Cambridge, MA–It’s been a pretty stellar decade so far in the world’s largest democracy. The economy is growing at nearly 9% a year, GDP per capita has nearly doubled, and its largest multinationals are on a global feeding frenzy, gobbling up anything they can get their rupees on.
From steel makers and aluminum manufacturers to fabled liquor empires and Britain’s beloved Tetley Tea, corporate India is expanding aggressively in its quest to unseat Japan and China, Asia’s two incumbent economic powers. Perhaps not surprisingly, capitalism suits the former British colony well — at least in the aggregate — and with the birth of the world’s cheapest car and a play for Ford’s premium European business, Tata looks set to usher in a new era of Indian industrial leadership. (more…)
Cambridge, MA—The American public has responded in similar and predictable ways to each of the country’s three major conflicts since World War II. At the beginning of each episode, public support was considerable as people rallied around the flag in support of a shared ideal, be it anti-Communism during Korea and Vietnam, or anti-terrorism in Iraq. Subsequently, support has tended to decline with an increase in casualties and the duration of hostilities. Finally, after both the Korean and Vietnamese wars, the party that initiated the conflict was voted out of the White House, with Eisenhower replacing Truman and Nixon replacing Johnson.
Recent polls have shown eroding support for both the President and the GOP. Less clear is what might be done to halt or reverse that trend. Although more than two-thirds of Americans disapprove of President Bush’s handling of the war, and 54% feel that their country shouldn’t have even gone into Iraq in the first place, 42% still believe that the military should remain until the situation is stabilized — and only 30% believe that all troops should be withdrawn entirely. These figures highlight the challenge of responding to divided public opinion in the face of a protracted occupation and discouraging historical precedent. (more…)
Cambridge, MA—When Einstein first remarked that “Everything is relative,” he didn’t have Stan O’Neal in mind. This week, Merrill Lynch’s top banker was paid $161.5 million to take an early retirement after suggesting, quite acceptably, that the bank ought to consider merging with another global titan of finance to buoy its sagging share price, restore investor confidence, and position the company for growth after the latest shake-up in the credit markets.
To be fair, the bank just announced that it was writing down $8.4 billion in holdings as a result of the recent mortgage meltdown, and Merrill’s stock has underperformed every one of its global banking peers in 2007. But this latest sacking adds yet another ugly data point to the growing debate around executive compensation at a time when even failure, it would seem, can be a sign of success. (more…)
“The Arctic trails have their secret tales
That would make your blood run cold.”
- Robert Service, “The Cremation of Sam McGee”, 1907
The same year Robert Service published his famous poem about the mystery and grandeur of the Far North, Canadian Senator Pascal Poirier was busy staking his country’s Arctic claim in Parliament to a world that largely didn’t care. One hundred years later, a Russian icebreaker led two research vessels to the North Pole to plant a symbolic Russian flag 13,200 feet below the surface, encased in titanium. This time everyone noticed.
It was territorial brinksmanship at its finest: a shot across Canada’s Arctic bow. Past efforts to define the country’s northern frontier have been largely reactive and rarely successful, but this time the Russians are playing for keeps. If Canada doesn’t respond with strength and resolve, there will be more to lose than a few Arctic trails in the land of the midnight sun.
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