The financial crisis had many causes—too much borrowing, foolish investments, misguided regulation—but at its core, the panic resulted from a lack of transparency. The reason no one wanted to lend to or trade with the banks during the fall of 2008, when Lehman Brothers collapsed, was that no one could understand the banks’ risks. It was […]
As he prepares to visit Washington in the coming days, Afghanistan President Hamid Karzai is completing 10 years in office. His relationship with America began with mutual affection and infatuation, and deteriorated gradually over the years, first under President George W. Bush, then even more so during the early part of the Obama administration. But […]
Trying to wrap one’s arms around China today is a significant challenge. It is a global power with a growing economy, rising military, and expanding diplomatic reach. Yet there continues to be a gnawing sense in and outside China that all is not quite right. Whether it is the 180,000 protests annually, the growing flight […]
A controversy erupted recently over Track Two discussions regarding the Siachen issue. “Track Two Diplomacy” is a term with which much mythology is associated. Some proponents believe that it can cut through the red tape of conventional diplomacy and resolve intractable problems. Critics argue that it is both a useless waste of time and a sinister plot […]
October of last year marked the fiftieth anniversary of the 1962 Cuban missile crisis. Many Asian policymakers will read the lessons of that harrowing episode with some self-satisfaction. When India and Pakistan conducted their nuclear weapon tests in 1998, foreign analysts repeatedly told them that, as poor countries with weak institutions, they could not be entrusted with […]
The Chinese feel strongly about China, but are indifferent to the party. Yet state and party are united, and the absence of popular responsibility towards keeping the party as government could see the country forfeited. Political participation is the key to the stalemate. During the next plenary session of the Chinese parliament, the National People’s […]
Leadership changes in China, Japan and South Korea along with the United States have marked another tumultuous year for the Asia-Pacific region. With 2013, the Year of the Water Snake in Chinese mythology, around the corner, what might be in store for the region’s economy? According to “feng shui experts” quoted byMalaysia’s top-selling daily The Star, the […]
Will the eurozone crisis end in 2013, or will it drag on throughout the year, and perhaps even deteriorate anew? This is likely to be not only the crucial question for the European Union’s further development, but also a key issue affecting the performance of the global economy. While the EU clearly needs internal reforms, two […]
Barack Obama just can’t get enough out of Joe Biden these days. And anybody who’s been following Biden’s steady ascent in stature over the last several years — from gaffe-happy presidential contender to one of the most powerful vice presidents in U.S. history — couldn’t be less surprised. Perhaps the only surprise at all is […]
This month, the United States National Intelligence Council released a sobering report entitled Global Trends 2030: Alternative Worlds. Most important, according to the authors, if current trends continue, Asia could soon surpass North America and Europe in global power. It will have a higher GDP, larger population, higher military spending, and more technological investment. In this […]
looking beyond borders 