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« Tuesday « July 11, 2006
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Italy's World Cup win seen as global boon
(MarketWatch)
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[W]hy is Italy's victory so good for the world economy? Firstly, because it's good for Europe, which has lagged economic growth rates in Asia, the U.S. and Latin America over the past few years. Stronger domestic demand within Europe would boost exports from those other regions.Interesting theory, although I'm not sure I buy it. I'll wait and see, but not for the next quarters results ... that's too short-sighted and, well, Western. Let's wait until the 2010 World Cup, which will be played in Africa. This year, there were a number of rising African teams, all young, all sure to be much stronger in four years. They will enjoy a
home continent advantage,
and before you think that's meaningless, consider that a supposedly improving team like the USA has never won a World Cup game outside of the Americas in its history. If a Ghana or Ivory Coast can win, or push deep into the next World Cup tourney, that will be the time to see whether or not winning soccer games actually has any effect on the so-calledworld economy.
That is, unless the so-calledworld economy
includes more than just the G8 and its satellite ofcolonies, ersweatshops, er, trading partners. And you know that whenever they talk about the world, Africa is never included. Hmmm, why is that?
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