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Tuesday, 15 July 2014

Why Blaming China on our Economic Woes

There is clearly a tendency today for countries all over the world to “beggar thy neighbor” (just as happened during the 1930s) and gain a leg up for their exports by cheapening their currencies.

“Beggar thy neighbor” for those who are not familiar with the term or “beggar-my-neighbor”, is an expression in economics describing policy that seeks benefits for one country at the expense of others. Such policies attempt to remedy the economic problems in one country by means which tend to worsen the problems of other countries.

The term was originally devised to characterize policies of trying to cure domestic depression and unemployment by shifting effective demand away from imports onto domestically produced goods

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