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Condivergence: Termites of the economy – The Edge Markets MY

Termites of the state are “various elements that get in right into the political system as well as that corrupt, or distort, the legitimate financial function that federal governments try to play”. Today, we recognise that markets are ecosystems and also economic termites are component of the financial system, simply as actual termites create part of the biodiversity of nature. I do not personally think that there is a conspiracy of worldwide Illuminati (secret elite), but these economic termites control the system without always acting together.

A monetary specialist whom I have appreciated for a long time, Dr Vito Tanzi, previously the head of the Fiscal Matters Department of the International Monetary Fund, has written a brilliant publication called Termites of the State: Why Intricacy Leads to Inequality (Cambridge College Press, 2018). There are three types of economic termites. Termites of the state are “various aspects that enter into the political system as well as that corrupt, or misshape, the genuine economic duty that federal governments try to play”. Today, we acknowledge that markets are environments and financial termites are component of the economic system, simply as genuine termites form component of the biodiversity of nature. I do not personally think that there is a conspiracy theory of global Illuminati (secret elite), yet these economic termites control the system without always acting together.

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