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  • For a long time, early industrializing countries were absorptive. They were endlessly able to absorb new labor inputs to keep expanding. This was both an economics and a worldview. Here in the United States, we have the Statue of Liberty sitting in the harbor in New York, which says in huge letters, We stand for absorptive capital. A poetic version: "Give me your tired, your poor, your huddled masses." But what it means is, Come here, we'll absorb you. We absorb these inputs and add them to our growing economy, and we manage this with liberal democracy.

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For a long time, early industrializing countries were absorptive. They were endlessly able to absorb new labor inputs to keep expanding. This was both an economics and a worldview. Here in the United States, we have the Statue of Liberty sitting in the harbor in New York, which says in huge letters, We stand for absorptive capital. A poetic version: "Give me your tired, your poor, your huddled masses." But what it means is, Come here, we'll absorb you. We absorb these inputs and add them to our growing economy, and we manage this with liberal democracy.

My own duty as a teacher...is not so much to interpret Beethoven, Wagner, or other masters of the past, but to give what encouragement I can to the young musicians of America. I...hope that just as this nation has already surpassed so many others in marvelous inventions and feats of engineering and commerce, and has made an honorable place for itself in literature in one short century, so it must assert itself on the...art of music...To bring about this result, we must trust the very youthful enthusiasm and patriotism of this country.

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