In The News

How the West Came to Run Islamic Banks

Owen Matthews October 29, 2005
It may come as a surprise to some that when wealthy Muslims have millions of oil dollars to invest they are increasingly turning to subsidiaries of giant Western banks like Citigroup to manage their money. Attracted by oil money and the desire to participate in the Middle East’s fastest growth in a generation, Western banks have successfully established Islamic subsidiaries that are dominating...

The Fate of ‘Made in the USA’

Robert J. Samuelson October 28, 2005
The specter of declining industry has loomed over the USA in recent years. As the imperatives of free trade and globalization send jobs and factories across borders and beyond oceans, the American worker and the American CEO both recognize they’re in a bind. American manufacturing, once the hallmark of the nation’s booming business, now faces a tenuous future. Robert J. Samuelson, writing for...

China, India Superpower? Not so Fast!

Pranab Bardhan October 25, 2005
Every day, countless commentators prophesize the ascendance of the world's next superpowers, China and India, the two "Asian giants" shaking off their ancient slumber and rising to the call of the 21st century. According to popular punditry, their place in the firmament of globalization's success stories is already guaranteed. Yet economist Pranab Bardhan argues that a much...

Egypt Pushes to Modernize Industry

October 25, 2005
Egypt is investing US$35 million in its National Supplier Development Program in an effort to prepare its protectionist economy for gradually-increasing openness to international trade. The venture targets small- and medium-size Egyptian businesses supplying larger "mother companies" whose size and efficiency allow them to compete far more effectively in the global marketplace....

Erasing the Image of the Ugly American

William J. Holstein October 25, 2005
WalMart and McDonald's business may be booming around the planet – but their prevalence doesn't necessarily make them welcome guests. In an interview published in the New York Times, Keith Reinhard, president of Business for Diplomatic Action, warns of the United States' waning popularity amongst the international community. Recent polls reveal that a significant portion of the...

Wolfowitz Calls for End to Farm Subsidies

Mark Tran October 24, 2005
Developed and developing nations must reduce their agricultural subsidies if the World Trade Organization’s current round of trade talks is to succeed, World Bank head Paul Wolfowitz said today. The EU and US must cut subsidies and guarantee market access to developing countries, he said, or “the people who will suffer the most are the world's poor." Yet Mr. Wolfowitz also called on...

Globalization Explained to the French

Philip H. Gordon October 18, 2005
Following France's decisive May 29 referendum against the proposed EU Constitution, many observers condemned this once great imperial power's rejection of the international system. Decrying the predations of "Anglo-Saxon capitalism," the "Non!" camp had clung to an alternate vision of polity, rooted in commitments to social development and market regulation. But an...