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Archive for 5. November 2019

The End of Neoliberalism and the Rebirth of History

Posted by hkarner - 5. November 2019

Joseph E. Stiglitz, University Professor at Columbia University, is the co-winner of the 2001 Nobel Memorial Prize, former chairman of the President’s Council of Economic Advisers, and former Chief Economist of the World Bank. His most recent book is People, Power, and Profits: Progressive Capitalism for an Age of Discontent.

For 40 years, elites in rich and poor countries alike promised that neoliberal policies would lead to faster economic growth, and that the benefits would trickle down so that everyone, including the poorest, would be better off. Now that the evidence is in, is it any wonder that trust in elites and confidence in democracy have plummeted?

NEW YORK – At the end of the Cold War, political scientist Francis Fukuyama wrote a celebrated essay called “The End of History?” Communism’s collapse, he argued, would clear the last obstacle separating the entire world from its destiny of liberal democracy and market economies. Many people agreed.

Today, as we face a retreat from the rules-based, liberal global order, with autocratic rulers and demagogues leading countries that contain well over half the world’s population, Fukuyama’s idea seems quaint and naive. But it reinforced the neoliberal economic doctrine that has prevailed for the last 40 years.The credibility of neoliberalism’s faith in unfettered markets as the surest road to shared prosperity is on life-support these days. And well it should be. The simultaneous waning of confidence in neoliberalism and in democracy is no coincidence or mere correlation. Den Rest des Beitrags lesen »

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Britain’s Post-Brexit Choices

Posted by hkarner - 5. November 2019

Ngaire Woods is Dean of the Blavatnik School of Government at the University of Oxford.

Assuming that the United Kingdom does eventually leave the European Union, its next government will need to negotiate new relationships with the rest of the world. That will involve tough choices, not least whether the UK should align its regulations in key economic sectors with those of the EU or the United States.

LONDON – Huge amounts of time, effort, and frustration have gone into negotiating the terms of the United Kingdom’s exit from the European Union. And with the UK set to hold a crucial parliamentary election on December 12, it still is not clear whether, when, and how Brexit will happen

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Why America’s CEOs Are Talking About Stakeholder Capitalism

Posted by hkarner - 5. November 2019

Mark Roe is a professor at Harvard Law School. He is the author of studies of the impact of politics on corporate organization and corporate governance in the United States and around the world.

When the US Business Roundtable recently renounced shareholder primacy, the shift – by an organization representing companies with combined annual revenue of more than $7 trillion – prompted a wide range of reactions, from welcoming to dismissive. But the move is primarily an attempt to keep activist shareholders and populist politicians at bay.

CAMBRIDGE – Back in August, the Business Roundtable, which comprises the chief executive officers of America’s largest companies – with combined annual revenues of more than $7 trillion – updated its long-standing statement regarding corporate purpose. It’s not just about shareholders, the CEOs say; their firms must be committed to all stakeholders, including customers, employees, suppliers, communities, and the environment. In fact, shareholders came in last on the CEOs’ new list. And the statement’s principal author, in his apparent exhilaration, is reported to have said that he felt like Thomas Jefferson drafting the Declaration of Independence.

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How China Positioned Itself to Dominate the Future of Electric Cars

Posted by hkarner - 5. November 2019

Date: 03-11-2019
Source: The Wall Street Journal

Beijing built the world’s largest EV market, then pressured foreign car makers to use its batteries

SHANGHAI—A little-known Chinese company has become the world’s biggest maker of electric vehicle batteries.

Beijing engineered a scenario that didn’t give the world much choice.

China is by far the biggest EV market, and to boost its standing in the fast-growing industry, China began pressuring foreign auto makers to use locally-made batteries in the country several years ago. One company—Contemporary Amperex Technology Ltd., known as CATL—was the only shop capable of producing them at scale.

Auto makers weren’t pleased, but they fell in line. During a visit to CATL headquarters in 2017, three Daimler AG executives displayed their irritation shortly after the meeting started, recalled Jiang Lingfeng, then a CATL project manager who prepared a technical briefing for the visitors. Den Rest des Beitrags lesen »

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