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“Blindly” Engaging in Global Supply Chains Can Erode Developing Nations’ Economic Power

Wall Street Journal

The Guardian

Destin Jenkins, Assistant Professor of History at the University of Chicago, discusses his book on municipal debt and its role in fostering racial capitalism in American cities.

“But some progressives are worried that “Biden is working backwards from identity,” as one longtime political observer put it, designing a cabinet stocked with diversity but less focused on making the changes that many progressives see as long overdue, both in terms of domestic and foreign policy. “I applaud the formidable progress in the diversity of cabinet and key administration appointments. It is long overdue for America,” said Robert Johnson, the president of the Soros-backed Institute for New Economic Thinking. “But it is not a substitute for taking on monied power interests to produce reform leading to broad-based prosperity. If identity politics is used as a mask to avoid that enormous challenge, it will be very dangerous for the already polarized politics of the USA.” — Michael Hirsh, Foreign Policy

How the fear-of-the-new transformed a “miracle” into an aborted attempt at catching-up

A poem seems to be an almost perfect metaphor for the modern corporate world.

Just as the agricultural share of employment has fallen from 40% in the 1920s to less than 2% of the workforce in Europe today, manufacturing’s share of employment will fall to less than 5% of employment.

How do we build communities that actually work for people?

NY Times (12/1/2024) & Rolling Stone (12/3/2024)

Is China’s manufacturing sector in decline?

A panel discussion on the importance of the role of the state alongside private enterprise to encourage innovative entrepreneurship, productivity and economic growth in an “Innovation Economy.”

Public policy researcher and writer Seth Klein discusses his new book, A Good War: Mobilizing Canada for the Climate Emergency, which looks at the example that the mobilization for World War II sets in terms of mobilizing society and resources for coping with an emergency.

“With all of that said, The Institute for New Economic Thinking (INET) recently published a study casting doubt about the methodology BLS uses to tabulate its unemployment data, especially when it comes to Black people. INET suggested that BLS’ data is inaccurate and downplays Black unemployment. On average, Black men’s unemployment rate is 2.8 percentage points higher than BLS data shows,” according to INET’s study, entitled, “Masking Real Unemployment: The Overall and Racial Impact of Survey Non-Response on Measured Labor Market Outcomes.” The same was true for BLS’ unemployment rate for Black women, which INET found was, on average, about 2.4 percentage points lower than its actual rate. The differences grow for younger Black males from 16 to 34 years old. INET’s findings lend some credence to a tweet from the Center for American Progress after January’s jobs report was published that said Black women, in particular, “are still being left behind by the recovery.” — Bruce C.T. Wright, News One

“Former Obama-era OSHA Director Dr. David Michaels and Harvard Medical School professor Gregory Wagner also released a white paper outlining immediate steps that OSHA could take to stop the spread of COVID in the workplace. The steps range from issuing an emergency workplace standard to increasing fines to involving community groups in helping target non-compliant employers to use the power of OSHA’s public affairs to publicly shame corporations that won’t comply with COVID regulations. Go to the Institute for New Economic Thinking to check out their 11-part proposal to fight COVID in the workplace under a Biden Administration” — Mike Elk

“A look around the world shows that so far no country has managed to effectively protect its risk groups when the number of infections is high - Sweden at the beginning of the pandemic or Switzerland in the second wave also had to pay for their special routes with many deaths. And if such a strategy fails, you have wasted valuable time and may find yourself confronted with an infection that is completely out of control. This would mean a collapse of the health system with all the ensuing consequences. This also includes immense damage to the economy. This is also confirmed by a study by the Institute for New Economic Thinking. Those who reacted belatedly or wavered between strategies not only had very high casualties, but were also the most damaging to their economies, it said. The authors cite Great Britain as a negative example.” — Klaus Wedekind

Will China correct this imbalance by allowing the RMB to appreciate? Or will it dump dollars onto forex markets?

When Felix Salmon looks at the global equities market he sees a world of free-for-all electronic warfare that likely would be more recognizable to Isaac Asimov than Milton Friedman.

Professor Wendy Brown engages in an in-depth exploration of the corrosive effect of approaching education, law, politics and governance through the lens of neoliberal economic rationality.

Mariana Mazzucato talks with Rob Johnson about her new book, The Mission Economy, and what we need to do to make innovation work for global shared prosperity.

What is most demoralizing to participants in the financial markets? Falling prices? Constant volatility? How about a vacuum of trust?

The G20 must address the problem of sovereign debt.

Collective Action When Market Forces Overwhelm the Nation State

The Economist profiles INET’s Hong Kong conference

The Economic Times quotes Rob Johnson’s presentation at the Global Business Summit in India. Cross posted in Pune Media and BM Business News