<P> FEATURE STORY spending cuts. To keep the support coming, the leftist Syriza-led government reluctantly agreed to take further austerity measures this summer. Greece has enormous structural weaknesses, explains Davis. When you look at speci?c sectors of the economy, you ?nd practices that prevent people from creating new businesses and new jobs. The incredibly generous pensions for public employees are a problem. Whether you call this socialism, or just bad government, its a huge issue. Germany, France and other rich EU nations have been willing to rescue Greece for political and strategic reasons. All lenders could have been more careful, Davis adds, but after the trauma of both world wars, all of the countries, especially Germany, wanted to forge a strong European identity. Also, Greeces proximity to Turkey and the Middle East makes it politically important. Greece is a small country, but Davis points out that its ?nancial troubles could have repercussions for the EU. The real risk is that Greece sets a kind of precedent for other European countries. If its a bad precedent, then a default by Italy or Spain could follow. As for the impact on the U.S., Davis says its the uncertainty and the unknown unknowns that give ?nancial markets the jitters. The Eurozone: Does it Still Make Sense? With the economic quagmires plaguing the Eurozone, the EUs future has been the subject of extensive global speculation. Will the common currency collapse? Will the EU endure? There has never been a common currency area or a ?xed exchange rate system that didnt eventually collapse, Davis says. For example, there could be an EU without a euro. A third of EU countries have not adopted the currency—most notably, Great Britain. Davis explains, Not being part of the Eurozone gives the Bank of England the freedom to conduct its own monetary policy. Otherwise, they could only in?uence European monetary policy through their representatives on the European Central Bank. The political glue, Davis says, may be what keeps the Eurozone together despite todays troubles. There is real determination in Frankfurt, Paris and Brussels to keep the Eurozone intact. Remember, the EU was never just about economics. It was about political uni?cation in Europe. The goal since 1945 has always been to prevent another catastrophe. The SMU Cox Global Leadership Program SMU Cox offers students global travel opportunities to supplement their classroom learning with boots-on-the-ground experience in Europe, Asia and South America. The Global Leadership Program is the ?agship travel program for MBA students, who can choose a region on which to focus and observe how business is conducted abroad. I think every business student should spend time outside the U.S., visiting businesses and talking to business leaders and ordinary citizens, Davis says. A day spent viewing all the new construction in Shenzhen and then touring factories in the Special Economic Zone tells you more about China than you will get from any book. You can also learn a tremendous amount from random encounters. Davis shares a story about a girl who, when guiding a student tour in a textile factory in southern China, was asked whether shed ever known someone who worked in such a place. The girl said she had indeed worked in a similar place for eight years. She then recounted a story about being 14 years old when her parents put her on a train from her small village in Hunan to go south and work. Far from feeling exploited, she considered it to be the greatest adventure and opportunity in her life. She lived in a dorm, saved money for English lessons and became a guide. Unexpected insights such as this rarely happen unless students are on the ground, in foreign countries. Davis says, Whether you think such stories are uplifting or just propaganda, you have to be there to listen. To learn more about the SMU Cox GLP, go to www.smu.edu/glp. Q 31 cox.smu.edugo to</p> <UL><LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/1/1/">Front-Cover</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/2/2/">Inside-Front-Cover</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/3/3/">Page-1</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/4/4/">Page-2</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/5/5/">Page-3</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/6/6/">Page-4</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/7/7/">Page-5</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/8/8/">Page-6</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/9/9/">Page-7</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/10/10/">Page-8</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/11/11/">Page-9</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/12/12/">Page-10</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/13/13/">Page-11</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/14/14/">Page-12</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/15/15/">Page-13</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/16/16/">Page-14</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/17/17/">Page-15</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/18/18/">Page-16</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/19/19/">Page-17</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/20/20/">Page-18</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/21/21/">Page-19</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/22/22/">Page-20</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/23/23/">Page-21</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/24/24/">Page-22</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/25/25/">Page-23</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/26/26/">Page-24</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/27/27/">Page-25</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/28/28/">Page-26</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/29/29/">Page-27</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/30/30/">Page-28</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/31/31/">Page-29</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/32/32/">Page-30</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/33/33/">Page-31</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/34/34/">Page-32</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/35/35/">Page-33</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/36/36/">Page-34</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/37/37/">Page-35</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/38/38/">Page-36</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/39/39/">Page-37</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/40/40/">Page-38</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/41/41/">Page-39</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/42/42/">Page-40</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/43/43/">Page-41</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/44/44/">Page-42</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/45/45/">Page-43</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/46/46/">Page-44</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/47/47/">Page-45</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/48/48/">Page-46</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/49/49/">Page-47</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/50/50/">Page-48</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/51/51/">Page-49</a></LI> <LI><a href="http://www.mzines.net/publication/1089/qaeivcdmc/52/52/">Back-Cover</a></LI> <LI><a href="http://www.mzines.net/publications/1089/x/sitemap.xml" target="_blank">site map</a></LI> </UL>

 

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