Democracy and competitive capitalism make a difficult, but precious, marriage of complimentary opposites,” writes Martin Wolf, associate editor and chief economic commentator of the Financial Times London, in his book on ‘The Crisis of Democratic Capitalism’. In turn, he argues that competitive democracy induces politicians to offer policies that would improve the performance of the economy and
The world economic order is fast changing, with industrial policymaking a rapid comeback in the United States and Europe at the cost of multilateralism and the Global South facing serious headwinds due to the dominance of the US dollar in the international financial system that gives Washington and other western capitals enormous leverage to impose economic blockade on any country. Against this
The Shanghai Cooperation Organization (SCO) established in 2001, a regional grouping of eight countries comprised of Belarus, China, India, Iran, Kazakhstan, Kyrgyzstan, Pakistan, Russia, Tajikistan, and Uzbekistan, has emerged as a significant player in the world map. With a vast geographical area spanning Eurasia and a diverse range of economies, the SCO offers immense potential for expanding t
Finance Minister Muhammad Aurangzeb departed from Islamabad for Washington on Sunday to attend the annual meetings of IMF and the World Bank Group, the Pakistan Embassy announced. Mr Aurangzeb was initially expected to arrive in the US capital on Sunday, but he delayed his trip by a day to attend a session of Senate. The house proceeding included a vote on a constitutional amendment bill, whi
The punishing post-Covid wave of sovereign defaults has finally crested, with the likes of Ghana, Sri Lanka and Zambia concluding years of painful debt reworks. But the International Monetary Fund and others worry that a dangerous liquidity shortfall could take its place in many emerging economies — setting back development, stunting climate change mitigation and fuelling distrust in government