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Part R in the Insider’s Economic Dictionary.
Race to the bottom: A term for dog-eat-dog competition by which countries compete by cutting wage levels so as to produce in the cheapest market, not by raising wages and labor productivity. 1,986 more words
Part P in the Insider’s Economic Dictionary.
Panic: The abrupt culminating stage of the business cycle, in which inflated asset prices collapse in price as financial securities and properties are sold to pay off debts. 2,839 more words
Michael Hudson and Jeffrey Sommers: Who In Ukraine Will Benefit From An IMF Bailout? Not the Workers
TheRealNews on Mar 21, 2014
Economists Michael Hudson and Jeffrey Sommers discuss how provisions in an IMF deal, like cuts to gas subsidies and pensions, will hurt the average Ukrainian citizens and benefit kleptocrats.