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More in Global Economy
Germany's Prosperity: How Stable are the Foundations?
Germany is the fourth-largest economy in the world (after the US, China, and Japan). And it's economy is doing extremely well. For example, consider the conclusion of the IMF staff in "Germany: Staff Concluding Statement of the 2018 Article IV Mission" (May 14, 2018):
- 9
China Worries: Echoes of Japan, and the Soviet Union
There seems to be an ongoing fear in the psyche of Americans that an economy based on intensive government planning will inevitably outstrip a US economy that lacks such a degree of central planning. I first remember encountering this fear with respect to the Soviet Union, which was greatly feared as an economic competitor to the US from the 1930s up through the 1980s. Sometime in the 1970s and 1980s, US fears of a government-directed economy transferred over to Japan. And in recent years, those fears seem to have transferred to China.
- 8
US Lagging in Labor Force Participation
Not all that long ago in 1990, the share of :"prime-age" workers from 25-54 who were participating in the labor force was basically the same in the United States, Germany, Canada, and Japan. But since then, labor force participation in this group has fallen in the United States while rising in the other countries. Mary C. Daly lays out the pattern in "Raising the Speed Limit on Future Growth" (Federal Reserve Bank of San Franciso Economic Letter, April 2, 2018).
- 6
The Global Rise of Internet Access and Digital Government
What happens if you mix government and the digital revolution? The answer is Chapter 2 of the April 2018 IMF publication Fiscal Monitor, called "Digital Government." The report offers some striking insights about access to digital technology in the global economy and how government may use this technology.
- 4
Global Debt Hits All-Time High
"At $164 trillion—equivalent to 225 percent of global GDP—global debt continues to hit new record highs almost a decade after the collapse of Lehman Brothers. Compared with the previous peak in 2009, the world is now 12 percent of GDP deeper in debt, reflecting a pickup in both public and nonfinancial private sector debt after a short hiatus (Figure 1.1.1). All income groups have experienced increases in total debt but, by far, emerging market economies are in the lead. Only three countries (China, Japan, United States) account for more than half of global debt (Table 1.1.1)—significantly greater than their share of global output."
- 5
A Classic Question: Does Government Empower or Stifle?
If you look at the high-income countries of the world--the US and Canada, much of Europe, Japan, Australia--all of them have government which spend amounts equal to one-third or more of GDP (combining both central and regional or local government). Apparently, high-income countries have relatively large government. Conversely, when you look at some of the world's most discouraging and dismal economic situations--say, Zimbabwe, North Korea, or Venezuela--it seems clear that the decisions of the government have played a large role in their travails. So arises a classic question: In what situations and with what rules does government empower its people and economy, and under what situations and with what rules does the government stifle them?
- 8
The Clean Cooking Problem: 2.3 Million Deaths Annually
"Today around 2.8 billion people – 38% of the global population and almost 50% of the population in developing countries – lack access to clean cooking. Most of them cook their daily meals using solid biomass in traditional stoves. In 25 countries, mostly in sub-Saharan Africa, more than 90% of households rely on wood, charcoal and waste for cooking. Collecting this fuel requires hundreds of billions of hours each year, disproportionately affecting women and children. Burning it creates noxious fumes linked to 2.8 million premature deaths annually."
- 5
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