Recently in Globalization Category

A Row Over Migrants

That is in a tiny country of 300,000.

Immigrant Workers May Be Withdrawn: Bangladesh High Commission;

Bangladesh’s High Commissioner has told the government he will pull out his country’s 25,000 expatriate workers if the Home Ministry cannot guarantee their security.

Bangladeshi Castrated In Haa Daal Horror Death;

A Bangladeshi worker has been found dead, with his penis chopped off and stuffed up into a black bra strapped around his groin.

Capitalism, not democracy leads to peace?

capitalismpeace.JPGDon Boudreaux links to an interesting working paper by Columbia University political scientist Erik Gartzke; The Capitalist Peace.

The following is the conclusion of the paprer.

“This study offers evidence suggesting that capitalism, and not democracy, leads to peace. Additional research is needed to corroborate, extend, and even refute the findings reported here. One must be circumspect in questioning a body of evidence as large and as carefully constructed as that on the democratic peace. Still, economic liberals have long seen in free markets and prosperity the potential to discourage war. A century ago, the “conventional wisdom” looked more like this study and less like that of democratic peace researchers. While past arguments were clearly simplistic and overblown, there does now seem to be grounds for reconsidering liberal economic peace theory.

Critics can differ with my revision of classical arguments, or can plausibly challenge the assumptions on which my version of the capitalist peace is built. The statistical models I develop, and the findings that I present, can be altered, possibly in ways that again show that democracy matters. For now, I hope my claims are coherent, empirically plausible, and at the very least intellectually provocative. What is the “larger” relationship between development, capitalism, and democracy? It might be that democracy actually lies behind the apparent impact of capitalism on peace. Still, the world was not always made up of 50% democracies. Little attempt has been made to rule out the possibility that democracy and peace have common causes. A logical extension of this study is the exploration of determinants of political and economic liberalism, though resolving these more complex causal arrows would seem to require a far more profound set of conclusions about the world, ones that are still under construction in comparative politics, economics, and other fields.

Podcast of the Day- May the Force Be With You

“The New Rules of the Game is a three part in depth look at globalisation what it means and how it has developed. BBC diplomatic correspondent Jonathan Marcus will take us to Europe, the United States, the Balkans, and China, where he investigates globalisation as a force for both good and evil.

In program one, May the Force Be With You, Jonathan Marcus travels to China and the United States to explore the sinews that bind the new globalised world together. He examines what is meant by globalisation; where did it come from and how has it evolved? What is the relationship between technological change and globalisation? Is it really, as its advocates suggest, a force for good? We hear from one of globalisation's greatest advocates Tom Friedman and from one of its fiercest early critics Robert Kaplan.”

Listen to the podcast.

Martin Feldstein on time consistency in fiscal policy

“When I look at the current fiscal situation, in contrast to what we experienced in the '80s when the fiscal deficits were larger and rising, and debt-to-GDP ratios were rising, we're currently at a relatively comfortable level. The federal deficit-to-GDP ratio this year will be under 3 percent, probably low enough that the debt-to-GDP ratio will actually come down.

The problems are not that very far into the future, though, with increases in Social Security and Medicare costs relative to the tax revenue that comes in. The markets seem to be ignoring that, which is a puzzle, but there's nothing about long-term interest rates that suggests that the markets are afraid that Social Security and Medicare are really going to create large fiscal deficits. Now maybe they're right. And maybe the political process will raise taxes or cut benefits. What has to be done is to reform those programs. I wouldn't set my goal in terms of the fiscal deficit. I'd set it in terms of limiting the tax levels that are going to be needed to support them.”

- Interview with Martin S. Feldstein- latest Region magazine

The Region also has review of Martin Wolf’s Why Globalisation Works
See also this book review-Development's Discontents

The Nation's Long-Term Fiscal Outlook: September 2006 Update
A Visual Representation of the US Federal Budget


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