Martin Luther King, Richard Nixon and Eleanor Roosevelt are figures rarely discussed in the same breath. Yet they all shared one characteristic: support for a version of a concept now known as Universal Basic Income (UBI). As it is still in the trial phase, defining what exactly UBI is, and how it should be implemented, is not straightforward.
“It is said that no one truly knows a nation until one has been inside its jails. A nation should not be judged by how it treats its highest citizens, but its lowest ones.” The words of Nelson Mandela, the first black president of South Africa and a man who spent 27 years locked up as a political prisoner, ring true even in the modern age.
Therefore, the question is: how do the nations of today present themselves when put under the scrutiny of these words?
Graduating in 2020, 2021 or 2022?
Welcome to the recession. Expect stagnant wages for the first few years, lagging long-term growth prospect, and a feeling of playing catch up with previous successful cohorts.
On the 26th of August, for its part in driving Oklahoma’s spiralling opioid-epidemic, Johnson & Johnson was ordered to pay $572 million in a court-ruling against the pharma-conglomerate. The case follows similar trials against several major pharmaceutical-firms accused of aggressively marketing opioids as low-risk solutions whilst undermining their high potential for addiction, including Teva Pharmaceuticals and OxyContin-maker Purdue Pharma, which has offered up to $12 billion to settle more than 2, 000 lawsuits across 48 US states. Continue reading “An Addicted Nation: How can data-driven policies transform the U.S. opioid epidemic?”
In a two-part series, the Warwick Economics Summit explores how changing consumption, trade and business patterns are set to reshape the global economy, and how the might of the Asian consumer is pulling the centre of economic gravity towards them.
In the second part of the series, we wonder if the political power will shift as well, most notably the tango of values between the United States and China. It might be the case that the economic engine of the world is the East, but the political driver may very well be the West.
Donald Trump has triumphantly claimed his tariffs are the primary cause for China’s slowest GDP growth in three decades. Unconvinced, we asked the Center for China and Globalisation for their views.
China’s softening economy came at the back of a tumultuous trade war with Washington, where its exports suffered heavily due to tariffs from the US. In turn, this affected the GDP numbers for China which recorded a year-on-year growth of 6.2 percent, its lowest since records began. Impulsive as ever, President Trump immediately tweeted that China’s ailing GDP is a result of the effectiveness of the US’s tariffs.
But many are unconvinced the dip in China’s economic numbers can be largely credited to President Trump’s trade war. For that, the Warwick Economics Summit reached out to the Center for China and Globalisation (CCG), a leading Chinese non-governmental think-tank based in Beijing, for their thoughts on the factors that led to China’s faltering performance.
A politician seen not advocating for fiscal conservatism is to flirt dangerously close with the label of being fiscally irresponsible. For decades now, policymakers in the US kept a tight rein on public finances to ensure the public debt ratio stays low, while the central bank routinely seeks to contain economic booms and busts. Exercising fiscal discipline has always been synonymous with good governance, or so we thought.
Wise people tend to measure words and carefully address every aspect of the topic they are discussing, avoiding oversimplification and rushed conclusions. Having served as the Chief Economist at the IMF and Chief Macroeconomist in Obama’s Council of Economic Advisors, Professor Maurice Obstfeld makes no exception to this principle. Continue reading “WES Exclusive: Prof. Obstfeld on US-China Relations, Greece’s Economy and more”