The reality of 'political economy' is something that irritates many economists -- the "purists", if you like. The political element is impossible to model; it often flies in the face of textbook economics; and democratic decision-making and backroom horse trading can be notoriously difficult to predict and painfully slow. And political economy is all pervasive in 2010 -- Barack Obama's proposals to rein in the banks is rooted in public outrage; reading China's monetary and currency policies is like Kremlinology; capital curbs being introduced in Brazil and elsewhere aim to prevent market overshoot; and British budgetary policies are becoming the political football ahead of this spring's UK election. The list is long, the outcomes uncertain, the market risk high.
The Great Debate UK
- Bill Frelick is Human Rights Watch‘s refugee policy director and the author of “Pushed Back, Pushed Around: Italy’s Forced Return of Boat Migrants and Asylum Seekers, Libya’s Mistreatment of MIgrants and Asylum Seekers“. The opinions expressed are his own. -
- Luke Baker is a political and general news correspondent at Reuters. -
The mountains and deserts of southern Afghanistan are far removed from the elegant charms of Trieste in northern Italy, but there will be a link between the two this weekend.
from UK News:
The shockwaves reverberating through Westminster as the MPs' expenses scandal unfolds have been compared with the "Clean Hands" bribery scandal that effectively demolished Italy's post-war political establishment in the space of a couple of years in the early 1990s.