In The News

Privatization vs. Democracy

Salah Hemeid October 13, 2003
The chief US Administrator in Iraq, Paul Bremer, recently announced that Iraq's state-owned industries will be sold off to private investors in an effort to boost the country's struggling economy. The new policy also allows for 100 percent foreign ownership of all industries except for oil, which will remain under government control for the time being. Iraqis view their oil reserves as...

As It Tries to Cut Costs, Wall Street Looks to India

Saritha Rai October 8, 2003
In the latest development of the trend towards outsourcing US jobs to India, some Wall Street financial houses are looking to hire India-based researchers. J. P. Morgan, Lehman Bros., and Morgan Stanley are among the latest US investment firms to seek cheaper, well-educated labor in India. Merrill Lynch already has a technology center in the country, and Goldman Sachs has similar plans to...

Sportswear Boycott Over Burma Links

Vivek Chaudhary October 6, 2003
A British-based campaign for democracy in Burma urged soccer fans to boycott goods produced by Kappa, a popular sportswear supplier with stores all over Europe. The campaign claims that Kappa indirectly supports the brutal Burma military regime by continuing to stock its stores with products made in the country. Although Kappa says it has already severed its links to Burmese manufacturers, goods...

Why China Should Not Revalue

Francis Scotland October 2, 2003
China should continue to ignore US calls to revalue its currency. At present, the Chinese currency renminbi or yuan is pegged to the dollar at a rate of 8.4 to 1, a rate which many say makes the Chinese currency significantly undervalued. Nonetheless, the author argues that the Chinese currency peg allows the hyper-stimulative US monetary policy to be exported to the rest of the world economy...

Too Soft, Too Open, Too Democratic?

September 26, 2003
Voting in the World Bank and IMF is far from democratic – votes are determined by the amount each state contributes to the coffers, leaving poorer countries with next to no say in decisions. This undemocratic system is in line with the original intent of the Bank and IMF: they were to be the lenders, representing creditor nations. No 'bank' allows the borrower to determine policy....

Globalization: Preserving the Benefits

Anne. O. Krueger September 25, 2003
Facing mounting criticism around the world, proponents of globalization have risen to its defense. IMF First Deputy Managing Director Anne Krueger argues for a renewed commitment to the principles of free trade that have fueled the last half-century’s ever-increasing economic expansion. Though she accepts the frequently valid misgivings of globalization’s critics, Krueger claims that its...

Public Staggered by Costs but Wants to Stay the Course

September 23, 2003
Americans are increasingly open to a major UN role in postwar Iraq, with about half (51%) saying the US should give up some military control to the UN to get other countries to send more troops there. Growing support for an expanded UN role in Iraq comes amid growing public concern over mounting US casualties and the rising cost of the operation. According to a recent study by the Pew Research...