What’s better, being cheap or being different? For Amazon, it’s being cheap.
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As Paul Krugman points out, Britain after World War II was heavily in debt. The country faced a world economy with rising prices, but nonetheless sharply devalued the pound in 1949 (see chart above).
As Krugman explains:
“If Greece still had its own currency, the case for devaluation would be completely overwhelming at this point. What this means, in turn, is that everything — the ongoing economic disaster in Greece, the bitter divisions within the euro area, the perplexity of even the best intentioned policymakers — flows from the supposedly insuperable technical difficulties of going off the euro. Can this possibly make sense given the extremity of the situation?”
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Six years after the global recession began, many parts of the world are still struggling to achieve growth. For the last decade, Africa’s GDP has been growing quickly.
According to the IMF, it’s likely to remain that way for the foreseeable future.
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