ASU2003

It seems like more and more countries around the world are having problems with their economies. Either it was caused by bubbles, by over fishing, by running out of natural resources, having prices spike, or by stock market crashes.

Just off the top of my head I can think of these, yet there are many 3rd world countries that haven't been able to have a boom and bust.

Iceland
Ireland
Greece
Argentina
Georgia
Somalia
Portugal
Mexico
Japan
USSR
1930s - Germany & USA

Does it all come down to having enough tax money or foreign investment coming into the system, or does the hard work of the citizens make the country's economy work?

What effect does shortages in the natural resources have due to raising production costs, lower tax revenue, or the downright elimination of industries that cost too much to [harvest/collect/mine/catch] compared to other countries?

Has any country had a very high tech (or low tech) society where machines did all the work and were able to handle a large unemployment number because they didn't need to work?

Are there any non 3rd world countries out there that aren't effected if the US or Chinese demand drops?

Is there a forth type of economic policy that could be a sustainable one?

Zeraph

Those are good questions and I don't really know. I feel like the US is going down the tubes and am worried that in 5-10 years we'll be like Russia was after the coldwar.

I think New Zealand is doing well with a stable economy. But I don't know for a fact. Actually I think Australia is too.

Willravel

If you ask the GOP, it's the US. If you ask me, it's going to be either Germany (industrial powerhouse, great labor, healthy, non-bubble growth), Canada (healthiest banking system in the world), or Norway (seriously, I want Norway's government).

Baraka_Guru

What are you talking about? Only two bank failures since 1923 (two small regional banks in the '80s)? Maybe the almost negligent default rate (a fraction of a percent vs. the nearly double digits in the U.S.)? Or is it the laws against strategic defaulting (not allowed/doesn't happen)? Maybe other mortgage regulatory practices (e.g. mandatory mortgage insurance for insufficient down payments)?

Actually there's more to us than banking. If you look more closely, you will see a balanced regulatory environment across the entire economy. We do have a few things to work on (e.g. the tar sands), but, generally speaking, our stability comes from our long tradition of "government meddling" and "nanny statism."

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Tully Mars

I feel lost by the last two posts. Either that or I just don't quite understand the OP's question.

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Baraka_Guru

I think, generally, the question is how economies remain stable despite outside influences or domestic shortcomings.

The question is, which countries are economically stable when you take these into consideration?

Why are they stable?

__________________
Knowing that death is certain and that the time of death is uncertain, what's the most important thing?
—Bhikkhuni Pema Chödrön

Humankind cannot bear very much reality.
—From "Burnt Norton," Four Quartets (1936), T. S. Eliot

audioguru

Know anything about Canada?

ASU2003

It's cold there.

I liked Canada when I visited, and think it will do well economically into the future.

Leto

It ain't cold here. second day of Spring, we should break zero degrees. Balmy!

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rollick

I think the natural consequence of capitalism is the formation of opolies- monopoly, duopoly, oligopoly, which strangle the communities they operate in and cause a growing disparity between those who have and those who don't. Professions work to protect themselves- lawyer, doctor, vet, accountant etc and maintain a high standard of living at the expense of every one else. My suspicion is that our economies in the western world are rapidly moving to being similar to those of pre revolutionary France where the elite are fabulously wealthy and the rest battle abject poverty. Socially this is extremely dangerous. If governments, the members of which are mainly drawn from the social elite such as the legal profession, don't quickly respond to the inequities there will be momentous changes arise in our communities. We need changes now and if they don't happen the movement for change and equity will be momentous.

ralphie250

seems like today, no country has a "good" economy. some are just better than others

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Baraka_Guru

Well, I suppose it depends on a definition of "good." What would help is identifying satisfactory levels in such things as average growth, resilience during downturns, innovation, employment levels, income levels, etc.

The best economies are those that weather the business cycles in addition to secular cycles while minimizing the shocks that may arise and somehow maintaining sustainable growth over the long term.

__________________
Knowing that death is certain and that the time of death is uncertain, what's the most important thing?
—Bhikkhuni Pema Chödrön

Humankind cannot bear very much reality.
—From "Burnt Norton," Four Quartets (1936), T. S. Eliot