Interview- Harvard Professor talks Debt and decline of West
Discussion
Was half asleep last night when I heard this interview at 1 in the morning, but was very interesting so looked it up
Listen here:
http://www.bbc.co.uk/programmes/p007qdv5
This week on Global Business Peter Day is in conversation with Professor Niall Ferguson of Harvard University, historian and author. He tells Peter Day why the world is in debt commensurate with those brought about in World War II and the decline of the economic power of the western world.
Listen here:
http://www.bbc.co.uk/programmes/p007qdv5
This week on Global Business Peter Day is in conversation with Professor Niall Ferguson of Harvard University, historian and author. He tells Peter Day why the world is in debt commensurate with those brought about in World War II and the decline of the economic power of the western world.
Edited by amir_j on Wednesday 26th May 21:54
odyssey2200 said:
amir_j said:
the decline of the economic power of the western world.
to be replaced by what?China is effectively building an empire. The amount of investment they are pumping into 3rd world countries around the world is akin to what we were doing at the start of our empire. The difference is that they are gaining power within countries economically, rather than directly through regime change.
You should listen to the interview - its very interesting. We in the West don't have a righteous right to be the leaders of the world. Our competitive advantage is being lost to the East and we are effectively in relative decline (i.e. the East is getting closer to our levels of wealth)
odyssey2200 said:
amir_j said:
the decline of the economic power of the western world.
to be replaced by what?I've spent several years in Brasil which is currently meant to be one of the countries that's going to take over the world along with China,India and Russia. They currently have a budget surplus but its STILL a screwed up corrupt third world hole.
For 99% of the population.
You lose your job, you starve.
Your ill, you die.
You have an accident, you go to hospital in a taxi. If your lucky an ambulance comes which is just an empty van with no equipment inside.
A car hits you and badly damages your leg...they just cut it off.
Normal people will fight to the death over 50p.
The list is endless.
amir_j said:
Was half asleep last night when I heard this interview at 1 in the morning, but was very interesting so looked it up
Listen here:
http://www.bbc.co.uk/programmes/p007qdv5
This week on Global Business Peter Day is in conversation with Professor Niall Ferguson of Harvard University, historian and author. He tells Peter Day why the world is in debt commensurate with those brought about in World War II and the decline of the economic power of the western world.
Notice he teaches such things instead of does them. Listen here:
http://www.bbc.co.uk/programmes/p007qdv5
This week on Global Business Peter Day is in conversation with Professor Niall Ferguson of Harvard University, historian and author. He tells Peter Day why the world is in debt commensurate with those brought about in World War II and the decline of the economic power of the western world.
Edited by amir_j on Wednesday 26th May 21:54
Shay HTFC said:
odyssey2200 said:
amir_j said:
the decline of the economic power of the western world.
to be replaced by what?China is effectively building an empire. The amount of investment they are pumping into 3rd world countries around the world is akin to what we were doing at the start of our empire. The difference is that they are gaining power within countries economically, rather than directly through regime change.
You should listen to the interview - its very interesting. We in the West don't have a righteous right to be the leaders of the world. Our competitive advantage is being lost to the East and we are effectively in relative decline (i.e. the East is getting closer to our levels of wealth)
sjn2004 said:
odyssey2200 said:
amir_j said:
the decline of the economic power of the western world.
to be replaced by what?I've spent several years in Brasil which is currently meant to be one of the countries that's going to take over the world along with China,India and Russia. They currently have a budget surplus but its STILL a screwed up corrupt third world hole.
For 99% of the population.
You lose your job, you starve.
Your ill, you die.
You have an accident, you go to hospital in a taxi. If your lucky an ambulance comes which is just an empty van with no equipment inside.
A car hits you and badly damages your leg...they just cut it off.
Normal people will fight to the death over 50p.
The list is endless.
We saw what was desrcribed as the dark ages after the Roman Empire, which in my mind, if we fast forward a couple of millenia, means it's perfectly feasible for what we might think are undeveloped and unsophisticated countries and cultures gaining the edge economically, socially and militarily over us.
Jimbeaux said:
Shay HTFC said:
odyssey2200 said:
amir_j said:
the decline of the economic power of the western world.
to be replaced by what?China is effectively building an empire. The amount of investment they are pumping into 3rd world countries around the world is akin to what we were doing at the start of our empire. The difference is that they are gaining power within countries economically, rather than directly through regime change.
