As the economic slump that began in 2007 persists, the question on everyone’s minds is obvious: Why? Unless we have a better understanding of the causes of the crisis, we can’t implement an effective recovery strategy. And, so far, we have neither, says Nobel Laureate Joseph E. Stiglitz.
The indifference and apathy that one finds in Washington from both the Congress and President Barack Obama on the Doha Round of world trade talks, and the alarm and concern expressed by statesmen elsewhere over the languishing negotiations, mark the end of the post-1945 era of American leadership on multilateral free trade.
Economists have been warning of a looming labor shortage in China, raising concerns that wages will rise and China's growth will slow. That could stall economic recovery around the world. Xin Meng, a recent visiting scholar at The Chazen Institute, weighs in.