British - Journalist | 1967 -
When financial sectors are small and capital is mobile, floating exchange rates spell massive currency volatility. When a lot of foreign capital flows in, a freely floating exchange rate rises sharply, wreaking havoc for domestic banks and exporters alike.
Zanny Minton Beddoes
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Developing countries have much to gain from capital mobility: the ability to tap external sources of finance, greater financial efficiency from deeper stock and bond markets, and technology transfer and know-how from foreign direct investment.
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The industrial world enjoys a rare combination of growth and low inflation; the 'Washington consensus,' a model of economic development that emphasizes macroeconomic discipline and open markets, is being adopted by more countries.
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The problem with one single minimum wage is that you don't allow for younger people, who are less skilled and maybe more easily pushed out of the job market, or that the minimum wage should vary for different regions.
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Governments need to lay out a credible path to reducing their deficits in the medium term, but without excessively enfeebling an already weak recovery. That means raising retirement ages and overhauling pensions; putting in place the budget rules and institutions that will curb future profligacy; and favouring spending cuts over tax increases.
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Europe's budget plans are better designed: countries from France to Greece are raising retirement ages; others, from Britain to Germany, have created new organisations and rules to encourage fiscal probity. But Europe risks overkill.
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Many European countries and Japan need to free their labour markets and liberalise services to boost productivity growth.
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America should do more to fix the still-festering housing crisis and overhaul its training schemes so that high joblessness does not become entrenched. Hunkering down for austerity is not enough. The rich world needs a strategy for growth.
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I'm a classic English liberal. A classical liberal, which is different to the modern interpretation of liberal in America.
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Classic English liberalism of the sort that 'The Economist' was founded to champion and still espouses is about open societies and free markets.
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We want to have a conversation about what does it mean to be liberal in the 21st century and how do we go about creating that kind of a society.
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Firstly, I think the values that underpin all liberals, frankly - classical liberals, all liberals - of respect for the individual and freedom are worth fighting for.
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