Financial Times

Nota: Este archivo abarca los artículos publicados a partir del 1 de Marzo de 2008.

¿Qué está haciendo China? Desde Hong Kong a Taiwán y desde el Mar del Sur de China hasta la frontera india, el gobierno chino, dirigido por el presidente Xi Jinping, está implementando políticas más agresivas. Existe una creciente preocupación acerca del comportamiento de Beijing, no sólo en Washington sino también en Delhi, Londres, Tokio y Canberra.

El gobierno chino tal vez crea que debido al coronavirus éste es un buen momento para actuar, ya que el mundo está distraído con otras cosas. La agitación en las calles de EE.UU. ha dividido y distraído aún más al Occidente. Pero las democracias no pueden darse el lujo de no prestarle atención a la situación en Asia Oriental.…  Seguir leyendo »

How Germany got coronavirus right-1

This April, Walther Leonhard got an unusual call from the authorities in Rosenheim, his hometown in southern Germany. He was being given a new job, in a new field, with a title that had just been invented, “containment scout”.

Leonhard, 33, who had been working as a court officer in Munich, was soon back home and hitting the phones. He was the latest recruit into Germany’s army of Kontaktmanagers (tracers) — the foot soldiers of its strategy for containing coronavirus.

Leonhard’s job is to call people who have tested positive — and all those they have recently come into contact with — to tell them to self-isolate for a fortnight.…  Seguir leyendo »

Are we heading into another Depression

The Covid-19 lockdowns have led to the largest rises in unemployment since the 1930s. The Financial Times asked leading economists and market analysts what to expect and what might be done to avert turmoil

A fumbling fragmentation looks more likely than another Depression Robert Zoellick, former World Bank president and author of ‘America in the World’

The deep economic dive has shocked people. The pace and extent of recovery depends on the discovery and availability of treatments and vaccines. I suspect we will see slow revivals, episodic setbacks and costly adjustments — but not a decade of economic disaster. Many small businesses and some storied brands will not survive, while skilful adaptors and disrupters, especially in the digital economy, will emerge stronger.…  Seguir leyendo »

Resulta que no todos pasamos la cuarentena haciendo el amor con nuestras parejas. A pesar de las primeras predicciones de una explosión de natalidad provocada por el coronavirus, parece que durante el confinamiento no tuvimos tanto interés en las relaciones sexuales como algunos habían imaginado.

Justin García, un investigador del Instituto Kinsey de la Universidad de Indiana, descubrió en un estudio sobre hábitos sexuales globales, que abarcó el período que va desde mediados de marzo hasta mediados de mayo, que casi la mitad de los consultados dijeron que durante la pandemia tuvieron relaciones sexuales con menos frecuencia y que lo disfrutaron menos.…  Seguir leyendo »

La pandemia se ha comparado con una guerra, aunque es una guerra contra una enfermedad, no contra otros humanos. Al igual que una guerra, está transformando las economías y exigiendo enormes aumentos en el gasto público y en el apoyo monetario. Ciertamente legará una deuda pública y unos balances de los bancos centrales mucho más elevados.

¿Esto significa que habría que responderse afirmativamente a la pregunta de si este largo ciclo de deuda forzosamente terminará en inflación? No, pero es posible que suceda. Después de la Primera Guerra Mundial y durante el proceso hiperinflacionario de 1923, Alemania se sirvió de la inflación para eliminar la deuda interna originada en el conflicto bélico. …  Seguir leyendo »

Wealth inequality: Europe and the U.S., 1810-2010

Professor Thomas Piketty’s Capital in the 21st Century has data on wealth inequality at its core. His data collection has been universally praised. Prof Piketty says he has collected,

“as complete and consistent a set of historical sources as possible in order to study the dynamics of income and wealth distribution over the long run”

However, when writing an article on the distribution of wealth in the UK, I noticed a serious discrepancy between the contemporary concentration of wealth described in Capital in the 21st Century and that reported in the official UK statistics. Professor Piketty cited a figure showing the top 10 per cent of British people held 71 per cent of total national wealth.…  Seguir leyendo »

The kidnapping nearly a month ago of more than 200 schoolgirls in Nigeria’s northeastern Borno state is not only a tragedy in itself but also a timely reminder of a growing threat.

Boko Haram, which has claimed responsibility for the abductions, is in the fifth year of an insurgency that has cost at least 4,000 lives and displaced half a million people. About 1,500 have been killed this year alone; the group has also started popping up in neighbouring countries.

In the early days Boko Haram eschewed violence, and aimed to create a strict Islamic state in the north. After years of increasing hostility towards the government, the sect launched an armed insurgency in 2009.…  Seguir leyendo »

I am puzzled by commentators who are certain that governments had it all wrong, at every step, in balancing stimulus and stability in the aftermath of the crisis. One often sees claims, for example, that the UK borrowed heavily in the distant past with little ill effect. So today’s leaders were foolish not to engage in even heavier borrowing and stimulus. These people seem to believe everything will be fine when it comes to public debt: like Voltaire’s character Dr Pangloss, they assume “all’s for the best in the best of all possible worlds”.

According to the debt panglossians, UK leaders watched as the economy stagnated, rationing stimulus out of a baseless concern over credit risks.…  Seguir leyendo »

When President Jimmy Carter sent me to China in 1978 to initiate the secret negotiations that resulted in the normalisation of US-China relations, only 1,200 foreigners lived in Beijing; just the other day 1,100 American officials moved into the new US embassy – and it is estimated that 150,000 foreigners now live in the city. Our world is different, better and safer because of that normalisation.

It precipitated almost from the start security co-operation that has been of genuine benefit both to the US and China. The effect was to change the cold war’s global chessboard – to the disadvantage of the Soviet Union.…  Seguir leyendo »