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“The view in the East is that the onset of the world economic crisis has suddenly reversed globalization. Hundreds of thousands of Poles, Bulgarians, and Romanians had found relatively well-paid jobs in Western EU countries, but now an army of migrant workers is making its way back home to the East. The IMF and the World Bank are supporting fiscal stimulus-expansionary fiscal policies-in the United States, Europe, and Asia. They are supporting rescue plans, including nationalization of private banks and other financial institutions. The priority of the day is no longer inflation but jobs and economic recovery.”
The Global Financial Crisis
É enorme a preocupação quanto ao impacto negativo da famosa concorrência com os países de salários baixos sobre o emprego nos países ocidentais. A polémica segue o diagnóstico implícito ou explícito, segundo o qual existe desemprego por causa da concorrência de países onde as taxas de salários são mais baixas, desqualificando desse modo os trabalhadores dos países ocidentais que perdem assim, qualquer competitividade.
The world is full of specialists, technical experts, and people who love to complicate things. There is a minefield of misinformation out there that confuses us about how to cope with life. Exercising, eating, and getting our brains in gear have somehow become mysteries. Well, if I have any ability as a doctor, it is the ability to simplify complicated things.
Never work just for money or for power.
Marian Wright Edelman
This was one of twenty-five life lessons that Edelman laid out in The Measure of Our Success A Letter to My Children and Yours (1992). About money and power, she explained, “They won’t save your soul or build a decent family or help you sleep at night.” Edelman, the founder of the Children’s Defense Fund, also offered this lesson:
“The U.S. economy, once the envy of the world, is now viewed across the globe with suspicion. America has become shackled by an immovable mountain of debt that endangers its prosperity and threatens to bring the rest of the world economy crashing down with it.”
International Herald Tribune, 2007
From 2008–2009, the world experienced what the International Monetary Fund (IMF) in its 2009 World Economic Outlook called “by far the deepest global recession since the Great Depression.” This economic downturn was sparked by a global financial crisis.