Weekend Roundup: Refugees and Market Woes Put World on Edge
The undertow of China’s slackening economy and the mounting tide of refugees pushing through border after border in Europe put the world on edge this week. After spiraling down, volatile stock markets rallied back, for now. . .
Writing from Beijing, Fred Hu argues that what we are witnessing is China’s shift toward the “new normal” of a slower growth paradigm focused on domestic consumption instead of investment and export-led growth. He expresses confidence that his country will weather the storm, writing, “it is a loser’s game to bet against China’s leaders.” Nobel laureate Michael Spence locates the culprit of market volatility in the flood of funds unleashed by low interest rates looking for higher returns, which has led to the gap between a financial bubble and the real economy now undergoing a correction.
Economist Brad DeLong argues that China’s “supergrowth”only has five more years to run before it becomes just “another corrupt middle-income country.” Meanwhile, we look at the “Eyes on China” Instagram project that reveals real life behind China’s virtual firewall. WorldPost China Correspondent Matt Sheehan asks whether China’s “one-child policy enforcers” can boost the cognitive skills of children in rural Danfeng County. Summarizing his research after a stint at Beijing’s Renmin University, Israeli scholar Alon Tal concludes that China’s unpopular one-child policy has helped avoid famine and even worse ecological damage in a country with a population approaching 1.5 billion people.
Often guided by maps on their smartphones, a swell of refugees fleeing war and seeking asylum has overwhelmed European authorities. António Guterres, United Nations high commissioner for refugees, puts the crisis in a global context of world disorder where no one is in control. “When power relations are unclear, —> Read More