The Republican leadership is making threats that are not credible.
By accepting more competition, progressives could forge a consensus with centrists and help to deliver better results for a core constituency: ordinary workers.
The problem that many people around the world are facing today is one of food security, not a lack of food.
Though the Thai-Cambodian border battles have involved tanks and heavy artillery, they are unlikely to degenerate into open, large-scale warfare.
The dilemma is that any depreciation of sterling increases the level of imported inflation that is not offset by spare capacity in the economy.
There is a chance that, following Bin Laden’s death, the Haqqani group could now be tamed and thus become willing to enter into negotiations with the Afghan government.
A development strategy that promotes growth first, and only then deals with human misery, is not sustainable.
Biofuels policies in the US and the European Union have led to the creation of biofuels industries with significant output capacity – mainly ethanol in the US and biodiesel in the EU.
So financing a continued PIGS current-account deficit of about €100 billion a year would consume the entire stock of base money within another six or seven years.
The mainstream reaction has been much more fearful: media and politicians throughout the European Union are obsessing about the threat of waves of migrants reaching their borders.
Given the close connections of wealth and power with the law, reining in corporate crime will be an enormous struggle.
At its root, America’s jobs crisis is the result of many years of under-investment in human resources and the social sectors.
The Doha Round needs a final political nudge, lest Doha – and hence the WTO – disappear from the world’s radar screen.
More broadly, only through the establishment of less ambitious, smaller-scale, and functionally oriented institutions can momentum be built for a regional framework for peace.
The same is likely to happen over the next few years as the US reduces its fiscal deficit and thereby shrinks its current-account deficit while China reduces its national saving and thereby shrinks its current-account surplus.
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