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Russia has no need to export to anybody who isn’t providing it with actual stuff or services. Russia has its own free floating currency and can fund all activi
by neilwilson 4y ago
Russia has no need to export to anybody who isn’t providing it with actual stuff or services.
Russia has its own free floating currency and can fund all activity within Russia using that.
For the most part it just swaps excess resources for Chinese output. The Chinese can send their own boats to pick up the exports if necessary.
Probably the same with India.
What the ineffectiveness of the sanctions is showing is that “export led growth” is a essentially a myth.
- deleted 4y ago[deleted]
- mensetmanusman 4y agoIt’s a myth unless you need certain technology life improvements. Of course, countries that stay low tech do not need to interact with the outside world. See: North Korea.
- wizofaus 4y agoPretty sure North Korea's a long way from being self sufficient. It's offical government policy to be self sufficient in food production but just last year were suffering famine conditions in parts of the country.
- neilwilson 4y agoI’d rather see The United Kingdom and the industrial revolution. Did that stay low tech despite there being nobody else to exchange technology with at the time? Or did it just invent them itself?
- Arnt 4y agoNeither China nor India has the necessary fleet. Roughly 30% of the world's fleet would be necessary, and neither of those countries have that much (if you exclude ships financed/insured/serviced abroad). As to whether Russia needs to export — developing these oil/gas fields took a lot of effort. Clearly the Russians believed that there was benefit to doing it.