In Moscow, Russian President Vladimir Putin is proposing a new constitution. Meanwhile, in Washington, U.S. President Donald Trump is disposing of the old constitution. The first is a demonstration of power meant to showcase the unity of the Russian political system behind a strong leader. The second is an act of desperation that reveals the… Continue reading Putin Proposes, Trump Disposes
Over the last five years, South Koreans have worried that their economy has slipped deeper into stagnation. Growth rates have hovered between 2 and 3 percent. Consumer spending is weak, and household debt has risen to record levels. Because global demand has fallen, the world is not buying Korean exports as eagerly as before. This… Continue reading Can Korea Save the Global Economy
The economy, we have been taught, is a cat with considerably more than nine lives. The bottom might drop out of the stock market, but it will rebound — again and again. The Chinese were on top of the world, economically, for a thousand years or more, but then the colonial powers cut the country… Continue reading YOLO Economics
It was a shock for many East Germans when they visited West Germany for the first time – not just in 1989 but way back in 1959. Thirty years before the fall of the Berlin Wall, West Germany had already recovered from the devastation of World War II. Between 1950 and 1960, the average GDP… Continue reading The Persistent Gap
Capitalism and Communism shared one important principle in common: an almost religious devotion to economic growth. If a Five Year Plan didn’t produce the expected “great leap forward,” Communist officials fudged the figures. If a capitalist economy dipped into recession, economists tried to put the best face on the resulting “creative destruction,” arguing that it… Continue reading The Fetishism of Economic Growth
Last month I visited Ningxia province, in China’s northwest. It is a relatively poor region, with a large Muslim population, a considerable stretch of desert, and a growing petrochemical industry. It is far from the unrest of Xinjiang province to the west and the maritime disputes of the South China Sea to the east. Ningxia… Continue reading Is China’s Rise Still Peaceful?