Morgan Stanley chief economist Stephen Roach discusses some surprising data emerging out of a recent Gallup poll in China. He sees amazing potential - once some key constraints are overcome. Mainly the urban-rural gap and building a new safety net.
According to the latest McKinsey Global Survey, top global executives believe that the growing number of consumers in emerging markets (and the resulting changing consumer tastes) will be the most important trend for global business during the next five years.
Not basketball or soccer nets, but mosquito nets. The latest from uberfamous sports journalist Rick Reilly:
We need nets. Not hoop nets, soccer nets or lacrosse nets. Not New Jersey Nets or dot-nets or clarinets. Mosquito nets. See, nearly 3,000 kids die every day in Africa from malaria. And according to the World Health Organization, transmission of the disease would be reduced by 60% with the use of mosquito nets and prompt treatment for the infected.
In a further sign of growing interest in corporate social responsibility within Chinese government, the Shenzhen Municipal Bureau of Labour and Social Security has released a new research report on CSR in the southern city and manufacturing base. As reported in the Shenzhen Daily, the report suggests most local companies are not very socially responsible, although a few Shenzhen firms do feature among the most respectable firms in China.
The menu of corporate (social) responsibility offerings is getting rather heavy: there seems to be a new option on a daily basis. At least items are being provided to suit every taste.
…some of the macroeconomic outcomes that one expects to result from adoption of “Washington consensus” policies, notably a reduction in inflation, are indeed electorally popular. But they also find that “structural reforms,” calculated as an average of indexes for tax reform, financial liberalization, trade liberalization, and privatization, have a highly significant negative impact on votes in presidential elections.
We would hope not. Dani Rodrik asks what might replace what was the ‘Washington consensus’ after reading the World Bank's 'Economic Growth in the 1990s: Learning from a Decade of Reform.' He refers to the publication as both a mea culpa and a way forward from the Bank: