Tuesday, September 30, 2008

How India can make the best out of the current global economic depression

India and China were the two main powers of the world economy when trade flourished through the silk route.
China gradually pulled away from world trade by 15th century. Then India was the greatest economy on earth. But at the same time India was gradually being brought under colonialisation.

With the help of India (or rather by exploiting Indian wealth), Britain gained a great position in the then world economy. (18th century, 19th century)

Then came the world wars. Most of the demand for loans and agricultural products was met by USA which gave them the benefit of being and international creditor. This made almost all other countries of the world debted to USA, except the mighty USSR which could manage by itself. But the USSR disintegrated wothout seeing the next century.

That was how USA became the richest country in the world.

Now, in 2008, USA is going through one of its toughest financial times. Many banks have gone bankrupt. They are desperate to recover. And it is this need of money that we must exploit. We have got a huge concentration of wealth in our banks and in some industialists' pockets. If we use this wealth to recover those falling banks, then the world economy will gradually be in our pockets too.

This is what I understood reading an article in DNAindia
Click here to read it

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