America, Enjoy the Downward Slide

kristy Reforming Global Finance

“We at Ethical Markets welcome THE GLOBALISTS’s excellent series on reforming the globalization of finance , especially Lord Megnad Desai’s essay.” Hazel Henderson, Editor

The daily online magazine on the global economy, politics, culture and history

August 17, 2012

Singapore’s Message for Today’s America

President Obama may have deeply offended American conservatives with his “you didn’t build that” quip to business owners. But as Janadas Devan points out, economic progress is the creation not of any one individual, but of a totality of people in a community, a democracy and a nation. The sooner we accept that, the sooner we can make sure everyone gains from globalization.


Also new this week:

America, Enjoy the Downward Slide
Michael Lind recently worried in The Globalist about the British seeds of America’s decline. Meghnad Desai, an Indian-born economist and member of Britain’s House of Lords, responds by calling on Americans to relax and enjoy shedding the burdens of its far-flung and expensive empire.

The Danger of More Financial Concentration
The financial industry has witnessed a wave of mergers and acquisitions in recent decades, leading to too-big-to-fail conglomerates. This trend has not improved the economic function of finance, writes Henry Kaufman. In fact, its reversal is one of the keys to creating a robust economic recovery.

And don’t miss these recent articles:

The India-Brazil Axis
There has been plenty of talk in recent years about the parallels between India and China. In his book “Breakout Nations,” Ruchir Sharma finds more compelling similarities to India in an emerging market half a world away.

Can Central Bankers Cope With the Crisis?
What sets the current financial crisis apart from past ones is not just the huge overhang of sovereign debt, but where it resides. Formerly confined mainly to the developing world, sovereign debt problems are now endemic throughout the West, writes Henry Kaufman.

The Globalist in the Media:

China’s Development-First Approach to Africa
Stephan Richter’s op-ed appeared in the English-language edition of the China Daily, on August 14. A Portuguese version appeared in Brazil’s Valor Econômico (PDF), on August 9.