3 ms·
Perpetual trade deficit is modern system of tribute.
by engineer_22 6mo ago
Perpetual trade deficit is modern system of tribute.
- JumpCrisscross 6mo ago> Perpetual trade deficit is modern system of tribute Probably not. Equatorial Guinea, Palau and Kyrgyzstan run the largest current-account deficits as fractions of GDP [1]. (Current account counts goods and services.) [1] https://en.wikipedia.org/wiki/List_of_countries_by_current_account_balance https://en.wikipedia.org/wiki/List_of_countries_by_current_a...
- engineer_22 6mo agoResource extraction... High value infra projects in, low value unprocessed resource out. Edit: Palau is the exception, it's main industry is tourism. Wealthy westerners come and consume and leave. Palau doesn't produce anything so all that consumption must be imported. US current accounts deficit ~1 trillion annually, greater than your counterexamples' total combined economies. This should be a clue it's not the same mechanism of action.