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China, it is said, will have a massive foreign exchange surplus for the foreseeable future, gobbling up natural resources producers in Australia, Africa and Latin America, buying U.S. technology companies to transfer know-how back to China, and using an open checkbook to pick up big stakes in famous European brands.
In Spain, the Yo No Desperdicio app allows people to coordinate and exchange surplus food items with each other.
TooGoodToGo in the United Kingdom lets people to order leftovers from restaurants at a discount; and in Spain, the Yo No Desperdicio app lets people coordinate and exchange surplus food with others nearby.
A fisher returning with more fish than is needed to meet personal needs will tend to exchange surplus fish for other goods or services.
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While China's booming export economy has generated trillions in foreign exchange surpluses, the share of gross domestic product generated by domestic spending has fallen steadily to nearly 35 percent, far lower than that of most developing nations.
Beijing is flush with money and has been using its considerable foreign exchange surpluses to win favor with countries in the region (even as it undercuts some of that good will with its territorial claims and military actions).
But with currencies constantly rising and falling against each other, cross border transactions today invariably involve winners and losers, as opposed to two individuals exchanging surplus goods of specific value for something else they desire of similar value.
The second phase of the story involves their exchanging surplus goods that they have appropriated with one another; rather than saying that such surpluses lapse back into the common heritage, Locke allows individuals to acquire, grow, or make more than they can use so that markets become possible and prosperity general (ibid., II, paras. 46 51).
Hussein went through billions of a foreign-exchange surplus and then spent his country into a massive deficit to ensure ongoing domestic support.
On Sunday a clothing and book exchange (with surplus items slated for donation to Housing Works) will take place, as well as a craft fair featuring homemade goods.
Yet as Raghuram Rajan of Chicago University's Booth School of Business points out, the crisis has lasted a long time and there is no end in sight: so the situation may soon be ripe for a cooler exchange between surplus and deficit countries.
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