Comment, analysis and other offerings from Wednesday’s FT,
Martin Wolf: What India must do if it is to be an affluent country
What will the world economy — indeed, the world — look like after the financial crisis is over? Will this prove to be a mere blip or something more fundamental? Much of the answer will be provided by the performance of the two Asian giants, China and India. Rightly or wrongly, it is widely accepted that China will continue to grow very rapidly. But what is the likely future for India?
John Kay: Our banks are beyond the control of mere mortals
Our banks were not run by idiots. They were run by able men who were out of their depth. If their aspirations were beyond their capacity it is because they were probably beyond anyone’s capacity.
Satyajit Das: Effective rules require sound knowledge
The author of ‘Traders, Guns and Money” writes: Industry lobbyists focus on the use of derivatives to hedge and manage risk, promoting investment and capital formation. While derivatives can play this role, they are now used extensively for speculation — “manufacturing” risk and “creating” leverage.
Ed Crooks: Back to petroleum
If BP is to go “beyond petroleum”, as its slogan says, it is the Alternative Energy businesses run from County Hall, including biofuels, solar and wind power, that will take it there. Yet the office is being shut, investment cut and its chief executive has taken early retirement.
Lex on Eurozone bank lending
Talk about shutting the stable door after the horse has bolted. European finance ministers are drawing up plans for how to deal better with the next financial crisis. Germany is one of the few countries openly worried about the decline in bank credit during this one.
John Authers’ Short View Video: Commodity trading
Regulators are grasping the nettle of regulating commodity trading. This should allow an overdue debate on the impact of institutional investment in commodity futures.
Letters
- A return to paternalism and bottom patting
- The reality is that women still face discrimination
- Triumph of hope over statistics