Föhrenbergkreis Finanzwirtschaft

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Archive for 10. Juli 2019

If capitalism is broken, maybe it’s fixable

Posted by hkarner - 10. Juli 2019

Date: 10-07-2019
Source: The Economist

A book excerpt and interview with Joseph Stiglitz, a Nobel laureate in economics and author of “People, Power and Profits”

FOR DECADES Joseph Stiglitz has argued that globalisation only works for a few, and government needs to reassert itself in terms of redistribution and regulation. Today the sources of his ire have grown more dire. Wealth inequality has become a hot-button political issue just as populists are on the march.

In Mr Sitglitz’s latest book, “People, Power, and Profits: Progressive Capitalism for an Age of Discontent,” he expands on his left-of-centre economic prescriptions. He believes that capitalism’s excesses can be tamed by the state providing a “public option” in areas like health care or mortgages when the market flounders.

As part of The Economist’s Open Future initiative, we conducted a short, written interview with Mr Stiglitz about his ideas. It is followed by an excerpt from his book, on what he calls “the transition to a postindustrial world.”

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The Economist: You argue that right-wing populists aren’t wrong—capitalism is indeed rigged. How so? Den Rest des Beitrags lesen »

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Nationalism Is Necessary but Insufficient

Posted by hkarner - 10. Juli 2019

Date: 09-07-2019
Source: The Wall Street Journal By Walter Russell Mead

Trump’s approach helps win allies in Asia. But it isn’t a basis for world order.

As President Trump reveled in air-force flyovers and a tank display this Fourth of July, the idea that dominates his administration’s domestic and foreign policies was on full display. That idea is nationalism, and Mr. Trump hopes it will reshape both American politics and the international order.

At home, Mr. Trump relies on the power of nationalism to isolate and marginalize his opponents. At a time when some on the left believe it is more important to denounce America’s failings than to hail its accomplishments, Mr. Trump seeks to wrap himself in a flag that most Americans revere. Den Rest des Beitrags lesen »

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Notes on Excessive Wealth Disorder

Posted by hkarner - 10. Juli 2019

Date: 09-07-2019
Source: The New York Times By Paul Krugman

How not to repeat the mistakes of 2011.

People waiting in line at a job fair in Bloomington, Minn., in 2011.

In a couple of days I’m going to be participating in an Economic Policy Institute conference on “excessive wealth disorder” — the problems and dangers created by extreme concentration of income and wealth at the top. I’ve been asked to give a short talk at the beginning of the conference, focusing on the political and policy distortions high inequality creates, and I’ve been trying to put my thoughts in order. So I thought I might as well write up those thoughts for broader dissemination.

While popular discourse has concentrated on the “1 percent,” what’s really at issue here is the role of the 0.1 percent, or maybe the 0.01 percent — the truly wealthy, not the “$400,000 a year working Wall Street stiff” memorably ridiculed in the movie Wall Street. This is a really tiny group of people, but one that exerts huge influence over policy. Den Rest des Beitrags lesen »

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Europas 5G-Weckruf

Posted by hkarner - 10. Juli 2019

Daniel Gros is Director of the Centre for European Policy Studies

BRÜSSEL – Wie sich die Zeiten ändern. Vor nicht allzu langer Zeit waren die 4G-Mobilfunknetze mit ihrem Versprechen von massiven Datenübertragungen und billigen Sprachanrufen der nächste große Schritt in der Telekommunikation. Jetzt kommt 5G, das dank seiner höheren Geschwindigkeit (200-mal schneller als 4G), des schnelleren Datentransfers aus drahtlosen Breitbandnetzen und vor allem der Möglichkeit, cyberphysikalische Objekte im Internet der Dinge zu verbinden, potenziell alle möglichen neuen digitalen Innovationen anregen wird. Darüber hinaus wird erwartet, dass 5G die wesentlich schnelleren Reaktionszeiten ermöglicht, die für autonomes Fahren, fortschrittliche Fabrikautomatisierung, Smart Cities, E-Health und viele andere Anwendungen erforderlich sind.

Aber es gibt noch einen weiteren wesentlichen Unterschied. Während der Kampf um 4G im Wesentlichen kommerziell war und sich auf die Schaffung von Arbeitsplätzen und die Generierung von Gewinnen konzentrierte, dreht sich die aktuelle 5G-Debatte um Geopolitik, Den Rest des Beitrags lesen »

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The Central Banker Europe Needs

Posted by hkarner - 10. Juli 2019

Barry Eichengreen is Professor of Economics at the University of California, Berkeley, and a former senior policy adviser at the International Monetary Fund. His latest book is The Populist Temptation: Economic Grievance and Political Reaction in the Modern Era.

While having a president with specialized training as a monetary economist would benefit the European Central Bank, such training is not essential. If Christine Lagarde is confirmed for the position, Europe will learn that other attributes matter much more.

CAMBRIDGE – The selection of the International Monetary Fund’s managing director, Christine Lagarde, to succeed Mario Draghi as the next president of the European Central Bank caught most observers by surprise. Now the critics are making up for lost time. Some commentators object that Lagarde lacks experience as a central banker. Others complain that she lacks an advanced degree in economics.

Den Rest des Beitrags lesen »

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