Meta Econ Takeover Day 25
514 sats \ 3 comments \ @Undisciplined 11 Nov 2023 meta
We focus so much on the problems of western economies (and I'm going to continue doing so in this post) that we can lose sight of what's going wrong elsewhere. Are there any major economies that are actually positioned to dethrone the west?
The Eurozone Disaster: Between Stagnation and Stagflation By Daniel Lacalle "The problem of the eurozone is not China, rate hikes, or the Ukraine war. The curse of the eurozone is central planning. Subsidizing obsolete sectors and zombie firms, bloated government spending, and high taxes."
Exposing Our Fed-Driven Bubble Economy (A review of David Stockman's new book) By David Gordon "The US economy has deteriorated into little more than a series of asset bubbles driven by the inflationary policies of the central bank."
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436 sats \ 2 replies \ @scottathan 11 Nov 2023
What seems more likely is that our economy becomes so cosmopolitan that the idea of western economies becomes somehwat inconsistent with reality, as borders and nations become fuzzy. In such a scenario, there isn't really anything to dethrone, as we all just enter one massive global economy
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0 sats \ 1 reply \ @Undisciplined OP 11 Nov 2023
I guess what I was thinking about is how there's always some rising economy that's going to overtake the western economies and they always come up short because they were even more distorted.
However culturally homogeneous the world is becoming, there still seems to be a real divide in how functional markets are around the world.
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436 sats \ 0 replies \ @scottathan 11 Nov 2023
That's valid. Maybe it comes down to a matter of interpretation. If the global economy evens out, that would result in non-western economies growing and absorbing parts of western ones, which could be seen as either overtaking them or as just the natural process of globalization
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