The Global Economy in Turbulent Times

Book description

This book covers the world economy, in particular US, EU, Japan & the international monetary system - what's wrong with it; the key issues underlying its inadequacy; and what can be done about it. It concentrates on Asia, covering the emerging East Asia, ASEAN and BRICS nations. It also outlines the author's personal views on global demography, the need for quality education; and the emerging middle-class. The book ends with some observations on corporate governance in Malaysia and some thoughts on CSR & management in general.

Table of contents

  1. Royal Prelude
  2. Foreword
  3. Preface
  4. Introduction
  5. About the Book
  6. Acknowledgments
  7. PART I THAT WAS THE WORLD THAT WAS (TW3)
    1. CHAPTER 1 TW3 2008: The Year Free Markets Ran Amok
      1. Annus Horribilis
      2. What’s in Store for 2009?
      3. Lessons
      4. What, Then, Are We to Do?
      5. Notes
    2. CHAPTER 2 2009: “Oxpicious” Year Ahead
      1. Ox Year
      2. Reassessment
      3. The Worst Is Yet to Come
      4. What, Then, Are We to Do?
      5. Notes
    3. CHAPTER 3 Beware of PME in a Jobless 2009 Recovery
      1. Fragile Global Recovery
      2. PME: A Bad Idea
      3. Not to Worry about Inflation and High Debt
      4. Lesson from the 1930s
      5. What, Then, Are We to Do?
      6. Notes
    4. CHAPTER 4 G-20 Summit, Pittsburgh 2009: Has “It Worked”?
      1. G-20 Promises . . .
      2. G-20: The New Champion
      3. New Global Growth Model
      4. Global Imbalances: What Next?
      5. What, Then, Are We to Do?
      6. Notes
    5. CHAPTER 5 TW3 2009: Growing Again, but Hold on Tight
      1. Dangers Lurk in 2010
      2. Optimism Is Not Good Enough
      3. Picking through the Wreckage
      4. Two Qualms to Unravel
      5. Growth Strategy—Competitiveness Matters
      6. What, Then, Are We to Do?
      7. Obiter Dictum
      8. Notes
    6. CHAPTER 6 Summer 2010: In for a Bumpy Ride, Even a Double-Dip?
      1. A Double-Dip?
      2. The Deflation Dilemma
      3. New Conventional Wisdom
      4. What, Then, Are We to Do?
      5. Notes
    7. CHAPTER 7 G-20 Summit, Toronto 2010: Reflects a Fragile Unity
      1. The Toronto Accord
      2. Challenges and Risks
      3. New Conventional Wisdom
      4. Obiter Dictum
      5. What, Then, Are We to Do?
      6. Notes
    8. CHAPTER 8 IMF Meet, Fall 2010: A Cop-Out
      1. Global Economic Adjustment
      2. The Mechanics of Rebalancing
      3. Problem Not One of Coordination
      4. Similar Problems, Different Paths
      5. What, Then, Are We to Do?
      6. Notes
    9. CHAPTER 9 G-20 Summit, Seoul 2010: Much Ado about Nothing
      1. The Seoul Action Plan
      2. The Seoul Development Consensus (SDC) for Shared Growth
      3. What, Then, Are We to Do?
      4. Notes
    10. CHAPTER 10 TW3 2010: The World Trichotomized
      1. State of the World Economy
      2. Importing Pessimism
      3. What, Then, Are We to Do?
      4. Notes
    11. CHAPTER 11 Prospects 2011: As the World Turns
      1. State of the World
      2. Impact of Oil
      3. MENA
      4. And Then, There’s Japan
      5. A Word on China
      6. What, Then, Are We to Do?
      7. Notes
    12. CHAPTER 12 A Check-up at Mid-Year, 2011
      1. MENA Jasmine Revolution
      2. Japan’s Earthquake and Tsunami
      3. Eurozone Concerns Grow
      4. US Economy: Worse than It Looks
      5. Global Growth Revisited
      6. The Threat of Inflation
      7. What, Then, Are We to Do?
      8. Notes
    13. CHAPTER 13 Gloomy Outlook Takes Its Toll, 2011–2012
      1. The Contagion
      2. The Problem Is Europe
      3. Default by Greece?
      4. The Shadow of Recession
      5. Housing Ignored
      6. What, Then, Are We to Do?
      7. Notes
    14. CHAPTER 14 G-20 Summit, Cannes 2011; APEC, Honolulu 2011: Without Gusto!
      1. G-20 and France
      2. G-20 and Italy
      3. G-20 Has Little to Show
      4. The G-20 Pact
      5. APEC’s Honolulu Declaration
      6. What, Then, Are We to Do?
      7. Notes
    15. CHAPTER 15 TW3 2011: Annus Horribilis
