ATHENS – Imagine a depositor in the US state of Arizona being permitted to withdraw only small amounts of cash weekly and facing restrictions on how much money he or she could wire to a bank account in California. Such capital controls, if they ever came about, would spell the end of the dollar as a single currency, because such constraints are utterly incompatible with a monetary union.
PRINCETON – If we were to judge the state of the world by the news headlines, 2015 was the year of Islamist terror, especially in Paris. It began with the massacre at Charlie Hebdo and included the much deadlier November 13 shootings in the city, in addition to attacks in Beirut, Ankara, and on a center for disabled people in San Bernadino, California.
DUBAI – No visitor to the Middle East can avoid noticing the yawning gap between the educational, entrepreneurial, and occupational aspirations of the region’s young people and the harsh reality that deprives so many of them of a positive future. Indeed, in the Middle East, half of those aged 18-25 are either unemployed or underemployed.
NEW DELHI – Today more than ever, to paraphrase the poet John Donne, “no country is an island entire of itself.” India, too, has recognized this, becoming fully integrated into the world economy by way of trade in goods and services, as well as flows of capital, technology, and ideas. And, of course, India’s uniquely large and widespread diaspora is playing a unique role in strengthening its ties with the world.
NAIROBI – Rapid advances in technology have dramatically lowered the cost of gathering data. Sensors in space, the sky, the lab, and the field, along with newfound opportunities for crowdsourcing and widespread adoption of the Internet and mobile telephones, are making large amounts of information available to those for whom it was previously out of reach. A small-scale farmer in rural Africa, for example, can now access weather forecasts and market prices at the tap of a screen.