Economy

Capitalism isn’t an ideology — it’s an operating system

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Bhu Srinivasan researches the intersection of capitalism and technological progress. Today’s TED Talk Instead of thinking about capitalism as a firm, unchanging ideology, he suggests that we should think of it as an operating system — one that needs upgrades to keep up with innovation, like the impending take-off of drone delivery services. Learn more about the past and future of the free market (and a potential coming identity crisis for the United States’ version of capitalism) with this quick, ... Read More »

Why our obsession with GDP ignores harm done to welfare and the world

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One of the first things economics students learn about is Gross Domestic Product (GDP) GDP is also a central concept in many political debates, including Brexit. The Converstion Will it rise? Will it fall? What effect will this have on our lives? Gross Domestic Product measures the total value of goods produced and services provided in a country, calculating the net value added by each economic “actor”. So if you produce a car sold for £10,000 but you bought parts ... Read More »

US leads globally with most planned and announced pipeline length additions

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GlobalData’s latest analysis of the global planned and announced trunk/transmission oil and gas pipelines for the period 2018 to 2022 shows that the US has the longest planned pipelines length globally with 35,065km. By GlobalData Energy India and Russia follow with 29,142 km and 26,566 km respectively Presently, the US accounts for 14.3% of the total planned and announced trunk/transmission oil and gas pipelines length globally. The country has the highest number of planned and announced pipeline additions with 184. ... Read More »

Pentagon seeks to invest $550 million for SDF

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The Pentagon on Feb. 12 requested $300 million to train and equip the Syrian Democratic Forces (SDF) and wants nearly as much to build a “border security force” with them in Syria WASHINGTON – Anadolu Agency Hurriyet The military’s budget proposal for 2019 also contains $850 million for train-and-equip activities in Iraq to counter the Islamic State of Iraq and the Levant (ISIL). “The training, equipment and operations support in this request will consolidate the gains achieved against [ISIL] and ... Read More »

The U.K. Is Down Since Brexit. Guess Who’s Up.

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Greece is growing faster than the U.K. and is outperforming it in financial markets Matthew A. Winkler Bloomberg When British voters decided in June 2016 to exit the European Union, investors who had anticipated the opposite result stampeded out of sterling and the currency plummeted a record 8.05 percent to a 31-year low. Almost 20 months later, the pound has mostly recovered, providing some satisfaction to commentators who’d predicted that Brexit would prove more distressing to the… So much for wishful thinking. ... Read More »

Worried About the Stock Market? This Is Just the Beginning.

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The U.S. financial markets will become increasingly volatile as interest rates rise and credit spreads return to something approximating normal Christopher Whalen The National Interest Watching the financial markets gyrate over the past week, it is tempting to wonder if the global economy will ever return to an era when the decisions of private investors are more important than the policies of governments. Since 2008 and even before, central banks have been buying public and private debt and even private ... Read More »

New Eni Discovery ‘Confirms’ Extension of Zohr Like Play in Cyprus EEZ

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Eni has made a ‘promising’ gas discovery offshore Cyprus, which it says confirms the extension of a ‘Zohr like’ play in the country’s exclusive economic zone. RigΖone The Calypso 1 well, located in block 6, was drilled in 6,800 feet of water depth and reached a final total depth of 12,555 feet. Calypso 1 encountered an ‘extended’ gas column in rocks of Miocene and Cretaceous age, with the Cretaceous sequence showing ‘excellent reservoir characteristics’, Eni said in a company statement. Detailed ... Read More »

Reserve Bank governor rules out interest rate hikes until wages rise

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The Reserve Bank governor has dismissed any chance of a rate hike any time soon, after a week of financial turmoil sparked by fears of rapidly rising inflation and interest rates in the United States. By business reporter Carrington Clarke ABC Philip Lowe said the recent market volatility would not have any impact on the growth outlook for Australia, which remains at “a bit above 3 per cent over the next couple of years”. But he also intensified his calls for higher ... Read More »

Brexit: ‘no deal would cut Scottish GDP by 9%’

