Articles by Bloomberg
Bloomberg
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[Cass Sunstein] Law should tread lightly on college admissions
US courts have long been reluctant to intervene in the admissions decisions of colleges and universities. In general, the law allows them to do whatever they want within this overarching framework: - Racial discrimination is forbidden. - An institution may not maintain a racial quota system, even if it is sincerely seeking to ensure the presence of adequate numbers of traditionally disadvantaged groups, including African-Americans. - An institution may consider race as a “plus,” at least if it i
Viewpoints July 1, 2018
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[Ferdinando Giugliano] Italy’s Donald Trump is running the show
If an alien landed in Rome today, he would think Matteo Salvini was running Italy. The leader of the right-wing League has seized the center stage of Italian politics, even though he is merely deputy prime minister, interior minister and head of the junior party in its governing coalition. Five Star, the League’s senior partner in the new populist administration, is entirely to blame for this. The movement has been outmaneuvered comprehensively since Italy’s government was formed three weeks ago
Viewpoints June 28, 2018
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[Brooke Sutherland] Harley hitting the road is just the start
As one Trump administration trade policy backfires, another looks set to. On Monday, Harley-Davidson said it would shift some production out of the US in order to mitigate the impact of European Union tariffs targeting its motorcycles. Those penalties -- which Harley-Davidson estimates may cost it as much as $100 million annually -- were in response to US levies on steel and aluminum imported from the EU. Meanwhile, the Treasury Department is reportedly planning to aim a bazooka at a Chinese tak
Viewpoints June 28, 2018
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[Nobuko Kobayashi] Women and foreigners won’t save Japan Inc.
As Japanese investors flock to annual general meetings this week -- more than 400 of them on June 28 alone -- they’ll have new yardsticks by which to measure performance. The Tokyo Stock Exchange and the Financial Services Agency added two new recommendations to the corporate governance code this month: to re-evaluate complex cross-shareholdings and to push for greater diversity on boards, most notably by adding more women and non-Japanese directors. While the code doesn’t specify numerical targ
Viewpoints June 28, 2018
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[Noah Smith] America’s working women need help
Japan, many people believe, is a country of rigid, traditional gender norms, where men work and women are homemakers. But this stereotype is passe. Despite the continued prevalence of traditional gender roles in television shows, Japanese culture has undergone a sea change -- most women now have jobs. Japan isn’t alone. In recent years, female labor force participation has been rising across almost all industrialized countries. There’s at least one big exception, though -- the US. The decline of
Viewpoints June 27, 2018
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[Christopher Balding] Why China can’t fix its housing bubble
Real estate is the driver of the Chinese economy. By some estimates, it accounts (directly and indirectly) for as much as 30 percent of gross domestic product. Keeping housing prices buoyant and development robust is thus an overriding imperative for China -- one that is distorting policymaking and worsening its other economic imbalances. Despite reforms in recent years, there’s little question that Chinese real estate is in bubble territory. From June 2015 through the end of last year, the 100
Viewpoints June 27, 2018
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[Leonid Bershidsky] Turkey’s Erdogan fought hard, won unfairly
The existence of a vibrant political culture and strong opposition to the political monopoly of the country’s long-term ruler were what separated Recep Tayyip Erdogan’s Turkey from Vladimir Putin’s Russia. After Erdogan’s victory in Sunday’s hotly contested presidential and parliamentary elections, however, these differences are likely to be eroded as Turkey sinks into an Islamic version of Putinism. It wasn’t a particularly impressive victory: Erdogan won the presidential election with about 52
Viewpoints June 27, 2018
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[Adam Minter] How to solve plastic crisis
Since Jan. 1, when China stopped accepting the rich world’s recyclable plastic waste, it’s gotten a ton of criticism for worsening the already deep crisis of ocean plastic pollution. But China isn’t the only culprit here. This is a crisis made -- and growing worse -- throughout developing Asia.Just eight countries in the region are responsible for about 63 percent of total plastic waste flowing into the oceans. Little of that junk has been exported by rich economies. Instead, it’s almost solely
Viewpoints June 27, 2018
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[Mac Margolis] Social change comes to conservative Chile
When Chilean screen actress Daniela Vega flew to Los Angeles for the Academy Awards ceremony last March, Hollywood glory wasn’t the only thing on her mind. In a matter of days, Vega would become an international celebrity for her role in the Oscar-winning “A Fantastic Woman” (best foreign picture), a fraught love story about a transgender singer and the social barriers and obscurantism she confronts. But first she had to face a little obscurantism herself. “I have a passport with a name that has
Viewpoints June 26, 2018
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[Christopher Balding] Tax cuts feed China’s consuming passion
It’s tempting to view China’s changes to the personal and corporate tax code in the context of US trade tensions. The reforms are really aimed more at Beijing’s concerns about competitiveness and economic rebalancing, and ultimately the creation of a “moderately prosperous society.” China has many problems with tax policy. Start with the labyrinth of (mostly very high) fees and levies on individuals and corporations. According to the World Bank, China has the 12th-highest official total corporat
Viewpoints June 25, 2018
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[Pankaj Mishra] Don’t fantasize about world before Trump
President Donald Trump, it is clear, presides over a regime of untruth and personally inhabits a realm of fantasy. But some of his critics have fallen prey to illusions of their own about the US and the world before Trump. Take, for instance, Trump’s cruel disregard for the suffering of children caught up in his crackdown on immigration. It provoked many to charge him with violating “American values.” Such condemnation obscures the fact that the US was, from the late 19th century onwards, the in
Viewpoints June 25, 2018
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[Tyler Cowen] Bilateral trade deals can work, if your name isn’t Trump
One of the most fascinating moments in recent negotiations came when US President Donald Trump offered complete free trade to his European partners at the Group of Seven meetings. Trump may have viewed this as a public relations ploy, but the response was still striking: No major European political leader embraced the idea. Nor did China. So how to make further progress on trade? Well, Trump on Monday threatened China with an extra $200 billion in tariffs, thereby moving back to bilateral pressu
Viewpoints June 25, 2018
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[Zev Chafets] Israel’s spy thriller puts old assumptions to the test
Israeli security services engage in a form of profiling that rests on a basic assumption: Jewish Israelis are on Israel’s side. They are not likely to be terrorists bent on blowing up the airport, or spies working for the enemy. This form of profiling almost always works. But it is not foolproof. In mid-June, a Jerusalem court indicted Gonen Segev on charges of “assisting the enemy in wartime and espionage.” In a statement issued on June 15, the Shin Bet, Israel’s internal security service, alle
Viewpoints June 25, 2018
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Trump's trade war sets bigger booby trap for strong US economy
The escalating trade battle between the U.S. and the rest of the world is raising the risk of a meaningful slowing in an otherwise vibrant American economy.While the tariffs already in place and set to be implemented will barely dent U.S. growth, economists say the panoply of additional measures being considered would take a perceptible bite out of gross domestic product if they go ahead.“It’s going to be more noticeably painful,” said Peter Hooper, chief economist at Deutsche Bank AG in New Yor
World Business June 24, 2018
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Bitcoin slips to 2018 low as rising scrutiny fuels skepticism
Bitcoin dropped to the lowest level this year as pressure mounts on the embryonic digital-currency sector, with global central bankers raising questions of viability and government regulators increasing scrutiny.The biggest virtual currency fell as much as 5.1 percent to $5,832.68, piercing the previous low of the year of $5,920.72 that was set on Feb. 6, according Bitstamp prices as of 10:40 a.m. in London. That bought its decline from the record high of almost $20,000 reached in December to 70
World Business June 24, 2018
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