In The News

Debt and Unemployment: Is Global Capitalism Responsible? – Part II

David Dapice April 26, 2010
In declaring an end to recession, economists fall into two camps: One side, including economists with the Obama administration, maintains high rates of unemployment are cyclical and jobs will return soon; others contend that the US economy confronts fundamental restructuring, with massive unemployment lingering for years. This two-part YaleGlobal series examines economic debates over debt and...

Debt and Unemployment: Is Global Capitalism Responsible? – Part I

Jeffrey E. Garten April 23, 2010
Global capital markets have been footloose and fancy free since the 1980s, boosted by rapid globalization in transportation, communication and technology industries. Prowling for profits, investors leap boundaries in an instant, manipulating growth, jobs and industries. In this series, two economists explore global capitalism’s growing reach that defies even the world’s greatest economic power....

Beijing Is Key to Creating More U.S. Jobs

C. Fred Bergsten April 22, 2010
By artificially setting the price of its currency, China is robbing the United States of jobs and building up an unprecedented trade surplus. Former Treasury official Bergsten says that currency manipulation is a form of protectionism and the US and global institutions need to respond because it is a problem that affects economies around the world. He calls for a three-pronged strategy: the US...

Crumbs from the BRICs-Man’s Table

April 7, 2010
As global recession enfeebles the rich world, big middle-income countries, led by the BRICs, (Brazil, Russia, India and China) have dramatically increased their economic interest in poorer countries, and by consequence, their influence. This has taken direct – aid, investment, and trade – and indirect means, and continues to increase rapidly: the growing drought of rich-world assistance to Africa...

A Greek Tragedy Haunts the World – Part II

Bruce Stokes March 3, 2010
The financial crisis in Greece is not only reverberating around Europe but is creating a difficult set of circumstances for the US, necessitating closer American involvement, according to journalist Bruce Stokes. The US has long supported European unity but the crisis is distracting Europeans from pressing concerns in Afghanistan and elsewhere, opening a new avenue for Russian meddling, and...

The G-20 and the Future of Capitalism – Part III

Pranab Bardhan April 3, 2009
In the third part of our series on the G-20 and the Future of Capitalism, Berkeley economics professor Pranab Bardhan suggests perhaps much to the chagrin of its naysayers, capitalism is here to stay. But chastened by the crisis, it is likely to take on a much milder form. Financial asset growth will slow; producers rather than traders will resume precedence; and financial regulation will...

The G-20 and the Future of Capitalism – Part I

Jeffrey E. Garten March 30, 2009
The world’s eye will be on the summit of the Group of 20 meeting in London on April 2. As the member nations – from Argentina to the United States – represent 80 percent of world trade, their decision will have an immediate and direct bearing on the global economic recession roiling the world. Doubts and anger emerge in nations that have long embraced capitalistic principles and free and open...