Will Hickey

Currency wars are back on for many countries around the world.

Legal systems in the world’s wealthiest nations often do not understand the all- encompassing challenges confronting emerging economies. Those outside the Americas may not have paid much attention to the battle between Argentina and a few bondholders, but should take note: The legal tangle over Argentinian bonds provides a salutary lesson on the perils of a nation’s integration with a financial world in hyper-speed, where one wealthy individual can disrupt an entire country.

Amid the gloom over rising capital outflow and falling currencies, some emerging economies see a silver lining.

China, with trillions in U.S. dollar reserves and a voracious hunger for raw resources, hopes to entice Greenland’s 57,000 inhabitants.

Subsidies help lead to environmental pollution and distorted economies.