Our New Global Economy
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- čas přidán 5. 05. 2024
- The End of Globalization
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The global economy is changing. Countries are realizing that while economic interdependence has brought significant peace to the world, it can also mean supplying the military rise of your biggest rivals.
Special thanks to Bill Reinsch, CSIS, and to AP Newsroom.
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-- VIDEO CHAPTERS --
0:00 Intro
3:48 Global Trade Explodes
11:32 Trade Barriers
14:35 Why is this happening
19:57 Conclusion
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About:
Johnny Harris is an Emmy-winning independent journalist and contributor to the New York Times. Based in Washington, DC, Harris reports on interesting trends and stories domestically and around the globe, publishing to his audience of over 4.5 million on CZcams. Harris produced and hosted the twice Emmy-nominated series Borders for Vox Media. His visual style blends motion graphics with cinematic videography to create content that explains complex issues in relatable ways.
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Please make a video about Armenia Azerbaijan Nagorno karabakh conflict
You should make a video about Armenia Azerbaijan Nagorno karabakh war.
I really like your color science on these videos
Please make a video about Karabakh (Artsakh) conflict ❤
Massive bot account problem in the comments section. So much so that I'm incredibly disinclined to actually watch the video, matter of fact depending on it's content, I'm inclined to believe propaganda allegations surrounding you and unsubscribing.
Many comments seem to be promoting Amazons product, and were posted within minutes after the video was up..
I'll watch the video and if it turns out that this video paints Amazon as the saviour on the horizon, I'm unsubbing instantly.
Note: Microchips didn't move to Taiwan because of the free market. It moved there because the government invested in it heavily.
True! The US need to invest domestically for once and help created domestic jobs instead of running around the world to save 1 cent on every single products they produce.
Well there's always two sides of the coin- US didn't invest but Taiwan did
Microchips moved to Taiwan because US companies such as AT&T were avoiding unfavorable government policies and taxation towards the chip industry. It was way cheaper getting the chips from Taipei than getting them locally. Something else that makes the chips better: TSMC makes the best chips in the world and the taiwanese government subsidizes their chips to make Taiwan indispensable to the world and most importantly, China.
@@nntflow7058its not one cent anymore. Its a lot more as money and skilled labour and materials create shortage. It will cost US at least a few times more to produce locally and that would make local companies difficult to stand in competition.
It's ultimately a matter of framing, since Government investments into their financial future in a global economy is arguably just as much of a "free market" force as a company doing the same. Letting democratically elected leaders have a say in financial policy instead of giving a monopoly to international conglomerates can just as easily free up markets as it can restrict them.
Company owner in Europe here, at 12:43 - Government incentives are NOT for small or medium companies, but only big corporations. Small and medium companies are still getting shafted. We made the decision 25 years ago to stay in the country and not send the production to china, which would have been better. We remained in the country, with local skilled workers. The government never cared. Never gave back for staying. Now they are giving nice tax incentive to big corporation to come back, but not to small and medium companies that stayed and paid more than their fair share. Government are just scrambling to get production back because Covid showed how dependent they were on china.
You need to bring more smaller companies together to measure your contribution (through software) & lobby govt
smaller medium companis are not as useful to the economy.
Look at Italy.
More than 50% of our business have less than 10 employees and our economy has been stagnant since 2008.
Large industries that can compete and sell on a world or at least European scale are a lot more valuable. Look at the Netherlands with ASML, Philips, DSM, etc... or Germany with BMW, Wolksvage, Mercedes, Siemens, Allianz, DHL, etc...
I'm not even trying to be like that but in the US literally anyone can start a company since the gov. will gladly give you a start up loan. While that does create competition and the drive to become a good company unfortunately a lot of people are looking to be bosses instead of leaders with no business sense. When their business fails then they can go bankrupt and do it all over again.
@@tedmihalca As an anyone in the US I'd love one of these start up loans
"you need to learn to conform to the broken apathetic system."
😶🤨
Mr Johnny Harris, I tip my hat to you. I am 73 years old and recently retired. I have been a musician, a song -writer, a pilot, a pastor and I have headed up an innovation centre at a university and been a high school teacher - but I have learned more from you than I have learned from a lifetime of formal education. You are the most gifted teacher I have ever witnessed and had the privilege to learn from. Keep up the good work. The people of the world have much to learn and you are the best person to teach it!
Mr steenekamp
you're a genius, i would love to talk to you personally and get advice from you!
Maaan,you have as much of diverse career as Johnny Sins
@johnnyharris
@johnnyharris
Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.
Things are strange right now. The US dollar is becoming less valuable because of inflation, and other powerful nations waking up to trade in their own currencies. Good thing is, a lot of people still turn to the Dollar because of the safety is somehow assures. I'm worried about my retirement savings of about $420,000 losing value because of these factors and more. Where else can we keep our money?
It's a delicate season now, so you can do little or nothing on your own. Hence I’ll suggest you get yourself a financial expert that can provide you with valuable financial information and assistance
Very true! I've been able to scale from $50K to $189k in this red season because my Financial Advisor figured out Defensive strategies which help portfolios be less vulnerable to market downturns
How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings?
When ‘Natalie Lynn Fisk’ is trading, there's no nonsense and no excuses. She wins the trade and you win. Take the loss, I promise she'll take one with you.
I think the most important factor that the video totally ignored is one of the main reasons that global trade didn’t lead to world peace is because the US weaponized it with its unilateral sanctions against any country that didn’t agree with it politically, and quickly governments started taking notice and feared that the same might happen to them. And that’s why they started rethinking their dependence on the US controlled financial systems, etc. not the other way around.
And it's clearly intentional because he claimed that Russian gas was "weaponized" when it was actually blocked by US sanctions and even sabotaged when someone decided to blow up the Nord Stream. And then he hypocritically condemns China for being able to sanction if they want to.
He totally ignored it because it's convenient for whoever is sponsoring this garbage.
It's funny, the US achieved the most influential status any governance has ever achieved up to this point and they managed to squander it in less than 3 decades. Now they're scrambling to keep that position of power at the face of a threat they themselves created. No one stays on top forever.
i don't think thats the reason, nor is it unilateral. China never played by the rules offering very skewed conditions for foreign investors. Also, sanctioning dictators or warmongers is not necessarily a unilateral action.
I know a lot of foreign aid in developing countries could have been avoided by just playing fair, but in total I would just say we never got to the state of a fair and free global market place where everybody plays by the rules and power doesn't matter.
