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It
is argued that for developing countries,
privatizing the public domain and financializing
the economy is akin to military defeat.
To defend themselves, the BRIC countries
need to isolate themselves from global
debt creation. Brazil as well as other
developing countries need to promote the
investment of their economic surplus for
raising production and living standards,
so as to create a positive feedback between
higher wage levels and productivity, hence
higher global competitiveness.
October 5, 2010.
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