The freer flow of commodities and capital has been one of the features of the contemporary process of globalization. Unlike in the earlier phase of globalization in the 19th century, however, the freer flow of commodities and capital has not been accompanied by a freer movement of labor globally. The dynamic centers of the global economy, after all, have imposed ever tighter restrictions on migration from the poorer countries.Yet the demand for cheap labor in the richer parts of the world continues to grow, even as more and more people in developing countries seek to escape conditions of economic stagnation and poverty that are often the result of the same dynamics of a system of global capitalism that have created prosperity in the developed world.
It’s happening in Buenos Aires. It’s happening in Paris and in Athens. It’s even happening at the World Bank headquarters.The global economy is finally shifting away from the model that prevailed for the last three decades. Europeans are rejecting austerity. Latin Americans are nationalizing enterprises. The next head of the World Bank has actually done effective development work.
Maybe that long-heralded “end of the Washington consensus” is finally upon us.
Despite being immensely popular among the people of Argentina, the Argentinean government’s decision to nationalize the YPF oil company has continued to come under attack by those who obstinately promote extractive capitalism. The measure would nationalize YPF and restore 51 percent of the company’s ownership to Argentina. It would thus end sister company Repsol’s 57.4 percent majority stake in the company.
A few months ago, when Occupy movements bloomed across Europe, the absence of any similar uprising in France appeared to be an anomaly in a country infamous for its people’s propensity to take the streets. One explanation was that the presidential election was just around the corner, and that after 10 years out of government, the Left was capable of channeling the French people’s indignation into electoral gains.
Latin American growth has resulted from its rejection the economic model pushed by Washington and the European Union: free trade, financial deregulation, and austerity.
Apple, the most profitable company in existence and one of the most popular brands ever created, has gotten used to being the glowing center of attention. The release of the next iPhone or the new iPad invariably stirs an orgy of conspicuous consumption. Recently, however, a series of exposés have shifted some attention to the darker side of Apple, shining a light on the working conditions at the Foxconn factories in China where its products are made.
Since the Cold War, India and the United States composed a mutual admiration society.
The Financial Times’s characterization of Argentina’s president as shrill and shabby is a case of a kettle trying to find a pot to call black.
Others were concerned that Brazil would derive the bulk of the benefits from the road at the expense of Bolivia.
A recent federal case against an American charitable organization reveals the unfortunate state of affairs for Muslim Americans, the squandered potential of citizen diplomacy, and the legal and practical problems posed by economic sanctions against Iran.