From Balance of Payments to Balance of Power
This episode attempts to take a look at the economic concepts of 'competitiveness' and the 'balance of payments' position of nations, placing them in an historical and real-world context. What do these terms mean and what are their implications? In general, this is a reference to the economic position of one nation in relation to the other nations of the world. If one country is a creditor (lender), another must be a borrower (debtor); if one country is a major exporter, others must be importers. These concepts have profound implications for the competitiveness and growth of modern economies, and thus, as these are major issues when it comes to IMF and other global financial actions and institutions, these concepts have profound implications for the balance of power in the world between nations. Ultimately, this dry and rather bland economic language reflects the underlying power structures and imperial system which exists in the age of globalization. This episode attempts to introduce listeners to this concept.
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