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The subtitle of the Klein and Pettis’ book is “how inequality distorts the global economy and threatens international peace.” Klein and Pettis argue that the origins of today’s trade wars emerge from decisions made by politicians and business leaders in China, Europe, and the United States over the past thirty years. Across the world, the rich have prospered while workers can no longer afford to buy what they produce, have lost their jobs, or have been forced into higher levels of debt. Rising inequality has weakened aggregate demand; and a global ‘savings glut’ generated by countries like Germany and China are creating huge global imbalances in demand and supply that threaten economic crises, increased protectionist rivalry and international peace.
https://thenextrecession.wordpress.com/2020/06/21/trade-wars-and-class-wars-part-one-the-global-savings-glut/ _________________________________________________________ Full posting guidelines at: http://www.marxmail.org/sub.htm Set your options at: https://lists.csbs.utah.edu/options/marxism/archive%40mail-archive.com
