Wednesday, January 14, 2015

A long readable article from Simon Johnson

In the first article below Gabriel Palma said "In other words, in current globalised settings in terms of income distribution“convergence” seems to resemble a compass whose 'magnetic north' has shifted fromaiming at what was going on in the more advance economies, to what has characterisedthe more unequal, more rent-seeking and politically more ‘cosier’ high-middle income ones. "

In The Quiet Coup (2009) Simon Johnson : "In its depth and suddenness, the U.S. economic and financial crisis is shockingly reminiscent of moments we have recently seen in emerging markets (and only in emerging markets): South Korea (1997), Malaysia (1998), Russia and Argentina (time and again)."
Simon Johnson also talks favorably of his experience in IMF; may be by his time IMF changed its ways to some extent.

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