Of the subjects that we discussed in class, I found the idea of globalism from the Marx discussion to be the most interesting. As you know, we discussed how the villages and small towns first have to focus on the farming and agriculture, then the industrial things such as blacksmiths and other type of tradesmen. Lastly, they need to focus on foreign trade. The U.S. is itself a very globalized country, as we are waaaaayyyyy past the point of focusing on our agriculture or trades. We are now a service industry, providing information to others as trade. We are thriving... ok, well some may say otherwise, due to deficits and other issues that are going on, but you can't argue that we definitely are a powerhouse in the global community and have a lot of power. It was brought up in class whether or not other countries are actually doing as well as we are or if they could ever reach even half of the production that we have. I was wondering what would happen if a global crash or a WWIII were to occur. What would happen to the U.S? Many other countries, especially third world ones, would most likely not feel nearly the impact that the U.S. would. So if we are so powerful, how easily could that power be taken from us? Those third world countries are often times looked down upon for being so technologically "un-advanced." However, if Marx's theory holds true and we were to say... lose power (electrically speaking), have a war (effectively cutting us off from the world), what would we do? Would we fall into the "Greater Depression?" We rely so much on other countries, for gas and food and clothes and everything else. One of my favorite quotes from my economics h.s. teacher was that "we Americans are Chinese prostitutes." I know it sounds weird... but it's true!! Look at the tag on your shirt, just about any technology, and you'll either see "made in china, japan, somewhere in asia, or some country other than the U.S." And when you see those tags with the U.S. on it, it always says "proudly made in the U.S. of A!" If we're so proud of it, why don't we make more? I believe that the U.S. would fall on its ass if anything were to fall out of place, and that scares me...
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I think that if another Depression or World War were to occur that the United States would not be the only country suffering. Many other countries, like China or the oil producing countries of the Middle East, rely on the United States for much of its business. This means that if the U.S. economy suffered greatly, many other countries would suffer as well. Third world countries would not feel the economic repercussions of an economic collapse, but if the countries receive outside aid from the industrialized countries, they may suffer. The money that was being given to third world countries might be reallocated to help the economies regain their strength. Countries should monitor how much they rely on imported goods to survive. Being able to produce most goods domestically could ensure a country’s survival if an economic failure were to occur.
Shawky, you may be confusing Marx with the discussion on Smith as Smith discussed the concepts you explored above.
In a previous post's comments I highlighted that the Chineese are the number one holders of our debt. Many economists worry that if they should call in the loans, we would be devastated as a country.
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