Thoughts on the U.S.'s so-called exorbitant privilege.
Les inégalités aux Etats-Unis (5/5) : une financiarisation prédatrice
traduction française du billet de blog "Predatory financialization. Understanding Inequality: Part V" de Paul Krugman
Le dollar perd-il sa position dominante ?
Blog de sciences économiques et sociales de Martin Anota. Traductions, revues de presse.
Global Inequality — Harvard University Press
Winner of the Bruno Kreisky Prize, Karl Renner InstitutA Financial Times Best Economics Book of the Year An Economist Best Book of the Year A Livemint Best Book of the YearOne of the world’s leading economists of inequality, Branko Milanovic presents a bold new account of the dynamics that drive inequality on a global scale. Drawing on vast data sets and cutting-edge research, he explains the benign and malign forces that make inequality rise and fall within and among nations. He also reveals who has been helped the most by globalization, who has been held back, and what policies might tilt the balance toward economic justice.“The data [Milanovic] provides offer a clearer picture of great economic puzzles, and his bold theorizing chips away at tired economic orthodoxies.”—The Economist“Milanovic has written an outstanding book…Informative, wide-ranging, scholarly, imaginative and commendably brief. As you would expect from one of the world’s leading experts on this topic, Milanovic has added significantly to important recent works by Thomas Piketty, Anthony Atkinson and François Bourguignon…Ever-rising inequality looks a highly unlikely combination with any genuine democracy. It is to the credit of Milanovic’s book that it brings out these dangers so clearly, along with the important global successes of the past few decades.—Martin Wolf, Financial Times
Looking for a “fair” international monetary system
President Trump’s Chief Economic Adviser, Stephen Miran, has claimed that the international monetary system in which the US provides the rest of the world with a safe, liquid asset is “unfair” as it supposedly prevents the US from eliminating its current account deficit. His proposed solution is to lower the value of the dollar through coordinated currency market intervention by foreign central banks. This column finds the idea that there could be lasting reversal of exchange rates following an international currency agreement highly speculative, and argues that a multipolar system would attenuate the Triffin dilemma and provide the US with a deficit-adjustment tool.
Is the US dollar's reserve currency status eroding? | Brookings
Robin Brooks analyzes changes in the U.S. dollar's reserve currency status during the second Trump administration.
Valuing What Counts: Framework to Progress Beyond Gross Domestic Product: Our Common Agenda Policy Brief 4
Price and Sovereignty Harvard Law Review
[W]e must not overlook the actual fact that dominion over things is also imperium over our fellow human beings. — Professor Morris R. Cohen,...
Beyond GDP: Measuring and Valuing What Really Matters
Rethinking the UN’s “beyond GDP” agenda and the case for putting wealth at the centre
“Objective Economics” Isn’t.
Some time ago, in a Facebook argument, I encountered someone who repeated the old “exchange of unequals” argument (i.e., that people never exchange equivalents because each party values what they got more than what they traded for it). I responded that this argument confuses exchange value with use value and that, regardless of subjective valuation,...
Stablecoins, Tokens, and Global Dominance
Technology is reshaping capital flows and currency dominance; data integrity is essential for financial stability
The Shadow Dollar System
Iran built a parallel financial infrastructure on the same stablecoin rails the US just legitimized. That contradiction is not an accident.
The Divide — Jason Hickel
The Divide: A Brief Guide to Global Inequality and its Solutions Penguin Random House UK, 2017
Imperialist appropriation in the world economy: Drain from the global South through unequal exchange, 1990–2015
Unequal exchange theory posits that economic growth in the “advanced economies” of the global North relies on a large net appropriation of resources and labour from the global South, extracted through price differentials in international trade. Past attempts to estimate the scale and value of this drain have faced a number of conceptual and empirical limitations, and have been unable to capture the upstream resources and labour embodied in traded goods. Here we use environmental input-output data and footprint analysis to quantify the physical scale of net appropriation from the South in terms of embodied resources and labour over the period 1990 to 2015. We then represent the value of appropriated resources in terms of prevailing market prices. Our results show that in 2015 the North net appropriated from the South 12 billion tons of embodied raw material equivalents, 822 million hectares of embodied land, 21 exajoules of embodied energy, and 188 million person-years of embodied labour, worth $10.8 trillion in Northern prices – enough to end extreme poverty 70 times over. Over the whole period, drain from the South totalled $242 trillion (constant 2010 USD). This drain represents a significant windfall for the global North, equivalent to a quarter of Northern GDP. For comparison, we also report drain in global average prices. Using this method, we find that the South’s losses due to unequal exchange outstrip their total aid receipts over the period by a factor of 30. Our analysis confirms that unequal exchange is a significant driver of global inequality, uneven development, and ecological breakdown.
Pourquoi le dollar domine
traduction française du billet de blog "Why the dollar dominates" de Paul Krugman
