In the News (profile.ru/economics): “The slowness in economic growth in nations with a transitional economy may lead to global economic problems. Not long ago no one could even imagine something like this.
“Chinese exports shrank, the Russian economy is in recession, Turkey is losing economic stability, the Malaysian currency and the Thai Baht have fallen, the Brazilian rating has fallen into the garbage, Indonesia, and South Africa are slipping.
“Hardly anyone predicted such a process. Nations with a transitional economy were guaranteed that the industrial nations could find buyers for equipment, machinery and cars. This made it possible for the young population of Europe to strive to become part of the middle class with a car, their own apartment and savings for old age.
“And the opposite, the boom in goods, served as a guarantee for growth in nations with a transitional economy: The volume of Brazilian exports increased, as well as the oil and gas of Russia. When nations agree on a steady flow of income from the export of goods and because of this they don’t pay attention to self-development, economists speak about a ‘resource curse.’ Structural deficits make the nations with a transitional economy vulnerable. There is no reason that they would be able to provoke a new boom: The peak point of globalization is in the past.”
My Comment: It is not globalization but simply utilitarian individualism. This doesn’t even “smell” like globalization. Globalization is interdependence, and it will be revealed more and more, not from the tycoons and industrialists, but from nature itself that will connect us into a tighter and tighter and mutually dependent network. And we will be obligated to understand our egoistic and individualistic opposition to global and integral nature. We will be obligated to change our egoistic nature; this is the next stage in our development.