@@tilllindemann7945 Point is, a lot of top 10 economies saw the necessity for a financial alternative in BRICS when the US cut off their fellow top 10, Russia.
@@tilllindemann7945 Those. Do you think that not a single country is concerned about the situation when the entire world financial system is controlled by one country, which can, with a snap of its fingers, deprive almost any country of its gold and foreign exchange reserves, access to the world market, etc.? At the same time, the United States is actively using this opportunity to its advantage, threatening foreign governments and imposing unilateral sanctions. At the same time, there are no global laws relating to this area, there are only certain “rules” that no one in the world except the United States has seen.
In fact, this is precisely the reason: no country can feel secure until international institutions alternative to the West begin to work.
Trouble is that if I can get AI to take over my job, it doesn't mean I get to stay home and do something more fulfilling, it just means I'm broke and the business owners will make more money...
True
Remember that candidate that brought up the idea of Universal Base Income?
Andrew Yang@@Talador12
@@Talador12we already see how our capitalist owners react to working from home (better for us, more productive, but they lose some control over us). So I can't imagine their thoughts about UBI :-/
unless the gov takes that money from the business owners and gives it to citizens
Whoever does the graphics is doing a great job! Like the maps with the outlines and the company logos moving around. Stuff like that makes the videos more engaging. I’m sure it’s a lot of work!
thank you for your work. And the visuals are amazing. bravo.
I know he means microchips, but hearing big Joe say, "we need to make these chips right here in America" is hilarious without context
All chips are good chips. If he meant the food I’d agree with him even more
I don’t get it, we are the main ones designing those chips we just send the blue prints to Taiwan since manufacturing st home is expensive.
He probably believes he's talking about potato chips to be fair
Heart disease has entered the chat
Chips is a short term for microchips.....
This is pretty much my PhD dissertation topic: rivalry and economic interdependence. It's great to see I'm researching something people are interested in and something relevant to current world affairs.
I would kinda like to hear your opinion on the subject.
It’s a new world reset playing field
Same man not in college but I been reading and learning online. Its really good. I'm super articulate in the subject. It's definitely something to talk about its a "wide subject" to talk about. The best way to start is after covid and leading up to covid alot of companies where starting to strap up there boots and getting extreme about cost efficiency as high as litteraly possible. That's why Jobs aren't plentiful in the US. Cause after covid alot of companies became broke so they realize they can save a whole ton paying people pennies across the pond to make things instead of paying a livable wage in the US. But also it's a weird mix of countries being extra greedy now about every industry possible. Etc the Jamaica terrifs. Like in the dudes words in the video why the world change out of nowhere into a closed off economic depression.
Anything to add?
don’t
Mind-blowing video, Johnny thank you. If anyone is interested in how the spread of liberal democracy stagnated and led to rising populist resentment of globalisation, I strongly recommend reading Ivan Krastev’s ‘The Light That Failed’. It takes the psychological perspectives of imitating externally inponsed values on people and their leaders
We are at this change in free trade because we are losing. The idea of a consumer economy is a ridiculous notion. If you don't built it, grow it, or innovate it. You have no value
I work in New Albany, Ohio. The amount of factories and server farms that have come here over the years is absolutely insane. All of the Roads in Columbus are getting widened and paved
So the rustbelt is being revitalized?
I take it jobs are everywhere there ? Good payin jobs ?
IRL ready player one in Columbus!
I live in the same area and can confirm
roads getting widened isn’t a good sign
I think it is important to note that people aren't generally as easy to move around as jobs. This is the crux in my opinion. If you move all the jobs somewhere, people can't just pack up and move to where the jobs are, so they end up in economic decline. This gets glossed over in pure economic discussions. The cities that jobs moved to get richer, but it's not money conjured from nowhere.
That was well stated. I guess it's because it is the reality that people actually face. A corollary of this is the so called "gig" economy where people make the best of limited opportunities. (The folks in charge try to sell it as a good thing.)
The former manufacturing cities in the rust belt in the US got impacted. But the rest of the US as a whole benefited from lower prices. This is good especially for poor people. Ultimately the people who lost their jobs in the rust belt found jobs elsewhere (unemployment is at record lows today), although the new jobs they founded didn't necessarily paid as well as their old jobs.
@@TheOsamaBahamathis might sounds crazy at first but hear me out. Those at the rust belt who found jobs with lower wages are benefiting from this trade too. I.e. when prices went down by 50% but wages by 20%, in absolute terms wages is down but in purchasing power it went up. Of course they aren't gaining as much as the rest of the USA, they felt victimized. That's the whole reason free trade is in trouble too. China and USA both are benefiting but China benefited most and the US felt victimized, hence all the it's not fair let's tear down the whole thing.
@@hianhoolim7786 I agree. So I think it can be said it is not purely economic factors that motivate the change we are seeing, but ideological and emotional sentiment. The culture wars have really gotten out of hand.
@@hianhoolim7786 Exactly but today Jhonny decided to not care about what "economst" say. As he points out is in his sources, but somehow lets not pay atention to that fact today. I don't know who this man is? someone suplanted johnny with an AI version that spreads US propaganda 😆
Always great up to date videos awesome to know and learn.
I love how you displayed the whole thing as if weaponization of economic power is a new thing.
New awareness indeed.
A refreshing reminder that what fuels the globalization is not really technology, but policy
Harris story really is a little incomplete. The first wave of globalization (1800s) was caused by reduction of transport cost which technology is responsible for. Policy was quite protectionist during this time. The second wave of globalization was a mixture of policy and transport costs.
@@josejulianparra1858little is an understatement.
And these competing policies are exactly why there's no humanitarian progression for all of society.
That's the story of mankind, lol.
@@SSGoatanks
Nah. It's cheap energy. After peak cheap oil, you can't maintain this kind of a system, no matter the policy.
As someone who is involved in global manufacturing and seen this all happen, I am not surprised. All the moving of manufacturing overseas just provided short term gain. The answer is to not take away global trade, it is to make every country play by the same rules. The same health and safety rules. The same minimum wages (edit: min wage I think now is impractical). The same worker's rights etc. Right now, we do not have the same rules and policies in place.
can’t have the same rule for everyone because countries are at different development stages. However, forcing China to play by the same rules would be a start. China plays with its own rules that only benefit itself
We can't even do that among US states, and that's part of the reason that all of this works. For example, if China was forced to use the same minimum wage as the US (to say nothing of the states that have raised MW above that), then there would be no reason to have those jobs in China. We look at China as "stealing" our jobs, but think nothing of the Europeans that are out of work because compared to US labor (even unionized US labor in many cases), their labor is shockingly expensive, so the production occurs here rather than there.
