As we enter the second quarter of 2017, the global economy is experiencing its sixth year of stagnation, and the growth outlook does not indicate any improvement. Consumers and businesses share a sense of anxiety, uncertainty and reticence regarding both the economic and political environment across the globe.
A Philanthropic Awakening in Latin America
For a long time standing now, “Latin American philanthropy” has been considered an oxymoron. Traditionally, wealthy Latins and corporations have had deep pockets but short hands, believing it the role of the public sector to fund charitable and philanthropic endeavors while keeping their own wealth in the family, shipping it offshore or giving it to the Church.
The times they-are-a- changing, however; for without much fanfare we are witnessing a growing awareness among the wealthy and corporations–principally through corporate foundations in the region–that philanthropic giving and social engagement are critically important and highly beneficial for their nations, to society, their companies and themselves. (It should be noted that most countries in Latin America use the term “private social investment” rather than philanthropy.)
The US recently announced it would levy anti-dumping penalties against Canada. These actions specifically target softwood timber, dairy, and steel. While the full effects are yet to be fully assessed, and opposition has been raised by an unexpected source: Florida.
H.E. Claudia Fritsche
Ambassador extraordinary and plenipotentiary
When I met Prof. Michael Czinkota in 2003, it had been less than 2 years since I had the privilege to establish the Liechtenstein Embassy in Washington. He immediately was very generous in offering to share his knowledge and experience. Since the field of economics is not my expertise, I was immensely grateful for his support in not only raising the profile of the Embassy but also helping me become acquainted with the many nuances and layers of the U.S. economy and its global impact. Since Prof. Czinkota was born and raised in Germany and was partly educated in an Austrian school very close to Liechtenstein, he is familiar with my country, with its history, its economic system as well as the trans-Atlantic cultural differences, therefore able to understand how the U.S. economy is viewed even from the perspective of a small country. Professor Czinkota further broadened his engagement with my country by teaching at the University of Liechtenstein.
By Jerry Haar and Krystal Rodriguez
The dictionary definition of crucible is “an extremely difficult experience or situation; a severe test or trial”. This is precisely where most of Latin America finds itself with its excessive dependence on commodities as the linchpin of its economy. In good times governments spend commodity windfalls on projects or programs to garner support for the political party in power. In bad times, politicians engage in handwringing and scapegoating, and the governing party borrows excessively to make up the shortfall in revenue from commodity sales.