One luxury sector in China that hasn’t taken a hit under President Xi Jinping’s austerity and anti-graft campaign is overseas travel. Last year, Chinese tourists made 97 million overseas trips—up from just 10 million in 2000 and 83 million in 2012. And their spending on overseas travel increased 28 percent in the first nine months of 2013, as compared with the same period […]
With austerity the reigning buzzword in Beijing, it’s tempting to assume that China is finally joining the West’s ongoing debate about macroeconomics. In reality, China’s leaders are drawing on a vastly different intellectual history. Read Here – Foreign Affairs
When the stakes are high, it is no surprise that battling political opponents use whatever support they can garner from economists and other researchers. That is what happened when conservative American politicians and European Union officials latched on to the work of two Harvard professors – Carmen Reinhart and Kenneth Rogoff – to justify their support of […]
Enrico Letta, Italy’s new prime minister, says he can reinvigorate his country’s ailing economy by slashing taxes and downsizing government…Letta plans to roll back taxes imposed by his predecessor, Mario Monti, while offsetting the lost revenues with as-yet-unspecified budget reductions. Lettanomics could represent the first big test of the anti-austerity movement that has been gaining steam […]
Greek opinions about Germans are changing. When “austerity measures” were first imposed, Greek newspapers and posters infamously depicted Chancellor Merkel as a Nazi leader. But the reaction has lately become more sophisticated: now we hear that Germans want to pursue a strict interpretation of Protestant ethics (which knows no redemption on earth) and punish the […]
In the otherwise ugly EU quarter in Brussels, something of a building boom is going on. There’s the €300m (£241m)-plus being spent to convert an art deco pile into a palace fit for a European president. In a nearby park another €100m makeover is creating the European parliament‘s version of the continent’s postwar history. That’s […]
Workers protesting austerity on the streets of southern Europe weren’t to know it, but earlier this month there was also a strike at the heart of the European Union – by bureaucrats fighting possible cuts. For an increasing number of Europeans, cuts in Brussels are what is needed. The European capital has told member states […]
As workers across the European Union went on protest strike today, it was hard to disagree with the trade union leader who told the BBC that austerity economics isn’t working. “It’s increasing inequalities. It’s increasing the social instability in society. And it’s not resolving the economic crisis,” she said. All of that is true and serious. […]
It came after a night of rain, tear gas and clashes. But after four months of tortuous negotiations and a rancorous parliamentary debate, the Greek parliament finally announced late on Wednesday night that it had passed the most draconian package yet of austerity measures needed to keep Europe‘s weakest economy afloat. Following heady scenes inside and […]
Not too long ago, the only people who would watch votes in the Greek Parliament were those paid to do so as part of their jobs. Over the last couple of years, though, ballots in the historic and often raucous Parliament House have become required viewing for audiences around the world. It seems that every […]
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