Basic Facts about Wealth and Poverty

Doug Henwood dhenwood at panix.com
Tue Jun 9 11:46:51 PDT 1998


Rakesh Bhandari wrote:


>In a recent Cambridge Journal of Economics, Thomas Palley argues that as
>the European nations are more dependent on imports/exports, their central
>banks attempt to maintain the value of their currencies through even
>tighter monetary policy than in the US. The constrictive effects therefrom
>yield the higher unemployment.

The overwhelming majority of European trade is intra-European, and the EU will be a large, closed economy like the U.S. and Japan, not a small, open one like Norway.

Doug



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