Tuesday, June 14, 2005

A Short Take on Global Economics

I'm a big supporter of economic development and investment in the developing world and in poor communities.

Capitalism is a great engine of economic progress, especially at the early stages of economic development. The ideas of discipline, savings, and investment are critical for the kind of economic "take off" that can lift very poor people and communities out of poverty.

But the later stages of capitalism may be another story.

Seems like advanced economies can only survive if they stoke a desire for more and more material things and encourage inappropriate indebtedness. The economy of most of the developed west would collapse if people stopped buying things they don't need and stopped spending beyond their means.


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