Economy

Last month, the Central Bank of Nigeria began a pilot in Lagos aimed at reducing the high dominance of cash in the economy by imposing limits on cash transactions. In similar fashion, Sweden, through its emphasis on technology and innovation, is likely to become the world’s first cashless economy. The emergence of electronic money (e-money) in these two countries has revived the discourse over the future of cash, but in particular, the rise of e-money has opened the debate about the ways to leverage the benefits of this technology for financial development in the developing world.

Manufacturing matters. That is the rapidly emerging consensus in the United States, after a generation in which leading policymakers, economists and journalists dismissed the importance of the U.S.

In Private Empire Steve Coll investigates the largest and most powerful private corporation in the United States, revealing the true extent of its power. ExxonMobil’s annual revenues are larger than the economic activity in the great majority of countries. In many of the countries where it conducts business, ExxonMobil’s sway over politics and security is greater than that of the United States embassy. In Washington, ExxonMobil spends more money lobbying Congress and the White House than almost any other corporation. Yet despite its outsized influence, it is a black box.

The eurozone crisis has re-emerged with rising borrowing costs in Italy and Spain and increasing concerns about the prospects for growth.

Yesterday’s President’s Advisory Council on Financial Capability meeting sharpened the case for making financial capability building a top priority in the US.  Treasury Deputy Secretary Neal Wolin set the stage by stating that, “The economy is regaining momentum.  But we still have more work to do to repair the damage caused by the worst financial crisis in our lifetimes.”  A following panel disc

From one of America’s leading intellectuals comes a sweeping and original work of economic history, recounting the epic story of America’s rise to become the world’s dominant economy.

Federal Reserve chairman Ben Bernanke is looking hard for demand. Without a “more-rapid expansion of production and demand from producers and consumers,” the Fed chairman does not see the recent employment gains as “sustainable.” That’s an understatement.

The MIT Sloan Management Review in collaboration with The Boston Consulting Group recently released a report, “Sustainability Nears a Tipping Point.” In a survey of over 4,000 managers from 113 countries, the study found “70% of companies have placed sustainability permanently on their management agendas.”

Sustainability is here and it is the future. It is transforming companies, commercial networks, and industries. Will the tipping point soon reach government?