The debate raging 10 years ago about China’s rapid growth – whether it represents a danger or an opportunity – has now settled into broad agreement that wider regional development would be impossible without it.
The eurozone urgently needs a crisis mechanism with automatic haircuts for cases of impending insolvency. That way, limited interest-rate spreads could do the work of its missing exchange-rate mechanism.
If greed dominates, the engine of economic growth will deplete our resources, push the poor aside, and drive us into a deep social, political, and economic crisis.
The rise in consumer spending was not, however, due to higher employment or faster income growth. Instead, it reflected a fall in the personal saving rate.
Geithner remains the senior public official worldwide who is most in thrall to the self-serving ideology of big banks.
In a world weary of the limited effectiveness of most development programs in curtailing endemic poverty, China’s growing role in countries around the world provides ample opportunity to reconstruct the landscape of economic aid and financing.
Sarkozy has a golden opportunity to put his mark on the global financial system. Surely a French president, eager for global success with a domestic election looming, will not pass up his chance?
Where America has room for maneuver, it always presses forward in this direction. And, despite the rise of China and the move to a more “plural” international system, the US still has the power to change “facts on the ground” in large parts of the world, particularly the Middle East.
Proposals to protect society from the dangerously mentally ill pose basic civil-liberties issues.
One of the most common popular misunderstandings about the causes of terrorism is the notion that terrorists must be “insane” to behave as they do. That idea is as wrong as it is comforting.
To do so would require calling for higher taxes, and that – as George H. W. Bush learned in 1992 – is no way to get re-elected.
I would argue that three factors largely explain our collective failure: specialization, the difficulty of forecasting, and the disengagement of much of the profession from the real world.
The policies that China will adopt as part of its new five-year plan will shrink its trade and current-account surpluses.
As the benefits of globalization became manifest, and the damage wrought by autarkic policies also became evident, policymakers in the East began to appreciate that their anti-globalization stance had been a mistake.
The challenge today is thus to understand the processes of tumor dormancy and metastasis better, in order to determine more accurately which patients will benefit from long-term therapy.
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