At the edge of Killai, a village on India’s southeast coast, there is a collection of 163 concrete houses, single-story blocks set in neat rows and surrounded by open fields. This is the neighborhood of M.G.R. Nagar, named after M.G. Ramachandran, a much-beloved actor and former chief minister in the state of Tamil Nadu. M.G.R. Nagar was built by aid agencies after the 2004 tsunami. It is home to around 300...
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For India and China, a Climate Clash With Their Own Destiny by By Anand Giridharadas
Imagine that the climate summit conference in Copenhagen this weekend was not a gathering of nations. Imagine a gathering of delegates from the many ages of a single nation. The fault lines would not be India and China versus the global rich, but rather China 1800 versus China 1978 versus China 2100. It would be a negotiation not between different lands but between different historical facts, different levels of survivalism....
More »Decade of debt-fuelled boom and bust by Larry Elliott
Borrowing was both the shaky foundation of global growth and the cause of its collapse. It started with a bust and it ended with an even bigger bust. In between was sandwiched an unsustainable boom. Banks have been humbled. Economists have been found wanting. Geopolitical power began to shift from west to east. That was the noughties that was. It barely seems five minutes ago that policymakers were fretting about the...
More »Bonus Excesses and Outrage by Jaimini Bhagwati
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...
More »In familiar books, a battle over electronic rights by Motoko Rich
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...
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