" In macro terms, we could see Sixteenth Century Spain has a country with a very large trade deficit – financed by capital inflows (stolen gold). But, this is an unbalanced economy – consumption enables high current living standards, but when the gold dried up, Spanish business and industry had been left behind other European nations. Nations without a windfall of gold had a much greater drive to create wealth rather than just consume it. "
Posted on: Tue, 17 Sep 2013 11:43:52 +0000
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