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24 мая, 10:14

Открытая экономика: проблемы или возможности?

В первом значении это слово часто применяется к международной торговле, инвестициям и технологиям (хотя в большинстве определений открывающиеся возможности не связываются с уязвимостью). Такая открытость всегда приводила к структурным изменениям в экономике, особенно в том, что касается занятости. Структурные изменения могут быть одновременно и позитивными, и разрушительными.

24 мая, 00:35

Открытая экономика: проблемы или возможности?

Слово "открытость" имеет два связанных, но отличающихся значения. Оно может означать, что нечто является неограниченным, доступным и, возможно, уязвимым.

24 мая, 00:35

Открытая экономика: проблемы или возможности?

Слово "открытость" имеет два связанных, но отличающихся значения. Оно может означать, что нечто является неограниченным, доступным и, возможно, уязвимым.

08 мая, 22:12

Без заголовка

**Should-Read: Thomas Piketty**: _After Piketty: The Agenda for Economics and Inequality_ : "Had I believed that the one-dimensional neoclassical model of capital accumulation... >...(based upon the so-called production function Y = F(K,L) and the assumption of perfect competition) provided an adequate description of economic structures and property relations, then my book would have been 30 pages long rather than 800 pages long. The central reason my book is so long is that I try to describe the multidimensional transformations of capital and the complex power patterns and property relations that come with these metamorphoses (as the examples given above illustrate). I should probably have been more explicit about this issue.... >Aggregate capital/income ratios and aggregate capital shares tend to move together: they were both relatively low in the mid-twentieth century, and they were both relatively high in the nineteenth century and the early twentieth century, as well as in the late twentieth century and the early twenty-first century. If we were to use the language of aggregate production functions and the assumption of perfect competition, then the only way to explain the fact... would be to assume an elasticity of substitution that is somewhat larger than 1 over long periods.......

08 мая, 18:24

"After Piketty" at Harvard University Press

---- >Thomas Piketty’s _Capital in the Twenty-First Century_ is the most widely discussed work of economics in recent history, selling millions of copies in dozens of languages. But are its analyses of inequality and economic growth on target? Where should researchers go from here in exploring the ideas Piketty pushed to the forefront of global conversation? A cast of economists and other social scientists tackle these questions in dialogue with Piketty, in what is sure to be a much-debated book in its own right. >After Piketty opens with a discussion by Arthur Goldhammer, the book’s translator, of the reasons for Capital’s phenomenal success, followed by the published reviews of Nobel laureates Paul Krugman and Robert Solow. The rest of the book is devoted to newly commissioned essays that interrogate Piketty’s arguments. Suresh Naidu and other contributors ask whether Piketty said enough about power, slavery, and the complex nature of capital. Laura Tyson and Michael Spence consider the impact of technology on inequality. Heather Boushey, Branko Milanovic, and others consider topics ranging from gender to trends in the global South. Emmanuel Saez lays out an agenda for future research on inequality, while a variety of essayists examine the book’s implications for...

01 мая, 22:55

International Workers' Day: Profitable Work Will Be Automated, The Rest Will Be Left To Us

Authored by Charles Hugh-Smith via OfTwoMinds blog, Everyone wants an abundance of "good paying" jobs, but employers can only afford to pay employees if the work being done is profitable. What's abundant and what's scarce? The question matters because as economist Michael Spence (among others) has noted, value and profits flow to what's scarce. What's in over-supply has little to no scarcity value and hence little to no profitability. What's abundant is unprofitable work, commoditized goods and services, and conventional labor and capital (which is why wages are declining and yields on capital are near-zero). What's scarce is profitable work, highly profitable niches that are immune to commoditization/ automation, and meaningful work. Everyone wants an abundance of "good paying" jobs, but employers can only afford to pay employees if the work being done is profitable. Paying people to do unprofitable work is a one-way street to bankruptcy. Those who want the government to fund "good paying" jobs forget that government tax revenues depend on profitable enterprises and the private-sector wages they pay. (Borrowing from our grandkids to pay public-sector wages today is immoral and financially unsustainable.) If we look at urban slums and impoverished rural communities, we find the problem isn't a lack of work that needs to be done--it's a lack of paid work and a lack of profitable work. Businesses have pushed unprofitable work onto the customer. Paying people to pump customers' gas is not profitable (if it was, some corporation would be doing it). Rather than lose money by paying employees to pump gas, the industry shifted that unprofitable labor onto customers. A great amount of useful work is not profitable and can never be profitable. We need to differentiate useful work from profitable work. One example that illustrates the difference is building and maintaining bikeways to serve commercial areas. (By this I mean bikeways not devoted to leisurely rides through parkways but bikeways that one can use to reach grocery stores, banks, post offices, cafes, childcare centers, etc.) The work of building and maintaining safe bikeways is clearly useful. Safe bikeways have multiple benefits for commerce, communities, the environment and for individuals: safe commuter bikeways cut traffic congestion, improve the health of the bicyclists, lower healthcare costs, boost small businesses along the bikeways and reduce air pollution. Safe bikeways (i.e. those which are dedicated to bikes so riders aren't sharing the road with semi-trucks and autos wandering over the pavement while the driver is texting) are win-win-win, yet they can never be profitable unless bicyclists are charged a toll, which defeats the entire purpose of the bikeway. Impoverished areas are impoverished because there are few highly profitable scarcities to fill and few people with the surplus income to pay for profitable services. Taking money from one community to fund make-work jobs in another community (the essence of government redistribution schemes) deprives one community of income while providing a temporary injection of income in the other community--income that is controlled by a government that is itself controlled by lobbyists and privileged elites. Redistribution schemes act as bread and circuses to suppress social disorder, but they don't address local scarcities in a sustainable way or foster the expansion of long-term solutions to a lack of work. There are two fundamental solutions to a lack of profitable work. One is to pay people to do useful work that is not profitable and do so with a labor-backed crypto-currency that isn't borrowed or taken from some other community, and the second is to nurture community-economy entrepreneurship that works within decentralized networks and groups rather than through central states and global corporations. I explain how these solutions work in my book A Radically Beneficial World: Automation, Technology and Creating Jobs for All. Slums that get Universal Basic Income transfers from the government remain slums. All the work that needs to be done isn't being paid,soit doesn't get done. Communities that rely on global corporations sink quickly into impoverishment when those corporations pull up stakes and move to cheaper locales or automate the profitable work. Communities that foster small-scale entrepreneurship, local efforts to address local scarcities and paid useful work thrive in ways that contrast sharply with communities dependent on bread and circuses and global corporations. The model of expecting global corporations and Big Government to solve the scarcity of paid work is broken. Paul Mason does an excellent job of explaining why in this article from mid-2015: The end of capitalism has begun: the rise of non-market production, of unownable information, of peer networks and unmanaged enterprises. Isn't it obvious that we need a new system?

