Word: downturned
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...urging. Financial liberalization and free trade were mantras recited by the E.U. (and others) as the Eastern states readied to join. The policies work. But as Katinka Barysch of the Centre for European Reform in London wrote recently, they have also "left the region exceptionally vulnerable in the downturn." Populist Eastern politicians may now use the crisis, and the perceived lack of Western help, to roll back reforms...
...current fiscal year, which ends in June. The loss of funds is small compared to the city’s overall budget of $434 million. But, combined with the fact that “all other revenue sources are ‘flat’ during this economic downturn,” it was expected to necessitate “serious expenditure reductions,” wrote City Manager Robert W. Healy in a memo to the City Council...
First it was a “credit crunch,” then it was an “economic crisis,” and now a “global economic downturn.” But, with Japan in recession, Europe in recession, and the U.S. in recession, it is high time we face our fears: We are living through a global recession. Still, the worst may be yet to come—if policymakers continue to push for short-sighted economic nationalism, they will make sure this becomes the worst bogeyman of them all: a global depression...
...protectionism does not creep into measures to fight the global downturn only because of the haste with which they fly through legislatures. Even in the 21st century, there are people who actually believe that “Buy American” clauses are a worthy cause. When asked by the New York Times if people would oppose protectionism, Senator Sherrod Brown (D - Ohio) replied: “Who could be against it? Well, some Ivy League economists don’t like it—something about Smoot-Hawley and the Great Depression...
...symposium, featuring economics professor Benjamin M. Friedman ’66 as the keynote speaker. Friedman touched on the current trend of corporate layoffs of foreign employees and fielded questions about protectionism, government intervention and China’s rapidly growing economy. “The current economic downturn is extremely threatening,” Friedman said during his speech. “People should be aware that the problems we’re discussing are far more important and lasting than just here in the United States.” Going beyond quantitative economic analysis, Friedman discussed the ethical...