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| June 29, 2002 | atimes.com | ||
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The numbers game of economic indices With the usual exception of Singapore and Hong Kong, Asian economies rank rather low on global measurements of relative economic performance. This is not surprising, notes Alan Boyd, since these indices are cooked up in the West and reflect Western biases on what constitutes a productive economy. (Jun 28) Full text OPEC has new leader, plan With a new secretary general in place, the Organization of Petroleum Exporting Countries appears ready to go ahead with measures to keep oil prices stable and "fair". The cartel's aim to limit production also seems achievable, with non-OPEC countries complying as well. But the risk of price and production instability still looms. (Jun 27) Full text Global slump hits developing nations hardest The poor get poorer. That seems to be the story in the United Nations' annual roundup of the global economy, which notes that developing nations have taken the hardest hit in the economic slump of the past year, as severe as the setback suffered by Southeast and East Asia in the late 1990s. But China and India have weathered the storm. (Jun 27) Full text Hong Kong, Singapore economies freest The Economic Freedom of the World Report, an annual project launched with the help of Nobel laureate Milton Friedman, has analyzed the relative economic freedom of 123 countries and areas, and Hong Kong and Singapore top the list. Mainland China came 101st. (Jun 27) Full text G8: Back to the basics The Group of Eight summit in 2001, which prompted massive street protests in Genoa, raised new questions about the legitimacy and value of the annual gathering of world leaders. To avoid protesters, the isolated Canadian resort of Kananaskis was chosen as the site for this week's summit. Although questions about the legitimacy of the G8 persist, it could go a long way toward improving its credibility if it distanced itself from the professions of belief in free trade ideology that have characterized past summits. (Jun 26) Full text Trade, development and 'monstrous' markets It is easier for a camel to go through the eye of a needle than for both buyer and seller to be satisfied with any given price, writes Henry C K Liu, who argues that it is time to rein in the monstrous institution known as the market. (Jun 19) Full text Myanmar sanctions in the dock A US judge has cleared the way for legal action against energy multinational Unocal Corp for alleged human rights abuses during the construction of a gas pipeline in Myanmar. While it is unlikely that the victims will see compensation for what they may have suffered, the case has attracted keen interest for other reasons, writes Alan Boyd - reasons of high finance and the politics of economic sanctions. (Jun 17) Full text National planning and the American myth The United States is cast nowadays as the successful model of an unplanned economy. In fact, like many other aspects, the US is not exactly what neo-liberal propaganda represents it to be, writes Henry C K Liu, who traces the influence of planning right from the country's early days. (Jun 12) Full text Bad idea, Japan picking a fight with rating agencies  Japan has made its displeasure with international rating agencies abundantly clear, saying that the country's public sector debt that so concerns the agencies is not a problem. But this is only a symptom of a much deeper issue - the need to correct basic fundamentals in the economy.
(Jun 6)
Full text WASHINGTON WATCH US's Afghan aid package fuels pipeline politics Given Afghanistan's energy significance as a potential transit route for oil and natural gas exports from Central Asia, whatever nation shapes this pipeline map will influence a huge part of the world, and Washington is, of course, acting like anything but a shrinking violet, writes James Borton. (May 28) Full text The dangers of derivatives Derivatives played an unprecedented key role in the Asian financial crisis of 1997, alongside the growth of fund flows to Asian newly industrialized economies, as part of financial globalization in unregulated world foreign exchange, capital and debt markets. And the dangers of derivatives remain, writes Henry C K Liu. (May 22) Full text THE ROVING EYE IRAN DIARY, Part 1: Sea of peace or lake of trouble? Of all the claims and counter-claims among the five littoral states of the Caspian Sea, those between Iran and Azerbaijan are probably the most problematical as they are underpinned by deep suspicions in Tehran of United States interference, writes Pepe Escobar. (May 22) Full text THE ROVING EYE Dehumanized globalization The mood was black when ministers from OECD member countries met in Paris this week. In the corridors, away from the official sessions, they could barely contain their rage against the so-called Mecca of free trade: protectionist America post-September 11, and its latest 70 percent raise in agricultural subsidies for the next 10 years. Even IMF officials were outraged, writes Pepe Escobar. (May 17) Full text The BIS vs national banks Looking to keep risks from infesting the banking system, national banking systems are thrown into the rigid arms of the Basel Capital Accord, sponsored by the Bank of International Settlement, or they face the penalty of usurious risk premiums in securing international interbank loans. Thus, writes Henry C K Liu, national banking systems are forced to march to the same tune, designed to serve the needs of highly sophisticated global financial markets, regardless of the developmental needs of their national economies. (May 13) Full text Big money and the Corn Law Neo-liberal market fundamentalism in the 21st century creates a political landscape no less complex than that surrounding the repeal of the Corn Law in England in 1846, which protected the interests of the landed gentry who controlled parliament. Henry C K Liu writes that neo-liberal globalization, as reflected in the centralization tendencies of the WTO and IMF, runs counter to national sovereignty. (Apr 30) Full text |
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