21 апреля, 23:44

Weekend Roundup: Amid Great Cultural Shifts, Voting Settles Little

In an era of profound cultural transformation, elections and referendums have very real consequences ― such as the repeal of environmental regulations or crackdowns on press freedom. But as much as they reveal how markedly divided societies are at this historical moment, they settle little. For those who are nostalgic for an ideal past, the challenges of a complex future wrought by globalization, digital disruption and increasing cultural diversity remain unresolved. For those looking ahead, there is no going back. The present political reaction is only the first act, not the last. It is the beginning, not the end, of the story of societies in fluid transition. The recent Turkish referendum, like Brexit and U.S. President Donald Trump’s election, fits a pattern of a territorial divide. Residents in large cities and coastal zones linked to global integration and cosmopolitan culture represented just under half of the vote; rural, small-town and Rust Belt regions linked more to the traditions and economic structures of the past were just over half. But there is also a major difference. The populist, nationalist narrative that won the day in Great Britain and the United States championed the “left behind” and splintered the unresponsive mainstream political parties. In Turkey, the day was won by a conservative, pious and upwardly mobile constituency already empowered by some 15 years of rule by President Recep Tayyip Erdoğan’s Justice and Development Party. The cultural duel there, backed up by neo-Islamist and nationalist statism, will thus be more intense than elsewhere. In an interview following the historic vote in her country, novelist Elif Shafak says, “The referendum has not solved anything. If anything, it deepened the existing cultural and ideological divisions.” She also laments the decline of Turkey’s long experiment as a majority-Muslim country attempting to balance culture, secularism and Western democracy. “This is the most significant turning point in Turkey’s modern political history,” she declares. “It is a shift backwards; the end of parliamentary democracy. It is also a dangerous discontinuation of decades of Westernization, secularism and modernization; the discontinuation of Atatürk’s modern Turkey.” Writing from Istanbul, Behlül Özkan explains the details of the constitutional referendum, how the playing field was tilted in Erdoğan’s favor and how it will have massive implications for Turkey’s future. He also emphasizes the historic importance of Turkey’s reverse. Özkan cites the political theorist Samuel Huntington who, in an essay decades ago on transitions from authoritarian rule, once defined Turkey as a clear example of a one-party system becoming more open and competitive under the constitution put in place by Mustafa Kemal Atatürk. It is rare in history to move in the other direction, as Erdoğan has now accomplished. Also writing from Istanbul, Alev Scott believes Turkey is in for “a decade of paranoia under a modern-day Sultan” who was unnerved by the slim margin of his victory. Noting a widely circulated photograph of the president at his moment of triumph, she saw a man not “celebrating victory” but “a man alarmed by near-defeat.” Even as critics within Turkey and others abroad expressed concern over the extinguishing of democracy, Trump again showed his affinity for strongman politics by calling to congratulate Erdoğan on his victory. Yet, as with other countries from India to Argentina, there is likely another element as well to this potentially budding bromance. Sam Stein and Igor Bobic report on ethical issues raised by Trump’s business ties with Turkey. In 2012, Erdoğan joined Trump and his family to mark the opening of Trump Towers Istanbul.  Here are a few additional highlights from The WorldPost this week: 11 Things To Know About North Korea’s Secret Nuclear Program North Korea’s Simple But Deadly Artillery Holds Seoul And U.S. Hostage Bill Clinton’s Secretary Of Defense Likes Trump’s North Korea Strategy Photo Series Show The People Of North Korea You Rarely Get To See 4 Reasons Why France’s Presidential Election Is So Important France’s Youth Are Turning To The Far-Right National Front Can American Democracy Survive The Era Of Inequality? Trump Shouldn’t Mess With The Clean Air Act, American Lung Association Warns Amazing Photos Capture How Flowers Look Under Ultraviolet Light  WHO WE ARE     EDITORS: Nathan Gardels, Co-Founder and Executive Advisor to the Berggruen Institute, is the Editor-in-Chief of The WorldPost. Kathleen Miles is the Executive Editor of The WorldPost. Farah Mohamed is the Managing Editor of The WorldPost. Alex Gardels and Peter Mellgard are the Associate Editors of The WorldPost. Suzanne Gaber is the Editorial Assistant of The WorldPost. Katie Nelson is News Director at The Huffington Post, overseeing The WorldPost and HuffPost’s news coverage. Nick Robins-Early and Jesselyn Cook are World Reporters. Rowaida Abdelaziz is World Social Media Editor. EDITORIAL BOARD: Nicolas Berggruen, Nathan Gardels, Arianna Huffington, Eric Schmidt (Google Inc.), Pierre Omidyar(First Look Media), Juan Luis Cebrian (El Pais/PRISA), Walter Isaacson (Aspen Institute/TIME-CNN), John Elkann (Corriere della Sera, La Stampa), Wadah Khanfar (Al Jazeera) and Yoichi Funabashi (Asahi Shimbun). VICE PRESIDENT OF OPERATIONS: Dawn Nakagawa. CONTRIBUTING EDITORS: Moises Naim (former editor of Foreign Policy), Nayan Chanda (Yale/Global; Far Eastern Economic Review) and Katherine Keating (One-On-One). Sergio Munoz Bata and Parag Khanna are Contributing Editors-At-Large. The Asia Society and its ChinaFile, edited by Orville Schell, is our primary partner on Asia coverage. Eric X. Li and the Chunqiu Institute/Fudan University in Shanghai and Guancha.cn also provide first person voices from China. We also draw on the content of China Digital Times. Seung-yoon Lee is The WorldPost link in South Korea. Jared Cohen of Google Ideas provides regular commentary from young thinkers, leaders and activists around the globe. Bruce Mau provides regular columns from MassiveChangeNetwork.com on the “whole mind” way of thinking. Patrick Soon-Shiong is Contributing Editor for Health and Medicine. ADVISORY COUNCIL: Members of the Berggruen Institute’s 21st Century Council and Council for the Future of Europe serve as theAdvisory Council — as well as regular contributors — to the site. These include, Jacques Attali, Shaukat Aziz, Gordon Brown, Fernando Henrique Cardoso, Juan Luis Cebrian, Jack Dorsey, Mohamed El-Erian, Francis Fukuyama, Felipe Gonzalez, John Gray, Reid Hoffman, Fred Hu, Mo Ibrahim, Alexei Kudrin, Pascal Lamy, Kishore Mahbubani, Alain Minc, Dambisa Moyo, Laura Tyson, Elon Musk, Pierre Omidyar, Raghuram Rajan, Nouriel Roubini, Nicolas Sarkozy, Eric Schmidt, Gerhard Schroeder, Peter Schwartz, Amartya Sen, Jeff Skoll, Michael Spence, Joe Stiglitz, Larry Summers, Wu Jianmin, George Yeo, Fareed Zakaria, Ernesto Zedillo, Ahmed Zewail and Zheng Bijian. From the Europe group, these include: Marek Belka, Tony Blair, Jacques Delors, Niall Ferguson, Anthony Giddens, Otmar Issing, Mario Monti, Robert Mundell, Peter Sutherlandand Guy Verhofstadt. MISSION STATEMENT The WorldPost is a global media bridge that seeks to connect the world and connect the dots. Gathering together top editors and first person contributors from all corners of the planet, we aspire to be the one publication where the whole world meets. We not only deliver breaking news from the best sources with original reportage on the ground and user-generated content; we bring the best minds and most authoritative as well as fresh and new voices together to make sense of events from a global perspective looking around, not a national perspective looking out. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

