As of Aug. 1, 2013, the U.S. Bureau of Economic Analysis (BEA) finally stepped into our new 21st century. Gross Domestic Product (GDP) will now include much of the intangible production and services which actually make up some 70 percent of mature 21st century economies, such as software, research and development, entertainment, trademarks, copyrights, design and other creative innovation.
The problem of the U.S. economy lies much deeper than
the fiscal cliff. Wise people--Robert Borosage, Paul Krugman, Joseph Stiglitz--see neither the fiscal deficit nor the U.S. debt as the key problems, but the lack of growth.
There are numerous reasons to believe that the forces that have been driving growth in developing and emerging economies since 2009 cannot be sustained over the medium term. At the same time, it is impossible to return to the extremely favourable international economic conditions that prevailed before the eruption of the global crisis.
Carolina Poalo strikes the dry earth over and over with her hoe, her frail body bent almost double. She is determined to begin planting. During the long, dry season in Mozambique, she and her two young grandchildren have eaten little but cassava leaves.
When you board Mozambique’s national carrier, Linhas Aéreas de Moçambique, you will most likely be given small blue packets of peanuts to munch as the jet whisks you from the country’s capital, Maputo, to as far afield as Europe. Sugar, salt or chilli flavour. Take your pick.
KUALA LUMPUR, Feb 26 (IPS) - A plan by the Malaysian government to privatise its public healthcare system and get consumers to pay for it through salary cuts is rapidly turning into a major election issue.