Global Imbalances: An Unconventional View
Maintaining today’s global imbalances would help overcome the major disproportion of our times — income gap between developed and developing countries. This gap was widening for 500 years, since the XVI century, and only now, in recent 60 years, there are some signs that this gap is starting to decrease. The chances to close this gap sooner rather than later would be better, if the West goes into debt, allowing developing countries to have trade surpluses that would help them develop faster. Previously, in the XVI—XX centuries, it was the West that developed faster, accumulating surpluses in the trade with "the rest of the world" and using them to buy assets in developing countries, while "the rest of the world" was going into debt. Now it is time for "the rest" to accumulate international assets and for the West to go into debt.
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