You should listen to the interview - its very interesting. We in the West don't have a righteous right to be the leaders of the world. Our competitive advantage is being lost to the East and we are effectively in relative decline (i.e. the East is getting closer to our levels of wealth)
People in the rest of the world are just people the same as we are who can do the same things as us if they have the education which many are now getting. The worth of one hours work of labour by your average Eastern person is also going up. It makes fundamental sense that if they have the ability to do the same things as us, then they will end up earning the same as us in real terms.
Even Rome fell back in the day. The West will not stand forever. Get romantic about the West if you want, but I will get on my bike and go to where the growth is.
prand said:
sjn2004 said:
odyssey2200 said:
amir_j said:
the decline of the economic power of the western world.
to be replaced by what?I've spent several years in Brasil which is currently meant to be one of the countries that's going to take over the world along with China,India and Russia. They currently have a budget surplus but its STILL a screwed up corrupt third world hole.
For 99% of the population.
You lose your job, you starve.
Your ill, you die.
You have an accident, you go to hospital in a taxi. If your lucky an ambulance comes which is just an empty van with no equipment inside.
A car hits you and badly damages your leg...they just cut it off.
Normal people will fight to the death over 50p.
The list is endless.
We saw what was desrcribed as the dark ages after the Roman Empire, which in my mind, if we fast forward a couple of millenia, means it's perfectly feasible for what we might think are undeveloped and unsophisticated countries and cultures gaining the edge economically, socially and militarily over us.
Shay HTFC said:
Jimbeaux said:
Shay HTFC said:
odyssey2200 said:
amir_j said:
the decline of the economic power of the western world.
to be replaced by what?China is effectively building an empire. The amount of investment they are pumping into 3rd world countries around the world is akin to what we were doing at the start of our empire. The difference is that they are gaining power within countries economically, rather than directly through regime change.
You should listen to the interview - its very interesting. We in the West don't have a righteous right to be the leaders of the world. Our competitive advantage is being lost to the East and we are effectively in relative decline (i.e. the East is getting closer to our levels of wealth)
People in the rest of the world are just people the same as we are who can do the same things as us if they have the education which many are now getting. The worth of one hours work of labour by your average Eastern person is also going up. It makes fundamental sense that if they have the ability to do the same things as us, then they will end up earning the same as us in real terms.
Even Rome fell back in the day. The West will not stand forever. Get romantic about the West if you want, but I will get on my bike and go to where the growth is.
prand said:
sjn2004 said:
odyssey2200 said:
amir_j said:
the decline of the economic power of the western world.
to be replaced by what?I've spent several years in Brasil which is currently meant to be one of the countries that's going to take over the world along with China,India and Russia. They currently have a budget surplus but its STILL a screwed up corrupt third world hole.
For 99% of the population.
You lose your job, you starve.
Your ill, you die.
You have an accident, you go to hospital in a taxi. If your lucky an ambulance comes which is just an empty van with no equipment inside.
A car hits you and badly damages your leg...they just cut it off.
Normal people will fight to the death over 50p.
The list is endless.
We saw what was desrcribed as the dark ages after the Roman Empire, which in my mind, if we fast forward a couple of millenia, means it's perfectly feasible for what we might think are undeveloped and unsophisticated countries and cultures gaining the edge economically, socially and militarily over us.
In fact, after Rome lost its influence (although it did retain much influence in other areas - such as the newly established Christian church) science and technology, maths and medecine continued to develop in other parts of the world, such as India, China and the Islamic world. Much of that new knowledge base which had expanded in the so called "Dark Ages" was introduced into the west during the Renaissance period.
I do not think that the West is in decline from a technology and science point of view. I still think that the western way of thinking freely (established during the Renaissance) is still the best atmosphere for knowledge and science to grow. What will probably happen is that Eastern culture will gradually adopt a more Western approach (we are seeing this in much of the Far East already).
Jimbeaux said:
Shay HTFC said:
odyssey2200 said:
amir_j said:
the decline of the economic power of the western world.
to be replaced by what?China is effectively building an empire. The amount of investment they are pumping into 3rd world countries around the world is akin to what we were doing at the start of our empire. The difference is that they are gaining power within countries economically, rather than directly through regime change.
You should listen to the interview - its very interesting. We in the West don't have a righteous right to be the leaders of the world. Our competitive advantage is being lost to the East and we are effectively in relative decline (i.e. the East is getting closer to our levels of wealth)
On a more general point - the East relies on Western demand at the moment - without that, a lot of the prosperity dries up.
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