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Articles by Bloomberg

[Megan McArdle] Outsiders can’t transform a bureaucracy

ViewpointsNov 16, 2017

Almost two months after his first secretary of health and human services stepped down, Donald Trump has finally nominated a replacement: Alex Azar, the former president of Eli Lilly’s operations.　Azar’s name is not widely known outside Washington, or even particularly well known here inside the Beltway. He’s an interesting choice, not just because of his background as a pharmaceutical executive, but also because of what his nomination suggests the administration has learned over the past year.　W
[Leonid Bershidsky] Russia’s economy is growing with borrowed money

ViewpointsNov 16, 2017

Without any new ideas from a technocratic government constrained by President Vladimir Putin’s apparent indifference, the Russian economy is once again relying on consumers, who are borrowing more to buy real estate and imported products. The growth is real, but it’s also meager. And it will be hard to sustain without bigger changes. On Monday, Rosstat, Russia’s official statistics agency, announced that the country’s gross domestic product increased 1.8 percent year-over-year in the quarter tha
[Eli Lake] As Iran holds hostage, Britain forgets who it’s dealing with

ViewpointsNov 15, 2017

A good rule of thumb for dealing with Iran is to always remember that the Islamic Republic is not a normal nation, guided by the rule of law. When it detains foreign nationals, they are not prisoners awaiting due process. They are hostages to be traded for concessions -- by a regime founded by hostage takers.　This really should go without saying. But evidently Britain needs a reminder. Take the latest “scandal” involving a minister in the government of Theresa May, Foreign Secretary Boris Johnso
[Komal Sri-Kumar] Trump’s trade swagger leaves markets unimpressed

ViewpointsNov 15, 2017

There was much goodwill during President Donald Trump’s Asian tour. He was greeted warmly by Prime Minister Shinzo Abe of Japan and became the first US president to be the guest of honor at a state dinner in Beijing’s Forbidden City. Markets were less impressed, however, and noted that Trump received no trade concessions from either Asian power.　Trump said repeatedly during the presidential campaign that the large trade deficit was proof the US was being unfairly treated, and he vowed to correct
[Zev Chafets] Saudi Prince’s revolution is the real Arab Spring

ViewpointsNov 13, 2017

When Crown Prince Mohammed bin Salman of Saudi Arabia rounded up 500-head of royals and billionaires last weekend and tossed them into luxury confinement, it was more than just a power grab by a young man in a hurry. It was a revolution. But of what kind?　Faisal J. Abbas, the editor of the Arab News, the English-language daily that normally speaks for the government, provided an answer of sorts from the Saudi perspective. “With all due respect to the pundits out there, ‘experts’ analyzing Saudi
[Christopher Balding] China banks need more than ‘for sale’ signs

ViewpointsNov 13, 2017

In a surprise announcement, the Chinese Ministry of Finance declared on Friday that it will henceforth allow foreigners to own Chinese banks outright and gain majority stakes in insurance and securities firms. While dramatic, this isn’t China’s first effort to open up its economy to outside expertise and competition. If they want this one to succeed, officials will need to do more than hang out a “for sale” sign.　Ever since joining the World Trade Organization in 2000, China has continued to pro
[Ben Carlson] Why South Korea’s stock market is doing just fine

ViewpointsNov 12, 2017

President Donald Trump’s visit last week was a reminder of the risk faced by South Korea from its northern neighbor. You would think the mounting tensions would send South Korean stocks crashing. That hasn’t been the case.　In fact, South Korea is one of the strongest-performing world stock markets this year, with the iShares MSCI South Korea ETF, known as EWY, up almost 43 percent. And that’s after losses in three out of the previous six years.　Markets have a history of ignoring or brushing off
[Mihir Sharma] The Pacific gets a little bigger