21 апреля, 23:44

Weekend Roundup: Amid Great Cultural Shifts, Voting Settles Little

In an era of profound cultural transformation, elections and referendums have very real consequences ― such as the repeal of environmental regulations or crackdowns on press freedom. But as much as they reveal how markedly divided societies are at this historical moment, they settle little. For those who are nostalgic for an ideal past, the challenges of a complex future wrought by globalization, digital disruption and increasing cultural diversity remain unresolved. For those looking ahead, there is no going back. The present political reaction is only the first act, not the last. It is the beginning, not the end, of the story of societies in fluid transition. The recent Turkish referendum, like Brexit and U.S. President Donald Trump’s election, fits a pattern of a territorial divide. Residents in large cities and coastal zones linked to global integration and cosmopolitan culture represented just under half of the vote; rural, small-town and Rust Belt regions linked more to the traditions and economic structures of the past were just over half. But there is also a major difference. The populist, nationalist narrative that won the day in Great Britain and the United States championed the “left behind” and splintered the unresponsive mainstream political parties. In Turkey, the day was won by a conservative, pious and upwardly mobile constituency already empowered by some 15 years of rule by President Recep Tayyip Erdoğan’s Justice and Development Party. The cultural duel there, backed up by neo-Islamist and nationalist statism, will thus be more intense than elsewhere. In an interview following the historic vote in her country, novelist Elif Shafak says, “The referendum has not solved anything. If anything, it deepened the existing cultural and ideological divisions.” She also laments the decline of Turkey’s long experiment as a majority-Muslim country attempting to balance culture, secularism and Western democracy. “This is the most significant turning point in Turkey’s modern political history,” she declares. “It is a shift backwards; the end of parliamentary democracy. It is also a dangerous discontinuation of decades of Westernization, secularism and modernization; the discontinuation of Atatürk’s modern Turkey.” Writing from Istanbul, Behlül Özkan explains the details of the constitutional referendum, how the playing field was tilted in Erdoğan’s favor and how it will have massive implications for Turkey’s future. He also emphasizes the historic importance of Turkey’s reverse. Özkan cites the political theorist Samuel Huntington who, in an essay decades ago on transitions from authoritarian rule, once defined Turkey as a clear example of a one-party system becoming more open and competitive under the constitution put in place by Mustafa Kemal Atatürk. It is rare in history to move in the other direction, as Erdoğan has now accomplished. Also writing from Istanbul, Alev Scott believes Turkey is in for “a decade of paranoia under a modern-day Sultan” who was unnerved by the slim margin of his victory. Noting a widely circulated photograph of the president at his moment of triumph, she saw a man not “celebrating victory” but “a man alarmed by near-defeat.” Even as critics within Turkey and others abroad expressed concern over the extinguishing of democracy, Trump again showed his affinity for strongman politics by calling to congratulate Erdoğan on his victory. Yet, as with other countries from India to Argentina, there is likely another element as well to this potentially budding bromance. Sam Stein and Igor Bobic report on ethical issues raised by Trump’s business ties with Turkey. In 2012, Erdoğan joined Trump and his family to mark the opening of Trump Towers Istanbul.  Here are a few additional highlights from The WorldPost this week: 11 Things To Know About North Korea’s Secret Nuclear Program North Korea’s Simple But Deadly Artillery Holds Seoul And U.S. Hostage Bill Clinton’s Secretary Of Defense Likes Trump’s North Korea Strategy Photo Series Show The People Of North Korea You Rarely Get To See 4 Reasons Why France’s Presidential Election Is So Important France’s Youth Are Turning To The Far-Right National Front Can American Democracy Survive The Era Of Inequality? Trump Shouldn’t Mess With The Clean Air Act, American Lung Association Warns Amazing Photos Capture How Flowers Look Under Ultraviolet Light  WHO WE ARE     EDITORS: Nathan Gardels, Co-Founder and Executive Advisor to the Berggruen Institute, is the Editor-in-Chief of The WorldPost. Kathleen Miles is the Executive Editor of The WorldPost. Farah Mohamed is the Managing Editor of The WorldPost. Alex Gardels and Peter Mellgard are the Associate Editors of The WorldPost. Suzanne Gaber is the Editorial Assistant of The WorldPost. Katie Nelson is News Director at The Huffington Post, overseeing The WorldPost and HuffPost’s news coverage. Nick Robins-Early and Jesselyn Cook are World Reporters. Rowaida Abdelaziz is World Social Media Editor. EDITORIAL BOARD: Nicolas Berggruen, Nathan Gardels, Arianna Huffington, Eric Schmidt (Google Inc.), Pierre Omidyar(First Look Media), Juan Luis Cebrian (El Pais/PRISA), Walter Isaacson (Aspen Institute/TIME-CNN), John Elkann (Corriere della Sera, La Stampa), Wadah Khanfar (Al Jazeera) and Yoichi Funabashi (Asahi Shimbun). VICE PRESIDENT OF OPERATIONS: Dawn Nakagawa. CONTRIBUTING EDITORS: Moises Naim (former editor of Foreign Policy), Nayan Chanda (Yale/Global; Far Eastern Economic Review) and Katherine Keating (One-On-One). Sergio Munoz Bata and Parag Khanna are Contributing Editors-At-Large. The Asia Society and its ChinaFile, edited by Orville Schell, is our primary partner on Asia coverage. Eric X. Li and the Chunqiu Institute/Fudan University in Shanghai and Guancha.cn also provide first person voices from China. We also draw on the content of China Digital Times. Seung-yoon Lee is The WorldPost link in South Korea. Jared Cohen of Google Ideas provides regular commentary from young thinkers, leaders and activists around the globe. Bruce Mau provides regular columns from MassiveChangeNetwork.com on the “whole mind” way of thinking. Patrick Soon-Shiong is Contributing Editor for Health and Medicine. ADVISORY COUNCIL: Members of the Berggruen Institute’s 21st Century Council and Council for the Future of Europe serve as theAdvisory Council — as well as regular contributors — to the site. These include, Jacques Attali, Shaukat Aziz, Gordon Brown, Fernando Henrique Cardoso, Juan Luis Cebrian, Jack Dorsey, Mohamed El-Erian, Francis Fukuyama, Felipe Gonzalez, John Gray, Reid Hoffman, Fred Hu, Mo Ibrahim, Alexei Kudrin, Pascal Lamy, Kishore Mahbubani, Alain Minc, Dambisa Moyo, Laura Tyson, Elon Musk, Pierre Omidyar, Raghuram Rajan, Nouriel Roubini, Nicolas Sarkozy, Eric Schmidt, Gerhard Schroeder, Peter Schwartz, Amartya Sen, Jeff Skoll, Michael Spence, Joe Stiglitz, Larry Summers, Wu Jianmin, George Yeo, Fareed Zakaria, Ernesto Zedillo, Ahmed Zewail and Zheng Bijian. From the Europe group, these include: Marek Belka, Tony Blair, Jacques Delors, Niall Ferguson, Anthony Giddens, Otmar Issing, Mario Monti, Robert Mundell, Peter Sutherlandand Guy Verhofstadt. MISSION STATEMENT The WorldPost is a global media bridge that seeks to connect the world and connect the dots. Gathering together top editors and first person contributors from all corners of the planet, we aspire to be the one publication where the whole world meets. We not only deliver breaking news from the best sources with original reportage on the ground and user-generated content; we bring the best minds and most authoritative as well as fresh and new voices together to make sense of events from a global perspective looking around, not a national perspective looking out. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

