Global Business & Economics Program

  • Europe Agrees to Tighten Regulations, Double IMF Funding

    The leaders of Europe's key economies agreed this morning to stronger regulation for the financial markets and to double the investment in the International Monetary Fund ahead of the G20 summit. 


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  • Swiss Banks Going Back to Basics

    After devastating losses, Switzerland's top banks are getting out of speculative investing and back into client service, Hui Min Neo reports for AFP.


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  • G7 Ministers Reject Protectionism While Governments Protect

    The G7 warned against protectionist measures earlier today, AP reports.

    Rejecting protectionism, the Group of Seven finance ministers pledged Saturday to work together to support growth and employment and to strengthen the banking system so the world can overcome its worst financial crisis in 50 years.


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  • Canada Encouraged on 'Buy America' Rollback

    Canada has expressed relief that the U.S. Senate has watered down the "Buy America" provision of the economic stimulus package currently under negotiation but that it will continue pressure to keep trade between the two countries open. John McCrank for  Reuters:


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  • Protectionism Wave Crashing Over Global Economy

    One disturbing but predictable response to the global financial crisis has been the rise of legislation aimed at protecting domestic industries and jobs by various anti-trade measures.


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  • Europe's Welfare System Model for USA and China?

    In an International Herald Tribune column asking "Is Europe's welfare system a model for the 21st century?" Katrin Bennhold contends that, as the world's economic elite gather in Davos for the annual World Economic Forum, there is decidedly less Europe-bashing than in years past. After the global financial shake-out of the past  year, she wonders, "Could Europe's much-reviled social welfare system actually end up being the model for the 21st century world?"

    In the United States, the global stock market rout has wiped out trillions of dollars in retirement savings and rising unemployment is leaving more people without health insurance. In response, officials of the new administration of President Barack Obama have been busy studying the Swedish bank bailout of
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  • Euro's Soft Underbelly Exposed by Financial Crisis

    STOCK - Financial Crisis

    A report in yesterday's NYT under the title "Once a Boon, Euro Now Burdens Some Nations" points out that the global financial crisis is creating ripples in the eurozone.


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  • America and the World After Bush: Economics and Globalization

    On Barack Obama's second day in office, the Bush administration is fast fading into memory.   As accidental tax evader Timothy Geithner prepares to take over at Treasury in an administration where transparency and the rule of law will be touchstones, it's an excellent time to begin looking at the global economy.

    To do that, we'll once again turn to Thomas Barnett's forthcoming book Great Powers: America and the World After

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  • Stimulus Has its Limits (But We Don't Know What They Are)

    Fed chair Ben Bernanke's gave a speech yesterday at the London School of Economics which noted that, while "more capital injections and guarantees may become necessary to ensure stability and the normalization of credit markets," other tools will need to be deployed.


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  • Taxing Credit Default Swaps

    STOCK - Financial Crisis

    It is common wisdom that the incoming administration cannot possibly increase government tax revenues in these horrific economic conditions.  However, this common wisdom is simply wrong. 

    There is a major new source of revenue available to the government – the shadow financial system. 


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