Politicians pushing globalisation like Clinton may have told the public that the purpose of NAFTA and of China’s admission to the World Trade Organization (WTO) was to open the closed markets of Mexico and China to “American products made on American soil, everything from corn to chemicals to computers.” But U.S. multinationals and their lobbyists […]
The enduring dominance of the dollar is remarkable—especially given the rise of emerging markets and the relative decline of the U.S. economy, from nearly 40 percent of world GDP in 1960 to just 25 percent today. But the dollar’s status will be tested by Washington’s ability to weather the COVID-19 storm and emerge with economic […]
After three years of US President Donald Trump abusing America’s dominant position in the global monetary and financial system, his administration’s disastrous response to the COVID-19 pandemic will further erode faith in the dollar. And if the days of America’s “exorbitant privilege” come to an end, so will much else. Read Here – Project Syndicate
The threat of a great decoupling is a potentially historic break, an interruption perhaps only comparable to the sudden sundering of the first huge wave of globalisation in 1914, when deeply intertwined economies such as Britain and Germany, and later the United States, threw themselves into a barrage of self-destruction and economic nationalism that didn’t […]
To those already predisposed to favour domestic production over international trade, the COVID-19 pandemic seems like a case in point. Yet a closer look at the facts shows that, if anything, the current crisis offers powerful evidence of why we need global supply chains and widely distributed production. Read Here – Project Syndicate
The conflict between Washington and Beijing over the WHO’s conduct has been thrown into sharp relief because the pandemic has killed more than 217,000 people and infected over 3 million, with an especially large toll in the United States. Yet, it is just emblematic of the much broader struggle for hearts and minds playing out […]
Time is everything. Effective policy responses must reach informal workers and their families quickly to prevent them from falling (deeper) into poverty and to protect their livelihoods. Even with their budgetary and capacity limitations, countries in the region are implementing measures to help the most vulnerable. But given the size of the economic shock, much […]
While there is never a good time for a pandemic, the COVID-19 crisis has arrived at a particularly bad moment for the global economy. The world has long been drifting into a perfect storm of financial, political, socioeconomic, and environmental risks, all of which are now growing even more acute. Read Here – Project Syndicate
Countries from Italy to New Zealand have announced the easing of coronavirus lockdowns but British Prime Minister Boris Johnson, back at work on Monday after being in intensive care with the disease, said it was too soon to relax the restrictions. Nearly 3 million people have been infected by the coronavirus across the world and […]
The historic crash in oil prices in the wake of the coronavirus pandemic is reverberating across the Middle East as crude-dependent countries scramble to offset losses from a key source of state revenue — and all this at a time when several of them already face explosive social unrest. Read Here – APNews
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