It wouldn’t make sense to give everyone the same wages. First of all, there are so many different currencies, not one central currency used by all. Secondly, the purchasing power of these currencies varies significantly. Thirdly, the cost of living also varies from place to place, sometimes quite drastically. Half of the world’s population lives on less than $5.50 per day.
It's called capitalism.
@cassidyjewel3639 it's all manufactured by humans. We should all be like Star Trek.
I saw one short.. went to the channel just to get a feel..
After I read the 5th title, I already got the scope of johnny's brilliance , and subbed 😉
love the sound design and great content as always
International relations is notoriously complex. The diplomats, politicians and importantly business people who all have a hand in foreign policies come from different countries and have very different views on how to run their own country. The story you just relayed assumed the whole world was West vs East.
It's only complex because it's layer over layer of relations built on top over the years and these layers overlap other layers.
he’s a WEF schill
Greetings, please look at the Creative Society project, there are already avaliable free energy technologies, health capsules, even matter replicator and other developments useful for the life of all human society, which freeing time for personal life, selfdevelopment and entertainment but it is necessary to change the format from consumption to Creation, it is important the participation of each person to inform others ❤
Another cool fact I learned is America is currently undergoing “Rural-ization.” The relative opposite of urbanization, people love from urban areas to well less populated ones. Mainly smaller/cheaper cost of living cities.
Which is symptomatic of another big problem: the financial commoditization of housing. By turning shelter into an investment vehicle, we've massively discouraged the building of new housing supply. This has had the obvious effect of creating an economy where there simply isn't enough housing to keep pricing at a reasonable/affordable level. This is happening all across the west.
I'm in New Zealand, and it is especially bad here. A new conservative (not truly conservative, they're actually just neoliberal corporate bloodsuckers and culture war demagogues) government has just been elected. One of their main platforms has been to “give back landlords their dignity” by providing them with billions of dollars worth of tax cuts as soon as they assumed power. Meanwhile, the tax cuts they promised the working classes have ground to a halt because they can't find the money to pay for them, never mind the billions spent on landlords.
Societies across the west have been captured by big business interests and NIMBYs, i.e. the people with all the money. This has led to suppressed wages and astronomical living costs, all to feed the profit machine. This fact is a significant contributing factor to the decline of the west, as it is disintegrating the social contract by depriving people of the ability to easily have children and form communities.
If I were an accelerationist in favour of some esoteric ideology, e.g. anarcho socialism, I would be giddy that the existing powers are doing such a stellar job of making modern society so miserable that people are going to soon want to tear it down and kill all the people who made it this way.
I respectfully disagree with your viewpoint on the financial commoditization of housing. Contrary to your claim, I believe that the commoditization of housing is actually beneficial in today's economy. By treating housing as an investment vehicle, we encourage a larger pool of potential buyers and renters, which in turn increases competition and helps drive down prices. This democratization of availability and viability opens up the opportunity for more individuals to access one of the most secure and reliable forms of wealth building. Additionally, the commoditization of housing can lead to increased investment in real estate development, which helps address the issue of limited housing supply. Therefore, rather than being a problem, the financial commoditization of housing offers a piece of the solution to the affordability crisis we are witnessing across the western world.@@anzac5399
@anzac5399 you are not so bright, right? More profits mean more jobs, more jobs mean workers are more valuable and companies have to compete for the best workers, best workers move with big companies to big cities and so on, it make living is cities so expensive, the central areas get expensive and cities need to expand to make more affordable housing, when one area is too expensive people with an average salary have to move poorer zones, gentrification happen and so on until population get stagnant, same happened with China, Korea and Japan.
Except the proportion of profits gained by corporations vs the workers isn't even- business turn record profits while people who work end up more in debt. Make it make sense. @@mariano98ify
@@mariano98ifyNo.
Investors don't get in business to create jobs but profit. Anything extra is usually plowed into dividends.
If Import taxes were based on how environmentally-, human- and animal- friendly the imported goods were produced, it's not a bad thing. But I agree, when Import taxes are used as a weapon or to isolate each country comes with a lot of boomerang problems.
Bro your Animation is something that needed a huge appreciate.
Great video Johnny! Two additions: 1. Globalization started in the first place to maximize income for business leaders. 2. One exception: Within Mondragon, a conglomerate of cooperatives in the Basque region of Spain, each employee has one shareholder vote, and the highest paid business leader cannot earn more than nine times the average salary of the cooperative. This might seem a low managers’ income, but this region has kept most of their industries, whereas business leaders in the rest of the Western world moved their production to China and other cheap labor countries to fill their pockets. The Mondragon region has become one of the wealthiest of Europe, with the lowest unemployment, and one of the most stable economies. They must be doing something right!
interesting , I am diving in this rabbit hole later this afternoon , wish me luck.
It is inevitable to happen, private debt ratio is 13:1, Government debt ratio is 140% (approx.). China has stopped selling products to USA 🇺🇸 in return to printed Benjamin Paper. Irony is China is also sinking with supply manufacturing economy for the sake of sustaining expensive western lifestyle. Capital trimming, shrinking Dollar and its associate dollar, Purchasing power(PPP) will reverse from west to East.
Whoa!
Had no idea about this mondragon place. Thanks for sharing!
Guess it's a great setup. American business leaders set up companies in offshore tax havens and outsource manufacturing overseas. They make tons of money and increase income inequality. Hope that ends with this american decision
Greetings, please look at the Creative Society project, there are already avaliable free energy technologies, health capsules, even matter replicator and other developments useful for the life of all human society, which freeing time for personal life, selfdevelopment and entertainment but it is necessary to change the format from consumption to Creation, it is important the participation of each person to inform others ❤
Your nice explanation about co-ops which exist in places like Holland , Israel , and the U.K
Is lacking any economical explanations
Sure you can claim they didn't move to China because of their corporative nature (not the 9 times rule) but they need to stay competitive somehow which most industries aren't
So either they are in an industry that is local and never moved to China,
An industry that is protected by the government,
Or an industry that has it's "relative advantage" in Spain/Basque .