13 апреля, 23:29

Weekend Roundup: Cold War And Quagmire All Over Again

This week, the White House accused Russia of trying to cover up its knowledge of the Syrian chemical attack even as the Senate Intelligence Committee continued its investigation into whether members of the Trump campaign colluded with Russia during the recent U.S. presidential election. Now Russia, which allegedly sought to favorably influence the election in Trump’s direction, is also denying knowledge about the chemical attack in Syria. This is why the ploy and counterploy of “alternative facts” is so corrosive. It engenders paralyzing partisanship at home and provokes cold wars, if not something worse, abroad. Writing from Moscow, Fyodor Lukyanov warns that Russia and the United States are not only back to their old and “normal” ways of confrontation, but could also clash militarily in Syria if the U.S. intervenes further. He is cynical about the impetus of the missile strike on a Syrian air base that boosted Trump’s presidential stature. “Having encountered challenges in implementing his domestic political agenda,” Lukyanov writes, “Trump decided to use foreign policy as an instrument for improving the political atmosphere around his administration.” Lukyanov further cautions against any perception that U.S. actions will force Russian President Vladimir Putin to rein in Syria’s President Bashar Assad: “For Trump, an agreement can only be reached from a position of strength. But for Putin, there can be no agreement under pressure. ... If pressure keeps growing, Russia will respond in its own manner ― asymmetrically and sharply.” Graham Fuller, a former CIA operative with long experience in the Middle East, sees only a quagmire if the U.S. succeeds in removing Assad from power. “A harsh peace under Assad would at least bring the war to an end,” he writes. But if there is regime change, he fears that “warring [extremist] factions would probably promote long-term sectarian cleansing and perpetuate a brutal civil conflict among themselves for years to come.” The National Iranian American Council’s Trita Parsi argues that the U.S. missile strike last week will only lead the Assad regime and its Russian allies “to intensify their assault on the rebel strongholds and the civilians living in those areas. The end result will be a more intensified civil war with more civilian casualties and even greater difficulty for diplomatic efforts to bear fruit.” Seyed Hossein Mousavian, a former member of Iran’s National Security Council, also warns that Trump’s Syria strike portends even greater chaos and violence by returning to the U.S. penchant for unilateral military action. “America now stands at the precipice of another Middle Eastern war,” he writes, “one that promises to be even more of a quagmire than Iraq and will only serve to elongate the suffering of the Syrian people. The reality is that for Syria, there is no military solution ― only a political one. And Trump has sadly decided to pursue military action before giving diplomacy a chance.” Tensions are growing in East Asia as well. Writing from South Korea, veteran diplomat David Straub fears the Trump administration’s “all options are on the table” threat against North Korea will only make matters worse. “Where the American threat is having a big impact is on its South Korean ally,” he writes. “The South Korean media now is full of concern that the Trump administration might actually launch a surprise attack on North Korea, as it just did against Syria.” He notes that South Korean progressives who are leading in the polls in upcoming elections “strongly favor unconditional negotiations and engagement with North Korea rather than, as the Trump administration wants, increasing pressure on Pyongyang.” Writing from Hong Kong, Ankit Panda says that the summit between Trump and Chinese President Xi Jinping last week at Mar-a-Lago showed the U.S. and China to be only “near-peers” because the U.S. has a scope for military intervention well beyond China’s. “If this wasn’t a moment of humiliation for Xi with nationalistic audiences back home looking for signs of strength against a U.S. leader who had been vocal about pushing back against China,” Panda notes, “it was at least a moment of forced weakness.”  Greg Treverton, who recently stepped down as chairman of the National Intelligence Council, which integrates information from America’s intelligence agencies, takes the long view of our evolving world order. He sees a “reemergence of geopolitics, especially as China and Russia turn to external adventures to shore up internal legitimacy; economic growth slowing or stagnating; individuals and small groups becoming more and more empowered; technology progressing at a dizzying and unequal pace across the globe; conflicts over values; and people becoming more and more disconnected from their governments.” One scenario he and others at NIC imagine emerging out of this constellation is a nuclear attack in South Asia, during which “artificial intelligence systems supporting the military decision makers [make] the crisis worse by misinterpreting signals meant to deter instead as signs of aggressive intent.” A “full nuclear exchange” is averted at the last moment by joint U.S. and Chinese intervention. Writing from Manila, Richard Heydarian ponders the common characteristics between strongman leaders like Rodrigo Duterte in the Philippines, Recep Tayyip Erdoğan in Turkey, Narendra Modi in India and Vladimir Putin in Russia. Populists “have managed to firmly supplant the cold, calculating, rational-technocratic politicians across emerging market democracies,” he writes. WHO WE ARE     EDITORS: Nathan Gardels, Co-Founder and Executive Advisor to the Berggruen Institute, is the Editor-in-Chief of The WorldPost. Kathleen Miles is the Executive Editor of The WorldPost. Farah Mohamed is the Managing Editor of The WorldPost. Alex Gardels and Peter Mellgard are the Associate Editors of The WorldPost. Suzanne Gaber is the Editorial Assistant of The WorldPost. Katie Nelson is News Director at The Huffington Post, overseeing The WorldPost and HuffPost’s news coverage. Nick Robins-Early and Jesselyn Cook are World Reporters. Rowaida Abdelaziz is World Social Media Editor. EDITORIAL BOARD: Nicolas Berggruen, Nathan Gardels, Arianna Huffington, Eric Schmidt (Google Inc.), Pierre Omidyar (First Look Media), Juan Luis Cebrian (El Pais/PRISA), Walter Isaacson (Aspen Institute/TIME-CNN), John Elkann (Corriere della Sera, La Stampa), Wadah Khanfar (Al Jazeera) and Yoichi Funabashi (Asahi Shimbun). VICE PRESIDENT OF OPERATIONS: Dawn Nakagawa. CONTRIBUTING EDITORS: Moises Naim (former editor of Foreign Policy), Nayan Chanda (Yale/Global; Far Eastern Economic Review) and Katherine Keating (One-On-One). Sergio Munoz Bata and Parag Khanna are Contributing Editors-At-Large. The Asia Society and its ChinaFile, edited by Orville Schell, is our primary partner on Asia coverage. Eric X. Li and the Chunqiu Institute/Fudan University in Shanghai and Guancha.cn also provide first person voices from China. We also draw on the content of China Digital Times. Seung-yoon Lee is The WorldPost link in South Korea. Jared Cohen of Google Ideas provides regular commentary from young thinkers, leaders and activists around the globe. Bruce Mau provides regular columns from MassiveChangeNetwork.com on the “whole mind” way of thinking. Patrick Soon-Shiong is Contributing Editor for Health and Medicine. ADVISORY COUNCIL: Members of the Berggruen Institute’s 21st Century Council and Council for the Future of Europe serve as theAdvisory Council — as well as regular contributors — to the site. These include, Jacques Attali, Shaukat Aziz, Gordon Brown, Fernando Henrique Cardoso, Juan Luis Cebrian, Jack Dorsey, Mohamed El-Erian, Francis Fukuyama, Felipe Gonzalez, John Gray, Reid Hoffman, Fred Hu, Mo Ibrahim, Alexei Kudrin, Pascal Lamy, Kishore Mahbubani, Alain Minc, Dambisa Moyo, Laura Tyson, Elon Musk, Pierre Omidyar, Raghuram Rajan, Nouriel Roubini, Nicolas Sarkozy, Eric Schmidt, Gerhard Schroeder, Peter Schwartz, Amartya Sen, Jeff Skoll, Michael Spence, Joe Stiglitz, Larry Summers, Wu Jianmin, George Yeo, Fareed Zakaria, Ernesto Zedillo, Ahmed Zewail and Zheng Bijian. From the Europe group, these include: Marek Belka, Tony Blair, Jacques Delors, Niall Ferguson, Anthony Giddens, Otmar Issing, Mario Monti, Robert Mundell, Peter Sutherland and Guy Verhofstadt. MISSION STATEMENT The WorldPost is a global media bridge that seeks to connect the world and connect the dots. Gathering together top editors and first person contributors from all corners of the planet, we aspire to be the one publication where the whole world meets. We not only deliver breaking news from the best sources with original reportage on the ground and user-generated content; we bring the best minds and most authoritative as well as fresh and new voices together to make sense of events from a global perspective looking around, not a national perspective looking out. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

18 марта, 12:29

Эксперт: КНР в первую очередь необходимо провести реформу банковского сектора

Правительству Китая необходимо в первую очередь реформировать банковский сектор и снизить контроль над государственными финансовыми институтами. Об этом на открывшем сегодня в Пекине Китайском форуме развития в беседе с корреспондентом ТАСС заявил американский экономист, лауреат Нобелевской премии по экономике Майкл Спенс.

