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By Vivek H. Dehejia – Economic development in a weak or collusive state like India’s often generates, and is fed by, corruption. This process creates inequalities of wealth, income, and power. However, it’s also possible that these very forces, by evoking public discontent, pose a danger to the legitimacy of the capitalist system itself. This danger necessitates a policy response from the state, regardless of its political system or ideological bent.
A number of developing states today, and in the past, have faced the problem of fighting the corruption that is often endemic to rapid economic growth. But the way they have addressed that problem has varied widely.
In the United States, the government responded by instituting regulatory reform and creating a welfare state. Post-unification, Bismarck-era Germany took a similar path around the same time, and later so did the United Kingdom as well as other Western democracies. more> http://tinyurl.com/3p6nqbg
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By Derek Thompson – The parallels between the housing bubble and education have their limits. The Great Recession started with a domino of broken promises and failed expectations. Families stopped paying back mortgages, banks wrote down mortgage-backed assets, contagion spread. In education, the domino line is shorter. If students don’t pay back their loans to the federal government, the government just pays itself the difference. The only way for the market to change is for Washington to change the market.
By Ben Dobbin – At the turn of the 21st century, American shutterbugs were buying close to a billion rolls of film per year. This year, they might buy a mere 20 million, plus 31 million single-use cameras — the beach-resort staple vacationers turn to in a pinch, according to the 
By Patrick Allen – “US house prices have fallen by more than 5 percent year on year, pending home sales have collapsed and existing home sales disappointed, the trend of improving jobless claims has arrested, first quarter GDP wasn’t revised upwards by the 0.4 percent forecast, durables goods orders shrank, manufacturing surveys from Philadelphia Fed, Richmond Fed and Chicago Fed were all very disappointing,” said Riddell, in a note sent to CNBC.
