Patrick Bond makes a stinging critique of the recent report of the African Development Bank that claims that ‘one in three Africans is middle class’ and as a result, Africa is ready for ‘take off’.
Are ‘African Lions’ Really Roaring?
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financial flows
Microcredit on Trial: The Sacking of Muhammad Yunus
Nobel laureate Muhammad Yunus has become the fall guy for microcredit’s abuses by major banks.
Europe’s Crisis and the Pain in Spain
If Spain and Italy apply for bailouts, the EU will be split between northern haves and southern have-nots. Can a house so divided long endure?
The Economics of the Arab Spring
There’s no doubt the ongoing Middle Eastern revolutions make ample use of democratic slogans, encouraged by the civic spirit of millions that have marched for liberty and equality. Though many factors are contributing to the historic changes that are sweeping across the region, a combination of decades of aggressive economic liberalization and political repression has played a crucial role in mobilizing the masses against the hand of autocracy.
Chinese Take-Over of South America?
In the wake of Obama’s recent tour of Latin America, media reports and commentators claimed that China has been economically outmuscling the United States in the region. The reality, however, is that Beijing’s economic presence has not come at the expense of the United States. Although Washington still maintains an overwhelming edge, its influence is decreasing. This decline will be exacerbated by Obama’s focus on boosting U.S. exports to the region rather than importing more of Latin America’s manufactured goods.
Impact of Fukushima Continues to Inch up to Chernobyl Levels
Like Chernobyl, the economic effects of Fukushima will ricochet around the world.
For $700 Million Mugabe Lets China Write Its Own Rules
Zimbabwe’s President Robert Mugabe has let China write its own rules despite his demand that all foreign-owned mining ventures sell majority holdings to black Zimbabweans.
For Clue to How U.S. Would Respond to Its Own Fukushima, Look at Financial Crisis
The U.S. response to the financial crisis showed scant evidence that we learned from our mistakes.
Europe’s Austerity: Like Something Out of the Brothers Grimm
EU’s narrative that high wages, early retirement, and generous benefits have led several countries to the verge of bankruptcy is nothing but a fairy tale.
The Battle for Greece
While the world’s attention is focused on the revolution in Egypt, street fighting in Libya, and the battle for Sana in Yemen, in democracy’s birthplace people are also taking to the streets, continuing to protest an austerity plan that many Greeks say will beggar them. On February 23, protesters conducted a 24-hour strike that brought hundreds of thousands of people into the streets of Athens.