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Monetary policy is far from the whole picture here. Global policy makers are dealing with about 25% of the global population being lifted from poverty over the
by howmayiannoyyou 4y ago
Monetary policy is far from the whole picture here. Global policy makers are dealing with about 25% of the global population being lifted from poverty over the last several decades and their increased consumption and wages are supply-side inflationary in ways not easily (or appropriately) reversed. The impact isn't just economic. Inflation is destabilizing (Venezuela, Argentina, Turkey).
The west invested heavily in manufacturing and resource extraction in the developing world for profit (mostly) and virtue (slightly) and inflation was always the likely outcome.
The only alternative to a global recession is step changes in productivity that relieves supply side pressure. Historically, those advancements can emerge quickly, but they are usually slow to propagate.
- landemva 4y agoMuch manufacturing left the West to relocate the pollution. Pollution colonialism.
- joshlemer 4y agoPlease. China and others who benefited from trade with the West could have chosen not to allow industries to operate in their countries. They prioritized the economic benefits over environmental concerns all on their own, it's not colonialism.
- concinds 4y agoAnd the argument there is that poor countries being forced to keep their populations in poverty to protect the environment while the West could develop while polluting as much as it wants, is unfair. They can easily argue that the West has a duty to help fund the Global South's clean energy infrastructure. The West deliberately sought out this oursourcing, and benefited from it just as much as China and the South did.