I will start off the year like I’ve started this blog – by bashing the economists 🙂
So Forbes had just declared that the four healthiest economies in the last year were the BRIC countries: Brasil, Russia, India and China. Their reasoning? The four nations have best economical growth and no mounting foreign debt.
Even the Forbes’s Ken Rapoza admits the countries have a fair share of ‘some problems’ – rampant corruption, abject poverty for millions, income inequality, lack of democracy. But he shrugs it all off in a matter of a single sentence. All this must bow before the God of Growth. Nothing matters as long as the economy is ‘healthy’.
This is a very curious understanding of the term. These economies grow so fast because they have the room to grow, having started from, in most cases, rock bottom. If medicine worked that way, the ‘healthiest’ man in the hospital would be the one who’s recovering from the most debilitating illness, not the one who had just singed out, but caught a minor cold in the process. In relative terms, the latter’s health is decreasing, and the former’s is on the up, but which one of the two would we rather be? Which country would we rather live in – Norway or China?
Rapoza oozes loathing towards any sort of ideology mixing and even overruling pure economy. “The biggest political battles in the BRICs are over corruption charges, and where to invest oil wealth,’ he says, ‘meanwhile, in the U.S. and Europe, the biggest political battle is how to bailout southern Europe, or about cutting government programs for ideological rather than economic principles.”
Bah, the ideological principles! Who needs them when you have the oil profits and an endless resource of slave-waged labour?