The first global inflationary shock.
Of Sar. Lekkas

Looking at price levels worldwide by summer 2008 everyone saw that the world economy has experienced the first global inflationary sok.Gia many ghost of inflation had disappeared and a globalization cares with the cost containment mechanisms to keep prices low . The transfer of capital to developing countries and the development of production units where labor costs were minimal compared with that of Western economies have led to depressed prices low for several years over the 15etia.I moderation of prices over a long time at low levels led to the weaving of theories under which the phenomenon of globalization on inflation will disappear. The course of events was diaforetiki.I rising living standards in developing countries, increasing labor costs and the gradual integration into the global economy changed the situation. Ogkodestates most population groups, which until recently listed as a cheap labor force that lives could be simple food, turned to consumers in Western eating synitheies.I demand for food, raw materials and energy products has large dimensions with known results, launching their prices to peak in summer 2008. The first global inflation shock that was. Talk about the first shock because inflation was just always in the context of 2008 as cancerous structure metastathei is another area of the previous 20 years oikonomias.Kata inflation related financial products, the 80s the bonds, the'90s shares during the first 7etia new century buildings. But demand for bonds, equities and real estate for specific population groups especially in developing the western states. The demand for food, raw materials and energy-related products ogkodesteres population groups, which have unique consumer behavior. So this behavior to balance the increased international prices and stabilize at higher levels. Competition sending funds from the West to developing countries, since labor costs were cheap and productivity per unit of output was lower. As this process continued population remained active shock when after the summer of 2008 stopped automatically stopped and the price increase. It should be understood that the transfer of funds in developing countries raise living standards in those countries, turning the simple and specific consumer preferences in Western-style public consumers. This shift in consumption from developed to developing countries do not meet the historical, for the first time had protoemfanisthei during the first outbreak of globalization gold between 1870-1913. Then the role of the imperialist practices were the major forces it through the colonies. As the whole process of passing through four phases. The first concerned the establishment of companies in low cost countries, the second the infrastructure and increase imports of these countries and the third increase consumption. There is also the fourth to live after the summer of 2008. During the fourth phase, where it has already done a full shift of consumption from developed to developing countries, then the production and savings will follow the reverse path to the developed countries. Historically the process has happened before with absolutely. By the summer of 2008 under the new version of globalization the international community has experienced a normal inflationary shock, which was not far from the result of the change in consumption in developing countries. The start of the fourth phase and the restoration of inflationary policy has changed the data. The international community is now experiencing the process of escalation of prices. The striking is that the inflationary shock of the summer of 2008 epigame at the other end has to do with violent deflation.

Mr. Sarantos Lekkas is an economist.