In The News

Mixing Oil, Gas, and Politics

June 21, 2005
The Russian government has become a majority shareholder in Gazprom, one of the country's largest oil producers. The buyout is aimed at opening the company up to foreign investment and bolstering the Russian stock market. The move was also likely designed to put the government in a more favorable position to purchase large blocks of other oil companies, with the goal of creating an enormous...

Europe Turning Cold on Turkey

Yigal Schleifer June 20, 2005
The fallout of the referendum fiasco on the European Union’s expansion plan is coming to light . A report in the Christian Science Monitor says that all references to Turkey joining the EU have been removed from an upcoming European Union summit declaration. There is now a general consensus that opposition to Turkey’s EU membership was a factor in the French and Dutch rejection of the proposed...

The End of Europe

Robert J. Samuelson June 15, 2005
While the rejection of the EU constitution has attracted attention to discontent in Europe, it has distracted the world from more serious European problems: low birthrates and a stagnant economy. In this article, Robert J. Samuelson labels Europe "history's has-been." Declining birthrates and an aging population are further straining an economy already beset with high...

Japan's Beneficent Potential

Makoto Taniguchi June 14, 2005
Regional cooperation is essential to the development of the Asian economy, but discord among the region's top three actors – Japan, China, and South Korea – is hindering the process of integration. The lack of a common historical perspective has led to a political impasse between Japan and both China and South Korea, making it difficult to foster mutual understanding. Former ambassador...

Euro Stabilizes After Dutch No Vote

Steve Johnson June 2, 2005
When the French, and now the Dutch, voted against the new EU constitution, the fate of the euro appeared precarious. Speculation ensued as to the long-term viability of the euro. "Without political integration, the eurozone is a roofless house that becomes increasingly uncomfortable. Many inhabitants will want to leave the house sooner or later," said economist Paul De Grauwe. The...

The Payoff from Globalization

Gary Clyde Hufbauer May 27, 2005
Between 1946 and the present day, the United States has decreased its average tariff rate from 40 percent to 4 percent. Likewise, many economies worldwide have made moves to open their markets. Two analysts from the Institute for International Economics attempt to answer an obvious question: Has this trend benefited US citizens? Their answer: Absolutely. Unfortunately, the...

US Shouldn't Fear Rise of China, India

Robert Samuelson May 26, 2005
The growing wave of statistics on dwindling US competitiveness in the global economy has spooked American workers and brought blame on the heads of US manufacturers. China, India, and other developing economic superpowers are gunning for the position once occupied by mighty America – or so the wisdom goes. But the verdict on China and India's imminent rise to power may not be so clear-cut,...