Government and regulators need to focus on the systemic risk engendered by excessive compensation. As calendar year 2009 draws to a close, it is bonus season for the financial sector in the West. In the last several months, the need to cap bonuses and compensation packages has been extensively discussed in the context of limiting the future impact of the next financial sector breakdown. On December 9, 2009, the UK was...

A rising source of conflict in one of the publishing industry’s last remaining areas of growth.  William Styron may have been one of the leading literary lions of recent decades, but his books are not selling much these days. Now his family has a plan to lure digital-age readers with e-book versions of titles like “Sophie’s Choice,” “The Confessions of Nat Turner” and Styron’s memoir of depression, “Darkness Visible.” But...

This newspaper recently hosted its annual debate on whether a resurgent Bengal was an impossible dream. Not surprisingly, the verdict of the 600-odd listeners went against the motion. This has as much to do with tangible societal gains as with an enveloping sense of crisis which embeds enormous opportunities. The glorious past of Bengal needs no persuasion. It was integrated with the rest of the world through trade and interchange...

Each time I complain about the influence of dynasty on Indian politics, I get the usual responses: we are a democracy so if people vote for the sons and daughters of politicians, how can you complain? Or: in India, everything from business to movies is about dynasty so why should politics be any different? And so on. I do not deny that there is some merit in the response. But...

If a country’s national income is rising, someone in the country must be getting richer. Unless income distribution is changing, all income classes must get richer at about the same pace. If a constant standard of living is defined to classify everyone below it as poor, then as incomes rise, the proportion of the poor so defined must shrink, eventually to zero. If income grows 5 per cent a year...