After years of low inflation, investors and policymakers have settled into a cyclical mindset that assumes advanced economies are simply suffering from insufficient aggregate demand. But they are ignoring structural factors at their peril.
In some ways Mr. Modi has proved more statist than the Gandhis. Before he took power he criticised Congress welfare programs as insulting to the poor, who “do not want things for free” and really want “to work and earn a living.” As prime minister, Mr. Modi doubled down on the same programs, expanding the landmark 2006 act that guaranteed 100 days of pay to all rural workers, whether they worked or not.
Indian liberals fear that a second term for Prime Minister Narendra Modi might prompt a decisive turn against the country’s secular traditions, much as the American left fears that Donald Trump’s return would irreparably harm U.S. democratic institutions. This Modi-as-strongman thesis places India squarely within a global autocratic resurgence, featuring a familiar tableau of leaders from Turkey’s Recep Tayyip Erdogan to Rodrigo Duterte of the Philippines.
It makes sense that a continent home to 54 countries and 1.2 billion people would also house a mass of contradictory developments. Africa features several of the world’s fastest-growing economies and a burgeoning middle class. But much of the continent remains mired in debt, ravaged by conflict, disease or terrorism, and plagued by elites clinging to power.
The economic news is impressive: the lowest unemployment rate since 1969 and 3.2 percent economic growth in the first quarter. For President Trump, it raises the possibility of running an upbeat, Morning in America-style reelection campaign, like Ronald Reagan did in 1984. Except for one thing: Trump is congenitally unable to keep it sunny, or to stay on any message. Attempts at accentuating the positive invariably devolve into his usual recitation of grievance and gloom.
Read Here – The Washington Post
Globalization, digital technologies, and other factors have allowed competitive US corporations to achieve market dominance. If the past is any guide, it is only right that these “superstar” firms should now be challenged by grassroots political movements protesting against an unholy alliance of private-sector and government elites.
The United States and the European Union have steadily ratcheted up sanctions on Russia since its 2014 invasion of Ukraine. The West’s goals include punishing Moscow, pushing it to withdraw from Crimea, deterring it from further aggression, and signaling that national borders must be respected. But a half decade on, what is there to show for all the sanctions?
China and Russia both have features that unite them. Both are blatantly autocratic, show a callous disregard for human rights, and share an openness to using military force in their neighbourhoods. They also share a great interest in pushing back the West’s influence in the world. Yet, despite these various areas of cooperation, the list of potential conflict points between the two powers is long.
This new, outspoken Saudi diaspora poses several problems for the kingdom. For one, Saudi Arabia spends millions of dollars on scholarships in order to lessen its dependency on foreign labor; it cannot then afford to lose its highly educated young citizens to exile abroad. The diaspora is also creating an image issue.
Annual survey by Beijing shows China’s migrant workers are less inclined to travel long distances for work, with governments offering grants to stay locally. The average age of migrant workers is rising, with a new generation of workers less content to work in factories or construction sites.
Read Here – South China Morning Post
