BIS central bankers’ speeches  1  panics, money markets were tight when the panic struck in October, reflecting the strong seasonal demand for credit associated with the harvesting and shipment of crops. The immediate trigger of the panic was a failed effort by a group of speculators to corner the stock of the United Copper Company.
Why are we so “unglobalised” in terms of our share in trade, investment or communication? Transition from a closed to a vibrant, open and a more globally dominant economy will certainly take time and will not be painless. As of now, we also have much greater tolerance for waste, non-work and survival of the inefficient, and the self-seeking than other fast growing countries.