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We don’t lay off our children or siblings in favour of lower cost alternatives.
Thailand
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High commodity prices were a mechanism for enriching plutocrats, oligarchs and sovereign wealth funds – effectively turning global labour income into capital which was then recycled into securities, prime real estate and art…
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This is Thailand’s umpteenth coup in the modern period so the generals know the routine well by now.
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Emerging markets, it seems, have had a good crisis. In contrast to the debt-ridden G7 economies, they have quickly resumed their growth trajectory. No surprise, then, that US emerging market mutual funds are experiencing record inflows. The stellar performance of the Brics markets – Brazil, Russia, Indian and China – is due to continue into the distant future.