In The News

Is India Emerging as France of Asia?

Alyssa Ayres November 21, 2006
The current India visit by China’s President Hu Jintao to celebrate 50 years of relationship between the two countries will be watched closely by India’s newest friend, the United States. The two Asian giants have shaken off their frosty relations since their 1962 border war, and during the past five years their economic ties have blossomed. But the relationship between the US and India, shorn of...

India’s Economy, Now With Muscle

Mark Sappenfield November 16, 2006
India’s rise as the premier destination for information-technology outsourcing has continued apace, since the government’s decision to privatize education ten years ago, marking the beginning of the Indian labor force’s scaling up. However, service-sector advances do not tell the entire Indian success story. Increasingly, manufacturing has become a rapidly growing sector of the economy....

Can Asia Count on Russian Oil?

Michael Richardson November 16, 2006
Nations rich in oil can wield great influence throughout the world, and the nations who must buy oil look for low prices and reliability. As the world’s largest exporter of natural gas and the second largest exporter of oil after Saudi Arabia, Russia is a major power broker when it comes to energy. Constructing pipelines across Asia, the Russian government is not clear about whether its earliest...

Parched in Australia: Drought Changes Views on Warming

Tim Johnston November 16, 2006
Australia has entered its fourth year of drought, and desperate farmers are selling livestock and worrying about a drop in land prices. A 10 percent increase in global wheat prices is another consequence of Australia’s drought. Extreme weather patterns have prompted Australian leaders to drop their skepticism about global warming and express some concerns. Like the US, Australia refused to sign...

Competitiveness, Not Offshoring, Is EU Weakness

Natascha Gewaltig November 15, 2006
Inexpensive cheap global labor poses fewer problems for the EU than accelerating technological change and the inability to adapt, according to a study from the European Commission. The global outsourcing market grew over the previous decade, from 8 percent of the world GDP in 1990 to 11 percent in 2003. The EU outsourcing market represented almost 15 percent of its GDP in 2003. “Technical...

Good News – The World Is Getting Richer

Robert J. Shiller November 14, 2006
Among 82 nations with data from 2004, the per capita gross domestic product increased, indicating a rising standard of living throughout the world, according to the Penn World Table, from the Center for International Comparisons of Production, Income and Prices, based at the University of Pennsylvania. However, the data also show a widening gap between rich and poor countries. The average real...

A Bigger Economy Doesn't Always Buy Happiness

Eric Weiner November 14, 2006
Economists rely on the size and growth of a nation’s gross domestic product to determine the health of any economy. But the GDP covers the sale of weapons, mindless video games, excessive packaging that ends up in landfills, prescription drugs that treat anxiety or depression, and expenditures for war. Robert Kennedy once said that GDP doesn’t measure "the beauty of our poetry or the...