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China's near miraculous economic rise has been built on the smarts of men like Cheng Wei-lun and the sweat of the 800 workers he employs as chief executive of the Tianji Wooden Products Co. Based in Guangdong province in southern China, the company, which exports $10 million worth of toys and children's furniture annually, is like thousands of other small manufacturers that help form the backbone of the country's formidable export-manufacturing machine. But that frame is showing cracks, and all the brains and brawn in the world might not be enough to rescue Tianji Wooden...
China's sweatshops have every reason to sweat. America buys about 19% of China's $90 billion in monthly exports. As the U.S. economy began to falter in late 2007, China's torrid export growth rate--for the past several years running at an annual rate of 20% or higher--was showing unmistakable signs of a slowdown. In February it plummeted to just 6.5%, compared with nearly 20% growth expected by economists. Exporters suffered major disruptions from power outages and transportation delays caused by that month's heavy snowstorms, but sluggish U.S. demand was also to blame. The value...
...problem is that intervention usually has unintended consequences. In theory, the export ban should ease prices in India because more rice should be available. But because the global price remains a benchmark, Indian rice traders are resistant to selling their stocks for much less than they would get on the international market. That means less rice on the domestic market and higher prices for Indians. As economist Swaminathan S. Anklesaria Aiyar wrote recently in the Times of India, cutting exports is a form of national hoarding: "Governments would like to believe that hoarding by traders is terrible, whereas hoarding...
...Race for Rice Some governments are not taking a long-term view, however. In a game of beggar-thy-neighbor, they're trying to keep inflation at home from soaring out of control. Vietnam recently imposed export quotas to maintain domestic supplies, which reduces the international inventory and drives up the global price. China has also imposed strict limits on exports to restrain domestic prices. In the Philippines, meanwhile, President Gloria Macapagal Arroyo personally negotiated a guarantee of 1.5 million metric tons of rice from Vietnam...
Persuading lawyers to export work wasn't an easy sell, says Ganesh Natarjan, CEO of seven-year-old Mindcrest, which has its headquarters in Chicago and employs 440 lawyers in Mumbai and Pune. "Lawyers are a risk-averse group, so it was a slow process for them to adopt the idea," says George Heffernan, vice president and general counsel. Mindcrest's services include document review, research and support for compliance functions. The last cost large companies an average of $2.9 million each in 2006, according to Financial Executives International in Florham Park...