Unfortunately, the news about the world economy is not getting any better, but perhaps there is a silver lining for the longer term if we can turn modern capitalism from uber-consumption and use it to create economic opportunities for others. The lowering of the developed world, closer to that of its poorer neighbors, could perhaps make leaders realize that in a profoundly interconnect world pursuing world wide avarice and leaving even one nation to poverty risks us all. It is a proposal that will have hordes saying can't be, shouldn't and won't be done, but the word for today is Believe.
ALEXEI BARRIONUEVO NEW YORK TIMES BUSINESS / WORLD BUSINESS | October 7, 2008 Emerging Markets Find They Aren't Insulated From the Tumult
Emerging markets took one of their biggest collective tumbles in a decade as stock markets from Mexico to Indonesia to Russia were gripped by fears of a collapse.
Many of the world's fastest-growing economies thought they had insulated themselves from problems in the developed world. But economists said that simultaneous turmoil in Europe and the United States was too much to bear. "The potential of a global recession is awakening emerging markets that they will be hit stronger than we thought before," said Alfredo Coutiño, a senior economist at Moody's, the credit rating agency.
Blogging sites listed under Millennium Bloggers with Minds of Their Own provide relevant insight into the issues and endeavor to provide pathways to solutions or at least coping strategies.
- “Bob Zoellick seems to have taken advantage of the opportunity presented by the unsettled global economic situation and a lame duck U.S. president to open the way for overdue reform of the World Bank to give developing countries greater voice,” she said. “He’s right: more fully engaging rising Asia and other emerging markets at the bank will strengthen the bank’s role in solving urgent global problems. I hope that the leadership of the IMF will follow suit and find ways to ensure that China, India and other key countries are at the table during the re-write of global financial rules.”
- 8 hours ago
- Selected sub-sections from the article:
- The financial crisis and the developing world
- 2 days ago
- Can we move from a risk framework to an opportunities framework in international development? - There is lots to say about risk analysis. Global or Local? Long-term or short-term? Financial or social? There is lots to say, too, about the implications.
- In thinking about the future of international development, under the rubric of our ‘What’s Next?’ theme, I’ve found it very useful to make use of risk management frameworks, like the global risks analysis pioneered by the World Economic Forum. An example of what they do is pasted in below, taken from the Global Risks 2008 Report.
- Wednesday, October 01, 2008 2:44 PM by Simon Maxwell