In The News

A Retreat From Global Banking

Floyd Norris July 24, 2009
Globalization seems to be receding in the world of banking not because the banks themselves have turned inward, but because governments are now more local in focus. Moreover, the desire or need to find a scapegoat for the crisis has also chipped away at globalization’s edifice: the Federal Reserve and the Treasury in the US have had to defend in Congress their actions during, rather than their...

Mining Giants Are Forced To Lessen Global Ambitions

Robert Guy Matthews July 23, 2009
The recent decline in commodity prices along with greater government intervention has led mining companies to slow projects in emerging markets. Last year Guinea, unsatisfied with the pace of an iron ore project, stripped miner Rio Tinto of its rights to develop the reserves. Rio Tinto then decided that the project was unfeasible and started to withdraw from what was to be a $6 billion investment...

Insight: The Perils of De-Globalisation

Joe Quinlan July 23, 2009
The recent economic data suggest that the fallout from the financial crisis has abated and is nearing a bottom thanks, in part, to stimulus measures taken by countries around the globe. Yet, according to the author, it is these very stimulus packages that may undermine the global economy in the long run. By filling stimulus plans with “buy local” mandates, the US and other wealthy nations could...

Globalization From Inside Out

Jason Lim July 22, 2009
Korean politicians are fond of claiming that Korea’s cutting-edge technology industry will be the engine of its success in the global economy. However, managing editor of the Korea Policy Review Jason Lim contends that relying on the ability to churn out the latest in high-tech gadgets is no recipe for long-term success in a globalized world. Instead, he argues, Korea should focus on training its...

European Subsidies Stray From the Farm

Doreen Carvajal, Stephen Castle July 20, 2009
One of the biggest blots on free trade has been farm subsidies offered by the European Union. That they distorted trade was known, but this recent report shows the amazing extent of the distortion. European farm subsidies, once intended to help feed the population, are now doled out to some unlikely candidates, even the Queen of England. Originally used exclusively to promote production, such...

Will the Crisis Reverse Global Migration?

Jayati Ghosh July 14, 2009
The current global financial crisis has led many an analyst to predict a reversal of recent growth trends in migration and a dramatic fall in remittances. While some data may confirm such predictions, it may not turn out that way in the end. As economist Jayati Ghosh argues, remittances may not decline as much due to gender issues and demographic factors and migration may be stickier than...

Europe Looks To Africa For Solar Power

Tom Zeller Jr. July 6, 2009
With the demand for renewable energy rising, a European project is applying innovative means to harvest energy in Africa. The project known as Desertec will seek to produce power through large fields of solar collection mirrors in North African deserts and then deliver that power back to Europe as electricity. Critics have called the plan inefficient and exploitative given that solar energy can...