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Does the world economy need real global trade and finance standards? How could they be implemented?
The inadequacies of our global economy become more apparent by the day. The global recession and the current dilemma with the Euro both exposed the need for universal banking, currency, and labor standards. If we want to continue participating in such an interconnected system, we must agree to some ground rules to obtain any semblance of stability.
Even in a country like Germany, who had more conservative banking rules, requiring a larger percentage of capital on hand, and an industrious populous, who have some of the highest employment figures in the world, are not immune to the fallout from the bad judgment of the US or Greece.
As long as the Chinese keep their currency valued far below it's actual value and work their people harder than anyone else in the world, they will enjoy continued success. They have achieved this success by allowing companies to make their employees work in atrocious conditions for pennies a day for the past few decades, while we in the industrialized world are forced to compete with this inhumane behemoth saddled with inconveniences like the minimum wage and fair labor laws. Not to mention, the fractured and opinionated populous that are the natural products of a free press and a more true democracy.
In my view, without international trade rules requiring humane labor practices and safe currency and banking standards, we will all continue to pay for the mistakes of the few indefinitely.
It seems that in our current system, the most successful societies will be those that sacrifice leisure time and civil rights for prosperity, and we will all be forced to forgo these pleasantries if we wish to compete. It's a race to the bottom, and those willing to endure the worst will eventually be the best fed.
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Latest Post: May 28, 2010 at 2:58 AM
Number of posts: 1
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