John Mcain speaks some truth, Globalization or Americas participation in the global economy is essential. The panic of 1893 which was caused by the collapse of two American companies which then caused bank failures is an important reference point. Prior to the panic the overextension of the railroads, bad loans and land specualtion had created a huge speculation bubble. when the bubble burst it signified the decline of the gilded age. If my history is valid the Mckinley Tarrif sought to limit foreign goods and thus caused the prices of many goods produced domestically to rise. The original intention was to provide security to domestic producers however the Mckinley Tarrif rapidly increased inflation.
The Panic of 1893 mirrors the present day, Big Coal was transitioning to Big Oil , Bad credit a loss of savings and mortgage defaults were common.
The idea of change for Mr. Obama is actually not change at all,gone are the days of isolationism economically. Taking into consideration the world population and the development of countries which were once third world, globalization only seems logical. For with out co-operation we will see a rise in nationalism and renewed disputes over resources.
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#1 Economist 85 Jul 23, 2008 (edited by poster)
John Mcain speaks some truth, Globalization or Americas participation in the global economy is essential. The panic of 1893 which was caused by the collapse of two American companies which then caused bank failures is an important reference point. Prior to the panic the overextension of the railroads, bad loans and land specualtion had created a huge speculation bubble. when the bubble burst it signified the decline of the gilded age. If my history is valid the Mckinley Tarrif sought to limit foreign goods and thus caused the prices of many goods produced domestically to rise. The original intention was to provide security to domestic producers however the Mckinley Tarrif rapidly increased inflation.
The Panic of 1893 mirrors the present day, Big Coal was transitioning to Big Oil , Bad credit a loss of savings and mortgage defaults were common.
The idea of change for Mr. Obama is actually not change at all,gone are the days of isolationism economically. Taking into consideration the world population and the development of countries which were once third world, globalization only seems logical. For with out co-operation we will see a rise in nationalism and renewed disputes over resources.