In The News

Italy and Japan: Troubled Twins of Globalization

Joji Sakurai August 26, 2014
Japan and Italy are major economies, ranked third and ninth in the world, respectively. Yet both have slipped in recent years, a result of insular policies that in turn encourage provincialism. The cultures offer beautiful and unusual elements that draw admiration from around the world. Ironically, challenges emerge as each are obsessed with preserving and perfecting traditions. “Japan and Italy...

Globalization’s Worst Crisis

Nayan Chanda August 25, 2014
Sanctions and counter-sanctions in response to Russian intervention in Ukraine will disrupt global trade. Russia is the world’s eighth largest economy. Industries will find stunted growth and respond with new patterns as retail outlets in Russia cope with empty shelves, European airlines mull closure of air space over Russia, agriculture producers confront stockpiles, and energy buyers will...

An Interview With the US President

August 8, 2014
Multiple powers, including China and the United States, will contribute to ongoing economic development in Africa, suggests US President Barack Obama. Editors with the Economist interviewed Obama just before the US summit with African heads of state and business leaders in Washington, and he offers insights on US relations with emerging economies: ASEAN nations do not want to choose between China...

Clashes With Russia Point to Globalization's End

Mark Leonard August 7, 2014
Russia hopes to wield control over bordering states like Ukraine and block them from close ties with the United States and the European Union. The US and EU countered Russia’s military intervention in eastern Ukraine with sanctions and Russia responded by targeting McDonald’s restaurants as unsanitary. Unraveling symbols of cooperation could be the undoing of globalization, and trade can be used...

Getting Globalization Right

Ian Goldin July 22, 2014
Technological advances in all industries have spurred globalization, expanding wealth and connections. But distrust is intense as financial turbulence anticipated as globalization leads to “a new form of systemic risk – one that threatens to devastate political institutions and national economies,” writes Ian Goldin for Project Syndicate. “Greater openness and integration necessarily increase the...

Theorist Eric Maskin: Globalization Is Increasing Inequality

July 15, 2014
Waves of trade and globalization can lift average incomes and reduce inequality, but that requires intervention to prevent rewards landing in only a few hands. Nobel Laureate Eric Maskin of Harvard University points to two types of inequality for World Bank News: In the more tolerable case, only select industries and their workers benefit from increased demand, and “In the ‘worse’ version, the...

US Alarm at the Growing Number of Illegal Child Migrants

June 10, 2014
US President Barack Obama described the increasing number of unaccompanied children migrating to the United States as an “urgent humanitarian situation.” Most come from Central America and Mexico, and many are escaping domestic abuse, poverty or violent gangs who prey on them. However, children are unaware of the dangers of traveling alone, including sexual assault, forced labor and hunger. Since...