In The News

Globalization and the Political Future of Nigeria

Sam Ejike Okoye October 15, 2004
Although some may doubt the impact of globalization on the African continent, the recent surge of world oil prices to their highest recorded levels, triggered by the threat of strike in Nigeria may dispel the myth. If levels remain above US$50 per barrel through the coming winter, a worldwide recession is not out of the question, the article says. Today's economic, scientific, environmental...

France Looks to Strengthen Economic Ties with China

Frank Ching October 13, 2004
China continues to flex its economic muscles, reaping the benefits of international and intra-EU competition for influence. French President Jacques Chirac's recent official visit to China resulted in US$4 billion worth of industrial orders, as well as hints of further political cooperation in the future. Economic and political relationships between France and China are particularly...

Tom Yam Swamp

Arindam Mukherjee October 12, 2004
When the India-Thailand Free Trade Agreement (FTA) came into effect in September, Indian businesses suddenly found a much cheaper manufacturing option. From electronics to textiles, products can be produced in Thailand and re-imported to the Indian consumer market at more competitive prices. India's domestic industries, threatened by this outsourcing loophole, question whether such...

Buy Now, Profit Later

Elise Kissling October 8, 2004
Over the past eight years, German companies have invested more than US$9 billion in China, the world's largest recipient of foreign direct investment. Unfortunately, only six of the 23 German companies that responded to a Deutsche Bank survey claimed to be earning money in China. Last year, for instance, Volkswagen manufactured more cars in China than in Germany, but failed to turn a profit...

Koizumi's Change-Up

William Antholis October 8, 2004
Japan has been the biggest laggard among the developed countries, and given the size of its economy, its ten-year stagnation has been a drag for the whole world. Power of the entrenched bureaucracy and vested interest of the political bosses have held back attempts to reform the economy. But change may be coming. According to the Brookings Institution’s William Antholis, recent high-level...

Freeing India's Textile Industry

Asutosh Padhi October 5, 2004
When the Arrangement on Textiles and Clothing (ATC) expires on January 1, 2005, the international textile industry will be entering a free-for-all phase. The ATC’s quota restrictions on textile exports have so far safeguarded poor countries such as Bangladesh and Cambodia, and its abolition leaves them to the mercy of the free global market. India, with its copious human and natural resources,...

Africa Must Be Heard in the Councils of the Rich

Kevin Watkins October 1, 2004
The World Bank and International Monetary Fund (IMF) have come under intense scrutiny, as the two international financial institutions prepare to meet in Washington this October. Though the agencies greatly influence the shape of the global economy, critics note that their decision-making mechanisms are profoundly undemocratic and favor the interests of rich nations. Wealthy countries maintain...