Meaning the fact that it's a co-op changed nothing regarding globalization
It's weird how you pointed out all of the problems of globalization then seemed really confused why people are shifting away from it. My entire life has been dictated by globalization. My hometown has been in decline my entire life. My already poor family was rocked when my father's factory job was sent to China. Globalization has failed my entire life. It's time for change.
Yeah his opinion on it is entirely based in the fact that no one he knows or loves has been harmed by it.
That's capitalism for you. Enjoy it.
Who's going to change it? Not the people benefiting from it.
It's not China, it's the zionists who control the corporations and wanted to make more profits !!! It's basically capitalism !!! You cannot hv capitalism and NOT end in the decline you mention. Otherwise you end up with a socialist country that takes care of the people.
Globalisation is not to blame, just as AI (once will take our jobs).
Capitalism is to blame. Not saying that communism is the solution, but somewhere there in the middle.
Sir you editing skills is insane loved your video
While importing can be cost-effective, over-reliance on other countries poses risks due to geopolitical tensions or disruptions. If countries prioritize self-sufficiency, consumer goods' production costs may rise, impacting affordability and potentially slowing economic growth. Striking a balance between global interdependence and domestic resilience is crucial for economic stability.
Hence, Europe should reduce its dependence on the United States, especially in military and economic aspects. It's time to revitalize its industries and promote innovation across the board to better compete with nations like the US and China, which have achieved a greater degree of self-sufficiency.
Over here in Germany, we would love to be independent with our military, but we’re literally not allowed to do anything with our military. We’re getting shitted on by the US because we’re not able to defend ourselves in case of a war. But I wanna know what we could do if we’re not allowed to do anything.
All our „working“ stuff goes to Ukraine. I know much of our equipment doesn’t work properly if it works at all. That’s mostly because we have to repair almost everything before we can send anything.
@@Radon_86Increase your military budget? Poland did and they are building the largest military in europe, germany is just cheap and would rather ride the coattails of the US military.
@@Radon_86nah it’s just because you don’t want to pay for it
@@STEP107They can't, they are getting cuked by the USA since '48. Even their economy and government isn't has strong as their could be. I live at the FR-LU-DE border and germany in crumbling since 2020.
@@d0loressk4ze28 Germany "crumbling" since 2020? HA! Sure, Bud. Hope ya ain't an AfDer or worse, a Reichberger! 🤣
In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living..
Yep! This is basically what happened with the housing market in 2008. Houses should increase in value by 5 to 8% every year. Average houses now are priced 200k above value. When the market goes down, which it will because it’s cyclical, people will either “walk away” or be house poor.
I suggest you offset your real estate and get into stocks, A recession as bad as it can be, provides good buying opportunities in the markets if you're careful and it can also create volatility giving great short-time buy and sell opportunities too. This is not financial advice but get buying, cash isn't king at all at this time!
John.. Desmond ..Heppolette, is considered the best course of action, particularly for those who are at risk of making losses. It implies that professional advice and guidance can be valuable in navigating the complexities of financial markets and making informed investment decisions.....
Sir John Desmond Heppolette is highly knowledgeable in portfolio diversity and is regarded as an expert in the field. I recommend delving deeper into his credentials. With many years of experience, he proves to be a valuable resource for anyone navigating the financial market.
It's essential to keep monitoring economic indicators, government policies, and other relevant factors to assess the potential risks accurately. While your concerns are valid, predicting the exact timing and severity of a housing market crash is inherently uncertain. Diversifying investments, staying informed about market trends, and being financially prepared for unexpected changes are prudent strategies in any economic environment.
Excellent Reporting. Thank You !
I agree with your US-China conflict analysis my friend. I believe a most conscientious choice towards our mutual longevity here on Earth is to create more economic competition while our greatest tool “the Internet” steers us clear of hard power conflict.
The standardization of dollar as a "world currency" did not happen after the "horrible" war, it started after Rockfeller started exporting huge amounts of oil and wanted dollars for it which were then based on the silver standard in the 1800s. After that the US tried to impose this system throughout the world and in the Philippines they succeeded and drove the Spanish occupation with a naval conquest in which hordes of Philipino died and colonised Philippines. They tried to do the same to the Chinese but the chinese were very clever and they did not let this happen. Then in 1913 came the wretched "Federal Reserve Act" which basically gave the control of the US dollar in the hands of private banks and their directors and owners started controlling the world. This very critical section was omitted. Also, as a post script about 4-6 months before JFK was killed, he had amended a clause in the Federal reserve act which was the presidential order 11110.
Interesting. You should make a video on this.
Interesting, except England ruled the roost prior to ww2 with it's question gold standard. Petro dollar came about with Nixon shock. Us forced Phillipines to ditch silver for gold under mckinley.
Yes but England ruled the roost but not the US or its market, England basically ruled Asia and trades in Asia and Africa. You should read the book Hidden history of the first world war by Jim McGregor and Gerry Docherty. It gives you a really good perspective of the politco-economic position of Europe and America before the First wirld war and roots of the second warld war. I think you will be surprised at how much is never told. And how basically Germany was coerced into the WW2, they were literally dying and starving. They never lost the WW1 officially, no armstice, it just sort of fizzled out.
The Petroleum industry started basically with standard oil in the US and then the Nobel bros(yes the same ones in the dynamite business) in Azerbaijan. The petrodollar started with the US Saudi Agreement in 1945 not with nixon. But the trade of petrol and federal reserve act and the standardization of dollar on silver or gold predates all this. Yes US did try to make phillipines ditch Silver to gold because they wanted to introduce the standard for currency as gold, which was the standard for dollar then. Effectively demonitizing and devaluating the Silver Peso imposed earlier by the Spanish colonials.@@JK-gu3tl
Private banks already controlled the money supply before 1913.
@@omkarpatwardhan3070”Germany was coerced into WW2” yeah that’s about as much as I expected lmfao
Great video as always, but I wish people would finally understand that individual EU member states cannot have their own trade policies, the entire customs union acts as one. The visuals in this video make it seem somehow like Germany, France and other EU countries are putting in place their own protectionist and isolationist policies, and tariffs, while they simply cannot do that - it's an exclusive competence of the EU. This was also the reason why Brexit needed to happen BEFORE any trade talks started because EU couldn't have trade talks with its own member state. I'm sorry Johnny, but you're a professional and it's been decades since the formation of the EU, it's the world's second largest economy and contributor in trade, so please represent it accurately.
