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Perhaps talk about abolishing taxes on gasoline/petroleum as a method of increasing international trade?
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This is a question I 've thought for a while may have an interesting answer from an Austrian or equivalently a perspective grounded in a sound understanding in Economics. I remember from watching The Matrix films, and especially the portion of The Animatrix anime later designed that was known as...
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[quote user="Libertarian_for_Life"] According to Ch. 12 in "Economics in One Lesson", in the scenario in the 2nd paragraph, the British importers pays in pounds, then through exchange or direct buyback, someone in America must buy something from Britian because he can't use the...
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Not being very aware of Trade history , I found this rather strange: What was the US's position regarding free trade when its own economy was developing? At the turn of the 18th century, when the British economy was very strong, Adam Smith and David Ricardo propounded their theories of free trade...
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I understand the theory that outsourcing lowers the price of goods here so if wages decline it is not neccessarily bad because our purchasing power increases. In discussing tis with someone they brought up the C.P.I. and it shows that prices have been indeed increasing even getter than inflation. So...
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Some have argued that our economy wouldn't have grown as it has were we still on the gold standard. This infers that the economy is a zero sum gain and that the only way to grow is via exports with a trade deficit in our favor. Trade aside, can an economy grow with a fixed supply of money?
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Since the US dollar is the reserve currency of the world, does that mean that other countries have to convert their own currency to US dollar to pay for their imported products? let's say for example.. if Thailand wants to import products from Japan, does Thailand have to convert its national currency...
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I enjoyed this article from the Economist online: http://www.economist.com/world/asia/displaystory.cfm?story_id=10278660 It's an interesting discussion of some of the rare international contacts with 19th century Japan prior to Commodore Perry's expedition. To tie it into the Austrian perspective...
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I'm not to familar with Somalia, but as for the rest of Africa the currencies are pretty useless(high inflation, Ghana had a currency reform pretty recently). The locals will do their business dealings in Dollars or Euros. And sometimes they may use diamonds or precious metals for exchanges. But...