18 марта, 10:12

Эксперт: КНР в первую очередь необходимо провести реформу банковского сектора

Власти Китая также должны отказаться от строгих и однозначных целевых показателей экономического развития, подчеркнул американский экономист, лауреат Нобелевской премии по экономике Майкл Спенс

04 марта, 08:16

Пять сценариев развития ситуации в ЕС. Спенс: ЕС в шаге от развала

В среду Еврокомиссия представила "Белую книгу о будущем Европы" — труд, описывающий непростой период выхода Великобритании из ЕС, который, как считает председатель Еврокомиссии Жан-Клод Юнкер, является "основной проблемой и основным источником возможностей для Европы на предстоящее десятилетие". Здесь рассмотрены пять возможных сценариев, по которым Евросоюз мог бы развиваться до 2025 г. с точки зрения влияния новых технологий на общество в целом и на создание рабочих мест. Также в книге поднимаются вопросы глобализации, проблем безопасности и роста популизма. И перед жителями ЕС сейчас стоит выбор: либо пройти мимо этих возможностей, либо воспользоваться ими и получить пользу, которую они могут принести. Население и экономический вес Европы падают, в остальных частях мира, напротив, растут. К 2060 г. ни одна из стран ЕС не будет составлять даже 1% населения мира — веские основания для объединения. Так что процветание Европы будет зависеть от ее открытости и прочных связей со своими партнерами.

04 марта, 01:26

Weekend Roundup: U.S. Founders Entrusted Elites To Save Democracy From Itself

The word “democracy” does not appear in the U.S. Constitution. Nor in the Bill of Rights or the Declaration of Independence. That is because, as most Americans today would likely be surprised to discover, America’s Founding Fathers not only distrusted democracy but, based on their close reading of Greek and Roman history, were actually hostile to the notion that it was the best system for governing society. James Madison, the fourth U.S. president and a key author of the Federalist Papers, famously declared: “Democracy is the most vile form of government ... democracies have ever been spectacles of turbulence and contention; have ever been found incompatible with personal security or the rights of property; and have in general been as short in their lives as they have been violent in their deaths.” John Adams, the second American president, wrote: “Democracy never lasts long. It soon wastes, exhausts and murders itself. There never was a democracy yet that did not commit suicide.” Taking into account this central lesson of antiquity, the founders instead designed a mixed constitutional republic that, while rooted in consent of the governed, delegated authority to elites ― representative, indirectly elected and appointed bodies ― that could “refine and enlarge the public views” as ballast against the popular passions of prejudice and the narrow horizons of self-interested constituencies. For the founders, popular sovereignty unchecked by the cool and reasoned deliberation of the meritorious few would invite majoritarian intolerance of individual and minority rights, degenerate into mob rule and summon tyranny to restore order. “No political truth is certainly of greater intrinsic value,” Madison wrote in The Federalist Papers No. 47. In an interview with The WorldPost this week, political scientist Francis Fukuyama addresses the conundrum presented to the founders’ idea of governance in the face of 21st century populism. “Populism exists,” he says, “because institutions are elite-driven.” While “institutions in the past have always been controlled by the elites,” he continues, “through the presence of the internet they are losing their power. Maybe democracies don’t work too well without a certain degree of control from elites.” I would add that the great danger today is conflation by fervent populists of corrupt, out-of-touch and unresponsive elites ― that rightly should be overthrown ― with a learned and experienced elite that any large society needs to govern. As a governing ethos, know-nothingness will get you nowhere. Yet, as Pankaj Mishra observes in another WorldPost interview, the very foundation upon which elites might rehabilitate their authority has eroded. The Indian author takes the debate to both a deeper and a more global level by examining how the ressentiment against the cosmopolitan caste that has been gestating in the developing world for decades has now erupted in a mutiny against the governing narrative in “the heart of the modern West.” If the Western “truths” that have dominated the world in modern times at the expense of alternative worldviews are now themselves unraveling, where do we go next? “We are now recognizing that our modern civilization has always been incredibly fragile,” Mishra says, “since it has no recourse to any transcendental truth, as distinct from certain agreed-upon truths. And so while political and economic crises may come and go ― Trump’s presidency may implode tomorrow ― the moral and epistemological breakdown we witness today is more enduring and destructive. I would argue that the naïve people, the free-marketeers and globalizers, responsible for this state of affairs did not know what they were doing ― that they were dismantling a whole system of interlocking and necessary fictions that societies and individuals have needed since the death of God to give a degree of meaning, purpose and stability to their lives.”  