      1. Storm Clouds Gather
      2. Poor Rich World
      3. United States, Eurozone, and Japan
      4. Rich Poor World
      5. China
      6. What, Then, Are We to Do?
      7. Notes
    16. CHAPTER 16 G-20 Summit, Los Cabos 2012 GJAP: More of the Same
      1. Los Cabos GJAP
      2. IMF War Chest
      3. BRICS Initiative
      4. Growth Compact
      5. What, Then, Are We to Do?
      6. Notes
    17. CHAPTER 17 APEC, Vladivostok 2012: A New Perspective
      1. APEC Declaration
      2. Free and Open Markets
      3. APEC Integration
      4. What, Then, Are We to Do?
      5. Notes
    18. CHAPTER 18 TW3 2012: A Tough Year with a Bleak Outlook
      1. Enter 2013
      2. OECD Slashes Forecast
      3. East Asia and Pacific (EAP)
      4. What, Then, Are We to Do?
      5. Notes
    19. CHAPTER 19 2013: Breadth of Global Slowdown Disconcerting
      1. OECD and IMF Downgrade
      2. What, Then, Are We to Do?
      3. Notes
    20. CHAPTER 20 TW3 2013: Tension and Risks; a Peek at 2014
      1. Emerging Asia 2013
      2. Outlook for 2014
      3. What, Then, Are We to Do?
      4. Notes
    21. CHAPTER 21 Spring 2014 Stock Take: Complex Risks Ahead
      1. The Assessment
      2. The Risks
      3. What, Then, Are We to Do?
      4. Notes
  8. PART II TROUBLE WITH THE GLOBAL ECONOMY
    1. CHAPTER 22 The Paradox of Thrift
      1. Savings
      2. Aggregate Demand
      3. Thrift
      4. Japan and Germany
      5. What, Then, Are We to Do?
      6. Notes
    2. CHAPTER 23 Deflation Is Not an Option
      1. World Economy
      2. “Green Shoots”: Just out of Freefall
      3. Worst-Case Scenario: Deflation?
      4. Deflation Woes
      5. What, Then, Are We to Do?
      6. Notes
    3. CHAPTER 24 Reality Check on Economic Models
      1. Failure of Models
      2. Minsky’s Challenge
      3. Markets Don’t Have All the Answers
      4. Risk and Morals
      5. What, Then, Are We to Do?
      6. Notes
    4. CHAPTER 25 Commodity and Asset Prices Are Up; Can Inflation Be Far Behind?
      1. Paradox of a Symmetrical Recovery
      2. Commodities
      3. Asset Bubbles
      4. Inflation and the Quantity Theory of Money
      5. What, Then, Are We to Do?
      6. Notes
    5. CHAPTER 26 A New Hazard: Double-Dip Deflation
      1. Double-Dip Talk amid Unusual Uncertainty
      2. A History Lesson
      3. Deflation Is Poorly Understood
      4. Concern but Not Panic
      5. Biflation
      6. What, Then, Are We to Do?
      7. Notes
    6. CHAPTER 27 The “New Normal”
      1. New Normal for the United States
      2. New Normal for the Eurozone
      3. New Normal for Emerging Nations
      4. What, Then, Are We to Do?
      5. Notes
    7. CHAPTER 28 Muddling Through the Inflation
      1. United States and Eurozone Inflation
      2. Emerging Developing Countries (EDCs)
      3. China, India, Other Asia
      4. Latin America
      5. The Subsidy Spree
      6. What, Then, Are We to Do?
      7. Notes
    8. CHAPTER 29 It’s a Dangerous World out There
      1. In Search of Safe Haven
      2. What Went Wrong?
      3. What, Then, Are We to Do?
      4. Notes
    9. CHAPTER 30 “Risk-Off” Episodes
      1. Global Economy Snores
      2. Central Bank Fix
      3. Rich Nations’ Woes
      4. China
      5. What, Then, Are We to Do?
      6. Notes
    10. CHAPTER 31 Now’s Not the Time for Austerity
      1. Austerity
      2. Growth and Austerity
      3. The IMF About-Face
      4. A Cri de Coeur
      5. What, Then, Are We to Do?
      6. Notes
    11. CHAPTER 32 The World Economy: Growing Pains and Bubbly Worries
      1. The Worldwide Wobble
      2. Out of Step
      3. What, Then, Are We to Do?
      4. Notes
    12. CHAPTER 33 What’s Up Is Down
      1. Why the “Fall Fall”?
      2. GDP and the Market
      3. Time for a “Melt-Up”?
      4. What, Then, Are We To Do?
      5. Notes
  9. PART III THE UNITED STATES: JOBLESS RECOVERY
    1. CHAPTER 34 Jackson Hole “Gunfight” Shoots Blanks
      1. The Official Line
      2. Uncomfortable Monetary Math
      3. New Insights
      4. What, Then, Are We to Do?
      5. Notes
