instincts-and-question/) [Arlene Dickinson](https://sms4smile.com/quotes/author/arlene-dickinson/) > [All conventional wisdom has an element of truth to it, but good design requires more than an element of truth - it requires an…](https://sms4smile.com/quotes/henry-petroski/all-conventional-wisdom-has-an-element-of-truth-to-it-but-good-design/) [Henry Petroski](https://sms4smile.com/quotes/author/henry-petroski/) > [Hurricane Katrina overwhelmed levees and exploded the conventional wisdom about a shared American prosperity, exposing a group of people so poor they didn't have…](https://sms4smile.com/quotes/michael-eric-dyson/hurricane-katrina-overwhelmed-levees-and-exploded-the-conventional/) [Michael Eric Dyson](https://sms4smile.com/quotes/author/michael-eric-dyson/) > [“It is hard to find many better examples of values-first leadership than Ventura, California-based outdoor clothing company Patagonia. For more than 30 years, the…](https://sms4smile.com/quotes/brian-de-haaff/it-is-hard-to-find-many-better-examples-of-values-first-leadership/) [Brian de Haaff](https://sms4smile.com/quotes/author/brian-de-haaff/) > [“You have to remain critically vigilant.” Question every premise, challenge conventional wisdom, and never accept the truth of something merely because everyone else views…](https://sms4smile.com/quotes/walter-isaacson/you-have-to-remain-critically-vigilant-question-every-premise/) [Walter Isaacson](https://sms4smile.com/quotes/author/walter-isaacson/) > [What's different now is that while political leaders used to give talking points to talk radio, now talk-radio hosts are giving talking points to…](https://sms4smile.com/quotes/john-avlon/what-s-different-now-is-that-while-political-leaders-used-to-give/) [John Avlon](https://sms4smile.com/quotes/author/john-avlon/) > [“Ferguson also takes a swipe at the conventional wisdom surrounding aspects of World War I. “The key to the Allies’ victory was not an…](https://sms4smile.com/quotes/luke-williams/ferguson-also-takes-a-swipe-at-the-conventional-wisdom-surrounding/) [Luke Williams](https://sms4smile.com/quotes/author/luke-williams/) > [Contrarian thinking at its best simply asks, Is this really true? It speaks up when the politically correct answer or the conventional wisdom doesn't…](https://sms4smile.com/quotes/larry-osborne/contrarian-thinking-at-its-best-simply-asks-is-this-really-true-it/) [Larry Osborne](https://sms4smile.com/quotes/author/larry-osborne/) > [Whether you are buying a car or casting a ballot, choosing a job or planning a family, follow your moral compass. Don't let others…](https://sms4smile.com/quotes/denis-hayes/whether-you-are-buying-a-car-or-casting-a-ballot-choosing-a-job-or/) [Denis Hayes](https://sms4smile.com/quotes/author/denis-hayes/) ## More by James Wolfensohn > [The notion of the world as a village is becoming a reality.](https://sms4smile.com/quotes/james-wolfensohn/the-notion-of-the-world-as-a-village-is-becoming-a-reality/) [James Wolfensohn](https://sms4smile.com/quotes/author/james-wolfensohn/) > [If you're changing the status quo, whatever move you make is disrupting something else.](https://sms4smile.com/quotes/james-wolfensohn/if-you-re-changing-the-status-quo-whatever-move-you-make-is/) [James Wolfensohn](https://sms4smile.com/quotes/author/james-wolfensohn/) > [The future is in our hands. We are not hapless bystanders. We can influence whether we have a planet of peace, social justice, equity,…](https://sms4smile.com/quotes/james-wolfensohn/the-future-is-in-our-hands-we-are-not-hapless-bystanders-we-can/) [James Wolfensohn](https://sms4smile.com/quotes/author/james-wolfensohn/) > [The interesting thing about debt in most cases is that you have to pay it back. So if you build an overhang of debt,…](https://sms4smile.com/quotes/james-wolfensohn/the-interesting-thing-about-debt-in-most-cases-is-that-you-have-to/) [James Wolfensohn](https://sms4smile.com/quotes/author/james-wolfensohn/) > [The Bank had never used the word 'corruption' at all until I got there, and the reason for that was, as the general counsel…](https://sms4smile.com/quotes/james-wolfensohn/the-bank-had-never-used-the-word-corruption-at-all-until-i-got-there/) [James Wolfensohn](https://sms4smile.com/quotes/author/james-wolfensohn/) > [I'm not at all sure that Israel can determine what happens in Palestine, the Palestinian territories.](https://sms4smile.com/quotes/james-wolfensohn/i-m-not-at-all-sure-that-israel-can-determine-what-happens-in/) [James Wolfensohn](https://sms4smile.com/quotes/author/james-wolfensohn/) > [First of all, the people left, and they're now coming back. What we have to do is try and help them regain their