"The European Union (EU) is a customs union, which means that all EU countries are obligated to take the same tariffs and apply the same import restrictions. The EU is therefore represented by the EU Commission in all international trade negotiations and member states cannot negotiate their own trade deals with third countries"
Johnny is not a professional.
I think its not about tariff but more about subsidies put to the industry to make it more competitive. For example, Germany gave a lot of subsidies for car and semiconductors factory building these days. (Tesla, Intel, Infineon etc). Which is another kind of protectionism. Since they distorted the market and gave advantage to themselves.
@@sober17994 Absolutely! The problem lies in how he inconsistently mixes terms to suit his narrative. Subsidized industries aren't a novel concept - take the longstanding rivalry between Boeing and Airbus, or the extensive subsidies in various agricultural sectors, including the dairy industry, where overproduction often leads to product dumping (cough cough what happened during COVID). This demonstrates that many of these industries are not purely market-driven and haven't been in the US for over half a century. However, equating such subsidies with trade agreements and portraying them as groundbreaking, out of the ordinary or revolutionary is misleading. This is not a new strategy; China has engaged in similar practices for years, so has the US, and the EU (and yes in case of the EU those government aids are made on an individual country government basis, correct). But, he makes it seem like somehow Germany is putting up "walls" to protect their industries, which suggest some changes in trade agreements and protectionist policies which are totally up to the EU. The visuals seems to suggest that trade policies are evolving due to rising isolationist ideologies, a claim that is contentious, particularly regarding the EU. While private investment patterns may shift and governments might invest heavily in domestic manufacturing, this isn't a direct critique of foreign policy. It becomes relevant in the context of protectionist measures like tariffs, quotas, or outright bans - evident in the airline industries of the US and Canada, which prohibit foreign companies from offering domestic services. Unlike these examples, the EU, despite subsidizing Airbus, does not employ protectionist tactics within its market or airspace. Therefore, his argument appears sensationalized, attempting to draw unclear parallels between foreign policy, trade, and government-driven economic incentives to portray a picture of "this new scary world", which isn't exactly as revolutionary as he makes it out to be.
@@sztypettto i mean this is his job right? Doesn't that make him professional no matter how bad his videos are?
@@divat10 the word 'job' needs to be revisited. It's not his job. This youtubing activity Johnny does is his own work. Idk if he's registered it as a business, but this work qualifies as self-employed. He has people to help him out as contractors. So he's the owner, who is also an active participant. Doesn't make it a job. Makes it work. Making youtube videos is not a profession, nor is it a professional activity. There is no certification to qualify this trade. It's an independent creation. So, in the legal sense Johnny is an amateur, independent video creator. So, he's not even legally bound to hold the same standards as independent journalists. That means he can post fiction as reality and get away with it.
I fully understand what you meant in your point. But it's important to clarify because people are so accustomed to using blurry semantics, under confused ideas that people are factually just as misinformed and wrong as their perception of China, Russia, Middle East, science, religion, and the special military operation in Ukraine.
14:35 The mystification starts here: the current trade conflict is not truly about protecting workers or the climate. Instead, it is motivated by the cycles of the capitalist economy. Specifically, when it was beneficial for big economic groups to invest in China, they did so. Now, however, these groups are facing competition from Chinese big economic groups, and therefore find it advantageous to start a tariff war. Politics is often a continuation of the economy by other means. As "war is the continuation of policy with other means." Almost all countries are investing in renewable energy and electric cars while also increasing their nuclear arsenal. This is because the ruling capitalist class elites recognize that these initiatives will be central to the future of the global economy, and so they are striving to adapt to this new norm.
The reason is global resource shortage. Critical elements are now in short supply. Take silver for example. According to Silver Institute globally there was a 140 million oz physical silver deficit in 2023. The silver deficit since 2021 wiped out almost 2 decades worth of stockpiles. Remember, modern medicine and almost all electronics require silver. Electric vehicles require a lot of rare elements. Elements which simply aren't as readily available or require too much energy to extract.
I feel so fortunate to have found your channel. Your videos give me a greater understanding of what I'm seeing and hearing in real time. Thank you! I appreciate the time and effort you put into your videos! Top notch stuff!
I moved to China in 2004, just a few years after it joined the WTO & global trade was really picking up, and lived there for 10 years. The changes, and boom I saw there in that short time was nothing short of breathtaking. Airports & high speed rail in random places- I started out in a town in Gansu that got an airport! then towns like Baoji getting the high speed rail! I spent 6 years in Guangdong province where it was all happening- I saw Zhujiang New Town in Guangzhou be built from barren land to pop up suburb, absolutely incredible. I even lived in Shenzhen for a year- the energy of that city is unmatched anywhere else in the world, even New York. I'm really happy that all of this has helped bring a large portion of China's population out of poverty, but it's a damn shame what's happened to global trade today. The policy of protectionism is dangerous to world peace.
At that time, the world and even China itself did not think that China could grow so fast. At that time, Chinese newspapers predicted that China's GDP would surpass Japan's by 2050, but China's GDP surpassed Japan's in 2010。
If democracies develop through a series of elections and mutual checks, China makes everyone like an ant family with a clear division of labor, and as long as the central government does not break down, China will be efficient
My parents are from the Shenzhen area. I went back many times after I came to America at 18. Historically, China was a global power and lost that to the US GDP in 1900. China's production was second to none for 3000 years if anyone cared to study history. Western technologies have been exported to all corner of the globe, including Africa and South America, for decades if not centuries. The difference is the people and Confucian teaching in all of Asia.
It would not be surprising if these enmities lead to some truly unfortunate outcomes some day.
Even things like the Israel-Palestine stuff. Who can say how much hatred will be there for generations - even as the world and technology advance.
As for global trade... It seems that most governments have limited understanding of their realities. Even the Chinese one doesn't. Like the embarrassing situation where they tried to refuse coal imports from Australia and ended up with energy shortages.
There are no truly competent governments. In large part because they don't have to be. The people who are really responsible for progress are the ones who know how it happens.
@@Huajierenmeiluziye I don't think you can say that China is efficient. They have some good ideas, and made some good investments. But they've also made bad investments (like in housing and ghost cities).
Thinking that because something worked for a while, that you should automatically just scale it up 10x , is shallow thinking. And sometimes it does create benefits for a while. But weak understanding messes things up over time.