    2. CHAPTER 35 The United States Is No Longer AAA
      1. US Downgrade
      2. Immediate Global Sell-off
      3. European Contagion
      4. What’s Wrong with the US Economy?
      5. What, Then, Are We to Do?
      6. Notes
    3. CHAPTER 36 “Occupy Wall Street” Goes Global
      1. US Inequality
      2. US Poverty
      3. Smart Government
      4. What, Then, Are We to Do?
      5. Notes
    4. CHAPTER 37 Lessons from Marx to Market
      1. Marx and Global Disorder
      2. Unbalanced Times Ahead
      3. Lessons from Japan
      4. Middle Classes Also Rise
      5. What, Then, Are We to Do?
      6. Notes
    5. CHAPTER 38 Sachs and Krugman on the Global Crisis
      1. Sachs: Confucian Man
      2. Sachs’s Focus
      3. Krugman: The Liberal
      4. What, Then, Are We to Do?
      5. Notes
    6. CHAPTER 39 Life after Keynes with the Double-Dip
      1. J. M. Keynes
      2. Free-Market Fundamentalism
      3. Keynesianism
      4. What, Then, Are We to Do?
      5. Notes
    7. CHAPTER 40 Growth Dims after the “Cliff”
      1. “Cliff” Deal
      2. US Debt Ceiling
      3. Budget Deficit
      4. Ideological Divide
      5. US Economy
      6. Growth Update
      7. What, Then, Are We to Do?
      8. Notes
    8. CHAPTER 41 An Inconvenient Truth: QE Withdrawal Syndrome
      1. Current State of Play
      2. Tapering Is Not Tightening
      3. What, Then, Are We to Do?
      4. Notes
    9. CHAPTER 42 An Unnecessary Disaster Spawns Market Fears
      1. Why So?
      2. Debt Armageddon
      3. The Impact
      4. What, Then, Are We to Do?
      5. Postscript
      6. Notes
    10. CHAPTER 43 US Growth Deficit: Too Loose, Too Long
      1. Growth Deficit
      2. Transatlantic Gap
      3. Messy Jobs Status
      4. Return of Inflation
      5. What, Then, Are We to Do?
      6. Notes
  10. PART IV THE EUROPEAN UNION AND EUROZONE: MORE AUSTERITY
    1. CHAPTER 44 Dark Clouds over Europe and the United States
      1. The Eurozone Stumbles
      2. The United States Slides
      3. Productivity: The Critical Key
      4. US Deficit Is Too Large
      5. What, Then, Are We to Do?
      6. Notes
    2. CHAPTER 45 ECB and Fed Clear Way to Act
      1. Weakness Dogs the World
      2. Draghi’s Dilemma
      3. Bernanke’s Barrel Roll
      4. What, Then, Are We to Do?
      5. Notes
    3. CHAPTER 46 Eurozone Growth Can’t Move beyond First Gear but Needs to Keep Deflation at Bay
      1. Definite Weakening
      2. “Lowflation” to Deflation
      3. QE as Last Resort
      4. What, Then, Are We to Do?
      5. Notes
    4. CHAPTER 47 PIIGS Can’t Fly: The Trouble with Greece
      1. Desperate Times, Desperate Measures
      2. Debt Jitters Spread
      3. The Risks
      4. Headlines Miss Woods for the Trees
      5. What, Then, Are We to Do?
      6. Notes
    5. CHAPTER 48 Greece Is Bankrupt
      1. The Greek Illusion
      2. Greece Is Insolvent
      3. The Macroeconomics
      4. Political Solution: Slash and Burn Won’t Work
      5. Few Options Left
      6. What, Then, Are We to Do?
      7. Notes
    6. CHAPTER 49 Greek Bailout Mark II: It’s a Default
      1. Contagion: Italy and Spain
      2. The Deal: Europeanization of Greek Debt
      3. Impact of Default
      4. Growing Pains
      5. What, Then, Are We to Do?
      6. Note
    7. CHAPTER 50 Greece and Eurozone: Austerity Fatigue
      1. The Eurozone
      2. The Greece “Lock-in”
      3. Unlocking the Greek Bailout
      4. Politics beyond Borders
      5. What, Then, Are We to Do?
      6. Notes
    8. CHAPTER 51 Greece: More Aid Needed to Save the Austerity-Fatigued
      1. Fleeting Relief
      2. Sins of the “Father”
      3. G-20 and EU Summit
      4. Asia’s Lessons
      5. No Pound of Flesh
      6. What, Then, Are We to Do?
      7. Notes
    9. CHAPTER 52 New Euro Deal: Not the Whole Bazooka
      1. The Deal
      2. Tough Sell with No Growth
      3. Not Enough Firepower
      4. Drag on Asia
      5. What, Then, Are We to Do?
      6. Notes
    10. CHAPTER 53 European Union: Favoring Growth Against More Austerity
      1. The Pain
      2. “Growth Compact”
