Thanks Russell.
One thought - China is now the biggest economy in the world by PPP terms, US in nominal terms.
China is by far the biggest commodity importer in the world. If policy is to raise real wages, wouldn't that imply policies to suppress commodity prices by the Chinese?
One thought - China is now the biggest economy in the world by PPP terms, US in nominal terms.
China is by far the biggest commodity importer in the world. If policy is to raise real wages, wouldn't that imply policies to suppress commodity prices by the Chinese?
When I read the "Communist Manifesto" - the one economic idea I came across is the idea that labour is also a commodity - and that oversupply is the capitalist tool to force commodity prices lower. So "communist" planning promotes rising prices in all things.... If we look at real wages and commodities in the west since the since the thatcher reagan revolution of 1980, both have been very poor relative to assets....
Thanks Russell.
One thought - China is now the biggest economy in the world by PPP terms, US in nominal terms.
China is by far the biggest commodity importer in the world. If policy is to raise real wages, wouldn't that imply policies to suppress commodity prices by the Chinese?
When I read the "Communist Manifesto" - the one economic idea I came across is the idea that labour is also a commodity - and that oversupply is the capitalist tool to force commodity prices lower. So "communist" planning promotes rising prices in all things.... If we look at real wages and commodities in the west since the since the thatcher reagan revolution of 1980, both have been very poor relative to assets....