Wednesday, February 18, 2009
This article discusses the impacts of the current crisis on Asian employment. I discuss this for political rather than economic reasons. Higher unemployment in the US and Europe will be met largely with big stimulus bills including expanded social insurance programs. In much of Asia, however, this will not be possible. Higher unemployment could lead to social unrest if the high unemployment is severe and long-lasting enough. I am not suggesting we are headed for the next global war like some doomsayers...rather, this is worth keeping an eye on for investment and political purposes.