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The growing market power of IT giants is having far-reaching economic consequences. New research suggests that “monopoly wealth” has become a principal cause of today’s widening inequality, slow wage growth, and low returns on savings.
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JOSEPH E. STIGLITZ| Monopoly’s New Era
MICHAEL J. BOSKIN | The Coming Technology Policy Debate
The US stock market today looks a lot like it did before most of its 13 previous price collapses, dating back to 1871. That doesn't mean that a bear market is imminent, but it does amount to a stark warning against complacency.
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Over the past decade, Germany has gone from being the “sick man of Europe” to a bastion of stability. But with German Chancellor Angela Merkel poised to assume a fourth term, it is worth asking if too much stability can be a bad thing.
The campaign of ethnic cleansing now being carried out against Myanmar's Rohingya confronts the world with one of those moments that seem to arrive unannounced. In fact, we should by now be able to recognize in such episodes the accelerating pulse of genocide.
Greece’s former finance minister, Yanis Varoufakis, discusses China’s growing role in Southern Europe and EU politics with Anatole Kaletsky, Co-Chairman of Gavekal Draganomics, David Alandete, Managing Editor of El Pais, and Torsten Riecke, Handelsblatt’s international correspondent.
This month, the European Commission's president called for an acceleration of the eurozone's eastward expansion. But his plan for doing so could recreate the conditions that fueled the EU-wide crisis stemming from Southern Europe just a few years ago.
Harry Potter turned 20 this summer, and the anniversary has been celebrated around the world – with good reason. But does J.K. Rowling's boy wizard have the intergenerational staying power needed to become a classic?
Donald Trump’s stated desire to improve US relations with Russia is understandable; indeed, it is a goal shared by the last several US administrations. But betraying core American values for the sake of short-term gains is not worth the bargain.
Donald Trump's bald threats at the UN to “destroy” North Korea and dismantle the Iran nuclear deal were like nothing ever heard from the lips of a postwar US president. Can anything be done to prevent Trump’s incendiary rhetoric from becoming a dangerous reality for the world?
BEIJING – The balance-of-payments figures that China’s State Administration of Foreign Exchange (SAFE) released in April should have triggered serious concern, if not alarm. The data adjusted China’s investment-income deficit for 2011 from $26.8 billion to $85.3 billion – a massive revision that casts doubt on the reliability of China’s balance-of-payments statistics and exposes a flaw in the economy’s growth path. But few people seem to care.
According to SAFE, as of February 2012, China had accumulated $4.7 trillion in foreign assets through purchases of United States government securities and other investments, and more than $2.9 trillion in foreign liabilities through foreign direct investment (FDI) and borrowing. This puts China’s net foreign assets at roughly $1.8 trillion.
But, despite China’s position as one of the world’s largest creditors, its net investment-income balance is deeply negative. In fact, China has run investment-account deficits for six of the last nine years, with preliminary statistics suggesting a deficit of $57.4 billion in 2012.
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