The IMF has determined that its austerity program for Greece was too harsh and has actually made it more difficult for Greece to repay its debts. Its internal deliberations confirm what many outsiders have long held to be true. Austerity programs force internal devaluations of wages and prices, and such movements are designed to make countries more competitive. But it is easy to overestimate the degree to which countries can more effectively compete in the global marketplace if their exported products are not really in great demand (in Greece’s case, its main exports are agricultural products). It is not clear how this might affect the Greek economy, or whether the IMF can offer some compensatory action. The Greeks have suffered greatly and have very little to show for it.
Chinese President Xi Jinping will be visiting the US later on this week, and President Obama has said little about specific topics to be discussed. The visit is more likely considered a chance for Presidents Xi and Obama to establish some sort of personal rapport. Stephen Walt offers an insightful analysis of what we can expect from the upcoming summit meeting.
One of the interesting question in world politics is the extent to which there are common values underpinning a global civic society. The Pew Foundation has issued a study on global attitudes toward homosexuality, asking questions to people in 39 countries. It is a fascinating study that indicates that there are wide divergences in global society on the question of the acceptability of homosexuality. There does not appear at this time to be a common view on the question of homosexuality.
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