The consequence, Mishra argues, is the universalization of nihilism in which the whole notion of “consensual truth” is collapsing. “Nihilism today is the single greatest threat to the modern world since its founding principles of reason, science and progress were formulated,” he concludes. It is not surprising, then, in his view, that “the subjectivization of ‘facts’” and the “fragmentation of ‘truth’” are filling up the vacuum. They are the remainder of the West’s heyday. Nowhere is the truth these days more malleable than in Russia. Writing from Moscow, Ilya Yashin marks the second anniversary this week of the assassination of his friend and opposition leader, Boris Nemstov. Yashin sees a dangerous campaign to revise recent history and roll back post-Soviet advances in the media and the rule of law in the nationalist revival under Russian President Vladimir Putin. Nick Robins-Early reports that Russian disinformation efforts have a lopsided advantage over Europeans trying to defend the integrity of their discourse as elections loom. He also highlights a speech by Hungarian Prime Minister Viktor Orban this week in which the leader expressed a new angle on nativism ― that “’ethnic homogeneity’ is key for economic success, and that ‘too much mixing causes problems.’” In a wide-ranging essay, Nicolas Berggruen examines the role of opposition movements. While raucous protests in and of themselves may make a point, he says, they also can create a sense of chaos that “is the greatest gift to parties in power, especially dictators.” Social movements that succeed, by contrast, are characterized by a broadly shared narrative, a plan, organization and leadership, Berggruen argues. This week the Berggruen Institute also hosted a discussion in Los Angeles with Sapiens and Homo Deus author Yuval Harari. The Israeli historian discussed what it means to be human in an era when we are attaining the power of gods to change our own species and create a new one ― AI. “History began when humans invented gods, and will end when humans become gods,” he says.  Former WorldPost China Correspondent Matt Sheehan looks outside the box on the troubled relations between Washington and Beijing. “The engine room of the U.S.-China relationship,” he writes, “has moved from the White House to City Hall.” While the talk in Washington is of tariffs, American mayors are wooing Chinese investors and immigrants for their local projects. Writing from Shanghai, Zhang Weiwei argues that political legitimacy comes fundamentally from the competence of leadership, as in the case of the Chinese Communist Party, that fulfills its contract with the people by delivering prosperity and security ― whether they were elected or not.   Eric Olander and Cobus van Staden see a Trump-inspired shift to China coming to Africa as the continent looks to Beijing for stability in the absence of a clear American Africa policy. Finally, our Singularity series this week asks a question about our pets that we may soon be asking about our children: should we genetically engineer dogs to make them healthier? WHO WE ARE   EDITORS: Nathan Gardels, Co-Founder and Executive Advisor to the Berggruen Institute, is the Editor-in-Chief of The WorldPost. Kathleen Miles is the Executive Editor of The WorldPost. Farah Mohamed is the Managing Editor of The WorldPost. Alex Gardels and Peter Mellgard are the Associate Editors of The WorldPost. Suzanne Gaber is the Editorial Assistant of The WorldPost. Katie Nelson is News Director at The Huffington Post, overseeing The WorldPost and HuffPost’s news coverage. Nick Robins-Early and Jesselyn Cook are World Reporters. Rowaida Abdelaziz is World Social Media Editor. EDITORIAL BOARD: Nicolas Berggruen, Nathan Gardels, Arianna Huffington, Eric Schmidt (Google Inc.), Pierre Omidyar (First Look Media), Juan Luis Cebrian (El Pais/PRISA), Walter Isaacson (Aspen Institute/TIME-CNN), John Elkann (Corriere della Sera, La Stampa), Wadah Khanfar (Al Jazeera) and Yoichi Funabashi (Asahi Shimbun). VICE PRESIDENT OF OPERATIONS: Dawn Nakagawa. CONTRIBUTING EDITORS: Moises Naim (former editor of Foreign Policy), Nayan Chanda (Yale/Global; Far Eastern Economic Review) and Katherine Keating (One-On-One). Sergio Munoz Bata and Parag Khanna are Contributing Editors-At-Large. The Asia Society and its ChinaFile, edited by Orville Schell, is our primary partner on Asia coverage. Eric X. Li and the Chunqiu Institute/Fudan University in Shanghai and Guancha.cn also provide first person voices from China. We also draw on the content of China Digital Times. Seung-yoon Lee is The WorldPost link in South Korea. Jared Cohen of Google Ideas provides regular commentary from young thinkers, leaders and activists around the globe. Bruce Mau provides regular columns from MassiveChangeNetwork.com on the “whole mind” way of thinking. Patrick Soon-Shiong is Contributing Editor for Health and Medicine. ADVISORY COUNCIL: Members of the Berggruen Institute’s 21st Century Council and Council for the Future of Europe serve as theAdvisory Council — as well as regular contributors — to the site. These include, Jacques Attali, Shaukat Aziz, Gordon Brown, Fernando Henrique Cardoso, Juan Luis Cebrian, Jack Dorsey, Mohamed El-Erian, Francis Fukuyama, Felipe Gonzalez, John Gray, Reid Hoffman, Fred Hu, Mo Ibrahim, Alexei Kudrin, Pascal Lamy, Kishore Mahbubani, Alain Minc, Dambisa Moyo, Laura Tyson, Elon Musk, Pierre Omidyar, Raghuram Rajan, Nouriel Roubini, Nicolas Sarkozy, Eric Schmidt, Gerhard Schroeder, Peter Schwartz, Amartya Sen, Jeff Skoll, Michael Spence, Joe Stiglitz, Larry Summers, Wu Jianmin, George Yeo, Fareed Zakaria, Ernesto Zedillo, Ahmed Zewail and Zheng Bijian. From the Europe group, these include: Marek Belka, Tony Blair, Jacques Delors, Niall Ferguson, Anthony Giddens, Otmar Issing, Mario Monti, Robert Mundell, Peter Sutherland and Guy Verhofstadt. MISSION STATEMENT The WorldPost is a global media bridge that seeks to connect the world and connect the dots. Gathering together top editors and first person contributors from all corners of the planet, we aspire to be the one publication where the whole world meets. We not only deliver breaking news from the best sources with original reportage on the ground and user-generated content; we bring the best minds and most authoritative as well as fresh and new voices together to make sense of events from a global perspective looking around, not a national perspective looking out. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