      3. Economic Suicide
      4. Three-Pole Global Economy
      5. What, Then, Are We to Do?
      6. Notes
    11. CHAPTER 54 European Union: A Summer of Discontent
      1. Austerity Backlash
      2. Stiffest Test Ever
      3. Austerity Rebuked
      4. What, Then, Are We to Do?
      5. Notes
    12. CHAPTER 55 European Union: Draghi’s Bumblebee
      1. Euro Does Not Fly
      2. Europe Limps into the Third Quarter of 2012
      3. US Economy Cools
      4. Sticky Spell for Asia
      5. China Stabilizes
      6. What, Then, Are We to Do?
      7. Notes
    13. CHAPTER 56 Cyprus’s Bailout Turns Bail-In
      1. Cyprus Is Unique
      2. A Bitter Deal
      3. Cyprus Euro Not the Euro
      4. What, Then, Are We to Do?
      5. Notes
  11. PART V JAPAN: DEAD ON BUT NOT DEADENED
    1. CHAPTER 57 Japan in Deep Hibernation
      1. Sleepwalking in Slow Motion
      2. New Stimulus
      3. ¥ Intervention
      4. Deflation, Status Quo, and Recovery
      5. What, Then, Are We to Do?
      6. Note
    2. CHAPTER 58 3-11: The Tohoku Disasters One Year On
      1. Japan Remembers
      2. The Fourth Disaster
      3. Tea at Entokuin
      4. Digital Archive
      5. Economy Grapples with Aftermath
      6. What, Then, Are We to Do?
      7. Notes
    3. CHAPTER 59 Japan Picks Up the Pieces
      1. IMF Updates
      2. Japan’s Outlook
      3. What, Then, Are We to Do?
      4. Notes
    4. CHAPTER 60 Abenomics: Japan Comes Alive Again
      1. The Three Arrows
      2. Takahashi-nomics
      3. The Risks
      4. What, Then, Are We to Do?
      5. Notes
    5. CHAPTER 61 Abenomics Hitting Speed Bumps
      1. Impact
      2. Speed Bumps
      3. Wages and Growth
      4. What, Then, Are We to Do?
      5. Notes
  12. PART VI THE INTERNATIONAL FINANCIAL SYSTEM
    1. CHAPTER 62 So, the Gold Bug Still Bugs You
      1. Monetary Gold
      2. The World Running out of Gold?
      3. Man’s Addiction to Gold
      4. Gold Is Looking Less Barbaric?
      5. Gold’s Uncertain Future
      6. What, Then, Are We to Do?
      7. Notes
    2. CHAPTER 63 Man’s Addiction to Gold
      1. Gold Standard
      2. US$ Standard
      3. Gold and SDRs
      4. Future of Gold
      5. What, Then, Are We to Do?
      6. Notes
    3. CHAPTER 64 In Search of Gold at Bretton Woods: Lust for Gold Not Paying Off
      1. Back to New England
      2. Bretton Woods Accord
      3. Back to Harvard
      4. Gold
      5. Goldbuggism
      6. Gold Disappoints
      7. Conventional Wisdom Is Wrong
      8. Bitcoin—Digital Gold?
      9. What, Then, Are We to Do?
      10. Notes
    4. CHAPTER 65 What's Wrong with the International Monetary System?
      1. Basic Principles
      2. What's Wrong?
      3. Are Payments Deficits Good or Bad?
      4. IMS Reform
      5. What, Then, Are We to Do?
      6. Notes
    5. CHAPTER 66 US Dollar: Cracking at the Seams
      1. Multipolarity
      2. A Strong US Dollar: A Delusion
      3. The Euro and the RMB
      4. Policies Coordination
      5. What, Then, Are We to Do?
      6. Notes
    6. CHAPTER 67 The Dollar Quagmire
      1. US Dollar as Anchor and Reserves
      2. The Bretton Woods System
      3. Are Payments Surpluses Good or Bad?
      4. US Dollar Reserves
      5. The Euro
      6. Special Drawing Rights (SDRs)
      7. New Realities for China
      8. China’s Global Role
      9. What, Then, Are We to Do?
      10. Notes
    7. CHAPTER 68 The “Trilemma” of Capital Controls
      1. The French Connection
      2. The “Trilemma”
      3. “Smoke, but Do Not Inhale”
