Blame the Golden Goose The COP26 meeting in Glasgow continues this week and developing nations are demanding that rich countries compensate them for climate change with a large wad of cash - $1 trillion per year to Africa, another $1 trillion for India, etc. They argue that the rich countries bear primary responsibility for climate change, noting that historically, the U.S. alone has been responsible for 20 percent of global emissions. This is of course Trumpian-level analysis that sees the world as a zero-sum game.  Because the U.S. economy grew, so did that of the developing countries. Their merchandise exports grew by over 1,000 percent, as did foreign direct assistance into their governance-challenged economies. There is a reason...

TAGS – China, Europe, North America, Macroeconomics