In The News

March 5, 2009
Martin Wolf, Chief Economics Commentator and Associate Editor for the Financial Times, talks about his new book “Fixing Global Finance,” and the current financial crisis. In this interview with Nayan Chanda, editor of YaleGlobal, Wolf explains why global imbalances caused the financial crises, outlines the steps for ending this destructive cycle, and offers suggestions on how to help ensure...
David Dapice March 2, 2009
US prices ballooned, and then burst. Now the government must borrow heavily once again to stave off an abrupt collapse in values and demand. Such heavy borrowing, 12 percent of the country's GDP this year, depends on the willingness of other countries to buy US debt. But solvent countries and sovereign wealth funds are nervous about their own stockpiles and the health of the global economy:...
Nayan Chanda February 26, 2009
Globalization has suffered two setbacks. First, skyrocketing prices for oil and the financial crisis which destroyed trillions of dollars of wealth and sent the whole world into a recession. Evoking World War I and the Great Depression, observers such as Financial Times columnist Martin Wolf suggested that the economic crisis will stoke protectionism and nationalism and therefore halt...
Michael Schwirtz February 16, 2009
Russia has the second largest immigrant population the world, after the US, once inviting workers from former Soviet republics to construct luxury hotels, office buildings and homes amid a decade-long oil boom. A drop in world oil prices hit the emerging economy of Russia, striking its migrant workers particularly hard. Employers withhold wages, and the government sets quotas on jobs for...
Irwin Stelzer February 13, 2009
Consumers don't like paying taxes, but pricing energy in a way that encourages conservation could help the British economy in the long run. The global economy depends on fossil fuels, but countries that lack energy often don't agree with policies of countries that control supplies. Subsidizing fossil fuels delays the development of alternatives. “All of this makes it even more urgent...
February 13, 2009
An onslaught of bad news continues to hit Europe, with protests about economic troubles on the rise. Some European leaders, like French President Nicolas Sarkozy, resort to nationalist and protectionist approaches. Meanwhile, the European Union’s current president, Czech Republic Prime Minister Mirek Topolanek, stresses the need for “adherence to the rules,”including continued trade among the EU...
Robert F. Worth February 12, 2009
Globalization bestows and eliminates wealth with speed. A global credit crisis has struck tourism and financial industries hard, even for fast-growing economies like Dubai. Recent investors and home-buyers in Dubai have watched values plummet in the past year. Unpaid debt is a crime punishable by imprisonment. With a workforce that is about 90 percent foreign, many want to escape the downward...