Even if there is convergence of incomes in absolute terms between China/India and the first world countries, it will be most protracted process. And what about the rest of the third world? Why can't those comparisons be one of the fundamental facts which Wolf is willing to recognize? Moreover, Wolf says nothing about the explosion of regional inequality within China. Inter-state inequality is fundamental within China as it is within the EU; they are unlike the US that way. Milanovic shows all this; why not read him? Am I right that Carrol Cox says that there is no imperialism--no occupations, no creation of garrison states, no use of agricultural subsidies, no use of power to deny poor countries the very tools of development that first world countries used to become first world, no use of power to try to impose 'equal' burdens on poor industrializing countries for the reduction of greenhouse gases though first world countries have already stolen the commons of the environment. There is no difference between US returns abroad and what foreigners earn on their US assets? There is no privilege to having the world reserve currency even if it is not exorbitant. OK I won't read Eichengreen's book. Carrol Cox makes my world simple. I am so appreciative. Lakshmi
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