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Easter Island, Nauru and the Future-Eating Global Growth Economy

Expansive Economies and Limited Economies: Industrial capitalism is characterized by population growth, economic growth, expansion and intensification. [1] Although there was a short-lived case of industrial capitalism between about 1585 and 1622 in the Netherlands, [2] industrial capitalism as we know it today really originated in England, based on the apparently limitless fossil reserves of coal and the presence of many landless people who had to live by their labour. [3] These vast reservoirs of fuel gave rise to technologies that permitted mass production and facilitated the conquest and settlement of lands all over the globe. In the 20th century petroleum oil replaced coal as the fuel of industrial expansion, particularly where wheeled transport was concerned, although coal remained a mainstay for electricity production.

Modern Economic Paradoxes

"Why is Philippine labour cheaper than Australian labour, when supposedly they are of equal value? If there is no fundamental reason for the disparity, why does it persist? If the lower price represents an increased economic efficiency, then one would expect that the nations that jobs are off-shored to would be able to produce desired outputs at a greater rate and efficiency. Yet they are poorer and the people seek to move to countries with less efficient labour rates. Here we have two contradictory market forces. The first, movement of people, suggests that despite the increased cost, first world nations are a more desirable economic proposition. The second, movement of capital and jobs, suggests that the increased cost in the first world nations is not worth it, and third world nations present a more desirable economic proposition. They both can't be right, yet our economic world-view is that both are."

How much further can developer-debts drag us down?

Australian private debt is proportionately higher than US debt. Financial sector debt is significant and Govt debt is relatively small. Why then is so-called excessive Goverment debt ALL we ever hear about from the media and the growls emanating from the political bear-pit? Article by Greg Wood.

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