In The News

November 18, 2011
For nearly 20 years, Russia has worked on its bid for membership in the World Trade Organization. If approved by trade ministers in December, its entry will be the biggest step in global trade liberalization since China’s admission, according to the World Bank. Russia’s economy grew by more than 4 percent in 2010 and WTO membership could expand that to 11 percent by 2020. Oil and gas account...
Joergen Oerstroem Moeller November 18, 2011
While overspending and giving citizens a false sense of prosperity, leaders of wealthy governments anticipated future economic growth to resolve all imbalances. This YaleGlobal series analyzes how the debt crisis unfolding in Europe may offer lessons for the rest of globe. A relatively small group of banks and investors control substantial global revenue, explains researcher Joergen Oerstroem...
Jacob Funk Kirkegaard November 16, 2011
The slow-motion crisis of the euro seems to have reached a plateau with the formation of new governments in Greece and Italy. But Europe’s debt crisis is complex with far-reaching implications. In this two-part series, YaleGlobal examines the ramification of the crisis, the reform course Europe must take and the lessons that others can draw from it. In the first part of the series, Jacob Funk...
Christian Wüst November 14, 2011
Austerity is a science in Germany, and youthful Germans no longer yearn for cars. Attuned to such sensibilities, BMW and other automakers are developing car-sharing programs that allow members to reserve cars online and then drive a new vehicle, as needed, for few euros. “[M]embers get an electronically readable driver's license sticker, which opens the doors of hundreds of BMWs or Minis...
Elaine Kurtenbach November 14, 2011
Recession in Europe – Asia’s second most important trade partner after the US – was a concern for leaders of the Asia-Pacific Economic Cooperation forum. At the meeting in Hawaii, APEC leaders agreed that free trade and global cooperation could fend off recession in Europe, reports Elaine Kurtenbach for Businessweek. In an era of bilateral trade pacts, US President Barack Obama introduced a plan...
Nouriel Roubini November 11, 2011
Italy is the world’s eighth largest economy and the government is now obliged to borrow at interest rates of 7 percent for daily operations. Italians have approved austerity reforms, but the nation’s €1,900 billion in debt may require restructuring, sending shudders among banks and investors. Restructuring won’t trigger economic growth, and reviving Italy’s credibility could require at least a...
Robert Neuwirth November 10, 2011
The world has a significant informal economy, employing half the world’s workforce and estimated to be worth $10 trillion, excluding blatantly illegal activities. The so-called System D, slang from French-speaking Africa and the Caribbean, can no longer go ignored by policymakers, argues Robert Neuwirth for Foreign Policy. The actions of street vendors, barterers, garage sale operators, impromptu...