Tuesday, June 01, 2010

World Economics and National Finance

I may be wrong, but I have a "jaundiced" Charles Dickens view of world economics and national finance.

On the scale of nations, money and journal entries are merely one way of assigning "rights" in a given system of monetary exchange and they tell only one small part of the picture.

The key parameters -- in my view -- are non-monetary, namely:
  • who owns the means of production
  • who owns the natural resources
  • who controls the labor to make products
  • who controls the markets, not just for goods and services, but also for transport
  • who wields financial power in the institutions
  • who holds the military might
  • who controls food, water and energy
  • what level of competence do national leaders (political, legal, business) have
  • what level of competence marks the population as a whole
  • what philosophy or consensus guides a nation
Countries that are able to give positive answers to these questions will thrive in spite of what one reads in the papers.

Those who give negative answers -- God help them -- but money alone won't help them.
We give no example countries here - pick your own at your own leisure.
You still can not buy into modern civilization with a dollar. It takes more than that.

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