Top 10 Weekly
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     Issue No. 4(10)                                                                                                 JULY 15, 2015
From Editor
In 2002, PBS aired a six-hour documentary based on the book The Commanding Heights: The Battle for the World Economy written by Daniel Yergin and Joseph Stanislaw.  The "commanding heights" refers to the control of key segments of a national economy. Until the 1970s governments have taken the commanding heights. But in the 1980s the free market ideology transformed the landscape of global economy. The sum total of global wealth expanded, but its unequal distribution increased. The economies in crisis adopted "shock therapy" - rapid conversion to free-market capitalism in countries such as Bolivia, Peru, Poland and Russia. But as new technology and ideas drive profound economic change, unforeseen events unfold. A Mexican economy meltdown and soon all Asia was engulfed in an economic crisis. Financial contagion spreads throughout the world. Local misconduct was part of reasons. But the foremost culprit was a single global market where the IMF and the World Bank became the commanding heights, weakening the power of each government. Their primary purpose was to give technical and financial assistance, oversee exchange rates, and address global financial problems. But the unwritten goal was to integrate the elites of all countries into the capitalist world system of rewards and punishments. When they lend money to debtor countries the money comes with strings attached: structural adjustment, requiring that debtor governments open their economies up to penetration by foreign corporations. The dark side of globalization could happen anywhere. While Greek requested  $59.2 billion for bailout, Washington set aside $700 billion to bailout financial companies, saying "too big to fail" in 2008. The rising economic superpower China focuses on reconstruction of the world order through Asian Infrastructure Investment Bank (AIIB) as a rival for the IMF and World Bank. But as we know Chinese deregulation in financial sector rather brought the China sharemarket bubble that already has inflicted on its banking system. Today's world is inexplicably interlinked that no one can play outside the system.  The head of new anti-austerity group - Podemos - in Spain cried, "The countries have not sovereignty anymore, and we became a colony of the financial powers. If we don't have democratic control of economy, we don't have democracy. It is impossible to separate economy and democracy."    
1. Iran nuclear deal: a triumph of diplomacy  

This is the chance for Iran to play a more constructive role in the affairs of the Middle East - and for its people to come in from the cold. President Rouhani, in his statement welcoming the deal, referred to Israel by its name, rather than as "the Zionist entity".(Guardian)  

Of all the aspects of Monday's bailout deal that Greeks found humiliating, nothing drilled into their sense of pride quite like their government's promise to sell off "valuable Greek assets" to the tune of 50 billion euros. (Time)

With the removal of economic sanctions, Netanyahu warned, "Iran will get a jackpot, a cash bonanza of hundreds of billions of dollars, which will enable it to continue to pursue its aggression and terror." (WP) 
Though "Watchman" is being published for the first time now, it was essentially an early version of "Mockingbird." According to news accounts, "Watchman" was submitted to publishers in the summer of 1957; after her editor asked for a rewrite focusing on Scout's girlhood two decades earlier, Ms. Lee spent some two years reworking the story, which became "Mockingbird."(NYT)
The output of a year-long study, the report cites estimates "that anywhere from 20-50 percent of music payments don't make it to their rightful owners." Proposed fixes include better behind-the-scenes technologies, a "Creator's Bill of Rights," a "Fair Music" seal and education campaigns.(NPR)
LG, the South Korean conglomerate, has agreed to reduce the height of a tower it was planning to build for its North American headquarters on the cliffs by about half, largely preserving the sweeping horizon over the Palisades Interstate Park. Instead of rising 143 feet, its new building will be just under 70 feet high. (NYT)
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7. 재외국민 과세규정 강화 한국내 거주기간 1년→6개월로 단축

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