      4. Controls Stir Debate
      5. Who’s to Blame?
      6. What, Then, Are We to Do?
      7. Notes
    8. CHAPTER 69 Burgernomics and the Ringgit
      1. PPP in Today’s World
      2. The Big Mac Index
      3. Value of the Ringgit
      4. PPP as a Guide
      5. The Japanese Lesson
      6. What, Then, Are We to Do?
      7. Notes
    9. CHAPTER 70 The Yuan Way to a New Monetary Order
      1. China
      2. The Yuan
      3. Offshore Yuan
      4. Dim-Sum Bonds
      5. Bilateral Arrangements
      6. What, Then, Are We to Do?
      7. Notes
    10. CHAPTER 71 Why Tokyo Failed to Be Top-Tier IFC
      1. Tokyo Didn’t Make It
      2. Global Livable City
      3. Wimbledon Effect
      4. Top Ranking
      5. What, Then, Are We to Do?
      6. Notes
    11. CHAPTER 72 At Risk: Beggar-Thy-Neighbor
      1. Playing with Fire
      2. The Battle of Smoot–Hawley
      3. The New Protectionism
      4. The Many Faces of Protection
      5. Fair-Weather Free Traders
      6. What, Then, Are We to Do?
      7. Notes
    12. CHAPTER 73 Currency Wars at a Time of Deficient Demand
      1. The “Grass Gets Crumpled”
      2. The Yuan Scapegoat
      3. What’s China to Do?
      4. What, Then, Are We to Do?
      5. Notes
    13. CHAPTER 74 Tension over Exchange Rates
      1. The Swiss Franc
      2. The Devil’s Trade-Off
      3. New Haven: The “Nokkie”
      4. The Yen Resists the Pressure
      5. Reprieve for the Yuan
      6. Return to Global Strife
      7. What, Then, Are We to Do?
      8. Notes
    14. CHAPTER 75 RMB: What’s a Budding Currency to Do?
      1. US Dollar in 2013 and to Date
      2. China’s Resolve
      3. RMB Global Role
      4. What, Then, Are We to Do?
      5. Note
    15. CHAPTER 76 The Kiss of Debt
      1. PIIGS Can’t Fly
      2. US and Its AAA Rating
      3. Till Debt Do Us Part
      4. No Such Dilemma in Asia
      5. What, Then, Are We to Do?
      6. Notes
    16. CHAPTER 77 This Obsession with Debt
      1. “Confidence”
      2. Growth versus Debt
      3. Is Debt Too High?
      4. Debts Matter, but Assets Also Count
      5. What, Then, Are We to Do? The Keynesian Way
      6. Notes
    17. CHAPTER 78 The Tobin Tax Revisited
      1. Agenda 21: The Rio Declaration
      2. Innovative Mechanisms
      3. Tobin Tax
      4. Global Tax on Financial Transactions
      5. To Tobin or Not to Tobin
      6. What, Then, Are We to Do?
      7. Note
    18. CHAPTER 79 Dubai: Or Is It Bye-Bye?
      1. Dubai’s Caustic Lesson
      2. Tail Risk Resurfaces
      3. Sukuk’s Dilemma
      4. Looking Past the Sandstorm
      5. What, Then, Are We to Do?
      6. Note
    19. CHAPTER 80 Whatever Volcker Wants, Volcker Gets?
      1. The Volcker Rule
      2. The Mayor and the Gunslinger
      3. Wide-Ranging Support
      4. Deciphering the Volcker Rule
      5. Can Big Banks Really Walk Alone?
      6. What, Then, Are We to Do?
      7. Notes
    20. CHAPTER 81 “Too-Big-to-Fail” and the Volcker Rule Faces Fresh Challenges
      1. The Volcker Rule
      2. “Too Big to Fail”
      3. Potential Loopholes and Challenges
      4. What, Then, Are We to Do?
      5. Notes
    21. CHAPTER 82 LIBOR Scandal Fuss
      1. What’s LIBOR?
      2. What’s Wrong with LIBOR?
      3. Why Barclays?
      4. Efforts at Reform
      5. What, Then, Are We to Do?
      6. LIBOR Scandal Revisited
      7. Rigging
      8. EURIBOR
      9. Spillover Impact
      10. New LIBOR Administrator
      11. What, Then, Are We to Do?
      12. Notes
    22. CHAPTER 83 Wall Street Stock Market Rigged: HFT “Cheetahs” Only Take 13,000ths of a Second to Turn a Profit
      1. The Vocabulary
      2. Wall Street Is Rigged
      3. HFT, an Unfair Game
      4. What, Then, Are We to Do?
      5. Notes
    23. CHAPTER 84 Shadow Banking: The Global Bogeyman
      1. Market Niche
      2. Trusts on the Run
      3. What, Then, Are We to Do?
      4. Notes
  13. PART VII GOING GREEN
    1. CHAPTER 85 Blue Ocean That’s Also Green
      1. Green Glove
      2. Spreading Value Added
      3. What, Then, Are We to Do?
      4. Notes
    2. CHAPTER 86 The Crimson Goes Green
      1. Flat Is the New Up
      2. What, Then, Are We to Do?
      3. Notes
    3. CHAPTER 87 The Road to Copenhagen
      1. The Dangers
      2. Perspective to Copenhagen
      3. Threats of Denial and Despair
      4. The Gridlock
      5. A Copenhagen “Political Agreement”?
      6. “One Agreement, Two Steps”
      7. Climate Change in a Hungry World
      8. What, Then, Are We to Do?
      9. Note
    4. CHAPTER 88 RIO+20: What a Huge Disappointment
      1. What Happened at Rio+20?
      2. “The Future We Want”
