In The News

The Tale of Globalization’s Exiles

Richard Lapper August 30, 2007
Media and government reports focus on hedge funds and other mechanisms of finance that move money around the globe. But individuals also shift funds, including small amounts sent in envelopes or by wire, from immigrant workers in wealthy nations to poor relatives back home. For some poor nations, the total of such remittances outweigh foreign aid or revenues earned from leading agricultural...

The Globalization of Giving

Steve Hendershot August 29, 2007
The savviest of corporate leaders know that community giving is a good business strategy. As firms grow and do more business overseas, charitable giving has expanded beyond the home base to markets around the globe. US firms seek to develop wealthier client bases in India, China, Latin America or Eastern Europe. Two examples of recent corporate grants, provided by this ChicagoBusiness.com article...

Chinese Seek to Buy a US Maker of Disk Drives

John Markoff August 27, 2007
The US must confront and reconcile several realities: China has massive reserves of cash and actively pursues foreign investment; second, debt burdens the US government and its citizens, slowing their investment pace; and third, neither government trusts the other with sensitive industries. Reports that a Chinese firm has expressed interest in purchasing Seagate Technology, a US maker of disk...

“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...

A Fear of Foreign Investments

Steven R. Weisman August 23, 2007
The US debt has given many countries excess liquidity – and the ability to buy companies abroad. Although so far there has been no turmoil as a result of foreign buy-outs, Germany expresses concern about Russia purchasing strategic energy routes in Europe for political gain. Even in the US, there has been public outcry when China and Dubai tried to buy oil and port firms, respectively. To avoid...

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...

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...