Answer to Question #9606 in Macroeconomics for Kris Tully

Question

I would like the following questions answered.

1. Karl Marx said in 1867 in Volume 1 of "Capital" "..commodities are only definite masses of congealed labour time". To what extent is this true of the export of goods and services rather than by importing labour directly (immigration)

2. What are the underlying forces that have accelerated the process of globalisation in recent decades and are continuing to do so?

3. What specific policies could China and the US adopt to reduce their saving-investment imbalances and therefore their current account imbalances? What political obstacles would each country face in implementing each policy?