@@Leto2ndAtreides In fact, only 8 provinces or centrally-administered municipalities generated positive benefits in china,
they need to provide development money to all the country, in this case, I have worked in Shenzhen, their efficiency is over 10x of other cities in china, it is very crazy🤣
As a Canadian, I think we are just fed up with our government sending money to other countries, while us Canadians are suffering and cannot pay rent. The shift to a more country first approach is the direct result of people who cannot pay their bills.
Canada has enough to do both, but I ask are you willing to see a massive amount more homes built therefore decreasing home value? that's the crux here with most of our wealth in real estate
@@minedgravy380 Yup, I don't see myself owning a house anytime soon, if it stays like this. If the housing market did crash, I think a lot of people, including myself would be happy. But even if it didn't crash, I would love to see new policies implemented to decrease housing costs, like preventing corporation and foreign owned real estate, and even capping people from purchasing more than 2 or 3 homes. That would drastically impact the market and allow 20 to 30 year olds to actually afford a home.
Not saying it's right, but the government sending money abroad is incredibly important to its global strategy, most of the money we send is for loans that have conditions attached to them that end up benefiting us. This is what happens when we send money to the third world. You're right it should end, but this global strategy is very important to the corporate class and is unlikely to end
I'm a Canadian and bought my home at 27. Just saved up and worked hard so waa waa
I thought Canada was a utopia
Need more of this type of information!
The way you just answered all my questions . Great work
In a very basic way. He only mentions how the things should be no what things were or are.
Great video, beside the slightly misleading title - global doesn´t mean only the US and China, but also the other major players like the EU (which is re-emerging as a united economy), India, Northern Africa and Sub-Saharan Africa.
a country dominated by lawyers, judges, media, and politicians cannot understand that in order to manufacture something they need to invest heavily to it in the 1st place.
You forgot the part where corporations moved jobs overseas to enrich their shareholders, and US politicians signed off on all of it to enrich themselves with insider trading and lobbyist kickbacks and perks. It was advertised maybe as free trade to keep the peace, but was really just a way to pay slave wages to laborers in developing countries and screw over blue collar workers in America. The extremism you see in America now, and the diseases of despair like opioid addiction, I believe is the direct result of this. People feel hopeless, the middle class is hollowed out, the rich keep getting richer, the monopolies have consolidated power etc. We need FAIR trade, corporate money out of politics, monopolies busted, and maybe then, and ONLY then, will this country improve as politicians have only their constituents to answer to, idk, like a public servant or something.
You got me as a sub. Love the video quality
Just one thing: Putin did not turn off the pipelines. Europe put sanctions on Russian gas by itself. Then the US blew up Nord Stream. That’s the story. Thank you
"Every thinker puts some portion of an apparently stable world in peril and no one can wholly predict what will emerge in its place." - John Dewey
With insight like that, I wonder what peril Dewey has caused that we have yet to find out lol
I know what is likely to emerge.... War.
😊Thank you for your fascinating and courageous work...❤
Well explain 📹 well done. You always on top with deatils.
This was a good watch but it's fair to point out that companies were still profitable and didn't pass many of the savings on to consumers. In addition to that, many people also found themselves replacing things more quickly than before the glut of overseas manufacturing. So while prices may have gone down, for many families they'd spend more by having to replace things more frequently. It's also worth mentioning that advanced manufacturing is different from food and similar goods. There's a strategic advantage to making microchips, chemical precursors...in your own country and not relying on another country for those. Even historically, it was rare for a country to trade for all of their food and trading for the majority put them at a huge disadvantage. That said, we'll see if there's a major impact on prices and wages.
It is in a sense !!!
How wouldn't you have feel like, when you're born, say like inStance an Aetis China'nice but world money trade was minus three times but other Aetis country are having world trade money of five times on worldwide globally trade's?
Some people would say, it's just a laughing stock market!
As a poli-sci major in the 90's, when we learned about globalization, the national security risks were discussed and our professor was quite concerned. Legislators' decisions to accept lobbying contributions and allow our manufacturing base to be outsourced is incredibly self-serving.
And, as the saying goes: You can't put the genie back in the bottle.
And yet, you'd be hard-pressed to find an economist who would tell you that Americans did not, in aggregate, benefit mightily from globalization. It's just that the benefits are much less obvious than the cost, so it's a topic that's rife for populist politics... especially if the area of the country most affected by it tends to be the only one that really matters in Presidential elections. Pander policy is always foolish.
@@tjt5055there are benefits to both. I think there’s more benefit to Americans having jobs, local economies having money and the American economy benefitting more than China or Mexicos.
This means the price of our goods will inevitably go up. But it also means more Americans can afford those goods.
@@tjt5055 Globalization is a unique marvel in human history because it is the first to benefit the world. I travel to "3rd world countries" regularly and it's quite clear that many 3rd-world countries have BETTER quality of life than USA while retaining access to ALL the modern marvels. You would not find that in these places when they were "colonies" or "servant states" like in the past.
That closed circuit non-free-trade map is awesome! The visuals say it all. Well done!
Highly miss informative video , you can not talk about global economy without mentioning :
We in us print unlimited amount of paper n call it dollars and the rest of the world use it (80% of international trade use usd )
You can’t ignore IMF and WB and their roll in global economy
Can’t ignore BRICKS
Can not ignore big privet banks
Can not ignore big corporations
List goes on and on
I really hope this bring more Americans out of poverty and we come together to make a change in America itself. We need a change and avoid wars all together
the last time an American said this was delano roosevelt after signing the neutrality act. wonder what happened next
🤔🤔🤨😢😥😭 THE globe has moved on from the USA. Thank god our propaganda media still tells use we are "exceptional". If they didn't...we'd have a total meltdown civil war. If trump or biden remains as prez...nail in the coffin. We live in a bubble in the basement. god bless america!
Wars are when elites disagree, not when the people disagree.
You live in naivity. It is obvious that end of global economy and secularisation by culture (Asian cluster, Europe cluster, muslim cluster etc) leads to wars BETWEEN culters.
Fentanilo everywhere
Only real OG’s remember what happened at 8:30.
😂
yeah I know it’s stuck in South America for like 20 seconds
I thought my internet was down at first. lol
Even in India
man i thought my internet died lmao
Awesome work, thanks
In a way that's the same thing a lot in Europe believed with Russia: "we depends on them for gas and they depends on us to sell it and that would bring us closer like it did for all other Europeans", but it didn't....
Economic entanglement is great to prevent wars but catastrophic during a global pandemic when markets go offline overnight. We need a system that allows for independence on critical supply chains but incentivizes cooperation and decentivizes aggressive action. Much easier said than done. This will be painful but necessary.
