Greek Lessons for the World Economy

The Greek crisis is yet another manifestation of the political trilemma of the world economy: economic globalization, political democracy, and the nation-state are mutually irreconcilable. We can have at most two at one time. 

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AH. I saw this in the Financial Review the other day. Great thinking!

Like the other impossible trinity, though, your 'trilemma' relies on "corner solutions" being taken. In this regard, the logic of Frankel's 1999 paper on exchange rate regimes is perhaps the best way to think about it.

It's not such a dilemma if we are able to sacrifice (national) political democracy, elements of the nation state, and economic globalisation. We just have to deal in slightly less extreme interpretations of what those terms mean.

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the crisis is yet another manifestation of what I call "the political trilemma of the world economy": economic globalization, political democracy, and the nation-state are mutually irreconcilable. We can have at most two at one time.

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[Yangnius]

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[Kklynch97]

Fascinating commentary on what happened in Greece and the world economy. It is interesting to see where things are headed. Not only here in the USA but throughout the world. It is different from anything that we have seen previously in our lifetime.
Thanks for the insight!
Karen
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[Account Deleted]

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[Account Deleted]

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[Account Deleted]

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[Account Deleted]

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[Servicio Informatico]

Yes, I think the economies of the union will not help resolve the crisis.

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[Account Deleted]

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[Account Deleted]

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[Account Deleted]

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[Account Deleted]

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[Account Deleted]

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[Account Deleted]

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[Amam587]

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[Account Deleted]

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[Getmediawise]

Tbh I do not agree with Germany bailing greece out of their economy crises. Infact no country should have to bail out another.

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[Getmediawise]

Countries would be far better off if they weren't being forced to bail out other countries and letting them get away with their failures.
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[TomTaylor565]

The Greeks showed us that violent protests are the best way to achieve NOTHING....peaceful protests are far more effective.

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