In The News

Greeks Seek to Escape Debt Crisis Abroad

Ingrid Melander November 3, 2011
Governments that dawdle in resolving economic crisis – or impose unfair taxes or cuts – could lose their smartest, most skilled citizens. As Greece’s debt crisis rocks the European Union, thousands of young and skilled workers are emigrating, reports Ingrid Melander for Reuters. Nonprofit aid organizations for the Greek diaspora are swamped with aid requests, she adds. Greeks are furious about...

US Banks Sell More Insurance on Europe Debt

Yalman Onaran November 3, 2011
Sales of insurance that guarantee against European debt losses are booming. A Bloomberg article questions the protection of an endless chain of hedging: “The banks say their net positions are smaller because they purchase swaps to offset ones they’re selling to other companies,” the article quotes Frederick Cannon, director of research at New York-based investment bank Keefe, Bruyette & Woods...

Europe Sneezes, India Catches a Cold

Nayan Chanda November 2, 2011
Cooperation could prevent contagion stemming from the Greek debt crisis, explains Nayan Chanda, YaleGlobal’s editor, in a column for the Times of India. The 17 members of the eurozone shared a monetary policy without common fiscal regulation. Reckless borrowing ensued. A negotiated bailout requires setting up a $1.4 trillion rescue fund along with reforms. So far, Greece and Italy resist...

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...

World Will Miss Economic Benefit of 1.8 Billion Young People

Fiona Harvey October 31, 2011
As the population hits the 7 billion mark, the world contemplates the challenges in providing adequate education, jobs and other opportunities for growing numbers of youth. The largest cohort of youth in the world’s history can represent great potential or missed opportunities. A UN report warns that the potential economic benefits of having such a large global population of young people could go...

London Is Under Constant Attack From Europe

James Kirkup October 28, 2011
Nations will watch closely to see if Britain can distance itself from the pain of the Greek debt crisis. Great Britain is one of 27 members of the European Union, but not part of the 17-member eurozone. The British capital of London is also a global center of financial firms, which greased the way for massive debts in Greece, Italy, Spain and elsewhere. David Cameron, the British prime minister...

Wary of China, Its Southern Neighbors Court India

Harsh V. Pant October 28, 2011
China’s rapid ascent, along with the flexing of its muscles, has worried neighbors. They chafe at becoming too dependent, and a loose, yet perceptible balancing coalition aimed at curbing China has emerged. With the United States reorganizing its own priorities, India is viewed as an ideal partner for providing strategic balancing, explains Harsh V. Pant, a defense specialist at King’s College....