Robert Zoellick leads off with the opening press conference of the Annual Meetings of the Boards of Governors of the World Bank and IMF (video after the jump). Zoellick argues that developing countries now face a triple hit: "In July, at the G8 summit, I said that developing countries were facing a double jeopardy from the impact of high food and fuel prices.
As usual on Fridays, from Raj Nallari and Breda Griffith's lecture notes.
Summary Measures of Gender Inequalities
|"The glacier at Karo-la pass covered the whole rock face when our Tibetan guide began leading tours in 1996."|
The melting of the glaciers has accelerated dramatically in recent years. This is one of the most profound effects of global warming. The glaciers have shrunk 20% over the past 50 years, with much of that in the past decade. Our Tibetan guide took us to a number of different glaciers and showed us how they had receded since he starting taking tours around in 1996. At Karo-la pass we stood on hard, dry ground that had been covered by the glacier just 12 years ago. Climate scientists project that the glaciers will be 80% gone by 2035.
Esther Duflo takes aim at bankers. Money quote:
If paying the bankers (a lot) less or taxing them (a lot) would certainly be more desirable from a moral point of view (not to mention considerations of equity), would it be harmful in terms of economic efficiency, as many economists suggest? Is there a risk of discouraging the most talented to work hard and innovate in finance? Probably. But it would almost certainly be a good thing...
Martin Wolf has an excellent piece today in the Financial Times, provocatively called Asia's Revenge. Wolf explains how the liberalization of international finance and the savings glut generated by emerging economies came together to help produce the current financial crisis. Preventing a recurrence of this mess will require some changes:
At a recent videoconference with journalists, I was asked the question in the title of this post several times. Does the fact that private banks in the United States are going bankrupt mean that the free market system is a failure? Does the fact that the United States government is bailing out these banks and in some cases “nationalizing” them mean that state intervention is back?