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Globalization of wealth is a result of treaties between sovereign nations. But if so much wealth is hidden and not tied to each nation's fate, those with the m

by leot 9y ago

Globalization of wealth is a result of treaties between sovereign nations. But if so much wealth is hidden and not tied to each nation's fate, those with the most power and influence lose the connection to their compatriots. This has led to the brittleness of the current international order. Since the fall of the USSR, national treaties no longer bottom out at the self-interest of each countries' residents. We are trusting a legal framework that has had its foundation severely degraded over the past 30 years.

wyager 9y ago
> Globalization of wealth is a result of treaties between sovereign nations. I think this is a questionable causal relationship. Globalization of wealth happened due to improved banking/monetary infrastructure; yes, governments giving permission for this to happen was a practical prerequisite, but I wouldn't say it's a "result" of international politics. In fact, as we can tell from another article currently on the front page (about Chinese bitcoin miners), globalization of wealth eventually happens whether governments want it or not.
- ethbro 9y ago
  Accessibility of global wealth seems more important. In the age of sail, I'm sure one could have stashed gold in some backwater city, which would have hidden it very effectively from any government. But then you couldn't use it. The international banking & legal systems now enable those with means to both keep wealth away from governments while still maintaining access to it for practical purposes.