It isn't even great at preventing wars. Just look at Russia, they are determined to take Ukraine by force no matter how much this damages their economy. Every war ever fought was because the leaders calculated there was more for them to gain than to lose, regardless of what the actual outcome would turn out.
that’s literally socialism
untrue, we need ways to stop a pandemic let markets go offline overnight!
Part of the reason we are willing to rethink free trade is because quality of living (gross national happiness) has not continued to increase with economic growth.
Very true. In the 60's, people thought we'd have a 10 hour work week by now because we got so good at producing things. Instead, it's just been the rich getting richer.
It's so difficult to measure happiness. I don't take those indexes of happiness seriously.
That is an interesting take. There might be something to it. But if it is true, a mistake is being made here, we are lashing out at globalization and capitalism like they are to blame and we are probably wrong about that assumption.
Things would've been fine if people hadn't become complacent, and parents hadn't taught their kids nonsense like following their dreams.
They developed the attitudes of the rich prematurely, and with shallow thinking.
Free trade itself is fine. Even much of the US in general is fine. But you do have a section that's in poverty.
Sacrificing the country's future (and the future of the world) for the sake of those people though, is funny stuff... Since it's not like they have anything real to offer.
There are no more good jobs like the $5/day "act like a human robot" jobs. Those have been replaced by actual robots.
In the end, earnings are about contributing to others. If you can't contribute well, you don't deserve much.
Weird.. it has in China. I wonder why that isn't the case in beacons of free trade...
U are doing amazing journalism and more than that u gave the foundation to show the truth in small bits welldone and thank u
I am a third year International Relations student at the University of Groningen and this video is part of the exam content for the course International Political Economy of Trade. Thanks for making studying more fun Johnny!
Great video as always! But I really think a topic as complex as this deserves at least a 2 part series, which I would love to watch on this channel!
Something tells me this topic will be revisited a couple more times at least..
I came to post the same thing.
This actually secretly is the second part of a two-part series. Part one is called the new Cold War, which I published a few months ago. I hope you enjoy.
@@johnnyharrisalready have enjoyed
Yes, especially how this all relates to the current inflation of prices of goods and services.
I think China has been preparing for this for a long time. I read a book called America Against America Paperback - by Wang Huning which was written in the 90's which feels like it was written today.
Wang huning wrote that??. Provide a link please.
Its amazing that the USA is finally getting its act together to bring back industry instead of shipping it overseas
Where? I see it still going overseas
Its also amazing that goods are manufactured by workers, not grown from shelf. Any industry, ANY, that requires material and factory and works' hand, rarely has a profit rate greater than 10%, which is almost the basic profit rate of financial companies. Unfortunately it is still a sad story
really love how you put that timer thing under your promotion section
Johnny I’d love to see you maps developed further as an interactive website meant to help people visually understand these topics and issues.
'Economic entanglement can actually be a weapon '. That is so frightenely true, Johnny.
The weapons that the U.S. uses to bomb other countries are Weapons!
It's really interesting that this is are new global economy now and great video Johnny Harris :]
Wow...very informative.❤❤❤
The weblike animation across the globe was awesome ! really helped me follow along and understand the changes to the economy
It’s always been a concern about how fragile the system is. Thanks for clarifying many things Johnny Harris.
Hey, why do you have a Swiss map in the back ? Just curious because I'm swiss ;) Btw love what you're doing !
Hi Johnny I am a long-term fan and viewer. Is there a way I can share just transcripts of your videos?
In germany we felt what it means to be reliant on another country (cheap russian gas). Now our energy system makes a huge shift and it feels kinda right getting the controll back of such an important ressource our whole economy relies on.
"I love youre [your] content." You're = You are. How do Germans pretend the US didn't destroy the Nordstream pipeline?
(didn't help when your "ally" US blew up the nordstream pipeline, either - sending your gas prices sky high)
@@wuhaninstituteofvirology It was most likely Ukraine that wanted to cut Russia's gas exports; or Russia itself to then blame Ukraine in order to push Europeans to stop supporting them
Then you might ask why Russia would blow out their own pipeline, but in fact they knew that Germany would eventually stop to purchase their gas, and in fact Russia didn't pay for the construction of this pipeline, Germany did
it was beneficial for you to develop your industry. while Russia has stopped production of almost everything since perestroika, relying that in exchange for gas they would receive good German cars and other stuff.
getting control = buying dirtier gas, for more money, from other nations, that had more invasive wars. i love my fellow germans. its a loose loose loose situation and there are still some left applauding.
"Vladimir Putin turned off pipelines that pumped that natural gas into Europe" - that's not quite what happened. They requested to pay in Rubles for the gas. Same as USA requests US Dollars to be used (not via federal laws to be honest).
us blew up the gas pipelines duh
@@user-ce6zp7pg1n that pipe was never operational BTW
I think that all countries are like a sponge... sometimes shrinking, sometimes widening and drying in the worst cases. Every sponge nowadays has had enough water either soaped, perfumed, oiled or plain from other sponges and all sponges like it to keep their national flags with their natural colours and if they get too much Floyd from other sponges, their natural national flags might decolor. Sponges are not only afraid of flags colours but also of their holes, which make up the whole of their cultural heritage... in fact. Some archaic sponges live deep down in the desert, completely swallowed by oil deposits. Most of the wars on this planet happened because of the impossibility to have a global common culture... free trade drew many countries nearer to a global common culture, but at a certain point misunderstandings happen, and quarrels and then fights for different reasons... then wars. This time globalization is running so quickly, unlike previous globalizations that started in the 15th century A.D... and nobody knows what will remain of this planet... maybe just a sponge like crater, like on planet mars, forgotten in the universe, where other stars will continue to shine undisturbed and untouched by such a chaotic and insignificant planet, that once upon a time was called planet earth, of which some everlasting debris will continue to fly around in the universe as a testimony of how stupid planet earth was...maybe destroyed by a silly atomic war monger, called Pudding... 😂
"I mean think about it. Theres absolutely no reason we can't make jimmy sleeves right here in 'murica."
"Yah!"👏👏👏
The fact that economic entanglement can be used as a weapon is great! That way we have to rely on booms and pewpews only at a much later stage in conflict.
due to the entanglement you refer to, those later stages end up involving a LOT MORE 'booms and pewpews' than they otherwise would. Don't forget that the prelude to both world wars was essentially the same exact idea.
