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The Global Economy After the End of Capital Scarcity: A Utopian Proposal

In: Saving and Investment in the Twenty-First Century

Author

Listed:
  • Carl Christian von Weizsäcker

    (Max Planck Institute for Research on Collective Goods)

  • Hagen M. Krämer

    (Karlsruhe University of Applied Sciences)

Abstract

Extrapolating from List (Das nationale System der politischen Ökonomie. Cotta, Stuttgart, 1841), we explain the paradox of ChinaChina, paradox of: A poor country can experience tumultuous growth precisely by exporting more capital on balance than it imports. More growth can be created in developing countries by their running current account surpluses vis-à-vis the OECD plus ChinaChina region. Public debt in the OECD plus China region would have then to be managed in such a way that full employment is preserved despite the current account deficit. Such a strategy would be beneficial for both groups of countries. For the time being, this is a utopian proposal. Realizing it would mean yet another restructuring, in addition to that associated with digitalizationDigitalization. The opposition of those who could lose their jobs as a result will ensure that this sort of reorientation of global tradeTrade policy will remain politically unfeasible for a long time still.

Suggested Citation

  • Carl Christian von Weizsäcker & Hagen M. Krämer, 2021. "The Global Economy After the End of Capital Scarcity: A Utopian Proposal," Springer Books, in: Saving and Investment in the Twenty-First Century, chapter 0, pages 293-308, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-75031-2_12
    DOI: 10.1007/978-3-030-75031-2_12
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