Posted by: anotherworldip | 04/28/2012

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Dear Project Syndicate reader, 
Welcome to the April 2012 edition of our monthly newsletter. Below, you will find the latest news from Project Syndicate, as well as a selection of some of the most newsworthy commentaries from the past month. This month, we feature a special section on the causes and consequences of economic inequality, and present coverage of the World Bank’s presidential succession. Keep up-to-date with all of our content by visiting our Web site regularly. As always, thank you for your continued support.

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The Age of Inequality

Inequality has become a crucial topic for everyone from economists, central bankers, and bond traders to the Occupy movement and the political leaders who must respond to it. In a special sectionProject Syndicate contributors, including the world’s pre-eminent economic practitioners and academics, examine the causes and consequences of growing disparities in income and wealth.

Articles include Kemal Derviş on how inequality suppresses demand and causes bubbles; Eswar Prasad on the political consequences of inequality in emerging markets; Nouriel Roubini on the relationship between inequality and instability; J. Bradford DeLong on the ideal top marginal tax rate; and more.

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World Bank Succession

Last week, the World Bank formally elected Jim Yong Kim as its next president. In recent weeks, Project Syndicate contributors have analyzed the selection process, the World Bank’s efficacy, and its future.

Articles included Jagdish Bhagwati and Joseph E. Stiglitz on problems with the selection process; Mohamed A. El-Erian on the second-best paradigm plaguing the world economy; Jeffrey D. Sachs on why Kim is an inspired choice; and Ana Palacio on the reforms necessary to make the Bank work.

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Latest Commentaries

Reinventing the Sino-American Relationship

by Michael Spence

MILAN – China and the United States are in the grip of major structural changes that both dread will end the Halcyon era when China produced low-cost goods and the US bought them. In particular, many fear that if these changes lead to direct competition between the two countries, only one side can win.

That fear is understandable, but the premise is mistaken. Both sides can and should gain from forging a new relationship that reflects evolving structural realities: China’s growth and size relative to the US; rapid technological change, which automates processes and displaces jobs; and the evolution of global supply chains, driven by developing countries’ rising incomes. But first they must acknowledge that the old pattern of mutually beneficial interdependence really has run its course, and that a new model is needed…read more.

France and Frankfurt

by Harold James

PRINCETON – Over the past two years, financial markets have turned the spotlight on a succession of countries – Greece, Ireland, Portugal, Spain, and Italy – turning each into the epicenter of a seemingly perpetual European financial earthquake. But politicians always recognized that the heart of the European project was the relationship between France and Germany. Is that relationship now in jeopardy?

There is a falling-domino argument that suggests that the crises on Europe’s periphery will have a knock-on effect on the Franco-German core. France, in the aftermath of a property and asset-price bubble, is vulnerable to some of the same combination of banking and public-finance problems. Indeed, now France’s presidential election has politicized the link between peripheral dominos and Europe’s French heart…read more.

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Other Recent Commentaries

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March’s Most Popular Articles

“The American Recovery” by Mohamed A. El-Erian

“Weigh More, Pay More” by Peter Singer

“Captured Europe” by Daron Acemoglu and Simon Johnson

“Scary Oil” by Nouriel Roubini

“The Shadow of Depression” by J. Bradford DeLong


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