      3. Cost of Not “Greening”
      4. What, Then, Are We to Do?
      5. Notes
  14. PART VIII SOCIAL ISSUES OF CONCERN
    1. CHAPTER 89 9.6 Billion
      1. Supply and Demand
      2. What’s Enough?
      3. Waste
      4. Can It Be Done?
      5. What, Then, Are We to Do?
      6. Obiter Dictum
      7. Notes
    2. CHAPTER 90 The Seven-Billionth Baby Is Born
      1. How Did We Get Here?
      2. The Demographics
      3. Demographic Imbalance
      4. Demographic Dividend
      5. Demographic Silver Lining
      6. Sharing Earth’s Resources
      7. What, Then, Are We to Do?
      8. Notes
    3. CHAPTER 91 The Ominous Demographic Dilemma
      1. Dispelling the Myths
      2. Tale of Two “Bellies”
      3. Aging Time Bomb
      4. What, Then, Are We to Do?
      5. Note
    4. CHAPTER 92 The Quality of Life
      1. Soft Options
      2. Risk Management
      3. The Quality of Life
      4. How to Go about It?
      5. Talent Management
      6. What, Then, Are We to Do?
      7. Note
    5. CHAPTER 93 The Emerging Bourgeoisie
      1. Who Are They?
      2. One-Third Rule
      3. NMC Surges
      4. New Habits
      5. Social Cohesion
      6. The NMC and Growth
      7. Scary New Rich
      8. What, Then, Are We to Do?
      9. Notes
    6. CHAPTER 94 Rising Income Inequality and the Piketty Blockbuster
      1. Piketty, Kuznets, Marx
      2. Inequality versus Growth
      3. What, Then, Are We to Do?
      4. Notes
    7. CHAPTER 95 Has Undergraduate Education Lost Its Way?
      1. Why This Drift?
      2. What Universities Forgot
      3. Curriculum Reform
      4. Dignity, Honor, and Responsibility
      5. Balance between the Sciences and Humanities
      6. What, Then, Are We to Do?
      7. Obiter Dictum
      8. Notes
    8. CHAPTER 96 The MBA: Is It Still Relevant?
      1. You Are Angry, I’m Angry, Too!
      2. A Little Bit of History
      3. The Trouble with Rankings
      4. Management Education Adds Value
      5. Too Little Core Revamp
      6. A Promise to Be Ethical
      7. How Best to Regain Trust
      8. What, Then, Are We to Do?
      9. Notes
    9. CHAPTER 97 375 Years and Still Number One
      1. Rites of Passage
      2. Harvard through the Years
      3. Too Selective?
      4. Divergent Global Presence
      5. Constancy of Change
      6. What, Then, Are We to Do?
      7. Notes
    10. CHAPTER 98 Onward the Harvard Connection
      1. Tenured Professor
      2. Professorship Funds
      3. Benefits
      4. What, Then, Are We to Do?
      5. Notes
    11. CHAPTER 99 The Future of University Education: What It Takes to Be Educated
      1. Higher Education
      2. Tensions
      3. End Product
      4. What, Then, Are We to Do?
      5. Five Questions
      6. Notes
    12. CHAPTER 100 Schumpeternomics: Gotta Keep on Learning
      1. Technological Progress
      2. Innovation and Creative Destruction
      3. Higher Education
      4. What, Then, Are We to Do?
      5. Notes
  15. PART IX MALAYSIAN TRANSFORMATION AND INNOVATION
    1. CHAPTER 101 Getting “Cangkul-Ready”
      1. Financial Impact
      2. Closer to Home
      3. What, Then, Are We to Do?
      4. Note
    2. CHAPTER 102 Now the Real Pain Begins
      1. Impact
      2. Need for Stimuli
      3. Stimulative Package
      4. What, Then, Are We to Do?
      5. Notes
    3. CHAPTER 103 Mahathir’s Challenge
      1. The Big Picture
      2. The System That Failed
      3. What, Then, Are We to Do?
      4. Obiter Dictum
      5. Notes
    4. CHAPTER 104 Stimulating Times
      1. 2SP
      2. Impact
      3. What, Then, Are We to Do?
      4. Notes
    5. CHAPTER 105 Price Fixing, Market Sharing, and Collusion Are Illegal
      1. Competition Act 2010 (Act 712)
      2. Exclusions and Relief
      3. Current Situation
      4. Dawn Raids
      5. What, Then, Are We to Do?
      6. Notes
    6. CHAPTER 106 Najib’s New Way Forward
      1. The Newly Minted Graduates
      2. The Way Forward
      3. New Economic Model: Three Pillars
      4. Education
      5. Health, Energy, and Environment
      6. Confucius Says
      7. What, Then, Are We to Do?
      8. Note
    7. CHAPTER 107 We Still Don’t Get It
      1. Talk, Not Change
      2. What’s at Stake?
      3. NEM Is Pivotal
      4. The Nasi-Lemak Principle
      5. What, Then, Are We to Do?
      6. Note
    8. CHAPTER 108 Creativity: The Key to NEM’s Success
      1. Creativity: A Culture Thing
      2. Education: The Issue of Our Time
      3. Continuing Denial
      4. Come on, Get Real
      5. The Talent War
      6. What, Then, Are We to Do?
      7. Notes
    9. CHAPTER 109 The Mystique of National Transformation
      1. Middle-Income Trap
      2. NEM, ETP, and GTP
      3. A Lesson from History
      4. Important How the Public “Feels”
      5. Human Capital and Innovation
      6. What, Then, Are We to Do?
      7. Notes
    10. CHAPTER 110 Toward Quality Undergraduate Education
      1. Historical Perspective
      2. Liberal Arts Education
      3. What’s Wrong ?
      4. Reform
      5. Dignity and Honor
      6. Adding “Breadth” in Australia
      7. What, Then, Are We to Do?
      8. Notes
    11. CHAPTER 111 Innovation: Catalyst for Recovery
      1. Recession and Research and Development
      2. Jobs, Skills, and Talent
      3. What, Then, Are We to Do?
      4. Notes
    12. CHAPTER 112 On Productivity and Talent Management
      1. Productivity
      2. Government as an Enabler
      3. Venture Capital
      4. Talent Management
      5. Global Talent War
      6. What, Then, Are We to Do?
      7. Notes
    13. CHAPTER 113 Finance for Innovative Ventures: Broken Dreams?
      1. Venture Capital versus Private Equity
      2. Venture Capital in Malaysia
      3. Compelling Challenges
      4. New Approach to Venture Capital
      5. What, Then, Are We to Do?
      6. Notes
    14. CHAPTER 114 Venture Capital Initiatives to Boost Entrepreneurship
      1. Private Equity
      2. Crowdfunding
      3. What, Then, Are We to Do?
      4. Notes
  16. PART X EMERGING EAST ASIA, ASEAN, AND BRICS
    1. CHAPTER 115 Export-Led Growth Model: Quo Vadis?
      1. Asia
      2. Export-Led Growth
      3. Imports Aren’t So Bad
      4. The Paradox of Thrift
      5. What, Then, Are We to Do?
      6. Notes
    2. CHAPTER 116 “Go East, Young Man”
      1. Ipoh
      2. Shift in Optimism
      3. US Growth Prospects
      4. Impact of Rising Debt
      5. Fault Lines Haven’t Gone Away
      6. What, Then, Are We to Do?
      7. Notes
    3. CHAPTER 117 Asia Feels the Heat
      1. Downswing in Sync
      2. US Growth Corrects
      3. Asia Buckles Under
      4. What, Then, Are We to Do?
      5. Notes
    4. CHAPTER 118 QE3 Exit and Asia’s Trilemma
      1. Policy Trilemma
      2. Impact on Asia
      3. Dicey Dominoes
      4. BIITS and CRASH
      5. What, Then, Are We to Do?
      6. Notes
    5. CHAPTER 119 Focus of Concern: Emerging Asia at Risk
      1. Take a Deep Breath
      2. “Fragile Five”
