Word: globalization
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Dates: during 2000-2009
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...crowd out smaller nations which have much worse debt ratings, effectively denying them access to the capital markets. The next problem is that poor nations will need to depend more on richer ones for items that are essential such as food and medical supplies. The last point is that global industrial production could be down as much as 15% by the middle of this year, compared with 2008, making the strength of the Chinese and Indian economies less dependable...
...only immediate solution to this crisis would appear to be a form of global socialism where some portion of the money available though the debt markets to countries like the U.S. and Japan would be funneled to nations like Cambodia and Ukraine. But, recessions have tended to move nations toward Darwinism and away from generosity to those outside their own borders...
...fact that poor countries can and will be crushed under the wheel of the global recession makes one point extremely clear. There is no league of nations, nor has there ever been one, perhaps because the interests of the largest powers are too widely separated. Since there is no forum to address the issues that could undermine the future health of all countries, the current lack of cooperation becomes a form of fatalism...
...most convenient way for the developed nations to look at the global economic problem is that there is nothing that can be done to prevent some poor nations from disappearing. Other third world nations will return to financial and business infrastructures prevalent decades...
...also met in groups with Harvard’s reaccreditation committee, listened to a presentation from the Harvard College Global Health and AIDS Coalition, discussed the Dowling Report, and passed four other pieces of legislation...