Feeds:
Posts
Comments

Posts Tagged ‘emerging power’

She’s the world’s wealthiest woman you’ve never heard of and she’s saying something you probably wish you hadn’t: “Gina Rinehart, world’s richest woman, makes case for $2-a-day pay“,the Los Angeles Times reports.

The Australian mining heiress has a problem. The cost of running a mining operation in Australia cannot compete with Africans willing to work a continent away for $2 per day.

There’s a certain elementary logic to Rinehart’s argument. If the two nations are selling raw materials at vastly different prices because of vastly different costs of labor, her operation loses. In a worse-case scenario, it might not even make sense to go on operating. From Rinehart’s perspective, profit is the objective and benevolence is a job — never mind if the jobs she creates fails to compensate workers well enough to keep the lights on. She’s precariously positioned on that slippery slope so common to today’s political and trade debates: It could be worse: no jobs.

The world’s richest woman has a point. But it doesn’t pass the sustainable-future test.

(more…)

Read Full Post »

Going Broke: Veterans of a Post-American Economy

Last week: A late-model Qantas A380 jet engine disintegrates mid-air, with passengers lucky to have survived the ensuing in-flight trauma. This week: A two-year-old Carnival cruise ship is towed into a San Diego, California port after an engine crankcase spontaneously splits open, erupting in fire. Passengers in this case, too, were lucky that the worst they suffered was cold food, limited electrical power and non-operable toilets. And in what would have been shocking 10 years ago, news of contaminated meat, recalled produce and unsafe drugs are now so routine that most of us shrug it off.

In such situations, the finger-pointing tends to be brand, manufacturer or supplier-specific. Indeed, it is tempting to chalk up such news to a series of unfortunate flukes. But is that the best and brightest lesson we can draw — or does our mainstream news media tend to downplay or disregard the Big Picture?

 

(more…)

Read Full Post »