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Re: How did they ban it?
Posted by Reality (more from Reality) on Tue, 24 Apr 2012 16:46:52
In Reply to: Re: How did they ban it?, John G, Tue, 24 Apr 2012 16:31:01
Do you have any idea what the post-WWII global investment environment was like? Most countries outside the US had currency control for decades. If you as an American investor put your money into Britain, you may not be able to get your money converted back to US dollar for a long time, while the Pound Sterling kept tanking against the dollar. That's why so many Brits came to the US to work.

Also, you are making a silly assumption about "perfect market." No, market is not perfect at any given time. In fact, if the market were perfect, it would cease to exist as the two parties engaged in a transaction wouldn't be able to cover the transaction cost. In real life, market exists due to both parties perceiving imperfection in the market place and taking actions to take advantage of it and counter-act it at the same time! When NASA is the in the market place bidding up the price of astro engineers and material/components useful for its space projects, its bids drive up the cost of any other company that would have to hire the same people and use the same material. The overhead of crossing borders four times (invest money going overseas, customer money overseas, customer repatriating profit, launch company repatriating profit) would have been enormous back then. There was a reason why in the 50's, 60's and 70's, most of the world tried to sell goods and services to the US, not the other way around. What goods/service couldn't be sold in the US simply had to feed at much lower troughs among the table scraps.

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