Vishnu.Reang
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February 07, 2020, 08:33:55 AM |
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The world economy keeps crashing with many incidence of inflation. What is happening at the moment is a clear indication of a world that has failed the minority. Although the underdeveloped countries could partly be blamed for the high inflation that exists in their respective economies. Would things turn around for good if underdeveloped countries start to add value to their natural resources themselves without selling to the countries with good economy?
These things are very easy to say, but extremely difficult to implement. First of all, innovative technology is patented. The scientists and researchers from the developed nations have the patent to most of the technologies and the developing nations can't really steal them. They can develop their own substitutes, which some of the countries are already doing (China, India.etc).
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Questat
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February 07, 2020, 09:39:49 AM |
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Would things turn around for good if underdeveloped countries start to add value to their natural resources themselves without selling to the countries with good economy?
That's the right thing to do but no country can change immediately their current situation. Underdeveloped countries has a bad economy and one reason is due to debt, their debt has balloon since they borrow money and not spending it accordingly. In underdeveloped countries also, there's a lot of corruption happening as people usually can easily be bribed especially those who are in the government position so that would not help for a country to grow since they are just basically serving their personal interest instead of the public.
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deisik
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February 07, 2020, 10:16:47 AM Last edit: February 07, 2020, 06:42:30 PM by deisik |
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One of the best way to make the economy of country stronger and stable is the promotion of its local products. Instead of importing things from other countries, under developed countries have to focus on the production and promotion of their own products. Governments should make the products of their own country easily accessible and purchasable for the citizens. This will make the economy of country stronger It doesn't work that way In the modern world self-sufficiency (North Korea style) is a dead end. But you really don't need to be an Einstein to understand what makes the economy strong. The real way to get strong economically is to export something nobody else can produce but which everyone wants (e.g. the American dollar) This gives you a competitive advantage, and if you have a lot of such goods, you are the king of the hood (in this case, of the whole world). Then you can choose among the bunch of producers whose goods you need to import, if at all. Put differently, export everything that is unique and import everything that is not It will work If it didn't work in the past, why should it start working now? And you can't build a self-sufficient and competitive economy even in principle. For that, you would need highly qualified workforce, advanced technology and science in every possible field, as well as the whole gamut of natural resources by far exceeding those of any competitor. No country has that in their entirety, and ironically, most of that comes through competition (read, being open). Even China, with its huge population, lacks massively in a multitude of other important areas which prevent it from building a self-contained economy that would be competitive with open economies. They will have to compete with the whole world, and the world will just beat them with the raw power And even if purely theoretically there were such a country, it would still be economically beneficial not to close or get closed in but to trade openly with your neighbors due to multiple effects of second and higher orders (for example, logistics). The Soviets tried to pull that trick off and they still failed miserably in the end. Mate, I have nothing against self-education (which feels to be the case here) but without a good book on economics describing all these ideas in greater detail, you may easily come to very strange conclusions like the one you draw here ("economic independence is the key to a country's progress and growth"). Progress and growth come through competition, and that is impossible without being open to the outside world
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Negotiation
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February 07, 2020, 11:04:24 AM |
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The world economy keeps crashing with many incidence of inflation. What is happening at the moment is a clear indication of a world that has failed the minority. Although the underdeveloped countries could partly be blamed for the high inflation that exists in their respective economies. Would things turn around for good if underdeveloped countries start to add value to their natural resources themselves without selling to the countries with good economy?
It is almost a common idea of inflation in the present world When money for the development of a country increases it becomes inflation. I think there is nothing to blame on anybody here no difference between developed and developing countries it leads to equal loss everywhere.
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tbterryboy
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February 07, 2020, 08:17:51 PM |
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You don't have to be a self-sufficient country but at the same time when you eliminate the corruption in the politics you could literally make ANY country in the world get better as well. I am not talking about something magical here, think about all the corruption and all the bad management by the politicians and remove them out of the question and you have a nation that is instantly better, how could a nation be any worse when you remove corruption?
It is impossible. With all of that gone and with more money and taxes used more properly you could definitely start to invest into farmers, than invest into factories that could use those farm products and start to sell to other nations. That is not being a self-sufficient country, you could still buy stuff from other nations but at least you will be in less of a debt.
Look at Germany, they have excess amount instead of a nation debt in the past 2 years. That is what nations should be aiming at, which is not impossible. Not being self-sufficient, but try to have less debt by removing corruption and using it for betterment.
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omone1
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February 08, 2020, 01:29:18 AM |
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Developed nations don't want underdeveloped nations to be really developed, they want underdeveloped nations to keep depending on them, this way developed nations make more money by flexing on their natural resources in return for aid as a bribe to ensure their leaders maintain the status quo. This world economy is not balance you need to be ruthless and clever to beat their game.
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Vishnu.Reang
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February 08, 2020, 04:22:12 AM |
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Developed nations don't want underdeveloped nations to be really developed, they want underdeveloped nations to keep depending on them, this way developed nations make more money by flexing on their natural resources in return for aid as a bribe to ensure their leaders maintain the status quo. This world economy is not balance you need to be ruthless and clever to beat their game.
It is true to a certain extent. The former colonial powers don't like strong leaders coming from the developing nations. Whenever such a leader emerge, they will try to topple him, or if that is not possible then they will finish him off. This has happened to people such as Thomas Sankara of Burkina Faso and Patrice Lumumba of the Democratic Republic of the Congo.
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deisik
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February 08, 2020, 07:49:57 AM |
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Developed nations don't want underdeveloped nations to be really developed, they want underdeveloped nations to keep depending on them, this way developed nations make more money by flexing on their natural resources in return for aid as a bribe to ensure their leaders maintain the status quo. This world economy is not balance you need to be ruthless and clever to beat their game As they say, charity begins at home Or everyone for himself (and devil take the hindmost), and it equally applies not just to men only but to entire nations as well, the meaning being that every nation must work independently toward their own success. So it is not like developed nations don't want underdeveloped nations to be developed or developing, it is just competition where no one really wants anyone else to be more developed than themselves
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Findingnemo
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February 08, 2020, 06:22:31 PM |
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Inflation in the developing countries results from poor ruling from their leaders and also they depend more on other countries for important needs but some countries outperformed the dependence by making demand for their products in the world's market.
Well, developed countries too have a high inflation rate sometimes.
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wozzek23
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February 10, 2020, 06:16:05 AM |
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Imagine that a country has oil and when they mine it they sell to other countries because they have no refineries. That means they will have to buy back the processed product such as fuel, kerosene and others from those same countries. How will such a grow? Lol. These are the kind of things that they need to be looking into, and others as well. Some of them have plenty good resources that they are yet to tap into and that’s causing them to fail.
But, if they should discover these resources and look into them, it’s going to help them go a long way in the development of their country.
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