MowerMike
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- Sep 5, 2012
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Great discussion !
Sounds like a debate between Capitalist and Socialist ideologies, with some merit on both sides. However, it misses the real point as to the difference between wealthy and poor nations.
At the core of this is the industrial revolution, which transformed how wealth was created and distributed. The principal difference between first and third world nations is the degree of industrialization. China went from third to first world status because of massive industralization, even though its political system is different than in the USA.
Also, it's important not to confuse individual wealth with national wealth, because it fails to account for the unequal distribution of wealth. So when bertsmobile1 says that Americans benefit from the value of stock ownership in American corporations, he fails to understand that most Americans do not own any stocks at all, and most in fact do not have have any savings, living paycheck to paycheck. The housing contractor example of wealth creation from "nothing" made by TonyPrin, is simply an example of trading a service for a monetary credit to be spent elsewhere. Wealth was neither created nor was it destroyed, it was simply a form of barter, a service in exchange for a monetary unit. In pre-industrialized times, the contracter might have been payed in livestock instead of a bank credit.
Finally, it is disingenuous to suggest that powerful countries like the USA do not exert control over lesser countries. The USA is notorious for supporting cruel dictatorships in poor countries around the world in order to have them do our bidding.
Sounds like a debate between Capitalist and Socialist ideologies, with some merit on both sides. However, it misses the real point as to the difference between wealthy and poor nations.
At the core of this is the industrial revolution, which transformed how wealth was created and distributed. The principal difference between first and third world nations is the degree of industrialization. China went from third to first world status because of massive industralization, even though its political system is different than in the USA.
Also, it's important not to confuse individual wealth with national wealth, because it fails to account for the unequal distribution of wealth. So when bertsmobile1 says that Americans benefit from the value of stock ownership in American corporations, he fails to understand that most Americans do not own any stocks at all, and most in fact do not have have any savings, living paycheck to paycheck. The housing contractor example of wealth creation from "nothing" made by TonyPrin, is simply an example of trading a service for a monetary credit to be spent elsewhere. Wealth was neither created nor was it destroyed, it was simply a form of barter, a service in exchange for a monetary unit. In pre-industrialized times, the contracter might have been payed in livestock instead of a bank credit.
Finally, it is disingenuous to suggest that powerful countries like the USA do not exert control over lesser countries. The USA is notorious for supporting cruel dictatorships in poor countries around the world in order to have them do our bidding.