globalisation

• An oil smuggling network created to evade UN sanctions on Saddam Hussein’s Iraq is being exploited by the Islamist group Isis.

• In Libya hardline Islamists are pushing their agenda amid the chaos they created.

• Meanwhile, Goldman Sachs lifts the veil on its relationship with the Gaddafi-era Libyan sovereign wealth fund.

• The New York Review of Books rounds up the latest books on Iraq: The outlaw state.

• China is risking a ‘balance sheet recession’ as the impact of its stimulus measures wane.

Linda Tirado on why globalisation and technology are to blame when the poor are accused of failing to make long term plans. 

By Gideon Rachman
Faced with a dangerous political threat, governments the world over tend to place their faith in the same magic medicine – economic growth. When world leaders try to address the roots of terrorism, for example, they instinctively assume that prosperity and jobs must be the long-term answer. And when a regional conflict threatens to get out of control – in east Asia or the Middle East – the standard political response is to call for greater economic integration. From Europe to China, governments place their faith in economic growth as the key to political and social stability.

♦ Martin Wolf argues that world trade remains vulnerable to problems such as financial crises and inequality: “As we learnt in the first half of the 20th century, liberal trade and investment cannot be an island isolated from events.”
♦ Alexei Navalny’s campaign to become Moscow mayor could be derailed by the five cases pending against him – the verdict of the first comes this week.
♦ Despite a surprisingly sharp fall in the deficit, political divisions in the US over longer-term budget policy are as wide as ever.
♦ The last of the Russian “Night Witches” has died – Nadezhda Popova flew 852 missions, chasing German invaders back to Berlin in the dark, with no parachutes, guns, radios or radar.
♦ Peter Hessler looks at the winners and losers in Egypt’s ongoing revolution.  

By Gideon Rachman
Margaret Thatcher had an impact on the global scene that is still playing out today. The three most important aspects of her legacy were her impact on globalisation, on the EU and on the cold war. Of the three, only the debates surrounding the cold war are now safely consigned to the past.

Here are our pre-weekend reading picks for you: