5 ms·

Had the same reaction. Seemed like such a silly thing to say. Does he know what the scale of Axie is and what the scale of national GDPs are? Seems so ridicu

Had the same reaction. Seemed like such a silly thing to say. Does he know what the scale of Axie is and what the scale of national GDPs are? Seems so ridiculous. But I also don't agree with your characterization of developing nation economies. You have your own blinders on. The degrees of freedom a developing country has are constrained ... but not mainly by outside market forces ... more their own internal institutional structures. India was isolated from all Western banking for the main part for a long time. Also insulated from competition from Western companies. That was not a good time for India. Turns out your own institutions can fuck up pretty well on their own. Openness and liberalization of an economy also come with complications but these are not "slave labor" and "colonization". I feel you have been exposed to some ideologies but have not actually tried to manufacture something in a developing country and seen the friction that prevents local economies from leveling up ... its not the EU or America stopping Indian manufacturing from leveling up ... its India's own internal complexities. If it was possible to do what you suggest, Taiwan, South Korea, and now Chinese advanced manufacturing would not exist. Countries just need to get their act together.

yunohn 5y ago
A lot of your response assumes I was talking about local manufacturing - but I was specifically talking about poverty and its relation to the globalised economy. Local manufacturing solves some things, not all things. But poverty is a result of innumerable things, of which manufacturing is only a small portion. There is an inherent arbitrage performed by developed economies through outsourcing, and Axie Infinity demonstrates that wonderfully. Obviously the story would never be “GameFi solves poverty in the USA” because it pays well below minimum wage in developed economies. Aside: There is no basis in humanity that foreign currencies are significantly lower in value than western currencies. It’s purely a result of historical economical forces resulting from colonisation.
bo0tzz 5y ago
> its India's own internal complexities Many of the 'internal' problems in developing nations root in historical colonialism.

yunohn 5y ago

A lot of your response assumes I was talking about local manufacturing - but I was specifically talking about poverty and its relation to the globalised economy. Local manufacturing solves some things, not all things. But poverty is a result of innumerable things, of which manufacturing is only a small portion. There is an inherent arbitrage performed by developed economies through outsourcing, and Axie Infinity demonstrates that wonderfully. Obviously the story would never be “GameFi solves poverty in the USA” because it pays well below minimum wage in developed economies. Aside: There is no basis in humanity that foreign currencies are significantly lower in value than western currencies. It’s purely a result of historical economical forces resulting from colonisation.

bo0tzz 5y ago

> its India's own internal complexities Many of the 'internal' problems in developing nations root in historical colonialism.