Former RBI governor Raghuram Rajan says the Federal Reserve’s plan to further withdraw support for the US economy will ease pressure on other major central banks
Research shows the US isn’t losing a large number of jobs because of free trade, said Rajan, adding his voice to the growing debate about the merits of globalization. In the US, job losses from factory closures are being replaced by more high-tech positions via a shift to automation
To Make the World Better, Think Small
Every charity worth its salt knows that people are more likely to give in response to a child who has lost her parents than to the news of thousands of victims of a tragedy. The example above of Syria is a case in point. International philanthropic support increased only after a news photo spread around the world of a small boy dead on the beach ..
.. The 1 > 1 million axiom is more than a fund-raising secret. It is a formula for each of us in an existentialist funk to connect to our deepest values and apply them to a hurting world.
.. There is an old joke that a Marxist is someone who loves humanity in groups of one million or more.
.. Billions have been pulled out of starvation-level poverty because of free trade, my data say.
.. I crave forgiveness and love; I get it by forgiving and loving others.
Donald Trump’s Cabinet Picks Disagree With President-Elect on Some Key Issues
The president-elect’s pick for budget director, Rep. Mick Mulvaney (R., S.C.), has opposed raising the debt ceiling, but Mr. Trump has proposed steep tax cuts and large increases in defense and infrastructure spending that many economists believe will cause the deficit to grow.
Several of his cabinet selections backed a trade deal negotiated by President Barack Obama with Asian nations, which Mr. Trump opposed and has vowed to abandon.
An additional concern, he said, is that Mr. Trump may permit people to approach him through back channels that disrupt an “orderly policy process.”
The Case for Protecting Infant Industries
.. During his wars with Britain, Napoleon tried (unsuccessfully) to bring his island nemesis to its knees by cutting it off from European markets. The move protected industries within the sprawling Napoleonic domains that competed heavily with Britain. The prime example was mechanized cotton spinning, a very high-tech industry for its time, and a locus of intense competition between early industrial nations like Britain and France. With detailed historical records, Juhasz was able to identify how much different regions saw their trade costs with Britain go up as the result of Napoleon’s embargo, and to see whether cotton spinners in those areas flourished.