But the flip side of the trade surplus is the capital outflow.

The international balance of payments remains in surplus, and there is still a net capital inflow despite the global credit crunch.

The key is to reflect on six kinds of capital goods business capital, infrastructure, human capital, intellectual capital, natural capital, and social capital.

Now it has a surplus.

China's current account surplus and export growth have, indeed, fallen.

) and in the capital.

The US current account deficit and the Asian surplus will shrink.

(a) Credits to Member States resulting from transfers made in 1959 and 1960 from the surplus account to the Working Capital Fund in an adjusted amount of 1,025,092 dollars

They have shown that the major capital inflows were not from emerging markets, but from Europe, where there was no net balance of payments surplus.

That's the second half of cognitive surplus.

Who gets to pocket this team surplus ?

Africa has a surplus of agricultural labor and too few other jobs.

But if the yen appreciates sharply, as it easily could given Japan s huge current account surplus, some hedge funds will suffer huge capital losses and the yen carry trade will implode.

Saudi Arabia also has a bilateral and multilateral surplus Americans want its oil, and Saudis want fewer US products. Even in absolute value, Saudi Arabia s multilateral merchandise surplus of 212 billion in 2008 dwarfs China s 175 billion surplus as a percentage of GDP, Saudi Arabia s current account surplus, at 11.5 of GDP, is more than twice that of China.

Nine months ago, Greece had a budget surplus and prospects for economic growth.

President Bush's tax cut, however, squandered the surplus.

Capital controls and fiscal incentives will keep legitimate private capital at home and promote domestic investment.

But the impact will extend beyond the surplus countries.

Today s big surplus countries do not need large reserves.

Clay Shirky How cognitive surplus will change the world

Drastic price drop causes shortage instead of massive surplus.

While the manufacturing approach served China well for 30 years, its dependence on capital intensive, labor saving productivity enhancement makes it incapable of absorbing the country s massive labor surplus.

So China continues to run a giant trade surplus, and the US continues to spend and borrow.

Sarajevo is the capital and largest city.

Southeast Asian countries and their capital cities.

The capital was bombed again and again.

The capital and largest city is Charleston.

Its capital and largest city is Indianapolis.

The capital and largest city is Bengaluru.

This makes the renminbi chronically undervalued and assures China of a persistent large trade surplus.

China s trade surplus peaked at 300 billion in 2008, and has been declining ever since.

Financial capital can cross borders far more easily, and physical capital can relocate almost as quickly.

Financial capital can cross borders far more easily, and physical capital can relocate almost as quickly.

Capital Shrugged

Damming Capital

Capital flight

For Chinese policy makers, today's market pressures are not high enough to force them to take action, as China still enjoys a decent surplus in its balance of payments, both on current account and capital account.

To do so, the US will need a trade surplus.

Equally problematic is Germany s focus on maintaining a fiscal surplus.

This typically happens when the government runs a primary surplus.

The Middle East has a 266 commercial surplus of oil, and the US a 65 deficit.

But the surplus merely masks the structural problems of China s domestic economic sectors and poorer regions.

The state's largest city and capital is Boise.

The state's capital and largest city is Columbus.

Their tardiness in reforming and hostility to capital creates an impression of eurosclerosis that won't attract capital.