lives,…](https://sms4smile.com/quotes/james-wolfensohn/first-of-all-the-people-left-and-they-re-now-coming-back-what-we-have/) [James Wolfensohn](https://sms4smile.com/quotes/author/james-wolfensohn/) > [If you enter the World Bank office in Washington, D.C., you will see written on the left wall, 'The purpose of the World Bank…](https://sms4smile.com/quotes/james-wolfensohn/if-you-enter-the-world-bank-office-in-washington-d-c-you-will-see/) [James Wolfensohn](https://sms4smile.com/quotes/author/james-wolfensohn/) > [I saw it with my own eyes: Israelis and Palestinians, arm in arm, walking off together and clearly pricing how you could get your…](https://sms4smile.com/quotes/james-wolfensohn/i-saw-it-with-my-own-eyes-israelis-and-palestinians-arm-in-arm/) [James Wolfensohn](https://sms4smile.com/quotes/author/james-wolfensohn/) > [In a democracy, you can be right and still lose power.](https://sms4smile.com/quotes/james-wolfensohn/in-a-democracy-you-can-be-right-and-still-lose-power/) [James Wolfensohn](https://sms4smile.com/quotes/author/james-wolfensohn/) > [Kosovo is an agricultural economy particularly. It also has a couple of good power stations that exported power, and the big cooperative which they…](https://sms4smile.com/quotes/james-wolfensohn/kosovo-is-an-agricultural-economy-particularly-it-also-has-a-couple/) [James Wolfensohn](https://sms4smile.com/quotes/author/james-wolfensohn/) > [The issue of poverty is not a statistical issue. It is a human issue.](https://sms4smile.com/quotes/james-wolfensohn/the-issue-of-poverty-is-not-a-statistical-issue-it-is-a-human-issue/) [James Wolfensohn](https://sms4smile.com/quotes/author/james-wolfensohn/) > [Well the specific role of the World Bank is to be ready with financial assistance immediately after this emergency takes place because you need…](https://sms4smile.com/quotes/james-wolfensohn/well-the-specific-role-of-the-world-bank-is-to-be-ready-with/) [James Wolfensohn](https://sms4smile.com/quotes/author/james-wolfensohn/) > [I think that so-called capitalism and trade is a very important element in giving people opportunity.](https://sms4smile.com/quotes/james-wolfensohn/i-think-that-so-called-capitalism-and-trade-is-a-very-important/) [James Wolfensohn](https://sms4smile.com/quotes/author/james-wolfensohn/) > [Rebuilding Afghanistan is not going to be solved by pouring billions in. Getting rid of the Taliban does not rid us of the problems…](https://sms4smile.com/quotes/james-wolfensohn/rebuilding-afghanistan-is-not-going-to-be-solved-by-pouring-billions/) [James Wolfensohn](https://sms4smile.com/quotes/author/james-wolfensohn/) [Explore all 48 James Wolfensohn quotes ](https://sms4smile.com/quotes/author/james-wolfensohn/) ## More Conventional wisdom quotes > [Whether you are buying a car or casting a ballot, choosing a job or planning a family, follow your moral compass. Don't let others…](https://sms4smile.com/quotes/denis-hayes/whether-you-are-buying-a-car-or-casting-a-ballot-choosing-a-job-or/) [Denis Hayes](https://sms4smile.com/quotes/author/denis-hayes/) > [Contrarian thinking at its best simply asks, Is this really true? It speaks up when the politically correct answer or the conventional wisdom doesn't…](https://sms4smile.com/quotes/larry-osborne/contrarian-thinking-at-its-best-simply-asks-is-this-really-true-it/) [Larry Osborne](https://sms4smile.com/quotes/author/larry-osborne/) > [“Ferguson also takes a swipe at the conventional wisdom surrounding aspects of World War I. “The key to the Allies’ victory was not an…](https://sms4smile.com/quotes/luke-williams/ferguson-also-takes-a-swipe-at-the-conventional-wisdom-surrounding/) [Luke Williams](https://sms4smile.com/quotes/author/luke-williams/) > [What's different now is that while political leaders used to give talking points to talk radio, now talk-radio hosts are giving talking points to…](https://sms4smile.com/quotes/john-avlon/what-s-different-now-is-that-while-political-leaders-used-to-give/) [John Avlon](https://sms4smile.com/quotes/author/john-avlon/) > [“You have to remain critically vigilant.” Question every premise, challenge conventional wisdom, and never accept the truth of something merely because everyone else views…](https://sms4smile.com/quotes/walter-isaacson/you-have-to-remain-critically-vigilant-question-every-premise/) [Walter Isaacson](https://sms4smile.com/quotes/author/walter-isaacson/) > [“It is hard to find many better examples of values-first leadership than Ventura, California-based outdoor clothing company Patagonia. For more than 30 years, the…](https://sms4smile.com/quotes/brian-de-haaff/it-is-hard-to-find-many-better-examples-of-values-first-leadership/) [Brian de Haaff](https://sms4smile.com/quotes/author/brian-de-haaff/) > [Hurricane