ViewpointsNov 12, 2017

As President Donald Trump makes his way across Asia, ears in local capitals have picked up a subtle but unmistakable change in messaging from the US administration. The shift focuses on an apparently innocuous term: “the Indo-Pacific.” US National Security Adviser H.R. McMaster introduced the president’s itinerary to reporters as “a great opportunity to demonstrate America’s and the Trump administration’s commitment to the Indo-Pacific.” Trump himself has used the term and it’s all over the offi
[Timthoy OBrien] Trump, trade and the art of the spiel

ViewpointsNov 12, 2017

There are billions of reasons to be skeptical whenever President Donald Trump and his White House team roll out headline-worthy trade deals and job announcements.　Take the president’s visit to China, for example. Trump announced $250 billion of deals there on Thursday, and he and Chinese President Xi Jinping described them as “win-win” transactions full of economic benefits for both superpowers.　But as a Bloomberg News article reported, “The roughly 15 agreements unveiled on Thursday are mostly
[Vladimir Putin] Russia’s role in securing Asia’s prosperity

ViewpointsNov 10, 2017

Russia values the Asia-Pacific Economic Cooperation forum -- which begins this week in Danang, Vietnam -- for the opportunities it affords all participants to engage in discussions and coordinate positions on a variety of economic, social, environmental and cultural issues. Member states strive to cooperate based on the principles of consensus and voluntary participation, mutual respect and willingness to compromise, regardless of the political situation. This is what APEC’s spirit of partnershi
[Noah Smith] US and Japan don’t have a trade problem

ViewpointsNov 9, 2017

On his recent trip to Japan, President Donald Trump sounded more like a 1980s trade negotiator than a 2010s statesman. He urged Japan to invest more in the US, buy more military equipment and import more liquefied natural gas, and generally pressed for other measures that he thinks will reduce his country’s trade deficit with its main Pacific ally.But Trump is focusing on the wrong things. Japan’s trade surplus with the US is mostly not about protectionism or aggressive Japanese policy -- it’s a
[Adam Minter] China reinvents literature (profitably)

ViewpointsNov 9, 2017

Smartphones may be killing print in China, but they’re revolutionizing literature. Last year, 333 million Chinese read fiction written for their phones and other devices, according to government data. Some is written by hobbyists and some by professionals. Increasingly, though, it’s hard to tell the difference, as China’s “online literature” morphs into a $1.3 billion industry.　Investors have taken note. On Wednesday, China Literature Ltd., the country’s biggest online publisher, will go public
[Pankaj Mishra] What Tories can learn from Communists

ViewpointsNov 9, 2017

Chinese President Xi Jinping’s assumption of supreme leadership seems to suggest that the Chinese Communist Party has finally reached the impasse long predicted by its critics. It may no longer be able, as Minxin Pei wrote in “China’s Trapped Transition: The Limits of Developmental Autocracy,” to “build broad-based social coalitions to pursue its policies and defend itself.”Rule by autocratic decree invariably strangles the possibility of new ideas and innovations -- what advances the process of
[Leonid Bershidsky] Europe is tiring of ‘Anglocondescension’

ViewpointsNov 7, 2017

Just a few years ago, fatigue from “Anglo-Saxon lecturing” was a hallmark of authoritarian regimes like Vladimir Putin’s in Russia or Xi Jinping’s in China. Now it’s surfacing in mainstream European media -- a sign that, after Brexit and Donald Trump’s victory, the English-speaking world is losing intellectual legitimacy.　On Thursday, El Pais, Spain’s newspaper of record, published an article in English by its Editorial Director Jose Ignacio Torreblanca, entitled “Anglocondescension.” Dripping w
[Jean Tirole] France’s labor laws should protect people, not jobs

ViewpointsNov 7, 2017

French President Emmanuel Macron’s efforts to loosen the country’s labor code are innovative and welcome. They might help attract more investment. But if France truly wants to reconcile the interests of companies and workers, it also needs a different kind of reform -- one focused on protecting people, not jobs.　Macron’s plan increases legal penalties for “wrongful” dismissals, while curbing the ability of courts to grant workers even greater compensation. This is the right approach; the problem