As The World Turns, Some Things Remain The Same
China Begins Its Leadership Transition
The new leadership of China’s Communist Party was introduced on Wednesday with Xi Jinping holding the reins. He replaces Hu Jintao, who has ruled China for more than 60 years. Li Keqiang, who is expected to replace Wen Jiabao as premier early next year. Is There A New Transatlantic Relationship? The special relationship between the US and Britain is what springs to mind when thinking of transatlantic relations, but the shifting global and economic politics may be producing a new bond between Brazil and Africa.
Economic Woes Remain A Drag US, European Economies
Fiscal Year 2013 begin with a bang (of reality) as the budget deficit in October was $120 billion – more than anticipated. Economic forecasts were for a $114 billion gap and up from $98 billion in October of 2011.
In Europe, however, economic news was worse as the Euro zone entered its second recession since 2009. The economy of the 17-nation bloc contracted by 0.1% between July and September, after shrinking 0.2% in the previous three months, according to Eurostat.
Can Fostering Entrepreneurship Reduce Poverty Rates? Goldwater Institute says entrepreneurship could be the key to reducing the rates of poverty.
The analysts studied state data from 2001 to 2007 and found that for every 1 percentage increase in the rate of entrepreneurship in a state, there was a 2 percent decline in the poverty rate. The report advises policymakers to focus on reducing tax burdens. The report noted that “for every 1 percentage point increase in the tax burden, there’s a corresponding 1 percentage point drop in the entrepreneurship rate.”