The Future of the Global Wine Industry

by Elliott Morss Introduction Over the last 30 years, dramatic changes in the wine industry have occured. From being almost completely domiciled in four European countries (France, Italy, Spain, and Germany), it has spread worldwide to include the US, Australia, Argentina, New Zealand, South Africa, Chile and yes, China (7th largest producer in 2011). What …

More Unwise Trade Intervention Likely

by Michael Pettis Last week’s Senate bill on Chinese currency intervention predictably enough brought out all the same old arguments about international trade, and just as predictably has hardened the opposing positions in the debate. Unfortunately the difference between a good outcome, intelligently negotiated, and a bad outcome, is pretty large, but with each side …

Big in Japan

Comparisons of western economies to Japan seriously miss the point about what went wrong there in the 1980s. Except at a very superficial levels Japan’s imbalances before 1990 were very different from the imbalances from which Europe and the US suffer today, and the resolutions in each case are likely to be very different.