Frederic S Mishkin: Globalization and financial development Remarks by Mr Frederic S Mishkin, Member of the Board of Governors of the US Federal Reserve System, to the New Perspectives on Financial Globalization Conference, International Monetary Fund, Washington DC, 26 April 2007.
*  *  *  In the United States and many other countries, students learn that the key to success is hard work. Yet when we look at many developing countries, we see people who work extremely hard for long hours. Their wages are low, and so they remain poor. And as a whole, their countries remain poor.