In The News

Does the “Hyper-Power” Have Feet of Clay?

David Dapice March 3, 2003
If you look past its formidable military machine, America is not as powerful as it seems. Tufts University economist David Dapice points out that the current view of the United States as a “hyper-power” fails to take into account the country's many economic vulnerabilities. A country that relies on over $1.3 billion in capital inflow each day to finance its import appetite may not be able...

Don't ignore 'North Korea Effect'

William Pesek Jr. February 11, 2003
In this commentary in Singapore's Straits Times, William Pesek Jr. argues that "The West may be preoccupied with Iraq, but those who ignore risks from North Korea could be hit on the blind side by declining Asian markets." The 'North Korea Effect' he describes anticipates North Korea developing and testing nuclear weapons, setting off an economic chain reaction. A...

Lula’s Message for Two Worlds

January 30, 2003
First he inspired hope at a crowded haven for anti-globalizers. Then he received an ecstatic greeting from a globalized assembly of free traders meeting at a playground for the rich. Brazil's new president, Luiz Inácio Lula da Silva, moved last week between Porto Alegre and Davos with amazing ease. He was elected last year on a populist platform that railed against neo-liberal economics...

American Investor Protection is Protectionist

Benn Steil January 15, 2003
The world of finance is often thought to be the most truly globalized economic sector. But Benn Steil, André Meyer senior fellow in international economics at the Council on Foreign Relations, reminds us in this article that even such a free-market trumpeter as the US is still quite protectionist when it comes to its own financial markets. Despite the failure of Enron and the subsequent...

Lula: The End of Latin American Populism?

Ernesto Zedillo December 13, 2002
For nearly a century, populism has been the most pervasive and successful campaign strategy in Latin America; however, as a political and economic tactic once in office, it has consistently betrayed its followers. Quite frequently, populist regimes – democratic or authoritarian – deliver short-term prosperity followed by “painful financial collapse.” And with the Brazilian financial situation...

Increased Globalization Pivotal to Japanese Reform

Richard Katz December 4, 2002
Japanese exports have been at the forefront of the globalization of its manufacturing sector, and yet the Japanese economy as a whole remains remarkably insular. If Japan is to dig itself out of its current deep economic crisis, the solution has to be further opening of the country and increased globalization. - YaleGlobal

A Damaged Brand

Moisés Naím October 27, 2002
Privatization, trade liberalization, and deregulation were the buzzwords of the early 1990s. Developing countries happily adopted these terms, but in many cases their actual economic policies differed sharply from the formula. Both the formula and the local policies used in its place have failed, and as a consequence, developing countries have renounced globalization completely. This is tragic...