In The News

Dealing with a Declining Dollar – Part II

David Dapice February 9, 2005
If today's US budget deficit raises concerns, then tomorrow's projections should sound an alarm, writes economist David Dapice. As the United States descends further and further into debt – by several trillion dollars over the next ten years – the value of US currency will decline. Should a worldwide "run on the dollar" result, shockwaves would resonate throughout the global...

Out of the Shadows

Malcolm Maiden February 7, 2005
The rise of China and India – one, the world's most populous country and the other, the world's biggest democracy – seems to only be a question of time. With both countries on Australia's front doorstep, one would think that the Commonwealth would do everything possible to capitalize on this potential growth. But while relations with China have bloomed, the same cannot be said...

Dealing with a Declining Dollar – Part I

Jeffrey E. Garten February 7, 2005
There may be trouble brewing in the global financial system. With US external debt now over US$2.5 trillion, foreign creditors may soon demand higher interest rates in order to keep money flowing into America. In turn, this might lead to a US recession that will eventually spread globally. However, such a disaster could be averted if other countries were to allow their currencies to move...

Can the World Deliver for Africa?

Larry Elliott February 2, 2005
2005 may be the year of Africa, if UK Prime Minister Tony Blair and other officials have anything to do with it. Britain, charged this year with the coinciding presidencies of both the EU and the G8, has vowed to make African economic revival a priority. The poorest continent in the world is steadily growing poorer, as standards of living, health, education, and economic productivity are far...

Power Hungry

January 31, 2005
In this comprehensive report, relief organization ActionAid International argues that large food corporations have become too powerful and are undermining the global fight against poverty. Currently, one transnational company controls 80 percent of Peru's milk production, five companies' control 90 percent of the world grain trade, and six corporations control three-quarters of the...

When Life, and Not Just Carnival, Is a Gas

Andy Webb-Vidal January 26, 2005
With the discovery of large natural gas reserves, Trinidad and Tobago, the Caribbean island state, has transformed into the biggest supplier of liquefied natural gas in the Americas. Already, foreign companies like British Gas are building the largest natural gas production units ever constructed. With foreign investment pouring in at an unprecedented rate, the Trinidadian government must wisely...

Japan's Laborious Dilemma

David McNeill January 13, 2005
The Japanese approach to immigration has been characterized as xenophobic, at worst, and ambivalent, at best. While a free-trade agreement with the Philippines was celebrated for allowing increased access for overseas caretakers, a subsequent policy restricting entertainment visas may result in a net loss of over 70,000 foreign workers. According to David McNeill, Japan's consistently...