In The News

Cosmopolitan Masala: Diversity Enriches Us All

Philippe Legrain November 16, 2007
There is growing opposition in many countries to immigration, viewed by some as costing government treasuries and diluting national cultures. Philippe Legrain, a British economist and former adviser to the director-general of the World Trade Organization, argues that productivity flourishes in culturally diverse cities and that people are willing to pay to live and work in such fertile...

Visit Africa. Bring Checkbook.

Jonathan Power November 15, 2007
The West has viewed Africa as an undifferentiated mess of war, disease, corruption and poverty for some time. The International Monetary Fund, however, estimates that sub-Saharan will grow at 7 percent in 2008, largely due to investment by Chinese and Indian companies. US and European experts are divided about Asian influence in Africa, whether India and China engage in mutually beneficial...

The Dollar in Danger

Sebastian Mallaby November 14, 2007
Overseas investors are skittish about investing in the US, in light of the recent sub-prime mortgage defaults. The US government functions by taking on debt. But as foreign investors resist investing in low-yield government notes and similar instruments described as low risk, the dollar sinks in value. The value of many currencies and commodities, including oil, are linked to the dollar. So many...

Why FAS 157 Strikes Dread Into Bankers

William Rees-Mogg November 14, 2007
Accounting rules organize how money is classified and valued – and investors expect transparency. New accounting standards, designed with that goal in mind, go into effect on November 15, 2007, and could exacerbate already volatile financial markets. By classifying a company's assets according to marketability, the new rules highlight those that are most risky, like sub-prime mortgages, and...

Vive La Vélorution

Manfred Dworschak November 13, 2007
Confronting astronomical gas costs and clogged city arteries, urban residents find a new way to get around. In exchange for little to no fee, they can temporarily rent a bicycle from stations scattered throughout the city and leave them at the destination. The system is wildly popular: For the rental program's first three months in Paris, Vélib provided more than six million rides. Cities...

Plain English Gets Harder in Global Era

Phred Dvorak November 12, 2007
The globalizing economy – particularly the rise of outsourcing and offshoring, along with the growing acceptance of English as the universal language within multinational corporations – raises the demand for sophisticated language training. English speakers confront a broader range of accents and cultures than ever before, and education programs step up their offerings. Some concepts – sarcasm,...

A Villain to Our Rescue

Robert J. Samuelson November 9, 2007
Politicians, activists and even some business executives in the West blame globalization for a lot of problems. But the US has benefited from foreign trade. “Contrary to popular opinion, the trade balance (deficit or surplus) barely affects total U.S. employment over long periods,” writes Robert Samuelson for the Washington Post. Some types of foreign competition do hurt some individual workers...