Tag Archives: globalization

Will the world eventually come to an equilibrium where all nations will be developed and everyone will be out of poverty?

My answer on Quora: In the United States, the preamble to the nation’s constitution begins with “We the people of the United States, in order to form a more perfect union…” The idea of “a more perfect union” underpins the ultimate goal of the nation as defined from its inception: to become more perfect with every generation, […]

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What’s the IMF?

My answer on Quora: The International Monetary Fund (IMF) is a multilateral/international institution whose primary purpose is to be a lender of last resort to member governments. If one of its member countries is having a financial, banking or related crisis, or is about to have one, the IMF is there to lend that country’s […]

What are the pros of having a world currency?

My answer on Quora: Let’s define a world currency as a widely used currency for both international transactions and official reserves. An alternative interpretation would be a single currency for the whole world (see here for more on that). Direct benefits include very little exchange rate risk in international transactions, importing goods using your own […]

When is “good for the economy” not “good for the people”?

My answer on Quora: Let’s begin with a narrow view, then zoom out. With a very narrow view, I can think of an example or two, but they don’t amount to much. In the end, there is no durable example of something that is good for the economy but not good for the broad majority […]

A Better Job Adjusting

The winners and losers of globalization has been an especially popular news headline in the last year or two. Much can be made of whether or not globalization per se is the culprit of the shrinking middle classes of the U.S. and other advanced economies, and the rising middle classes of China and other developing economies. The pace and ease in […]