Now HERE’S an article about international economics that I enjoyed. I’m easily bored by folks talking about interest rates, monthly retail aggregates, and blah blah blah. The article speaks my language; I enjoy the most vague and vast implications of macroeconomic theory.
We’re still figuring out how the dynamic between Eastern goods exporters and Western spenders is going to play out in the future. Economic insecurity arising in historically stable nations (recent history, that is) may upset many tables. I’ve heard over and over that this will shift power to those countries with the most natural resources and the largest industrial output. Maybe, but the article highlights how China, Vietnam, Singapore, and most Eastern countries depend on exporting to the EU, North America, and elsewhere for their strength. It is in their interest not to allow our table to be turned. We fall, they follow. The world is a tangled web of interdependencies. I doubt that we’ll see any clear winners arise from our economic setback.
My favorite word of the week: Schadenfreude. It means “pleasure derived from the misfortunes of others,” according to Wikipedia. I found it in an article reviewing Dubai’s recent woes and the lessons it’s learning whilst the world is watching. We can easily find pleasure as we watch other parts of the world struggle, but we won’t be so happy when the ripple in their economy affects those connected to it and eventually turns into a wave heading for our back yard. Just a thought.
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