3. Conclusion: Combating Cost-Push Inflation Caused by Friction and Conflict with Lawless States
When friction or conflict arises with countries that show no intention of sharing the international norms of the rule of law and liberal bourgeois constitutionalism—including the emancipation of Jews—and when supply shocks or geopolitical risks materialize as a result, the advanced Western nations, which form a community united by those global standards, should not needlessly damage their own economies through a policy mix of higher interest rates and expansionary fiscal policy.
Instead, they should pursue a policy mix consisting of:
lower interest rates, and
diplomatic and security policies designed to exclude from the world economy the effective demand generated by states that do not share those global standards.
Such an approach would be a more effective means of suppressing cost-push inflation than self-inflicted economic contraction through repeated interest-rate hikes.
1
0
無法国家との摩擦や紛争に起因するコストプッシュ·インフレ対策
3. Conclusion: Combating Cost-Push Inflation Caused by Friction and Conflict with Lawless States
When friction or conflict arises with countries that show no intention of sharing the international norms of the rule of law and liberal bourgeois constitutionalism—including the emancipation of Jews—and when supply shocks or geopolitical risks materialize as a result, the advanced Western nations, which form a community united by those global standards, should not needlessly damage their own economies through a policy mix of higher interest rates and expansionary fiscal policy.
Instead, they should pursue a policy mix consisting of:
lower interest rates, and
diplomatic and security policies designed to exclude from the world economy the effective demand generated by states that do not share those global standards.
Such an approach would be a more effective means of suppressing cost-push inflation than self-inflicted economic contraction through repeated interest-rate hikes.
https://gyazo.com/ebe3459507f4e4cd315fbfe69b18ccb3