@@KingHalbatorix nukes have put an end to classical wars. we now wage war through economy.
@@KingHalbatorix… or thanks to said economic entanglement it never gets to that. Look at the EUc
New puppy had me up at 430am.... Found your content and you have made this early morning with a crazy hyper puppy very enjoyable! Onto yet another one of your videos!
Thank you! Amazing work!
Very interesting and informative video. Do you think global population decline could also play a role in this economic shift?
It'll be a long time before we have to worry about declining populations. Populations are still growing in most of the world, and huge numbers will be displaced by climate change. Western counties with declining populations will be able to get as many people as they need.
Unless they decide there's something wrong with people from the developing world?
@@donrobertson4940they always have a problem
Great documentary, sir ❤👏
I really liked the way you explained things in such a way that I can understand what series of events have led to where we seem to be at currently in the global market. I also learned a ton of new things. Im sure gathering the resources for these and putting it together in a simple to understand form was a lot of work.
I appreciate your efforts. Keep up the good work 👍
00:02 The US government is reshaping the global economy, marking a new era.
01:59 Data broker lists are pervasive and Incogni helps remove your name from them
03:44 Global trade shaped our economy and created a connected world.
05:38 The global economy opened borders, benefiting millions
07:48 Global capitalism transformed the world economy through massive trade and technological advancements.
10:21 Free trade had promised global peace and prosperity.
12:32 Countries are increasingly protecting homegrown industries from the global market.
14:35 The New Global Economy is driven by four key protections.
16:32 The global economy is shifting power dynamics and inciting protectionist policies.
18:17 Economic entanglements may lead to conflict and the shift towards economic nationalism
20:07 The rise of economic nationalism and populism
You Can't Judge A Video By Its Cover. you can by its first few chapters and certainly by its last.
Yeah he missed the chapter called covid-19 economic collapse and other important geopolitical events.
As usual I loved the video.
But what are you doing on 8:06 🤣
Good information!
Hi, Johnny ! When it comes to video editing, You are my top inspiration. I am not big fan of politics stuff, but i have watched all your videos to know atleaset 1% of your editing style. And I have also found tons of youtuber's explaining your editing style, Instead of watching their videos, I come up with a request that " why you don't give us tips and trick" of video editing process on your own channel?. I mean when you get board from doing your regular stull, you can share a short of videos about the editing style :). Thank you for posting such an amazingly videos.
Chip War by Chris Miller is a great read on the history and current state of affairs of the geopolitics with the microchip manufacturing supply chain
The West devastated so many countries outside the Western frame for many decades; globalisation gave some of those nations back their power; especially in the case of China which is the true heart of the early Renaissance.
Without China, there wouldn't be any paper, gun type weapons, printing nor sailing using a compass. ALl of these inventions come from China.
What the Western Nations did to China and other nations was terrible, such a powerful country. that had some of the most amazing architecture in the world, brought to its knees by the Western powers.
Yes, they had a brutal and cruel series of dynasty systems, but, so did many Western nations in the past.
Change was needed regardless, just not in the way it went.
What is happening now, is basically the return of one of the worlds most powerful cizilisations. They are far older than any of the Western civilisations and big change is coming.
America's moves against China will only lead to M.A.D. Neithwer side will win.
FYI, CHina is not the enemy. So many are brainwashed and think they are when the real enemy is closer to home.
Export the Quantum, Chat GPT, Revit, Plant 3D, Civil 3D, Inventor, ENGI file of the Building or Refinery to Excel, prepare Budget 1 and export it to COBRA. Prepare Budget 2 and export it to Microsoft Project. Solve the problems of Overallocated Resources, Planning Problems, prepare the Budget 3 with which the construction of the Building or the Refinery is going to be quoted.
My day is made when I see one of your videos. Thanks Johnny👍
Peter Zeihan( The Accidental Superpower 2014) predicted much of this using analytics & history. Though the timing is a little off because that's the harder part.
Peter Zeihan said globalization was a bribe to the world to fight the Cold War. The Cold War is over and the United States of America is finished paying the bribes.
China used to think it was the most powerful country on earth before it met the white man.
What software used used to create the animation in this video?
your vids are so engaging
I absolutely love those Videos because they help me more than anything else to understand what's going on today. Also the design of those Videos and how they are made is really interesting. Can anyone tell me where and how I can make Videos like this, where I can get started?
"No matter where you go, everyone's connected."
- Lain Iwakura
Diffusion and Brownian movement.
Important Note: Russia did in fact NOT cut off the gas supply. Nord Stream 2 is fully capable to operate but Germany alongside with its allies boycotts it.
This video really highlighted the tensions that are currently going on and makes an interesting overview of the rise of the global market. But I think there was a strong inaccuracy on the claim that global free market means global peace. The world was never been at peace since globalization started, there just hasn't been a large scale world war, mirroring that of WW1 and WW2. Since globalization after WW2, you had the cold war, connected to the Korean War, The Vietnam War; The war on Afghanistan and the War in Iraq, among a few, a lot influenced the by the U.S political ideology to control the "free" market on their terms. Along with the numerous genocides and civil wars across the globe, where the "free market" participated in to this day. I'm surprised that you made those claims seeing that so many of your previous videos highlighted U.S exploitation in other countries, stirring conflict, spear-headed by capitalistic values.
Also, economic competition is good. It brings those industries room for innovation and economic prosperity. Look at how competition between for the space race brought mankind to the moon. Or look at how Saudi Arabia, UAE, and Qatar grew after the GWOT. The USA and China will never go to war; our economies are too intertwined. Tesla operates a factory in China. Why would the US and China go to war? It would lead to significant loss of life, destruction, and break the global economy we’ve all worked so hard to build up since ww2. I ducking hate the Chinese fear mongering. Rather than spread fear & war, we should just view China as an economic competitor.
19:17, Putin turned off the gas? Wasn't the pipeline destroyed instead?
I think Johny is wrong that we can now know that global trade has not reduced conflict between states. Like it's not falsifiable - there's no way to know that a conflict was averted. Like how do we know China/US relations would look if they weren't economically intertwined? Economic interconnection does additional costs to conflict.
And that we would expect rivalry and butting of heads in the trade space should shock nobody. But we shouldn't expect tensions in that space to be bad when it's possible that those tensions in trade is not indications the system is failing, but working. Anybody would rather have a trade conflict than war.
The graphic designs are amazing