      3. Coping with Cheap Money’s End
      4. Rising Cost of Capital
      5. What, Then, Are We to Do?
      6. Notes
    6. CHAPTER 120 ASEAN Stimulus
      1. The Perspective
      2. Global Recession Persists
      3. Stimulus
      4. What, Then, Are We to Do?
      5. Notes
    7. CHAPTER 121 ASEAN+3 Stimuli
      1. East Asia
      2. Japan
      3. China
      4. South Korea
      5. What, Then, Are We to Do?
      6. Notes
    8. CHAPTER 122 AEC Is on the Way, but It’s No Big Deal
      1. ASEAN
      2. AEC Scorecard
      3. Global Trade
      4. Beyond ASEAN
      5. What, Then, Are We to Do?
      6. Notes
    9. CHAPTER 123 South Korea Emerges More Competitive
      1. South Korea before Global Crisis
      2. Shocks from the Global Crisis
      3. Policy Response
      4. South Korea Post-Crisis, 2009–2010
      5. Nothing Is Overoptimistic
      6. What, Then, Are We to Do?
      7. Note
    10. CHAPTER 124 The Philippines: Its Turn Is Next
      1. New Broom, New Strategies
      2. Why Has Growth Stalled?
      3. Growth Framework
      4. Thinking out of the Box
      5. What, Then, Are We to Do?
      6. Notes
    11. CHAPTER 125 Indonesia Losing Its Footing?
      1. Resource Nationalism
      2. Economic Poster Child
      3. Demographic Dividend
      4. The Outlook
      5. What, Then, Are We to Do?
      6. Notes
    12. CHAPTER 126 Indonesia and India: Under New Management
      1. India
      2. Indonesia
      3. What, Then, Are We to Do?
      4. Notes
    13. CHAPTER 127 Vietnam Wakes Up: Ding Dong Dung
      1. The Politics
      2. The Economy
      3. Struggling Again
      4. Moving Forward
      5. What, Then, Are We to Do?
      6. Note
    14. CHAPTER 128 Thailand on the Rebound
      1. V-Shaped Recovery
      2. The Risks
      3. What, Then, Are We to Do?
      4. Notes
    15. CHAPTER 129 Myanmar: Not the Burma I Used to Know
      1. No More Burma
      2. IMF Optimistic
      3. New Exchange Regime
      4. New Investment Laws
      5. What, Then, Are We to Do?
      6. Notes
    16. CHAPTER 130 Myanmar Spring: “Look, Listen, Learn, and Leave”
      1. Reality Check
      2. No Turning Back
      3. What Is Done and What Is There Still to Do?
      4. Vietnamese Lessons
      5. What, Then, Are We to Do?
      6. Notes
    17. CHAPTER 131 The BRICS Are Coming . . .
      1. Building BRICS
      2. BRICS Summit
      3. BRICS and Asia
      4. Missing BRICS
      5. A Wall of BRICS
      6. What, Then, Are We to Do?
      7. Notes
    18. CHAPTER 132 BRICS Can’t Run as a Herd
      1. eThekwini Action Plan
      2. China’s Dominance
      3. Remaining Resilient
      4. What, Then, Are We to Do?
      5. Notes
    19. CHAPTER 133 Acronym Anxiety: BRICS Are Stumbling
      1. BRICS, MINT, and CIVETS
      2. BIITS
      3. Convergence Myth
      4. What, Then, Are We to Do?
      5. Notes
    20. CHAPTER 134 China: Realities about Its BOP Surpluses
      1. Causes of Imbalance
      2. The Exchange Rate Option
      3. China’s Neighbors Less Concerned
      4. United States Unlikely to Benefit
      5. What, Then, Are We to Do?
      6. Notes
    21. CHAPTER 135 China: RMB Flexibility Not Enough
      1. Credibility Requires Serious Action
      2. Trading under the New Regime
      3. “Hot Money”
      4. Non-Deliverable Forwards
      5. Internationalization of the RMB
      6. What, Then, Are We to Do?
      7. Notes
    22. CHAPTER 136 China: Much Ado about Nothing
      1. Japan, China, and the United States
      2. China Continues Growing
      3. Redefining Challenges
      4. GDP: Not Necessarily Happiness
      5. Pursuit of Happiness
      6. What, Then, Are We to Do?
      7. Notes
    23. CHAPTER 137 The “China Dream”
      1. Promises and Pledges
