In The News

The Price of Free Trade - Part II

Tom Fawthrop October 1, 2004
Instituted some 30 years ago, the international Multi-Fiber Agreement (MFA) set export quotas on all textile manufacturing nations. Some poorer countries, like Bangladesh and Cambodia, received larger quotas, which enabled them to attract foreign investment and sharply boost their earnings. Artificially protected from competition, they built their developing economies around the textiles...

Africa Must Be Heard in the Councils of the Rich

Kevin Watkins October 1, 2004
The World Bank and International Monetary Fund (IMF) have come under intense scrutiny, as the two international financial institutions prepare to meet in Washington this October. Though the agencies greatly influence the shape of the global economy, critics note that their decision-making mechanisms are profoundly undemocratic and favor the interests of rich nations. Wealthy countries maintain...

The Price of Free Trade - Part I

Mustafizur Rahman September 29, 2004
Instituted some 30 years ago, the international Multi-Fiber Agreement (MFA) set export quotas on all textile manufacturing nations. Some poorer countries, like Bangladesh and Cambodia, received larger quotas, which enabled them to attract foreign investment and sharply boost their earnings. Artificially protected from competition, they built their developing economies around the textiles...

Tremors of Global Insecurity Reach Shangri-La

Kesang Sherpa September 27, 2004
As the South Asian nation of Nepal has seen, the forces of globalization may be both a blessing and a curse. While open borders helped to develop trade, manufacturing, and tourism as the country's economic pillars, a Maoist insurgency has devastated the country in recent years. Amidst this social and financial crisis, Nepali workers overseas now bear the onus of supporting Nepal's...

Looms of Doom

Sutapa Mukerjee September 22, 2004
The collapse of the specialized silk industry in parts of India results from years of mismanaged industry policies and an influx of Chinese silk - a cheaper, more durable alternative. Five years ago, the Indian government allowed the free import of Chinese crepe silks, reversing a protectionist ban that had only served to produce a demand for smuggled Chinese goods. The new policy has seen a...

Everyone Wants A Bomb

George Monbiot September 21, 2004
The International Atomic Energy Agency (IAEA) was founded with noble intentions, but today this same agency is badly misguided, says author George Monbiot. The initial hope was that nuclear fission would solve the world's problems by creating alternative energy sources. According to IAEA statutes, non-nuclear countries were supplied the essentials for creating nuclear power, to be used...

In Some States, Foreign Trade Means Jobs

Timothy Aeppel September 21, 2004
When outsourcing started becoming a trend in America's many industries, Midwestern states, such as Ohio and Michigan, suffered the biggest job losses. Compared to other US regions, however, the Midwest experienced higher-than-average exports, which helped lessen the impact on employment. A Bank of America market strategist suggests that "the more integrated a state is with the global...