debating progressive politics in Europe and beyond
The opening up of trade in a multilateral trading system has provided one of the major pillars for economic growth enjoyed by developed countries in the last century. Although emerging countries were latecomers to international trade, they too have significantly benefited from trade liberalisation. Export oriented economies have advantages from improved allocation of scarce resources, [...]
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 [...]
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