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Yes, but that has really nothing to do with economics. Globalization is above and beyond all else a result of the Internet, and digital communications, droppin
by neffy 9y ago
Yes, but that has really nothing to do with economics.
Globalization is above and beyond all else a result of the Internet, and digital communications, dropping latency to practically 0. No economist predicted, understood or indeed currently understands what that would bring, and what it is doing to our world.
At this point in time, the inability of the economics academy to understand, debate or indeed correct, the multiple feedback loops that are operating to concentrate money into the financial sector, is probably the biggest single threat to capitalism that has ever existed.
At the end of the day, it doesn't matter if power is concentrated through the monetary unit, or through the gun - or indeed the latter as a result of the former - the end is wide scale impoverishment.
- amalcon 9y ago> Globalization is above and beyond all else a result of the Internet I didn't downvote you, but the reason people are is probably that this is obviously wrong. Globalization began well before the Internet was commercialized.
- barry-cotter 9y agoContainer shipping did a lot more for economic growth in the last 50 years than the Internet did.
- neffy 9y agoAll part and parcel of the same thing. Literally. Container shipping comes as a result of technological development that comes as a result of increasing point to point communication speed and information transfer. It's an underlying and fundamental change across the globe. cf. printing presses did the same thing and ushered in 100 years+ of economic and social disruption.