In The News

Don't Be Fooled by This Reform: The IMF Is Still the Rich World's Viceroy

George Monbiot September 7, 2006
The IMF has proposed giving a greater voting percentage to China, Turkey, Mexico and South Korea – all strong and emerging economies. Yet the body of 184 members would remain in control of its strongest members: The US controls 17 percent of the vote; Japan, Germany, the UK and France control 22 percent; while the 80 poorest countries control 10 percent. IMF decisions, most of which require an...

US Seeks Bigger China Role in IMF

Steven R. Weisman September 4, 2006
The old saying claims, If you can’t beat them, then join them. In a bid for cooperation, the Bush administration pushes for China and other developing nations to have more power in the International Monetary Fund (IMF). The institution with 184 member countries promotes financial and monetary stability, international trade and poverty reduction. Europe, which could lose voting shares, resists the...

Fruit of the Boom Threatens to Push China's Economy Out of Control

Jonathan Watts August 31, 2006
China has had spectacular growth, so spectacular that consumers cannot keep up. Luxury apartments in Shanghai remain vacant. Overbuilding and overvaluation, combined with increased debt, have contributed to an overheated economy. Not accountable to voters, provincial governments compete to create building booms and demonstrate accomplishments. Supply exceeds demand for about 70 percent of China’s...

In Europe, Universities Struggle to Compete and Adapt

Nicole Itano August 18, 2006
Publicly funded European universities can no longer compete with top schools in the US, yet angry students oppose proposals for reform. Increasing unemployment makes entry-level jobs for college graduates scarce. Because of limited funds available for university development, some nations implement fees to improve programs. However, most European students expect free tuition and resent the fees....

Time for India to Reduce Inequality

Pranab Bardhan August 16, 2006
Inequality is relative, depending on how it is measured. Most countries tend to have greater inequality in terms of income rather than consumption – because the citizens of any one country must eat and buy basic necessities, while the wealthy tend to save more. Citizens with more education may have less wealth, yet can better weather economic changes that may eliminate specific jobs. India,...

All Fall Down

Edward Gresser July 27, 2006
Leaders of developing nations anticipated that negotiations of the Doha Round could lead to even-handed trade practices, particularly in agriculture. With the talks collapsed, the wealthiest nations will not suffer nearly as much as the developing nations, according to trade analyst Edward Gresser. The real losers, he says, will be cotton farmers in West Africa, textile workers in low-income...

End the Lie, Rejoice in Cheap Imports

Edward M. Graham July 21, 2006
The public is indifferent to trade negotiations, according to Edward Graham, because most people take trade for granted. Politicians have led the way in promoting a massive lie to the public – that the benefits of expanded trade come from expanded exports. Graham points out that import expansion actually provides greater benefits, including long-term improvements in productivity and an increase...