The terror-attack hit the western world in a situation of a sharp cyclical downturn in the USA, Europe and Japan. Mainly because of increased uncertainty the downturn will be intensified by the attack. Immediately after the attack US monetary and fiscal policy became even more expansive. In...

The gradual character of the Chinese transition process was much more successful than the transition in Russia. The basis for high growth in China can be found in high investment. The latter was driven by state-owned enterprises (SOEs). But since several years SOEs have been realising high...

The Hartz-Commission recommends the reduction of unemployment by increasing the efficiency of the labour bureau, increasing the number of low-wage jobs and subsidising firms which employ unemployed. In addition benefits especially for long-term unemployed should be cut. The hope to cut...