04 марта, 01:26

Weekend Roundup: U.S. Founders Entrusted Elites To Save Democracy From Itself

The word “democracy” does not appear in the U.S. Constitution. Nor in the Bill of Rights or the Declaration of Independence. That is because, as most Americans today would likely be surprised to discover, America’s Founding Fathers not only distrusted democracy but, based on their close reading of Greek and Roman history, were actually hostile to the notion that it was the best system for governing society. James Madison, the fourth U.S. president and a key author of the Federalist Papers, famously declared: “Democracy is the most vile form of government ... democracies have ever been spectacles of turbulence and contention; have ever been found incompatible with personal security or the rights of property; and have in general been as short in their lives as they have been violent in their deaths.” John Adams, the second American president, wrote: “Democracy never lasts long. It soon wastes, exhausts and murders itself. There never was a democracy yet that did not commit suicide.” Taking into account this central lesson of antiquity, the founders instead designed a mixed constitutional republic that, while rooted in consent of the governed, delegated authority to elites ― representative, indirectly elected and appointed bodies ― that could “refine and enlarge the public views” as ballast against the popular passions of prejudice and the narrow horizons of self-interested constituencies. For the founders, popular sovereignty unchecked by the cool and reasoned deliberation of the meritorious few would invite majoritarian intolerance of individual and minority rights, degenerate into mob rule and summon tyranny to restore order. “No political truth is certainly of greater intrinsic value,” Madison wrote in The Federalist Papers No. 47. In an interview with The WorldPost this week, political scientist Francis Fukuyama addresses the conundrum presented to the founders’ idea of governance in the face of 21st century populism. “Populism exists,” he says, “because institutions are elite-driven.” While “institutions in the past have always been controlled by the elites,” he continues, “through the presence of the internet they are losing their power. Maybe democracies don’t work too well without a certain degree of control from elites.” I would add that the great danger today is conflation by fervent populists of corrupt, out-of-touch and unresponsive elites ― that rightly should be overthrown ― with a learned and experienced elite that any large society needs to govern. As a governing ethos, know-nothingness will get you nowhere. Yet, as Pankaj Mishra observes in another WorldPost interview, the very foundation upon which elites might rehabilitate their authority has eroded. The Indian author takes the debate to both a deeper and a more global level by examining how the ressentiment against the cosmopolitan caste that has been gestating in the developing world for decades has now erupted in a mutiny against the governing narrative in “the heart of the modern West.” If the Western “truths” that have dominated the world in modern times at the expense of alternative worldviews are now themselves unraveling, where do we go next? “We are now recognizing that our modern civilization has always been incredibly fragile,” Mishra says, “since it has no recourse to any transcendental truth, as distinct from certain agreed-upon truths. And so while political and economic crises may come and go ― Trump’s presidency may implode tomorrow ― the moral and epistemological breakdown we witness today is more enduring and destructive. I would argue that the naïve people, the free-marketeers and globalizers, responsible for this state of affairs did not know what they were doing ― that they were dismantling a whole system of interlocking and necessary fictions that societies and individuals have needed since the death of God to give a degree of meaning, purpose and stability to their lives.”  The consequence, Mishra argues, is the universalization of nihilism in which the whole notion of “consensual truth” is collapsing. “Nihilism today is the single greatest threat to the modern world since its founding principles of reason, science and progress were formulated,” he concludes. It is not surprising, then, in his view, that “the subjectivization of ‘facts’” and the “fragmentation of ‘truth’” are filling up the vacuum. They are the remainder of the West’s heyday. Nowhere is the truth these days more malleable than in Russia. Writing from Moscow, Ilya Yashin marks the second anniversary this week of the assassination of his friend and opposition leader, Boris Nemstov. Yashin sees a dangerous campaign to revise recent history and roll back post-Soviet advances in the media and the rule of law in the nationalist revival under Russian President Vladimir Putin. Nick Robins-Early reports that Russian disinformation efforts have a lopsided advantage over Europeans trying to defend the integrity of their discourse as elections loom. He also highlights a speech by Hungarian Prime Minister Viktor Orban this week in which the leader expressed a new angle on nativism ― that “’ethnic homogeneity’ is key for economic success, and that ‘too much mixing causes problems.’” In a wide-ranging essay, Nicolas Berggruen examines the role of opposition movements. While raucous protests in and of themselves may make a point, he says, they also can create a sense of chaos that “is the greatest gift to parties in power, especially dictators.” Social movements that succeed, by contrast, are characterized by a broadly shared narrative, a plan, organization and leadership, Berggruen argues. This week the Berggruen Institute also hosted a discussion in Los Angeles with Sapiens and Homo Deus author Yuval Harari. The Israeli historian discussed what it means to be human in an era when we are attaining the power of gods to change our own species and create a new one ― AI. “History began when humans invented gods, and will end when humans become gods,” he says.  Former WorldPost China Correspondent Matt Sheehan looks outside the box on the troubled relations between Washington and Beijing. “The engine room of the U.S.-China relationship,” he writes, “has moved from the White House to City Hall.” While the talk in Washington is of tariffs, American mayors are wooing Chinese investors and immigrants for their local projects. Writing from Shanghai, Zhang Weiwei argues that political legitimacy comes fundamentally from the competence of leadership, as in the case of the Chinese Communist Party, that fulfills its contract with the people by delivering prosperity and security ― whether they were elected or not.   Eric Olander and Cobus van Staden see a Trump-inspired shift to China coming to Africa as the continent looks to Beijing for stability in the absence of a clear American Africa policy. Finally, our Singularity series this week asks a question about our pets that we may soon be asking about our children: should we genetically engineer dogs to make them healthier? WHO WE ARE   EDITORS: Nathan Gardels, Co-Founder and Executive Advisor to the Berggruen Institute, is the Editor-in-Chief of The WorldPost. Kathleen Miles is the Executive Editor of The WorldPost. Farah Mohamed is the Managing Editor of The WorldPost. Alex Gardels and Peter Mellgard are the Associate Editors of The WorldPost. Suzanne Gaber is the Editorial Assistant of The WorldPost. Katie Nelson is News Director at The Huffington Post, overseeing The WorldPost and HuffPost’s news coverage. Nick Robins-Early and Jesselyn Cook are World Reporters. Rowaida Abdelaziz is World Social Media Editor. EDITORIAL BOARD: Nicolas Berggruen, Nathan Gardels, Arianna Huffington, Eric Schmidt (Google Inc.), Pierre Omidyar (First Look Media), Juan Luis Cebrian (El Pais/PRISA), Walter Isaacson (Aspen Institute/TIME-CNN), John Elkann (Corriere della Sera, La Stampa), Wadah Khanfar (Al Jazeera) and Yoichi Funabashi (Asahi Shimbun). VICE PRESIDENT OF OPERATIONS: Dawn Nakagawa. CONTRIBUTING EDITORS: Moises Naim (former editor of Foreign Policy), Nayan Chanda (Yale/Global; Far Eastern Economic Review) and Katherine Keating (One-On-One). Sergio Munoz Bata and Parag Khanna are Contributing Editors-At-Large. The Asia Society and its ChinaFile, edited by Orville Schell, is our primary partner on Asia coverage. Eric X. Li and the Chunqiu Institute/Fudan University in Shanghai and Guancha.cn also provide first person voices from China. We also draw on the content of China Digital Times. Seung-yoon Lee is The WorldPost link in South Korea. Jared Cohen of Google Ideas provides regular commentary from young thinkers, leaders and activists around the globe. Bruce Mau provides regular columns from MassiveChangeNetwork.com on the “whole mind” way of thinking. Patrick Soon-Shiong is Contributing Editor for Health and Medicine. ADVISORY COUNCIL: Members of the Berggruen Institute’s 21st Century Council and Council for the Future of Europe serve as theAdvisory Council — as well as regular contributors — to the site. These include, Jacques Attali, Shaukat Aziz, Gordon Brown, Fernando Henrique Cardoso, Juan Luis Cebrian, Jack Dorsey, Mohamed El-Erian, Francis Fukuyama, Felipe Gonzalez, John Gray, Reid Hoffman, Fred Hu, Mo Ibrahim, Alexei Kudrin, Pascal Lamy, Kishore Mahbubani, Alain Minc, Dambisa Moyo, Laura Tyson, Elon Musk, Pierre Omidyar, Raghuram Rajan, Nouriel Roubini, Nicolas Sarkozy, Eric Schmidt, Gerhard Schroeder, Peter Schwartz, Amartya Sen, Jeff Skoll, Michael Spence, Joe Stiglitz, Larry Summers, Wu Jianmin, George Yeo, Fareed Zakaria, Ernesto Zedillo, Ahmed Zewail and Zheng Bijian. From the Europe group, these include: Marek Belka, Tony Blair, Jacques Delors, Niall Ferguson, Anthony Giddens, Otmar Issing, Mario Monti, Robert Mundell, Peter Sutherland and Guy Verhofstadt. MISSION STATEMENT The WorldPost is a global media bridge that seeks to connect the world and connect the dots. Gathering together top editors and first person contributors from all corners of the planet, we aspire to be the one publication where the whole world meets. We not only deliver breaking news from the best sources with original reportage on the ground and user-generated content; we bring the best minds and most authoritative as well as fresh and new voices together to make sense of events from a global perspective looking around, not a national perspective looking out. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

03 марта, 00:42

Спенс: ЕС в шаге от развала

Европейский союз в последние годы стал целью для критики со стороны экономистов, и для этого есть существенные причины.

02 марта, 10:57

Project Syndicate: Европа или Анти-Европа?

  Один умный знакомый в Милане недавно задал мне следующий вопрос: «Если иностранный инвестор, например из США, захочет инвестировать значительную сумму в итальянскую экономику, что бы вы ему посоветовали?» Я ответил, что, хотя здесь есть много возможностей для инвестиций в различные компании и отрасли, инвестиционный климат в целом очень запутанный. Я бы порекомендовал инвестировать вместе с хорошо осведомленным местным партнером, который может лавировать в этой системе и различать неявные риски. Конечно, такой же совет можно дать и по поводу многих других стран, например, Китая, Индии и Бразилии. Однако еврозона всё больше превращается в экономических блок стран, движущихся на двух разных скоростях, причём потенциальные политические последствия этой тенденции вызывают у инвесторов повышенную тревогу.  

