an area of the map for world news.
January 2002 issue of
World Press Review
(VOL. 49, No. 1)
World Economic Downturn
The Straits Times (independent), Nov. 2: The last
great period of globalization a century ago was ended by the
onset of world war and a century-long struggle between political
ideologies. It was not inconceivable that the hijacking of four
airliners could prove as consequential as the assassination
of an Austrian archduke. And yet the encouraging news is that,
so far at least, instead of retreating into a cocoon of economic
nationalism, the world’s political leaders have emerged unbound
from narrow national constraints in the seven weeks since Sept.
11. It has been a remarkably positive month for the cause of
progressive economic internationalism, especially in the United
Downtown Tokyo, Dec. 3, 2001 (Photo: AFP).
Manila Manila Times (independent),
Nov. 2: If the world has banded together in an international
coalition against terrorism, why not unite against an equally
monstrous threat to mankind and nations? This threat is, of
course, that of a universal economic collapse following a world
recession, massive unemployment, and the demolition of the world’s
financial and trading order. The world was already facing grave
economic and financial difficulties even before the Bin Laden
Sept. 11 terrorist attacks on America. Sept. 11 exacerbated
these problemsnot only in the United States, Japan, and
Western Europe, but also in countries that depend on them to
buy their exports and to supply them with capital goods as well
as grant loans from their banks and economic aid from their
Mexico City La Jornada
(left-wing), Nov. 1: The point that is currently being raised
is that if the globalization of the world economy has led to
a world that is increasingly more concentrated and unfair, the
recession in the globalized economy will intensify the differences
between poor and rich, and between poor countries and rich countries.
More economic liberalization and new reforms that privatize
the electric industry and make the use of the labor force more
flexible will increase the world’s problems.
Accra Ghanaian Chronicle
(independent weekly), Nov. 8: The Al Qaeda network’s causing
a new-age world war fought by economists, diplomats, spies,
and occasionally the military is going to hurt the very...oppressed
of the planet [whom] Bin Laden would say it is defending from
the materialism and imperialism of the developed world. It will
hurt them not just in Afghanistan, the Gaza Strip, or the West
Bank, but in the whole of Africa too.
Bratislava Pravda (left-wing),
Nov. 8: The recent terror attacksat bestwill
postpone the global economic revival. According to the negative
alternative it will result in a recession due to reduced consumer
spending. We could witness public panic, fear of flying, vacation
insecurities, fear of spending on long-term investments such
as cars, TVs, refrigerators, or washing machines. Such consumer
limitations could trigger increased unemployment.
Christchurch The Press
(conservative), Nov. 9: As the world appears to be heading
toward a global recession (optimists think it will be shallow
and mild and over by the middle of next year; pessimists believe
it could be the worst since the 1930s), the need for open trade
is as great as ever. To stop would be to forego huge benefits;
to go backward toward greater protectionism, as some urge, would
be to risk falling into the kind of trade wars that deepened
the calamity of the Great Depression.
Oslo Aftenposten (conservative),
Nov. 6: It is now more than obvious that the international
economy is into a downturn, reinforced because it hits the United
States, Japan, and the larger European Union countries simultaneously.
Now the question is whether the shock-effects after the terrorand
the images of death and collapsewill pull confidence for
the economic future even further down. A war with indefinite
progress and the fear of attack with biological methods is also