2 ms·

You missed one massive advantage: the US has a good and reliable legal system. It can not be overstated how good this is for an economy, and it's something eme

You missed one massive advantage: the US has a good and reliable legal system. It can not be overstated how good this is for an economy, and it's something emerging markets struggle with, and even some of the advanced economics. It'll always be easier to start and run a business where you can rely on tribunals to solve problems quickly and somewhat fairly.

deleted 4y ago
[deleted]
wodenokoto 4y ago
Who are we calling an "advanced economy", but also considering having an unreliable legal system? Contenders, in my mind: - China, second largest economy, but generally still considered developing, so I don't think it counts as "advanced" - Russia? They've been a big player in the world economy long enough it is hard to call it a developing country.
- riffraff 4y ago
  Italy for example (second exporter in Europe, tenth by GDP in the world) has notorious issues with its legal system (for a variety of reasons) where trial may take many years to be concluded.
  - dtech 4y ago
    That export sounds like a suspicious claim, do you have sources? afaik DE, FR and NL are much bigger exporters, and a random Google result seems to back that, placing Italy 5th in EU absolutely and almost last by GDP [1] [2] [1] https://data.worldbank.org/indicator/NE.EXP.GNFS.KD?locations=EU&most_recent_value_desc=true https://data.worldbank.org/indicator/NE.EXP.GNFS.KD?location... [2] https://data.worldbank.org/indicator/NE.EXP.GNFS.ZS?locations=EU&most_recent_value_desc=true https://data.worldbank.org/indicator/NE.EXP.GNFS.ZS?location...
    - riffraff 4y ago
      You're right, I don't know where I got that factoid. Perhaps it was an industrial goods only statistic? I can't find it anyway now, so I may have just misremembered it.
  - wodenokoto 4y ago
    Wow, I stand corrected. Italy is scoring terribly. Somehow I thought “the old guard in EU are okay” https://www.theglobaleconomy.com/rankings/wb_ruleoflaw/ https://www.theglobaleconomy.com/rankings/wb_ruleoflaw/

deleted 4y ago

[deleted]

wodenokoto 4y ago

Who are we calling an "advanced economy", but also considering having an unreliable legal system? Contenders, in my mind: - China, second largest economy, but generally still considered developing, so I don't think it counts as "advanced" - Russia? They've been a big player in the world economy long enough it is hard to call it a developing country.

riffraff 4y ago
Italy for example (second exporter in Europe, tenth by GDP in the world) has notorious issues with its legal system (for a variety of reasons) where trial may take many years to be concluded.
- dtech 4y ago
  That export sounds like a suspicious claim, do you have sources? afaik DE, FR and NL are much bigger exporters, and a random Google result seems to back that, placing Italy 5th in EU absolutely and almost last by GDP [1] [2] [1] https://data.worldbank.org/indicator/NE.EXP.GNFS.KD?locations=EU&most_recent_value_desc=true https://data.worldbank.org/indicator/NE.EXP.GNFS.KD?location... [2] https://data.worldbank.org/indicator/NE.EXP.GNFS.ZS?locations=EU&most_recent_value_desc=true https://data.worldbank.org/indicator/NE.EXP.GNFS.ZS?location...
  - riffraff 4y ago
    You're right, I don't know where I got that factoid. Perhaps it was an industrial goods only statistic? I can't find it anyway now, so I may have just misremembered it.
- wodenokoto 4y ago
  Wow, I stand corrected. Italy is scoring terribly. Somehow I thought “the old guard in EU are okay” https://www.theglobaleconomy.com/rankings/wb_ruleoflaw/ https://www.theglobaleconomy.com/rankings/wb_ruleoflaw/