Get Economics: Making Sense of the Modern Economy PDF

By Simon Cox

ISBN-10: 1861976062

ISBN-13: 9781861976062

Best writers and members to "The Economist" have come jointly to carry an available and professional research that indicates readers the way to make feel of the fashionable economic system. It specializes in the severe subject matters of the day, together with: * China's upward thrust and what it presages for the world's economic climate * Globalization--its quick upward push and vocal rivals * The U.S. budge deficit--and why it truly is risky * international locations in turmoil--why former giants like Germany and Japan have run into difficulty. * The arteries of capitalism--the intersections of monetary markets, significant banks, and international capital * monetary proof and fallacies

This is a probing and thought-provoking evaluate that would interact readers with an intersest within the concerns affecting our international.

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Extra info for Economics: Making Sense of the Modern Economy

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But how can a small, exceptionally open economy such as Denmark manage to collect more than 50% of gdp in taxes, in utter defiance of the logic of global capitalism? The answer seems inescapable: Denmark no longer exists, and questions are starting to be asked about the existence of many other European countries. At least, that is how it looks in theory; in practice, the theory needs to be looked at again. The limits of government The alleged squeeze on government arises from the fact that, in a world of integrated economies, again in Mr Rodrik’s words, “owners of capital, highly skilled workers, and many professionals … are free to take their resources where they are most in demand”.

Of course you could argue that decency merely requires multinationals to pay wages that are “fair”, even if not on a par with wages in the industrial countries. Any mandatory increase in wages runs the risk of reducing the number of jobs created, but you could reply that the improvement in welfare for those who get the higher pay, so long as the mandated increase was moderate and feasible, would outweigh that drawback. Even then, however, two difficult questions would still need to be answered.

Beware foreign capital One of the clearest lessons for international economics in the past few decades, with many a reminder in the past few years, has been that foreign capital is a mixed blessing. This stricture does not apply so much to fdi because, unlike debt, fdi does not need to be serviced and cannot flee at short notice. But other forms of foreign capital, and especially short-term bank debt, have led many a developing country into desperate trouble. Because of the debt crisis, the 1980s were a lost decade for Latin America; in different ways, Argentina and Brazil have both found themselves in difficulty again because of debt.

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Economics: Making Sense of the Modern Economy by Simon Cox

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