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Tag Archives: Globalization

How China Is Offering an Alternative to the IMF

Yves here. This post makes an important follow-on to Michael Hudson’s discussion of how China and America are pursuing markedly differing economic strategies. While the IMF is extremely unpopular in Asia due to its heavy-handed management of the late 1990s currency crises, it’s not clear that China can yet step in. The reason that dollar swap lines are valuable is that most trade transactions are denominated in dollars. Any bank that aspires to be an international bank has to be able to clear...

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Michael Hudson: America’s Neoliberal Financialization Policy vs. China’s Industrial Socialism

Yves here. Michael Hudson said he both enjoyed and very much appreciated the robust discussion among members of the commentariat last weekend about what to call China’s economic model. He’s keen to continue the discussion. To advance that end, Michael has graciously given us a lecture being subtitled in Chinese for release in a few weeks. It summarizes a series of talks and will also be included in his my book to be published later this summer, “The Destiny of Civilization: Industrial...

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Why India is Banking on Health Diplomacy to Grow African Footprint

By Dan Banik, Professor of political science, Director of the Oslo SDG Initiative, Host of “In Pursuit of Development” podcast, University of Oslo and Renu Modi, Professor in African Studies, University of Mumbai. Originally published at The Conversation. India has stepped up its global ambitions and foreign policy re-engagement with African countries in recent years. Its bilateral trade increased from $7.2 billion in 2001 to $63 billion in 2017/18. India is now the third largest export...

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Italy Bans Cruise Ships from Entering Venice’s Historic Center

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. Italian ministers last week approved a ban on cruise ships entering Venice’s Giudecca Canal This measure was enacted in response to a request from UNESCO, and also applies to large container ships, according to the BBC. Coronavirus has for the moment called a halt to most global cruise ship traffic. But that can be expected to start again once the...

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China and US: Stumbling into War?

Yves here. While the general thesis, that opposed interests, rising hostility, lack of negotiating inclination/skills, mutual misunderstanding, and aggressive gestures being believed to be popular at home could too easily lead to an otherwise not intended war, is sensible, I’m not sure I agree with Klare’s take on Taiwan. He acknowledges that “Both sides recognize that such contradictory impulses are only likely to be resolved through armed conflict” yet argues that neither side wants war but...

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Will Biden’s Central American Plan Slow Migration (or Speed It Up)?

Yves here. As this post explains, Biden’s response to the US having destabilized governments in Central America, producing migration to the Mexican border, is to bribe those governments to do a better job of barring departures. US “aid” is primarily to strengthen domestic police and security forces. rather than improve economic conditions and thus reduce some incentives to leave. By Aviva Chomsky. Originally published at TomDispatch Joe Biden entered the White House with some inspiring yet...

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Russia and China Are Sending Biden a Message: Don’t Judge Us or Try to Change us. Those Days Are Over

Yves here. It’s noteworthy that a mainstream venue like The Conversation would run a piece that describes how the Biden approach to China and Russia is backfiring. While the press spoke in almost one voice against Trump’s policies towards China and Russia, even when it was aghast at Trump’s belligerence, I believe most countries on the receiving end discounted it as bluster and would wait to see what if any actions would follow. By contrast, the campaign pitch for Biden was that his...

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Incomplete and Indecisive USPS Board Flounders and Awaits Direction

Yves here. Sorry to be the bearer of less than cheery tidings on the USPS front. Despite Biden moving to fill empty USPS board seats and achieve more party-balanced oversight, true to Biden’s branding, nothing fundamental will change, at least anytime soon. Sadly, it does not look like pressure from “progressives” or even the general public is having much impact. Contrast the sober piece below with the #2 story at Common Dreams: Senator Demands Postal Board Fire DeJoy Over ‘Pathetic 10-Year...

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U.S. Joins “Rules-Based World” on Afghanistan

Yves here. The Biden Administration is throwing so many punches on the geopolitical front, and at least in some circles, that belligerence is being called out, that some actions that might be going in a more measured direction may not be getting the attention they warrant. One is the surprising move by the US to have the UN act as lead negotiator in Afghanistan. By Medea Benjamin, cofounder of CODEPINK for Peace, and author of several books, including Inside Iran: The Real History and...

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The End of Closed Democracy?

Lambert here: The deck — “The forces that have assembled behind Biden can end racism and exclusion everywhere” — is wildly triumphalist but, I assume, written by an editor. The article itself is more interesting albeit, I would say, prolix; but the history of the the tumultuous last four years, and the implications thereof, would be lengthy. I’d consider adding a subhead: “The Triumph of the NGOs,” because my view of the civil society groups arrayed against Trump in 2020 is a bit more...

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