The author argues that nation states have lost their ability to control exchange-rates and protect their currencies, and have consequently forfeited their role as critical participants in the global economy. Once efficient engines of wealth creation, nation states have become inefficient engines of wealth distribution, whose fates are increasingly determined by economic choices made elsewhere.
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The author argues that nation states have lost their ability to control exchange-rates and protect their currencies, and have consequently forfeited their role as critical participants in the global economy. Once efficient engines of wealth creation, nation states have become inefficient engines of wealth distribution, whose fates are increasingly determined by economic choices made elsewhere.
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