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A ‘no deal’ Brexit would cut Scottish economic output by 9%, according to leaked UK Government analysis. Russell Jackson  The Scotsman The predicted hit to Scotland if the UK leaves the EU without a deal has been detailed in regional breakdowns that emerged on Wednesday. The figure is worse than the 8.5 per cent cut to GDP predicted by a Scottish Government study last month. At the time, the Scottish Government figure was described as “completely over-the-top scaremongering” by the ... Read More »

Justice Without Borders for Venezuela

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With Venezuela’s humanitarian catastrophe worsening by the day, governments in the region and beyond are pondering how to respond. But it may be civil society that needs to invent new ways of taking action. Ricardo Hausmann Project Syndicate TIRANA – As Venezuela’s humanitarian catastrophe worsens by the day, governments in the region and beyond ponder how to respond. It may be time for civil society to invent new ways of taking… According to estimates from MIT’s Billion Prices Project, month-on-month food ... Read More »

Zimbabwe’s exiled farmers urged to return home as agricultural industry struggles

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The Zimbabwean Government’s message to exiled farmers is clear. Come home.  SALLY SARA ABC It is offering land leases to commercial farmers in an effort to re-start the nation’s agricultural industry Basil Nyabadza from Zimbabwe’s Agricultural and Rural and Development Authority says Zimbabwean farmers in Australia should return to home soil. “We have a lot of capital resource dotted around the world, including Australia,” Mr Nyabadza said. “We are saying, if you are Zimbabwean, there is now a real opportunity ... Read More »

American Students Aren’t Learning The Full Truth About Slavery

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Students often get only a superficial view of the atrocity that built the country, a new study finds. By Rebecca Klein HuffPost American students are being taught an inadequate and often sanitized version of history when it comes to slavery, according to a new report. The report, from the Southern Poverty Law Center, looks at how slavery is  presented in K-12 classrooms and found that students are often taught a deeply incomplete version of events. Students learn inspirational stories ― about figures ... Read More »

Japan’s New National Security Economy

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Japan’s long-awaited resurgence depends first and foremost on getting its economic house in order—and that includes developing a geoeconomic strategy. Toshifumi Kokubun Brad Glosserman The National Interest Prime Minister Shinzo Abe’s quest to raise Japan’s security profile has had remarkable success. His administration has halted the decline in defense spending, restructured the national-security bureaucracy and engineered considerable changes in national-security policy and doctrine. For all that progress, however, there are critical gaps in Japanese efforts. The most glaring omission is ... Read More »

RoK seeks qualitative growth of inbound tourism

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Seoul (VNA) – The Republic of Korea’s tourism promotion agency will push forward efforts to stabilise and diversify the country’s inbound tourism market this year, as part of its broader aims to achieve qualitative growth, the Yonhap news agency reported on January 31. Vietnam+ (VietnamPlus) The Korea Tourism Organisation (KTO) plans to unfold a two-track approach where it focuses on stabilising inflows of visitors from such countries as China, Japan and the United States, while diversifying its portfolio by attracting ... Read More »

Stronger Aussie a bump on RBA’s slow path back to normal

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The Australian dollar is once again caught up in the shifting tide of global finance, with the currency pushing to two-and-a-half year highs and threatening to further delay the RBA’s tentative plans to move towards a more normal monetary policy setting. Patrick Commins Brisbane Times The Aussie has lifted by more than US6¢ since early December – or 8 per cent – to push firmly above US81¢, its loftiest level since May 2015. That brings its gains in 2017 to 3.9 ... Read More »

At Davos, the Real Star May Have Been China, Not Trump

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DAVOS, Switzerland — President Trump used the World Economic Forum meeting to woo investors and business leaders by reassuring them that “America first does not mean America alone.” Keith Bradsher The New York Times But it was clear in Davos, Switzerland, this past week that geopolitical momentum lay with Beijing, not Washington. At one end of town, President Michel Temer of Brazil welcomed an unexpected offer from Beijing for Latin American nations to work closely with a Chinese initiative, known ... Read More »