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The
paper argues that maintaining today's
global imbalances would help to overcome
the major disproportion of our times -
income gap between developed and developing
countries. This gap was widening for 500
years and only now, in the recent 50 years,
there are some signs that this gap is
starting to decrease. The chances to close
this gap sooner rather than later would
be better, if the West would go into debt,
allowing developing countries to have
trade surpluses that would help them develop
faster.
October 19, 2010.
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