In The News

“Made in China” Label Spurs Global Concern

Paul Mooney August 23, 2007
As lead exporter in many types of products, China takes pride in serving as factory to the world. But a spate of tainted products and recalls involving goods made in China gives many global consumers pause. China’s reaction includes denials, scapegoating and even the fast execution of one government official accused of taking bribes to allow production of shoddy goods. But the government has also...

Amid the Mortgage Defaults, America's Day of Reckoning

Joseph E. Stiglitz August 22, 2007
As President George W. Bush’s tax cut for the rich did not help to stimulate a lagging economy during the 2001 recession, the Fed sought to lift by a drastic interest rate cut. Unfortunately, this only made matters worse as more Americans went into large debt. In recent years, lured by "subprime" mortgages and "teaser rates," many Americans overextended themselves, resulting...

Health Care Costs to Squeeze Capitalism

Kenneth Rogoff August 21, 2007
Heath-care costs are becoming a higher proportion of national economies in western countries. Former senior official of the IMF, Kenneth Rogoff says when governments provide for health services that constitute one third of national incomes, health-care socialism becomes plain Marxism – based on the principle ‘to each according to his needs”. As the aging population increasingly requires...

Like Wages for Chocolate

Humphrey Hawksley August 21, 2007
Exploited by capitalists of the West, some farmers of Africa may eventually be tempted by the Chinese communist model or even worse, radical Islam as their ideology, says Humphrey Hawksley, a BBC correspondent and the author of “The History Book,” as he presents a case study of cocoa production in African countries. With stagnant prices of cocoa in international commodity markets, the real...

Stoking Protectionism

August 20, 2007
Choosing cost-cutting over quality, Chinese firms are finally getting order recalls from some of the biggest US firms. Although China publicly denies quality control problems with exports, domestic markets have faced similar quality issues. However, despite recent high-profile execution of officials in charge of drug safety, China will find it hard to transform its political culture overnight....

In Dusty Archives, a Theory of Affluence

Nicholas Wade August 16, 2007
The Industrial Revolution may have been the result of an evolutionary change in human nature, argues Gregory Clark, an economic historian at the University of California, Davis. His research shows that, generation after generation, the wealthy people of England had more surviving children than the poor, leading him to theorize that the behaviors that made for wealth – or the middle-class values...

Migrants Agree: It's Harder to Get Jobs

Pablo Bachelet August 15, 2007
Migrants report that finding work in the US has become more challenging, according to a recent study conducted by Inter-American Development Bank and the Bendixen polling firm. Migrants often feel as though they live in a “sense of siege” and many contemplate returning to their native countries. In the US, they face job, lending and housing discrimination and often do not make enough money to...