The root of the Greek crisis lies in the mindset of an aging nation that is unable to accept the urgent need for deep reform to make the country more competitive.
A collective effort to deliver a policy upgrade is needed urgently to face up to rising challenges in an uncertain world, to ensure financial stability and better growth prospects. Three percent of global output is at stake.
This week, The Pollination Project funded several projects that are seeding local solutions to generational poverty in Kenya, Uganda, Cameroon and In...
I don't believe our inaction is because we don't think about the change but rather it is because we imagine the story is deeper than what we are told...
LONDON -- It is often said that we live in a culture of instant gratification -- and this is especially true of financial markets. The debt crisis was a spectacular example. Upfront profits blinded over-confident investors to long-term risk -- with disastrous consequences. Since the crash, lack of confidence has given rise to a different type of short-termism.
If there is no sufficient effort to tackle this growing legitimacy crisis through crowdsourcing or other strategies, the future is likely to be very bleak. The gap between the government and citizens will continue to widen, leading to these possible futures in Brazil.
My personal belief that China is heading for a major crash, and as individuals it is critical for us to be on the right side of that trade. Friedman believes, as do I, that social inequality is a big reason why China will not become the dominant economic player of the 21st century.
ATHENS -- The IMF and Greece's other creditors have assumed that massive fiscal contraction has only a temporary effect on economic activity, employment and taxes, and that slashing wages, pensions and public jobs has a magical effect on growth. This has proved false. Indeed, Greece's post-2010 adjustment led to economic disaster -- and the IMF's worst predictive failure ever.
BERLIN -- The combination of Grexit and Brexit, and its consequences not just for the stability of the eurozone, but for the continued existence of the EU, is probably the greatest danger that Europe has faced since the Cold War's end.
Using data on economic recessions, I take a look at how long growth periods have been after recessions, and to see when the latest economic boom will likely come to an end. You're probably thinking "Economic boom? When did that take place?"
We have to remember that the same banks responsible for so much of the financial strife, confusion, and crisis are guided by social forces. When we believe our financial systems are beyond our control, we neglect our responsibility to those most impacted by its flaws.
Many who look to understand the incredible wealth gap are quickly lost in the exclusive language of finance. When it comes to the inner workings of financial institutions, the rise and fall of markets, the tangled web of international debt, or even just our own personal finances, most of us are lost. In short, we are financially illiterate.
Since last year there has been much talk of possible financial stress stemming from increased debt leverage in non-financial corporates of emerging markets economies. A recent study has brought to light some key evidence on the Latin American case.
Naturally, the President's recent pitch for a major expansion in community college funding has been greeted with equal parts praise and criticism.
Syriza's call for a "European debt conference" to renegotiate the current loan debt is certain to provoke policy conflict, but may also facilitate broader discussion which may, in the best case, benefit EU integration in resolving an untenable Greek debt situation.
The same forces that are dramatically increasing the world economy's productive potential are largely responsible for the adverse trends in income distribution. Digital technology and capital have eliminated middle-income jobs or moved them offshore, generating an excess supply of labor that has contributed to income stagnation precisely in that range. A more muscular response will require an awareness of the nature of the challenge and a willingness to meet it by investing heavily in key areas -- particularly education, health care and infrastructure.