Blog about How can we “upgrade” our economy given the strength of the global economy, especially the giant economies like the United States and Japan

THE MODERN WORLD – SYSTEM

 

The modern world-system is a capitalist world-economy which is the geohistorical system in which we live. The basic geohistory is that it was constructed in Europe in the ‘long’ 16th century, it expanded to cover the whole world by C.1900 (i.e destroying all other systems), and will meet its demise in the 21st century.

 

Some ways to upgrade the global economy are:



THE UNITED STATES AND JAPAN

 

The world's two most strong economies are the United States and Japan. The United States has the highest deficit and debt burden in the world. Japan is the biggest borrower and surplus nation on the planet. The dollar-yen exchange rate has fluctuated wildly, rising from 360:1 in 1971 to 80:1 in early 1995 before falling to about 130:1 today. Over the last three decades, trade frictions have undermined the global trading system's stability, leading to extreme steps such as the United States' import surcharge in 1971 and Japan's acceptance of "voluntary export restrictions" in a broad range of industries in the 1980s. As a result, the development of economic ties between the United States and Japan is crucial to the global economy as well as to bilateral relations.

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