Economic Perspectives

MOST RECENT COMMENTARY

Johannes Jütting

We are moving at high speed toward a world based on a new geography of growth, with millions of people in the east and the south moving out of extreme poverty to become powerful middle-class consumers. Will their dreams be achieved, or will governments’ failure to provide adequate social protection and services lead to a global nightmare?

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RECENT COMMENTARIES

FEATURED COMMENTARIES

Lighting the Dark Continent

Achim Steiner, Adnan Amin and Kandeh K. Yumkella Series: The Development Drama

2012-02-15

Nineteenth-century European explorers called Africa the Dark Continent, because to them it was vast and largely unknown. Today, Africa may still be dark, but for a very different reason: it is chronically short of electricity.... read

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A New European Growth Agenda

Philippe Legrain Series: European Economies

2012-02-15

The EU's leaders now recognize austerity alone cannot solve Europe's economic and financial crisis, and that growth and jobs need to be promoted with equal zeal. But, while kick-starting growth in 2012 was high on the agenda for the European Council on January 30, the big question remains: how?... read

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A Clarion Call for Emerging Markets

Eswar Prasad Series: Frontiers of Growth

2012-02-14

From the dramatic events in the Middle East, to the groundswell of support for the anti-corruption crusader Anna Hazare in India, leaders in emerging markets are getting a clear message from the streets that growth is not everything. They ignore this message at their peril.... read

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Seizing Sustainable Development

Jacob Zuma and Tarja Halonen Series: The Development Drama

2012-02-06

The world is on an unsustainable path, and must urgently chart a new course forward, one that brings equity and environmental concerns into the economic mainstream. To do so, we must put sustainable development into practice now, not in spite of the economic crisis, but because of it.... read

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Blaming Capitalism for Corporatism

Edmund S. Phelps and Saifedean Ammous Series: The Development Drama

2012-01-31

The future of capitalism is again a question. Will it survive the ongoing crisis in its current form? If not, will it transform itself or will government take the lead?... read

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Taking Back Globalization

Olivier De Schutter Series: Frontiers of Growth

2012-01-25

At Davos this year, the world’s economic and political leaders stand warned: do globalization better, or it will be derailed by the growing legions of the discontented. That means finally going beyond trade deficits and debt ratios to pay attention to the wider imbalances generated by unfettered globalization.... read

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Behind the ECB’s Wall of Money

Benedicta Marzinotto Series: European Economies

2012-01-16

The "wall of money" that the ECB unleashed to markets just before Christmas will have a huge influence on Europe's economy, and an even larger impact on its politics. This approach to ending the eurozone's sovereign-debt might work, but it could also destroy the single market.... read

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Islamic Finance Unbound

Mahmoud Mohieldin Series: Frontiers of Growth

2012-01-06

While uncertainty roils global markets and many investors are in full retreat, Islamic financial assets are growing exponentially. Though it needs to address several regulatory issues, Islamic finance has the potential to promote greater stability throughout the Muslim world.... read

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Greening the European Investment Bank

Manana Kochladze Series: European Economies

2011-12-23

The European Investment Bank can help countries worldwide to make vital progress on reducing greenhouse-gas emissions at a time when political solutions based on international agreement remain elusive. Unfortunately, the EIB’s lending priorities and energy-investment portfolio are making the problem worse.... read

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The Case for a Global Financial-Transaction Tax

Peer Steinbrück Series: European Economies

2009-09-21

Despite all economic pain caused by their recklessness, financial-market participants gained significant benefits from government bailouts. It is time for them to pay their fair share of the costs, and the most just and efficient way to ensure this is for the G-20 to implement a global financial-transaction tax.... read

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Modernizing the Middle East’s Economies

Prince El Hassan bin Talal Series: Frontiers of Growth

2009-08-19

Most Middle Eastern countries missed the first industrial revolution based on coal and steam power, and the second industrial revolution based on oil and the internal combustion engine. While this has spared them the burden of declining industries, they need policies aimed at joining the third industrial revolution - the post-carbon economy of renewable energy and fuel-cell cars.... read

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No Licenses to Kill

George Soros Series: Frontiers of Growth

2009-06-16

Because the financial collapse that began last year originated from within, it destroyed the prevailing view that financial markets are self-correcting. But, having gone too far in deregulating markets, we must resist a natural tendency to overcompensate. ... read

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Beggar-Thy-Neighbor Exchange Rates?

