The “umbrella movement” has lasted a month, confounding predictions of apathy, chaos, or a Beijing crackdown. A compromise on democratic reform is as distant as ever. Yet Hong Kong’s mostly civil activists have changed the city’s political geography for good.
Henry Kissinger’s “World Order” bemoans the lack of one, as the West’s prevailing approach of nation states with limited conflict isn’t reflected in non-Western traditions. However the Vienna Congress innovation allowing intervention only to protect stability might work better.
Researchers think automatons could displace half of all existing U.S. jobs. If that happens rapidly, it could push humans into a strife-torn future in which lack of wage income hobbles prosperity even in capable societies. Yet governments can make the transition less stressful.
Nicholas Lardy’s new book describes a China in which the state is retreating. He has the numbers to demonstrate the private sector’s steady gains, but official statistics are deeply misleading. In the PRC, the public-private line is blurred by the triumph of crony capitalism.
The Madrid beatification of an early leader of the Catholic group gathered a big crowd and high-powered sponsors. Critics say Opus has undue influence in its homeland. But its clout has declined in modernising Spain. Still, a strong work ethic creates professional opportunities.
The Financial Stability Board is mulling a common bail-in mechanism for cross-border banks. A draft plan suggests that national regulators don’t trust each other enough to maintain the industry’s flexible funding structures. It might make banking safer - but costlier.
A former Breakingviews columnist gives an account of what it’s like to find out the latest international health crisis patient lives down the road. After all the claims of American, and Texan, exceptionalism it’s a wake-up call for all developed economies to heed.
The drought-prone Texas city plans to spend about that much on a project for moving H20 140 miles. It’s the controversial next leg of a strategy for securing enough water to keep business in the home of the Alamo. It’s also part of a national battle for economic survival.
The CEOs of London Stock Exchange and LCH.Clearnet worry that Europe’s new MiFID II rules for financial markets will “lose their teeth.” But crude implementation of complex regulation could damage market liquidity, innovation and stability, warns Paul Swann of ICE Clear Europe.
Japan’s government shouldered the pain of corporate deleveraging, and the economy became comatose. South Korea crammed its debt onto households with only marginally better results. Now it’s China that has a problem with high leverage. The race is on to find a different strategy.