In The News

Why Italy’s Days in the Eurozone May Be Numbered

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...

“Playing Baseball Without a Bat”

Thomas. L. Friedman November 9, 2011
In an interview with YaleGlobal editor Nayan Chanda, Thomas. L. Friedman talks about his book "That Used to Be Us: How America Fell Behind in the World It Invented and How We Can Come Back," co-written with Michael Mandelbaum. He explains the reasons for the slow decline of the United States, especially its failure to adapt to the hyper-connected world it helped to create, four...

The Popular Mandate

Nayan Chanda November 8, 2011
A suggestion by the Greek prime minister for a referendum on a proposed European bailout – negotiated by European leaders to continue lending to Greece while erasing half the nation’s debt –was bashed by financial markets and Western leaders. Analysts anticipated an angry Greek electorate to reject the deal, and the prime minister backed down. "Athens offers a valuable lesson in...

Denying Imbalances, G20 Risks Chaos – Part II

David Dapice November 7, 2011
Once again, the leaders of the world’s most powerful economies have procrastinated in coming together on a viable global strategy to end unsustainable imbalances. Overshadowing the G20 summit was the threat of a disorderly Greek default; the Greek government’s scrambled response; and rising bond prices and trouble for Italy’s debt. Eurozone leaders agreed to set up a rescue fund of at least $1...

It’s a Small World After All

November 7, 2011
With nearly 100 countries playing the game, rugby portrays itself as a global sport. Still, major reforms are required of its governing body to shed an elitist tag and give due recognition to upcoming “minnow” countries, argues this essay from the Economist. Huge resource gaps exist between the nine traditional rugby powerhouse countries and the “minnows” that are other members of the...

The 19th-Century World-System

Immanuel Wallerstein October 31, 2011
Sociologist Immanuel Wallerstein, the originator of the modern world-system theory, published volume four of his opus, which examines the development of centrist liberalism during the 19th century and its inevitable imbalances. Centrist liberalism, encompassing enlightened conservatives and pragmatic radicals, supported the expansion of state powers. The powerful feared the exercise of popular...

What Does Gaddafi's Fall Mean for Africa?

Mahmood Mamdani October 21, 2011
The brutal end of Libya’s Muammar Gaddafi is a warning for despots who resist reforms. Too many African leaders follow the personality-based model of Ghana’s Kwame Nkrumah rather than the state-building model of Tanzania’s Julius Nyerere, argues Mahmood Mamdani, a professor at Columbia and Makerere universities in an essay for Al Jazeera. Failure to establish sustainable institutions breeds...