As global leaders descend on Davos, is the World Economic Forum just a talking shop? January 22, 2013 YES Louise Cooper “To improve the state of the world” is a great objective for a conference. But such lofty ideals fall short of the shmoozefest that is Davos. For the optimists, this year’s title should bring a cold shower of reality – Resilient Dynamism. I had to turn to the dictionary for help. Davos [...]
Letters to the editor January 22, 2013 Debt killed growth [Re: Economic perfect storm: The four trends that killed Western growth, yesterday] The debt supercycle, as Tim Morgan puts it, captured politicians, consumers, and companies in its wake, defying all logic. But only two of those groups have since woken up to its consequences. The latest government deficit figures remain appalling, and it’s entirely [...]
Economic perfect storm: The four trends that killed Western growth January 21, 2013 THE West lies at the confluence of four extremely dangerous long-term developments. Individually or collectively, they have already begun to reverse more than two centuries of economic expansion. The first is well-known: the creation of the worst financial bubble in history – “the great credit super-cycle”. Since the 1980s, a relentless shift to immediate consumption [...]
The eurosceptic case for renegotiating EU trade relationships with caution January 21, 2013 OECD secretary-general Angel Gurría summarised succinctly, last week, the extent to which globalisation has led to the interconnectedness of countries through trade. In a speech in Paris, he said: “A good produced in the EU and exported to the US includes components from China and Japan, using raw materials and services from Australia, Russia or [...]
US budget battle looms as leading concern at Davos January 21, 2013 IT’S that time of year again. High streets are full of bargain-hungry shoppers, Christmas decorations are back in their boxes, New Year’s resolutions are still holding, and a ski resort in Switzerland is preparing itself for an influx of global economic power-brokers. The World Economic Forum is about to descend on Davos. The Eurozone’s enduring [...]
After recent heavy snow, is the UK uniquely poor at dealing with bad weather conditions? January 21, 2013 YES Adam Marshall All businesses are impacted by severe weather. This week’s heavy snowfall, and the slow response, are no exception. The closure of schools comes first. When parents have to take time off, productivity falls, affecting local and national economies. There’s also the impact on international trade. Many businesses are inconvenienced by flight disruptions. [...]
Letters to the editor January 21, 2013 North Africa crisis [Re: Does the crisis in North Africa represent the start of a new wave of global instability, yesterday] Media portrayals of recent events in Mali and Algeria paint a picture of a high-risk continent, blighted by radical jihadists, chronic instability and incompetent governments. But Africa is far larger and more varied than Europe, [...]
How modern technology and new working practices can save the NHS January 20, 2013 THE dust has finally settled on the government’s controversial health reforms, but the NHS is not out of the woods yet. The Office for Budget Responsibility’s latest forecasts suggest that its best-case scenario will see health spending remain flat for the rest of the decade. The challenge to do more with less is intensifying. So [...]
Outward-looking reforms in Europe depend on the City’s guiding hand January 20, 2013 DESPITE being postponed at the last minute, it is clear from excerpts trailed in the media that the Prime Minister’s speech on the EU will set out a stark choice for both the UK and Europe. The vision outlined presents a Britain that remains a “committed and active” member of the European Union – albeit [...]
The protectionist beast is back in a subtly fresh form January 20, 2013 IT’S a classic: during every recession, protectionism resurfaces. After four years of economic turmoil, unemployment is critical in the US (7.7 per cent) and Europe (11.7 per cent). Obviously, governments want to protect national companies and jobs, especially if they want to be re-elected. But if protectionism is back, it’s also more subtle. Gone are [...]