In The News

Development Doesn't Require Big Government

William Easterly October 9, 2008
Pain from the US financial crisis is spreading globally, with leadership in developing countries often blaming free-market failures. The free market is under attack worldwide: Honduras’s president deems its laws "demonic" and the Brazilian head of state suggests its speculation causes the "anguish of entire peoples." Economist and author William Easterly traces this strong...

Why the Critics of Globalization Are Mistaken

Jagdish Bhagwati October 8, 2008
The centuries-old process of globalization – people in search of the best locations for their families, the best ideas for organizing daily life – has become an easy target in a more crowded world: workers fear factories and jobs relocating overseas, environmentalists worry about development shifted to countries with minimal enforcement, and savers fret about irresponsible spending and investment...

Global Crisis: How Far to Go? Part I

Branko Milanovic October 8, 2008
Gripped with mistrust, uncertain about the value of assets like real estate and company stocks, global banks and investors are reluctant to lend and instead cling to cash. This three-part YaleGlobal series examines the implications of the crisis for different parts of the globe. In the first article of the series, economist Branko Milanovic points out what’s most unnerving about the credit crisis...

Today's Capitalism Has Run Its Course

Bashir Goth October 7, 2008
As with politics, extremist and rigid economic policies cannot be sustained. As investor trust wanes and a credit crunch grips the globe, critics lash out. But extremist responses, pure capitalism or pure socialism, are inappropriate, suggests Bashir Goth writing for PostGlobal, moderated by Fareed Zakaria of Newsweek and David Ignatius of the Washington Post. “Just like we need and preach...

Thirsty Giant

Somini Sengupta October 7, 2008
In India's capital city, explains journalist Somini Sengupta, increasing demand and weak public water and sanitation systems have left even middle-class people "foraging" daily for water, testifying to "the government's astonishing inability to deliver the most basic services to its citizens at a time when India asserts itself as a global power." When water rushes...

Pink Floyd's Money Travels Long Way to Mongolia

William Pesek October 6, 2008
Natural resources can be a boon to a nation's economy – just ask landlocked Botswana, which enjoyed tremendous growth, thanks to its diamond deposits. However, abundant minerals, gas, and oil can hinder a country's economic progress, if governments over-invest in such booming industries at the expense of building manufacturing or agricultural sectors. Without a diversified, bustling...

The Virus of Greed

Nayan Chanda October 1, 2008
Global commerce depends on an odd combination of desires, the pursuit of profits and a need to please diverse customers. “The search for ever higher returns has driven traders and financiers ever since humans have learned to exchange goods or sought to grow their wealth through investments,” explains Nayan Chanda, editor of YaleGlobal in his regular column for Businessworld. Financiers on Wall...