01 марта, 11:43

Текст: Европа или Анти-Европа? ( Майкл Спенс )

Один умный знакомый в Милане недавно задал мне следующий вопрос: «Если иностранный инвестор, например, из США, захочет инвестировать значительную сумму в итальянскую экономику, что бы вы ему посоветовали?» Я ответил, что, хотя здесь есть много возможностей для инвестиций в различные компании и отрасли, инвестиционный климат в целом очень запутанный. Я бы порекомендовал инвестировать вместе с хорошо осведомлённым местным партнёром, который может лавировать в этой системе и различать неявные риски. Конечно, такой же совет можно дать и по поводу многих других стран, например, Китая, Индии и Бразилии. Однако еврозона всё больше превращается в экономических блок стран, движущихся на двух разных скоростях, причём потенциальные политические последствия этой тенденц...

17 февраля, 20:31

Без заголовка

**Should-Read: Wing Thye Woo**: _[China’s Growth Odyssey][]_: "Former World Bank Chief Economist Justin Yifu Lin is sanguine... [China’s Growth Odyssey]: https://www.project-syndicate.org/onpoint/china-s-growth-odyssey-2017-02 >...Lin is confident that policies to boost domestic demand – including “improvements in infrastructure, urbanization efforts, environmental management, and high-tech industries” – will prove sufficient to meet the government’s...

03 февраля, 21:52

A Super Bowl Ad Is the Equivalent of Lighting Money on Fire (Which Can Be More Strategic Than It Sounds)

Everyone knows that whispering “I love you” to someone you just met over some bangin’ beats in the club at 3 AM stands no chance of success. Similarly, suspect claims of honesty or authenticity in business will likely be heavily discounted as cheap talk by a skeptical counterpart. So why make these overtures? Because while the upside is limited, the cost isn’t just cheap, it’s nil; give it a try and hope there’s someone out there who’ll believe you. The challenge facing sellers of some genuine product — be it true late-night love or a Tiffany necklace on eBay — and the buyers in search of them is to prove that they’re not just full of empty words. This is where Super Bowl ads come in. Airtime during the game is, of course, fantastically expensive. So why do companies bother buying it? For the same reason that gang members get face tattoos: to prove that they’re in it for the long haul. The classic formulation of this idea comes from Michael Spence’s PhD thesis, published in 1973, which helped win him a Nobel prize, in 2001. The thesis focused not on clubs or ads, but on how good workers reveal themselves as smart or dependable. In Spence’s formulation, hiring a worker is essentially a spin of the roulette wheel: Depending on what comes up, you might get a conscientious, productive worker or an incompetent, shirking one. There are plenty of steps that employers can and do take to make the hiring decision less of a gamble. They may consider, consciously or not, whether the applicant is short or tall, black or white, male or female. Based on prior experiences or stereotypes they’ve formed, recruiters may make a judgment of what the applicant would probably be like once he starts showing up for work. Whether it’s legal or moral (or even correct), we judge people based on all sorts of characteristics that a person is essentially born into. Then there are the choices we make in presenting ourselves to a prospective employer: Short or tall, black or white, male or female, you need to decide whether to wear a suit or jeans, or to show up clean-cut or shaggy, or covered in tattoos. On your résumé you can choose to offer up your undergraduate GPA, and mention that it was from an Ivy League institution, or you can avoid saying much of anything about your education. You might counter that lots of these aren’t exactly choices: Harvard chooses you, not the other way around. That’s correct, sort of. But think of it this way: The cost of adding a credential to your résumé or presenting yourself in a particular way at an interview is higher for some applicants than for others. In a sense, the “cost” for many of getting into Harvard and making it to graduation is just not within the realm of possibility. But for the candidate with the right characteristics – drive, conscientiousness, intelligence — it may not be that difficult to apply, get in, and coast through whatever the Harvard curriculum might throw at them. In Spence’s model, the attributes that make it relatively easy to get a Harvard degree are the same characteristics that make for a productive employee. If that’s the case, then companies will do well to hire Harvard math majors, even if no one learns anything of practical use, or even any math, at Harvard. In contrast to telling a recruiter, “I’m smart,” a Harvard math degree is not something that less-able applicants can mimic or would even want to, because the cost is too great. It is a “signal,” in economics parlance. Stripped to its essentials, the Spence signaling model simply requires that there be a link between a desirable yet hidden attribute and the cost of doing something. And that something can be anything, as long as everyone knows it’s cheap for the smart and virtuous to do it, and difficult for anyone else. For companies, one way of sending a strong signal of commitment to the long run would be to convert the company’s savings into hard currency, cart it out to the street, and put a lit match to it. Only a company that expects to do repeat business with lots of customers is going to be willing to pay this up front “money-burning” cost. If we don’t see many companies lighting cash-fueled bonfires, economists have argued they do the equivalent — both more credibly and more publicly — through advertising. In a classic article on advertising as money burning, “Price and Advertising Signals of Product Quality,” economists Paul Milgrom and John Roberts describe a 1983 ad announcing the introduction of Diet Coke: “a large concert hall full of people, a long chorus line kicking, a remarkable number of (high-priced) celebrities over whom the camera pans, and a simple announcement that Diet Coke is the reason for this assemblage.” They also give the example of an even more literal take on advertising-as-pointless-destruction in a Ford Ranger ad from 1984 that “features these trucks being thrown out of airplanes (followed by a half dozen skydivers) or driven off high cliffs.” In both cases the ad is a deliberate act of pointless excess and waste — money burning. Milgrom and Roberts, in substantiating their analysis of product launch ads as money burning, observe, “These ads carry little or no direct information other than that the product in question exists. But if that is the message being sent, these ads seem an inordinately expensive way to transmit the information. Indeed, the clearest message they carry is, ‘We are spending an astronomical amount of money on this ad campaign.’” The lavish destruction of value is the only way the signal can’t be copied by someone who doesn’t really have the money to burn. Signaling can produce perverse incentives that can cause those without the hidden quality to try to fake it. That might help explain why, in the year 2000, 19 internet startups spent millions buying advertising time during the Super Bowl. It’s also telling that eight of the 19 — including, famously, Pets.com, with its sock puppet mascot — no longer exist. Ironically, their efforts to signal they had the deep pockets and quality offerings that would allow them to survive the internet’s winner-take-all economy may have helped to drive these big spenders into bankruptcy. You might think that such a failure rate would discourage a repeat, but the trend continues: During the 2015 Super Bowl, startups including Wix.com (a company that helps users build websites) and Loctite (a glue maker) spent $4.5 million each for a 30-second spot. This year, the price has gone up to $5 million. Signaling is a useful theory for helping us understand why getting a face tattoo is a great decision if you want to show everyone — your rivals, the police, potential employers — that you’ve thrown your lot in with your gang forever. But it’s harder to come up with a signal of your own to show some hidden, but valuable, quality. And even if you have the ingenuity to figure out a strong signal, like Ford burning money on an ad buy, you have to have customers who are smart enough to understand what, by driving a bunch of trucks off a cliff, you’re trying to tell them.

30 января, 04:27

Лауреат Нобелевской премии по экономике Майкл Спенс: «Один Пояс, один Путь» стимулирует рост мировой экономики

«Китайская инициатива “Один пояс, один путь”, создание Азиатского банка инфраструктурных инвестиций (АБИИ) и другие действия стимулируют рост мировой экономики» - сказал на днях известный американский экономист, лауреат Нобелевской премии по экономике Майкл Спенс.

05 мая 2016, 01:03

Гросс: роботизация приведет к "социализму поневоле"

Билл Гросс, один из самых успешных управляющих за всю историю современных рынков облигаций, считает, что власти западных стран в дальнейшем будут вынуждены все активнее печатать деньги для поддержки своих экономик и населения.