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Economics - Essay Example

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People all over the world have, for long, remained under the influence of American culture because America has traditionally managed to become and remain rich…
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Economics
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Economics

Download file to see previous pages... Economists Brad DeLong and Stephen Cohen have expressed in their book, The End of Influence that as other nations are rapidly gaining economic power, people will soon experience a major change in life style. People have conventionally tried to associate themselves with America in terms of culture and life style because Americans, being rich, have been idealized. In the recent years, the free-market capitalism has put American economical stability into crisis and has transferred the power to the economy of emerging nations as India, China and Latin America. This transfer of economical power will soon put an end to the long sustained dominance of American ideology, culture and fashion over other nations. This will essentially be an end of “the neoliberal dream”. It is being realized that in early 2000s, policymakers in America unnecessarily became too satisfied with the trends of economical power and stability whereas the actual situation required them to think otherwise. Some economists are of the view that banks should look forward to an inflation target of 4 % instead of the targeted 2 % so that they can manipulate things as required. Blanchard suggests that raising the inflation now would ease the monetary policy during financial crisis, and the fiscal positions would thus be saved considerably. ...Download file to see next pagesRead More
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