Globalization is not a recent phenomenon; it began in the 1870s when international trade and investment expanded to sell mass-produced products worldwide, driven by technologies such as steam engines and electricity. The peak of globalization occurred in 2019, just before the COVID-19 pandemic outbreak. The economy advances primarily through improvements in productivity. The technological advancements mentioned have significantly influenced this productivity growth. For example, a smartphone, which combines the functionality of a computer with that of a mobile device, exemplifies technological progress that has brought convenience to mankind. However, smartphone technology and network effects haven’t contributed to the expected boost in human productivity. Technology can be categorized into those that enhance productivity and those that do not. Although today’s technology development exceeds that of the past, it doesn’t automatically lead to greater productivity. To build wealth, incre...
If the means of value exchange is recognized only in the fiat currency issued by the government, the accumulation of wealth that has taken place can only be expressed in terms of value versus fiat currency. Due to the limited quantity of money, if I make money, someone will lose it. In other words, my profit is someone’s loss. Of course, the opposite is also true. Therefore, it is said that currency possesses the property of ‘goods’ whose value changes according to market functions. So, is there a structure where everyone can gain profits, rather than a game where someone loses while someone else earns? This essence will not change, but the methods by which productivity grows and the ability to create added value will improve, creating the best win-win system in the current scenario. If we must share a pizza, making a larger pizza itself is akin to making everyone happier than before. - Joseph’s “just my thoughts”