When history repeats itself, the first time is a tragedy; the next is a farce.…
The New Structure of Global Balances C.P. Chandrasekhar & Jayati Ghosh
Developing countries, especially the so-called “emerging markets” have become net exporters of capital since 2000. This reverses the conventional scenario where these countries were the targets of external finance offered by recycled surpluses from the developed countries.
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