Katrina overwhelmed levees and exploded the conventional wisdom about a shared American prosperity, exposing a group of people so poor they didn't have…](https://sms4smile.com/quotes/michael-eric-dyson/hurricane-katrina-overwhelmed-levees-and-exploded-the-conventional/) [Michael Eric Dyson](https://sms4smile.com/quotes/author/michael-eric-dyson/) > [All conventional wisdom has an element of truth to it, but good design requires more than an element of truth - it requires an…](https://sms4smile.com/quotes/henry-petroski/all-conventional-wisdom-has-an-element-of-truth-to-it-but-good-design/) [Henry Petroski](https://sms4smile.com/quotes/author/henry-petroski/) > [“If you're careful to listen to your instincts and question conventional wisdom, set priorities, and make thoughtful choices, eventually you will figure out how…](https://sms4smile.com/quotes/arlene-dickinson/if-you-re-careful-to-listen-to-your-instincts-and-question/) [Arlene Dickinson](https://sms4smile.com/quotes/author/arlene-dickinson/) > [Conventional wisdom on government's role in inequality often has it backwards. Tax reforms have resulted in a more progressive federal income tax; government transfer…](https://sms4smile.com/quotes/paul-ryan/conventional-wisdom-on-government-s-role-in-inequality-often-has-it/) [Paul Ryan](https://sms4smile.com/quotes/author/paul-ryan/) > [The line that I am urging as today's conventional wisdom is not a denial of consciousness. It is often called, with more reason, arepudiation…](https://sms4smile.com/quotes/willard-van-orman-quine/the-line-that-i-am-urging-as-today-s-conventional-wisdom-is-not-a/) [Willard Van Orman Quine](https://sms4smile.com/quotes/author/willard-van-orman-quine/) > [Conventional wisdom tells us we'll only be happier after a divorce if the marriage itself was a war zone.](https://sms4smile.com/quotes/ariel-gore/conventional-wisdom-tells-us-we-ll-only-be-happier-after-a-divorce-if/) [Ariel Gore](https://sms4smile.com/quotes/author/ariel-gore/) > [“What is carved on rocks were away in time. What is told from mouth to mouth will live forever.”](https://sms4smile.com/quotes/vietnamese/what-is-carved-on-rocks-were-away-in-time-what-is-told-from-mouth-to/) [Vietnamese](https://sms4smile.com/quotes/author/vietnamese/) > [Science is based on experiment, on a willingness to challenge old dogma, on an openness to see the universe as it really is. Accordingly,…](https://sms4smile.com/quotes/carl-sagan/science-is-based-on-experiment-on-a-willingness-to-challenge-old/) [Carl Sagan](https://sms4smile.com/quotes/author/carl-sagan/) > [“For all the tenure of humans on Earth, the night sky had been a companion and an inspiration. The stars were comforting. They seemed…](https://sms4smile.com/quotes/carl-sagan/for-all-the-tenure-of-humans-on-earth-the-night-sky-had-been-a/) [Carl Sagan](https://sms4smile.com/quotes/author/carl-sagan/) [Browse all 249 Conventional wisdom quotes ](https://sms4smile.com/quotes/about/conventional-wisdom/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "It's probably conventional wisdom now that you bring openness of markets only after the market has developed to a certain level.", "creator": { "@type": "Person", "name": "James Wolfensohn" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/james-wolfensohn/it-s-probably-conventional-wisdom-now-that-you-bring-openness-of/", "about": { "@type": "Thing", "name": "Conventional wisdom" }, "@id": "https://sms4smile.com/quotes/james-wolfensohn/it-s-probably-conventional-wisdom-now-that-you-bring-openness-of/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/0f0/james-wolfensohn-14014_conventional-wisdom_it-s-probably-conventional-wisdom-now-th_1346137.jpg", "contentUrl": "https://sms4smile.com/quotes/i/0f0/james-wolfensohn-14014_conventional-wisdom_it-s-probably-conventional-wisdom-now-th_1346137.jpg", "url": "https://sms4smile.com/quotes/i/0f0/james-wolfensohn-14014_conventional-wisdom_it-s-probably-conventional-wisdom-now-th_1346137.jpg", "width": 1080, "height": 1080, "caption": "“It's probably conventional wisdom now that you bring openness of markets only after the market has developed…” — James Wolfensohn", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "James Wolfensohn", "item": "https://sms4smile.com/quotes/author/james-wolfensohn/" }, { "@type": "ListItem", "position": 4, "name": "It's probably conventional wisdom now that...", "item": "https://sms4smile.com/quotes/james-wolfensohn/it-s-probably-conventional-wisdom-now-that-you-bring-openness-of/" } ], "@id": "https://sms4smile.com/quotes/james-wolfensohn/it-s-probably-conventional-wisdom-now-that-you-bring-openness-of/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```