Charles Wyplosz Series: European Economies

2009-04-09

The Swiss National Bank's recent announcement that it was intervening on the foreign-exchange market with the aim of reversing the appreciation of the franc has been met not by protest at the prospect of competitive depreciations, but by silence. Does this indicate that all other central banks entertain the possibility of using that option?... read

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Completing the G-20’s Agenda

Roman Frydman and Michael D. Goldberg Series: Frontiers of Growth

2009-04-02

In calling for measures to “guard against systemic risk,” the G-20 summit recognized the need to regulate the entire financial system, not just individual institutions. Unfortunately, contemporary economic theory, which presumes perfect price discovery in asset markets, discourages policymakers from addressing the role of asset-price swings in managing systemic risk.... read

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The Storm in Sub-Saharan Africa

Dominique Strauss-Kahn Series: Frontiers of Growth

2009-02-04

As the world struggles with the most serious financial turmoil of the post-war era, attention has focused on the advanced and emerging-market economies most immediately affected. But the impact on poor countries, particularly in Sub-Saharan Africa, is far more severe.... read

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The False Promise of Financial Liberalization

Dani Rodrik Series: Frontiers of Growth

2007-01-10

Something is amiss in the world of finance. The problem is not another financial meltdown in an emerging market, with the predictable contagion that engulfs neighboring countries. Even the most exposed countries handled the last round of financial shocks, in May and June 2006, relatively comfortably. Instead, the problem this time around is one that relatively calm times have helped reveal: the predicted benefits of financial globalization are nowhere to be seen. ... read

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The Trade-and-Aid Myth

Dani Rodrik Series: Frontiers of Growth

2005-08-03

Trade and aid have become international buzzwords. More aid (including debt relief) and greater access to rich countries’ markets for poor countries’ products now appears to be at the top of the global agenda. Indeed, the debate nowadays is not about what to do, but how much to do, and how fast.... read

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Democracy Comes Second

Guido Tabellini Series: Frontiers of Growth

2005-09-06

Democracy is slowly spreading around the world. From the Middle East to Latin America and Asia, many autocracies are taking gradual steps towards more democratic and accountable forms of government, or have become fully-fledged and well functioning democracies. The US administration is determined to consolidate political freedoms in many developing countries under its sphere of influence; indeed, expansion of democracy has become a cornerstone of American foreign policy. ... read

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How Does the Weak Dollar Affect Oil Prices?	A. F. Alhajji
Around the world, there is anguished hand-wringing about the high price of oil. But if political leaders and policymakers want lower oil prices, they should be promoting policies that strengthen the dollar.... read
Let the Doha Round Fail	Dani Rodrik
Imagine that the world’s trade ministers simply walk away from their forthcoming Hong Kong meeting of the World Trade Organization (WTO) with this simple declaration: “We failed to reach an agreement; we’ll try to do better next time.” This would bring the so-called Doha “Development” Round to an unsuccessful conclusion, but it would be no disaster. ... read

FEATURED COMMENTARY

Rethinking Poverty Reduction
Jomo Kwame Sundaram
Series: Frontiers of Growth

The United Nations’ biennial Report on the World Social Situation (RWSS 2010), entitled Rethinking Poverty, makes a compelling case for rethinking poverty-measurement and poverty-reduction efforts. But there will be no real poverty eradication without equitable and sustainable economic development, which deregulated markets have proved unable to deliver on their own.

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