Yes Saad, your view is correct to an extent. Countries (or clusters of them) should be
competent and "reasonable self-sufficient" in key sectors.
It goes without saying that a Luddite/Gandhian isolationist "we-spun-every-thread-of-the-yarn-we-wore" approach isn't feasible or helpful. But the current round of globalization has increased the gap between the rich and poor too disproportionately ...
It increased the wealth of the
traders much more drastically relative to the wealth of the
producers. Well, perhaps that's the way things ought to be. But its corrupting effect is beginning to outweigh its uplifting effect.
Just my 2 cents anyway.
This business of shipping containers upon containers of trinkets in exchange for electronic US$ that were unrepayable and unredeemable (and never intended to be) is poisonous.
The PRC thinks it has 2.x trillions of ... whatever ... and I tell ya it's just one computer glitch away from one of ancient India's enduring inventions - 0!
I am surprised that after the collapse of World Trade Centres Amrika hasn't just declared that the debt was wiped out! Sorry, it simply got too hot in there - even them super duper secured hard drives got demagnetized ... and our sincere apologies!
The PRC's position is no better than the Saudis IMO. After decades of shipping out the latter's "non-renewable resource", what have the Saudis got to show for it? I suppose billions upon billions of minority stakes in "Amrikan enterprises" as proof of their contribution and integration into the "world economy", which are of course subject to instant "freezing" at the first sign they begin to "enrich" an ounce of uranium or stupidium (or rather, hire some South Asians to do it for them if past history serves any guide ...)
While Iran wishes to essentially "barter" oil for tech ...
I wonder who is on the right track.
