economy

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Empire, a word that gets bounced around quite a bit in reference to corporations, popularity, and nation states. Ok, so what is an empire after all? For me, the word empire makes me think of stodgy Brits in red costumes (hehe, I mean uniforms) talking about the “white man’s burden.” So obviously, looking back in history we have the Roman empire, the Muslim empire, the Greeks, the British, etc. etc. etc. All of these examples of empires have military conquest at their center, yet, seem to have more factors involved than mere conquest. Would Rome be considered an empire if they had merely taken some lands? Rather we see a sort of cultural hegemony where conquested territories had local puppet rulers who worked with Roman administrators and basically conformed to Roman culture. People spoke Latin and Greek and generally tried to “do as the Romans do” because it enabled one to better climb the social ladder. Thus, there seems to be more involved with being an empire than mere conquest and rule. Read the rest of this entry »

GREENSPAN SAYS HE KNEW ABOUT ABUSES IN SUBPRIME LENDING BUT FAILED TO FORSEE THEIR PARALYZING MARKET EFFECTS UNTIL LATE 2005
Thu Sept 13 2007 12:30:11 ET

Was Greenspan really as clueless as he claims he was? Let’s look at some recent history to find out…

The clues lie in an article written by a young Greenspan in 1966 for the Ayn Rand journal “The Objectivist”. ‘Gold and Economic Freedom’ gives a simple synopsis of banking practices and the need for a Gold standard. These days precious metal standards to limit lending/inflation of currencies are generally considered an antiquated concept, but back in 1966 the U.S. was still on a pseudo-Gold standard. The objectivist/libertarian nature of Greenspan’s article may raise some hackles, but, please just focus on the overall economic implications of what he says. Keep in mind that Greenspan continues to be a follower of Rand and has never repudiated his previous assertions. So here are some of the things Greenspan has to say about credit practices and interest rates…

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It’s a no-brainer that India is currently in the midst of a large economic boom. However, not very long ago She was suffering. The South Asian economy had been a center of economic activity since ancient times. When European companies arrived on the scene in the 17th and 18th century they attempted to insert themselves into a booming textile and spice trade. South Asian port cities exported spices, foods, and textiles to Asia and the West, some even say that in the mid 18th century 1/4 of all the worlds textiles were provided by South Asia.
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Here is a very interesting article busting misconceptions about Indian economic inequality…

Income Inequality In India: Growth, Health And Development

Filed under: Growth, Health — Dweep @ 10:58 pm

Economists frequently cite economic growth as the surest way out of poverty for the developing world. In this context, China is an often mentioned example, where double digit growth has brought over 300 million people out of extreme poverty over the past few decades. But closely tied to growth is the question of equality - of growing the pie, as opposed to distributing it.

In discussions of equality, India usually does better in comparison to China. Proponents of India’s path to development often point out that income inequality in India has historically been relatively low. The UN Human Development Report 2006 estimated the Gini Index - an indicator of income inequality - for India to be 32.5 in 2000. This compares favorably with much of the world, including the USA and OECD countries (Sweden: 25; Norway: 25.8; USA: 40.8; China: 44.7; Brazil: 58 - low numbers are better).

Yes, India’s income distribution is relatively equal. But inequality is rising - fast.

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