      2. Transformation
      3. Urbanization
      4. What, Then, Are We to Do?
      5. Notes
    24. CHAPTER 138 China: Economic Slowdown: A Cause for Concern?
      1. China Worries
      2. Shadow Banking
      3. Reforms
      4. Urbanization
      5. What, Then, Are We to Do?
      6. Notes
    25. CHAPTER 139 China: The Third Plenum Reforms Are Well Received, but the New Deal Flashes Danger Signals
      1. Now for the Action
      2. Leadership Charts the Path
      3. Early Concessions
      4. Power to Implement
      5. What, Then, Are We to Do?
      6. Note
    26. CHAPTER 140 China: Multiple Policy Dilemmas
      1. Outlook Still Dismal
      2. GDP Worship
      3. Sustainable GDP
      4. Growth versus Debt
      5. Banking Reform
      6. What, Then, Are We to Do?
      7. Notes
    27. CHAPTER 141 China: Rebalancing Growth with Reform and Moving Up to the Next Level
      1. Growth and Reform
      2. Pragmatism at Work
      3. What, Then, Are We to Do?
      4. Notes
    28. CHAPTER 142 India: The Outlook Dims
      1. “Rickshaw” Pace
      2. What Ails India?
      3. Netas and Babus
      4. Quality of Growth
      5. Indian Politics
      6. What, Then, Are We to Do?
      7. Notes
    29. CHAPTER 143 “A Passage to India”: The Outlook Remains Dire
      1. Not on One Engine
      2. Rupee Shake-Up
      3. Pressing Dilemma
      4. Currency Defense
      5. The Elephant and the Dragon
      6. What, Then, Are We to Do?
      7. Notes
  17. PART XI CORPORATE GOVERNANCE AND MANAGEMENT
    1. CHAPTER 144 On Corporate Governance and Doing It Right
      1. The Big Picture
      2. Conflict of Interest
      3. One Hat Is Enough?
      4. Independent Directors
      5. Asia on the Go
      6. What, Then, Are We to Do?
      7. Notes
    2. CHAPTER 145 The CG Blueprint 2011: “Let a Hundred Flowers Bloom”
      1. Independent Directors
      2. Multiple Directorships
      3. Separating Chairman and Chief Executive Officer
      4. Mandatory Poll Voting
      5. Women Directors
      6. Continuing Education
      7. What, Then, Are We to Do?
      8. Notes
    3. CHAPTER 146 Creative Destruction: “Kodak Moment” No More
      1. Kodak
      2. What Went Wrong?
      3. Kodak versus Fujifilm
      4. Creative Destruction
      5. What, Then, Are We to Do?
      6. Notes
    4. CHAPTER 147 The F&N Saga
      1. The Deal and the Man
      2. F&N: First 100 Years
      3. The Last 30 Years
      4. Takeover Blues
      5. What’s F&N to Do?
      6. Postscript: The Outcome
      7. Notes
    5. CHAPTER 148 On Global Gaming, Aussie$, the SGX–ASX Merger
      1. Global Gaming
      2. The Aussie Dollar
      3. SGX–ASX Merger
      4. A Historical Perspective Is Helpful
      5. What, Then, Are We to Do?
      6. Postscript
      7. Notes
    6. EPILOGUE
    7. CHAPTER 149 In Search of Growth
      1. October 2014 Assessment
      2. Ailing Europe
      3. Stock Sell-Off
      4. What, Then, Are We to Do?
      5. Obiter Dictum
      6. Notes
    8. POSTSCRIPT: ON TO 2015
    9. CHAPTER 150 The Goat Straggles into 2015 amid Rising Risks
      1. Oil’s Slide
      2. Wounded Bear Heads for #63
      3. Europe, Japan Flagging; China Slowing
      4. Why the Differentiation?
      5. What, Then, Are We to Do?
      6. Notes
    10. CHAPTER 151 2015: A Dismal World Where Oil and Currencies Are Causing Havoc
      1. 1990s All Over Again?
      2. Oil Slide Resumes
      3. Currency War?
      4. What, Then, Are We to Do?
      5. Obiter Dictum
      6. Notes
  18. About the Author
  19. Index
  20. EULA

Product information

  • Title: The Global Economy in Turbulent Times
  • Author(s): See-Yan Lin
  • Release date: June 2015
  • Publisher(s): Wiley
  • ISBN: 9781119059967