Has the worm finally turned? Reuters today featured a story on the emerging market economies' push-back against the status quo of Western-dominated global economic governance. The piece features an explicit demand (and overt exercise of financial leverage) for a power...
The Western powers are in a rush to quickly confirm Christine Lagarde as the next MD, but there are some very good alternative choices outside of Europe who should be carefully considered. It may...
‎"... Yet the crowds were not placated, and they spent the next hour in the courtyard repeating the classic songs of the uprising, "thowra thowra huta nasr" (revolution, revolution until victory)."...
Nothing like a global financial crisis to make the IMF relevant again.In all seriousness, though, after the 1997 East Asian financial crisis it seemed that the IMF was in danger of irrelevance. Very...
If British Prime Minister Gordon Brown and French President Nicolas Sarkozy have their way, the advanced industrialized nations will come together to negotiate a new economic order. But they will do so in a world in which the US and the European Union enjoy roughly equal GDP (with a slight advantage for the EU right now). When Bretton Woods was negotiated, in contrast, the US controlled about half of global economic production.In other words, any such bargain would be the product less of US hegemony than US-EU comity, with China, Japan, and India as important players in the mix. This is,...