economics

NEWS via psMag: Ironic Gentrification and the Migration of Globalization

March 24, 2014 // 0 Comments

Ironic Gentrification and the Migration of Globalization BY JIM RUSSELL • March 20, 2014 • 2:00 AM Cherry blossom trees in Buffalo, New York, in bloom. (Photo DragonFire1024/Wikimedia Commons) Higher education and health care, two major elements of the new Legacy Economy, are attracting global talent and gentrifying the neighborhoods that surround them, pricing out residents who toil in the local or regional labor market. I link economic globalization to gentrification with migration. Gentrification itself is an indicator of intensifying globalization. The influx of migrants who toil in a global labor market move into a neighborhood and compete with residents who toil in a local or regional labor market. Soon enough, the rent is too damn high. Or, if you like (I do), the wages are too damn low. Both cost for shelter and income impact housing affordability. A conventional measure that captures both variables is percentage of income dedicated to housing. In that light, some [...]

NEWS via BloombergBusinessWeek: Megadams Are Dismal Investments

March 22, 2014 // 0 Comments

Megadams Are Dismal Investments By Blake Schmidt March 13, 2014 Photograph by Taylor Weidman/Zuma Press Indigenous Munduruku men at the quarry site for Belo Monte It’s hard to overstate the massive proportions of Belo Monte. When completed, it will be the world’s third-largest dam. Set in the heart of the Brazilian Amazon, it will funnel water through 18 turbines, each with the diameter of the Space Shuttle. When the last one is switched on in 2019, Belo Monte will have a capacity of 11,233 megawatts—enough to supply power to 40 percent of Brazil’s households. Construction crews, which began work in 2011, will have to dig up almost twice as much dirt as was removed to build China’s Three Gorges Dam, and truck in enough steel to build 16 Eiffel Towers, according to the dam’s developers. About 26,000 laborers toil in shifts around the clock. Massive is a word that also applies to the hydropower project’s price. Norte Energia, the consortium awarded a 35-year concession [...]

NEWS via Christian Science Monitor: Why African-Americans are moving back to the South

March 16, 2014 // 0 Comments

After decades of moving north, thousands of blacks are returning to their Southern roots for economic and cultural reasons. By Carmen K. Sisson, Correspondent / March 16, 2014 Artist Kia Darceo left Milwaukee for Atlanta, which she calls ‘Black Mecca.’ This is the cover story in the Mar. 17 issue of The Christian Science MonitorWeekly. Melanie Stetson Freeman/Staff WEST POINT, MISS. When Charlie Cox told his friends he was leaving Chicago, no one tried to talk him out of it. After 35 years at General Motors, he was ready to retire. Ready to trade the cold and the crime and the frenetic pace of life for the rivers and fields of his youth. He had grown up in rural West Point, Miss., and he had moved north with his family when he was 9 years old, but somehow his heart had never quite followed. His spirit yearned for the South, and, as the years passed, the memories of his childhood burned brighter until he couldn’t stand it any longer. There was only one problem: [...]

NEWS via Reuters: U.N. Sounds Alarm on Worsening Global Income Disparities

February 9, 2014 // 0 Comments

U.N. sounds alarm on worsening global income disparities BY LOUIS CHARBONNEAU UNITED NATIONS Wed Jan 29, 2014 11:50am EST Helen Clark, head of the United Nations Development Programme (UNDP), speaks during a news conference after launching a report on ”Water Governance in the Arab Region” in Manama November 28, 2013 file photo. CREDIT: REUTERS/HAMAD I MOHAMMED (Reuters) – The U.N. Development Program warned in a report on Wednesday that income disparities in countries around the world have been worsening, posing new risks for global economic and political stability. The UNDP warning echoes remarks from U.S. President Barack Obama in his annual State of the Union address on Tuesday, in which he said there was a widening gap between rich and poor in the world’s biggest economy and that while the stock market has soared, average U.S. wages have barely budged. The UNDP report said income inequality increased by 11 percent in developing countries over the two [...]
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