"I am all for trade. But I am not for 'free trade,' because it’s a bad idea and bad policy." - Walden Bello
Source: Foreign Policy in Focus
I’m writing to you on the eve of your going to the polls to determine the future of your wonderful country.
I think it’s no exaggeration to say that the fate of Brazil hangs in the balance. It’s also hardly a hyperbole to assert that the election will have a massive geopolitical significance, since if Brazil votes for Jair Bolsonaro, the extreme right will have come to power in the western hemisphere’s two biggest countries. Like many of you, I’m hoping for a miracle that will prevent Bolsonaro from coming to power.
The far right is on the rise from North America to Europe to Asia. Each case is different, but they share key similarities — and require similar responses.
In critical areas where major economic reform is needed, few to no measures have been taken to prevent a recurrence of 2007. The next big implosion may be just around the corner. The way forward will be largely determined by the outcome of a political struggle between two post-globalization camps. One would not be too far off in characterizing this confrontation as between fascism and democratic socialism.
Source: The Nation
America should worry less about China’s economic success and more about a potential Chinese financial implosion.
Conventional wisdom holds that China is on the ascent and the United States is in decline, that China’s economy is roaring with raw energy and that Beijing’s “Belt and Road” mega-project of infrastructure building in Central, South, and Southeast Asia is laying the basis for its global economic hegemony.
Some question whether Beijing’s ambitions are sustainable. Inequality in China is approaching that in the United States, which portends rising domestic discontent, while China’s grave environmental problems may pose inexorable limits to its economic expansion.
It was the left who diagnosed the ills of globalization. So why is the right eating our lunch?