Western vs. Eastern Economics: The Grand Chessboard of Global Finance

1. The Opening Moves: Foundations of Economic Philosophy Chess: In the opening phase of a chess game, players attempt to control the center of the board, develop their pieces efficiently, and maintain a solid and flexible pawn structure. These foundational moves, while sometimes appearing mundane, lay the groundwork for the middle and endgame. Economics: The foundational economic philosophies of the West and East also differ, largely because of historical, cultural, and political influences. <ul> <li>Western Economics: Rooted in capitalism, the West places a significant emphasis on individual rights, private property, and the free market. The belief here is that when individuals act in their self-interest, it inadvertently leads to societal benefits — akin to every chess piece playing its part to control the board.</li> <li>Eastern Economics: While there’s a lot of diversity in Eastern economic approaches, many traditionally emphasize collective welfare, state intervention, and in some cases, planned economies. Much like a chess player who focuses on a holistic strategy rather than individual pieces, these economies believe in orchestrated moves for the collective good.</li> </ul> <a href="https://medium.com/@abey702/western-vs-eastern-economics-the-grand-chessboard-of-global-finance-d4a5d0bf7410">Website</a>