Universal export-led surplus strategies produce global depression, not growth.

Evidence

As Martin Wolf put it beautifully, “Is everybody supposed to run current account surpluses? If so, with whom—Martians? And if everybody does indeed try to run a savings surplus, what else can be the outcome but a permanent global depression?” — Mark Blyth, Austerity, 379

Categorization

• CANDY: The Martians line makes a sharp economics point that lands in casual conversation.
• XREF: connects to: Simultaneous deleveraging by all states makes export-led growth self-defeating — Mark Blyth, Austerity: The History of a Dangerous…, 48; Export-led growth structurally demands wage suppression and anti-inflationary monetary dominance — Mark Blyth, Austerity: The History of a Dangerous…, 368

Broader Connections

• Export-led growth structurally demands wage suppression and anti-inflationary monetary dominance #expands (0.92) — Mark Blyth, Austerity, 368