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China's economy will remain strong despite the current global financial crisis, but its leaders should not assume that the crisis is a failure of capitalism, concluded Albert Keidel in a speech before the U.S.-China Business Council last week. Both the United States and China can learn from the crisis to improve their political and economic systems.
As world leaders prepare for next month’s international financial summit, critics remain skeptical about how quickly the IMF and the World Bank can actually adapt to the 21st century. Yet the mere fact that the upcoming summit will include leaders from the G20—rather than just the G7, as tradition would have it—suggests that the world is moving toward an unprecedented new financial order.
Recent WTO rulings indicate an increasing willingness to restrict trade based on the environmental impact of goods production. The global community should incorporate trade-related measures into any post-Kyoto multilateral climate agreement.
Today's financial crisis in America looks remarkably like the crisis that struck Japan 20 years ago, when a stock market meltdown exposed years of speculative lending, mostly dependent on real estate, and led to an economic collapse. The United States can take lessons from the Japanese experience as it attempts to engineer its own recovery.
In this phase of the financial crisis, struggling countries are looking to rising powers for help, rather than turning to the conditional aid traditionally offered by the IMF. This trend highlights the shifting global financial order and indicates that emerging powers will undoubtedly play a larger role as the international community attempts to define a new global financial system.
The financial interdependence that sovereign wealth funds (SWFs) created between the West and the Arab world could help stabilize multilateral relations and promote economic development and political stability in the Middle East.
NATO's new war on drugs in Afghanistan will put troops in greater danger for a venture that may not even work. It just might be the straw that breaks the alliance's back.
A key factor in Sunday’s national Russian elections was that parties lacking State Duma representation were denied registration. This is part of the current Kremlin strategy to purge the political field. But the grim economic situation makes this effort, and the election of deputies doing little more than passing along instructions from the top, morally obsolete.
As globalization spread over the last twenty years, migration expanded less rapidly than either trade or foreign investment. Yet migration remains contentious. The net impact of migration is positive for the migrants and high-income countries, and more gains are feasible. Developing countries, however, may suffer from growing brain-drain.
As globalization spread dramatically over the last twenty years, migration expanded less rapidly than either trade or foreign investment. Still, migration remains contentious even as some economists praise it as the fastest route to raising world incomes. The promise of migration, however, is more limited and nuanced.
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