debating progressive politics in Europe and beyond
Hungary’s government has lately found itself in the cross hairs of critics both international and domestic. Its detractors point to two major issues. First is the barrage of potentially anti-democratic and positively useless laws that have been adopted over a single year, including a new constitution, media law, acts affecting the judicial and electoral systems, [...]
The economy added only 120,000 jobs in March – down from the rate of more than 200,000 in each of the preceding three months. The rate of unemployment dropped from 8.3 to 8.2 percent mainly because fewer people were searching for jobs – and that rate depends on how many people are actively looking. It’s [...]
European Industry in the Global Competition Europe risks falling behind The financial crisis, the sovereign debt crisis, macroeconomic imbalances, and intra-European tensions are leaving their mark. Europe is in danger of falling behind in the global competition. International rivals in Southeast Asia and North America are revealing Europe’s weaknesses. While countries around the world are [...]
As the Supreme Court shows every sign of throwing out “Obamacare” and leaving 30 million Americans without health insurance, another drama is being played out in the quiet corridors of the Federal Reserve system that may affect even more of us. Taxpayers will be on the hook for another giant Wall Street bailout, and the [...]
Greg Smith, a Goldman Sachs vice president, resigned his post Wednesday with a stinging public rebuke of the firm on the oped page of the New York Times — accusing it of no longer putting its clients before its own pecuniary goals. But if Mr. Smith believes his experience at Goldman is something new, he doesn’t know history. In [...]
A new instrument of international labour regulation International Framework Agreements (IFA) are important in international labour regulation. As the globalization of production and markets is increasing, an international regulation of labour is strongly needed. Existing instruments such as the OECD Guidelines for Multinational Enterprises, the ILO Tripartite Declaration of Principles Concerning Multinational Enterprises and Social [...]
English is the dominant language of the Internet, business, and world trade. Do we need another? This column applies an economist’s rationale to the question. “I don’t speak English. Kurdish I speak, and Turkish, and gypsy language. But I don’t speak barbarian languages.” “Barbarian languages?” “English! German! Ya! French! All the barbarian”. —Yasar Kemal, a [...]
Nothing illustrates better the political crosscurrents, special interests, and shortsighted economics now at play in Europe than the debate over the restructuring of Greece’s sovereign debt. Germany insists on a deep restructuring – at least a 50% “haircut” for bondholders – whereas the European Central Bank insists that any debt restructuring must be voluntary. In [...]
Treasury Secretary Tim Geithner, speaking at the World Economic Forum in Davos a few days ago, said the “critical risks” facing the American economy this year were a worsening of Europe’s chronic sovereign debt crisis and a rise in tensions with Iran that could stoke global oil prices. What about jobs and wages here at [...]
In his classic Fable of the Bees: or, Private Vices, Publick Benefits (1724), Bernard Mandeville, the Dutch-born British philosopher and satirist, described – in verse – a prosperous society (of bees) that suddenly chose to make a virtue of austerity, dropping all excess expenditure and extravagant consumption. What then happened? The Price of Land and Houses falls; [...]
Mitt Romney is casting the 2012 campaign as “free enterprise on trial” – defining free enterprise as achieving success through “hard work and risking-taking.” Tea-Party favorite Senator Jim DeMint of South Carolina says he’s supporting Romney because “we really need someone who understands how risk, taking risk … is the way we create jobs, create [...]
It’s one thing to criticize Mitt Romney for being a businessman with the wrong values. It’s quite another to accuse him and his former company, Bain Capital, of doing bad things. If what Bain Capital did under Romney was bad for society, the burden shifts to Romney’s critics to propose laws that would prevent Bain [...]
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