Published on Let's Talk Development

Friday Round Up: Lunar New Year, The ills of capitalism, Grim EM news, Lin on ditching the dollar, and a Call for a third industrial revolution

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ImageTo usher in the Lunar New Year read this Jakarta Post piece on the high-spirited Year of the Horse.

John Hilsenrath warns in Central Station on the WSJ Real Time Economix blog that there may be 'No Bottom in Sight for Emerging Markets' and he uses a chart from the World Bank's Global Economic Prospects to make his point.

India, Turkey and South Africa have all raised interest rates this week. This was in part to stop sharp devaluations fuelling inflation as investors switch into recovering developed countries such as the US. India‘s central bank governor has hit out at the US and other industrialised countries for running selfish economic policies.

Thomas Piketty of the Paris School of Economics argues that worsening inequality is an inevitable outcome of free market capitalism. Thomas Edsall of the NYT reviews the book in the Opinion Page and draws from a review by Branko Milanovic.

Former World Bank Chief Economist Justin Lin argued at a seminar at the thinktank Bruegel for replacing the US dollar as a reserve currency with a single global super-currency, saying it will create a more stable global financial system.

UNIDO Head Kandeh Yumkella proposes a third industrial revolution. 

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