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What are the real problems with a poorer country adopting the currency of a wealthier country? I believe there is some legal catch, maybe some new obligations for a poorer country – obligations which cannot be met by the country – but from an economic point of view I don't understand it at all. Control of a national currency is an instrument of national ...


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Marx’s fundamental conclusion about mechanization, automation, etc., is not only that it replaces labour, but that it tends to shrink profitability rate (not necessarily marginal profit. It is this marxist law why they predict the final collapse of capitalism and (only then) the subsequent inevitable rise of socialism. Okishio was a marxist that in the 1960s ...


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This answer is mostly from a related post on LawSE Re Marx's 8th tenet: Equal obligation of all to work. I cannot find any such requirement in either the Criminal Law or the Labour Law, but I see that the latter makes two references to providing state benefits to the "unemployed": Article 70 The State shall develop social insurance undertakings, ...


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Although the communist society was never realized (and arguably, neither a true socialist society), the distinction between communist and socialist dates back to the 3rd international; from there, marxist-leninist became the communists (including Mao); social-democrats became the other group who proposed a more evolutionary via to socialism than the ...


1

One way of analyzing it is by the person to whom it is owed. Excluding or including intra-federal government debt (e.g. the Social Security trust fund). Looking at debt owed to domestic bond holders v. foreign bond holders v. foreign sovereign bond holders. Looking at institutional investors v. individual investors. This has relevance for foreign affairs,...


2

In politics textbooks, at least in current versions that I can remember of, @user4012 is correct. Communism is a goal, not a means in the books. Since Marx himself never finished his third volume in his lifetime, the means of transition was left to later people from Lenin, Mao, all the way to now. And it is said that the trial and error is still in progress, ...


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Yes, there are. Biden fits into this category. Kinda. MarketWatch says: Joe Biden wants a first-time homeowner tax credit And since a tax credit is essentially giving out money (less taxes for you = more money for you), you get paid by the government to be a first time home owner. This makes homes cheaper, but only if you are a first time home owner. For ...


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Different forms of governments have appeared historically in correspondence with the prevailing economic conditions and technological advances of the period. For example, after the Romans reached certain level of economic, technological and military development, they entered an expansionist phase for which the Roman senate was inefficient as compared to the ...


3

Of course things evolve with economic progress. I'll give two examples: Slavery and education level. Regarding slavery: Until three of four hundred years ago, slavery was a very widely accepted practice. Economic progress made slaves a burden rather than an asset. Slavery is universally denounced nowadays (but it still does exist). Regarding education: Until ...


3

The current economic system has many elements which require faith in the rule of law. Consider currencies. It used to be that the king's minting of coin was a promise that the coin had true weight and purity. Today there are fiat currencies. That's necessary since limiting the money pool to the supply of specie is crippling for an economy. Consider joint-...


4

The Washington Post article you cite largely discusses ties between Saudi Arabia and individuals in Nigeria who helped build a Salafi community in northern Nigeria. The article emphasizes Saudi Arabia's ability to export a particular religion -- Salafism -- as a means of spreading its influence abroad. This type of Saudi influence not unique to Nigeria. ...


1

I think it's not just historical reasons that most mentioned in the above answers. Most trade chains involve a large number of countries from all over the world. Gold or steady currency (dollar) is the most convenient way to settle accounts. Gold is expensive and heavy, and its transportation is inconvenient for world trade. The international gold market is ...


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