Can a seemingly robust labor union simply collapse? The news is full of stories about growing union power – but just because a union is strong now doesn’t mean it’ll stay that way. Important unions have put themselves out of business before. The International Typographical Union, or ITU, is one such example. Once it was […]
6 ways Canadians can prepare for the upcoming recession
Although it certainly feels like it, and many people believe it, we are not in a recession yet. While a recession is defined as two successive quarters of negative GDP growth, it is essentially a period where economic growth falls significantly and unemployment rates rise. Given the lack of a precise definition, there is not […]
eNaira: Nigeria’s digital currency has had a slow start
Nigeria was the first country in Africa to roll out a central bank digital currency. The eNaira was launched in October 2021. The main reasons were to promote financial inclusion, increase cross-border transactions, facilitate diaspora remittances and complement existing payment systems. But adoption has been low so far. Less than 0.5% of Nigerians were using […]
changing how we measure progress is key to tackling a world in crisis – three leading experts
It’s an odd quirk of history that, on the first day of his ill-fated presidential campaign in March 1968, Robert F Kennedy chose to talk to his audience about the limitations of gross domestic product* (GDP) – the world’s headline indicator of economic progress. It seems stranger still that, despite the power of that iconic […]
A carbon tax on investment income could be more fair and make it less profitable to pollute – a new analysis shows why
About 10 years ago, a very thick book written by a French economist became a surprising bestseller. It was called “Capital in the 21st Century.” In it, Thomas Piketty traces the history of income and wealth inequality over the past couple of hundred years. The book’s insights struck a chord with people who felt a […]
Why is Tax Day on April 18 this year? And how did early spring become tax season, anyhow?
Mid-April has arrived. And along with the spring sunshine, that means the often dreaded civic duty of finishing off one’s taxes. It’s an arduous time for many, characterized by navigating increasingly confusing rules to arrive at the best refund possible. For some, it means writing a check to the federal government. Not fun. On a […]
Nigeria’s debt is sustainable, but dangers loom on the horizon
The World Bank recently ranked Nigeria fifth on the list of 10 countries to which it has the highest debt exposure. Nigeria owes the International Development Association – one of the two lending arms of the World Bank – US$11.7 billion. The International Development Association lends to countries based on their relative poverty or per […]
GOP shutdown threat is the wrong way to win a budget war − history shows a better strategy for reducing the deficit
Congress has just days to keep the federal government from grinding to a halt, and a last-minute deal seems increasingly unlikely. The problem is that lawmakers need to pass a dozen appropriations bills – or a single continuing resolution – by Sept. 30, 2023, in order to keep the government’s lights on. But a key […]
Ghana and the IMF have struck a deal, but hard choices lie ahead
In mid-May 2023 the International Monetary Fund (IMF) finally approved a US$3 billion 36-month arrangement with Ghana. It immediately disbursed the first tranche of US$600 million. This is the second time in the past eight years that the country has approached the IMF. And it’s the 17th time since independence in 1957 – that’s roughly […]
Federal Reserve just hiked interest rates for the 7th time this year – so why are mortgage rates coming down?
The Federal Reserve raised interest rates by half a percentage point on Dec. 14, 2022, to a range of 4.25 to 4.5%, the seventh increase this year. So far in 2022, the Fed has lifted its benchmark short-term rate, which influences most other borrowing costs in the economy, by 4.25 percentage points from a low […]