"Economy": word originated from the greek "οικονομία", has two parts: eco (οίκος) = house + nomos (-νόμος) = law order. Its meaning basically is to keep "one's houses affairs in (law) order" as it is with economics!
In 2007, when everybody was talking about the growing global economy(+2-3% average) while at the same time fears over oil prices (remember: +140$ / barrel) and how this can significantly slow down global economy, a pertinuous questions swingled to everybody's mind "Are oil producers running things, afterall, or are we (governments/financial institutions/multinationals)?"
The answer to this question, is actually multi-fold. Imagine, for one moment, oil out of the global picture and then yourself in this new picture....Oh yes, I can understand your frustration!
I am not going to make a historic presentation of events (sociological, political, economical) over the last 3 (and many more) years, but the picture is very clear to my mind and it comprises of the following basic mega-trends:
Global economy is comprising of three (3) main categories:
1.1 Developed (G-8, Scandics, Australia)
1.2 Developing (most of Asia, Europe, S.America, central America, S.Africa)
1.3 Under-developed (Africa, parts of Europe, S.America, Asia)
Developed nations have reached a certain level, above of which any development is costly and requires the majority of natural resources to sustain. "Green technology/revolution" is far away from being the pillar to support "space revolution" where modern views of development adhere to. Other technological developments such as nuclear, fusion, hydrogen have better chance to help them take the step further.
Developing nations, and especially China and India, gradually demand their presence in the global podium of wellnes, development, life quality and all other areas of life where developed nations already have reached and maintain. To my mind, this demand is both right as well as a historic challenge to all mankind. I will also give you another simple justification, which I am sure all will agree with and is based on an exaggeration/adoptation of Paretto's rule: "Do you find it fair that 15% of global population consumes 85% of earth's natural resources?" If you agree, then I fear for our future as a generation!
Under-developed nations are in a very difficult situation, where every aspect of their life is deteriorating and options for progress, in to our modern society, are very scarce and sometimes impossible. Their progression, to my understanding, is based on the "goodwill" of the developed ones.
War "business" continues to be very profitable, for those involved, and it will grow in the near future since it has to deal with new "enemies" of the state: R E S O U R C E S managed by 3rd parties (not us!!!). Future warfare will not has to do with terrorism (as we know it) but with oil, food, water and land (learning from history).
Food supply needs, for the growing population (by 2020: +9 Billion) have to be met over a land which is under competition for a series of uses: domestic, energy, touristic, over-exploitation etc.
Just to summarise, a few of those that cross my mind.
Coming back to my country's recent economic affairs, I will be brief. Lately, too much fuss is happening about Greece's economy. Is Greece defaulting? How will Greece survive out of this economic crisis? Are other EU member states ready to help Greece?. All these questions, are based on news media posts (which I give you at the end of this post, for your information) and are the centre of discussions to Greek everyday life. I will summarise for you, my views on the matter:
1) Yes it is true that we spend more than we can afford
2) Yes it is true that we owe more than we can payout
3) Yes it is true that we have a big and disfunctional state
4) Yes it is true that there is corruption and beauracracy
5) Yes it is true that we cannot grow as much as the rest of the developing countries
6) Yes it is true that we have a high unemployment rate
....I can go on and on....
My next question is this: Can you name one country, out of the developing ones, that does not face these problems? What is the rest of the world doing for it's future?
Here is the list of important readings, over Greece's economic crisis:
BBC: http://news.bbc.co.uk/2/hi/8417270.stm
CNN: http://www.cnn.com/2009/BUSINESS/12/22/greece.credit.rating.economy/index.html
GUARDIAN: http://www.guardian.co.uk/business/2009/nov/30/greece-economy-budget-deficit-fears
BUSINESS WEEK: http://www.businessweek.com/ap/financialnews/D9CL0ML03
FINANCIAL TIMES: http://www.ft.com/cms/s/0/3f89645a-eee5-11de-92d8-00144feab49a.html
WASHINGTON TIMES: http://www.washingtontimes.com/news/2009/dec/17/s-and-p-downgrades-greece
WALL STREET JOURNAL: http://online.wsj.com/article/BT-CO-20091216-712130.html
DEUTSCHE WELLE: www.dw-world.de/dw/article/0,,4995478,00.html
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