When Tea Was Not a Party: The Globalization of Tea (and Opium) in the 19th Century

In this time of threats to globalization, we look back on the beginnings of this worldwide trade movement.

GlobalTravelog

This article is developed and amplified from an earlier piece: How One Drink Changed Fortunes, Incited Protests: Tea’s history reveals globalization’s best and worst side—trade, prosperity, migration and war.” YaleGlobal Online, 9 March 2011. Used with permission of Yale University.

The featured image is from National Geographic, Photo of the Day, April 23, 2018: “At an old tea house in Chengdu, China, Your Shot photographer Handi Laksono spent half a day observing the locals. Most of those who come in are above 60 years old, he says, and will pass the time smoking and playing cards with friends until lunch.”

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How a Desire for Tea in Britain Caused Suffering to Millions in Asia

Despite the remarkable advances made during the course of evolution, human history was not all an inexorably upward climb. The glories of Rome, Chang An, and Patilaputra were followed by a millennium…

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What Does “Flattening the Curve” Mean? Will It Also Flatten the Global Economy?

©2020 Farok J. Contractor, Rutgers Business School Update to  20 Mar 2020 and  23 Mar 2020 posts with additional references from medical experts and economists for those who wish to read deeper The Excruciating Choice Governments face an “excruciating choice” between “flattening the (coronavirus) curve” by imposing quarantines and lockdowns and the huge, unprecedented economic impact … Continue reading What Does “Flattening the Curve” Mean? Will It Also Flatten the Global Economy?

Quick Update: The Excruciating Choice: “Flattening the Curve” and Prolonging the Global Recession

©2020 Farok J. Contractor, Rutgers Business School Click  20 Mar 2020 for earlier post Government Waking Up to the Trade-offs It is not every day that, shortly after I publish a post, the Trump administration responds with a similar thought, addressing – seemingly for the first time – the balance between health considerations and the … Continue reading Quick Update: The Excruciating Choice: “Flattening the Curve” and Prolonging the Global Recession

The Excruciating Choice: “Flattening the Curve” and Prolonging the Global Recession

Click  23 Mar 2020 for update ©2020 Farok J. Contractor, Rutgers Business School Around the world, governments are reacting to the spread of the coronavirus by recommending, or forcing, the closure of schools, restaurants, and travel. By having the population remain at home, the much-reduced human-to-human contact will slow down the spread of the virus. … Continue reading The Excruciating Choice: “Flattening the Curve” and Prolonging the Global Recession

Six Things to Be Grateful for This Thanksgiving

©2019 Farok J. Contractor, Rutgers Business School The Thanksgiving holiday in the United States, which occurs over a long weekend, brings a respite, a breathing space that allows moments for introspection. I begin this piece with a brief history, followed by six things we all should be grateful for. “What Should We Be Grateful for?” … Continue reading Six Things to Be Grateful for This Thanksgiving

Yale Podcast: Where Do Brexit and Anti-Globalization Sentiments Come From?

Farok J. Contractor, Rutgers Business School A Podcast from the Yale Podcast Network Recorded by Hira Jafri, Director of Global Programs, the MacMillan Center, Yale University The pushback against globalization—manifested in the Brexit vote, support for nationalist leaders like Trump, and protectionist tariffs—stems from (somewhat overblown) anxieties about cultural identity, stagnating incomes among the lower … Continue reading Yale Podcast: Where Do Brexit and Anti-Globalization Sentiments Come From?

Trump Administration Labels China a “Currency Manipulator”: What’s behind the accusation, and who’s right?

© 2019 Farok J. Contractor, Rutgers Business School At 5 o’clock in the morning on August 5, 2019, unable to sleep, Trump tweeted about China—not for the first time accusing it of being a “currency manipulator,”[1] and describing this as a “major violation.” (See Figure 1 below.) Treasury Secretary Mnuchin followed with an official announcement … Continue reading Trump Administration Labels China a “Currency Manipulator”: What’s behind the accusation, and who’s right?

From Bombay to Baltimore: Was the American national anthem composed on a ship built in India at the Wadia Shipyard?

© 2019, Prof. Farok J. Contractor, Rutgers Business School This is an updated and revised version of the June 14, 2018 post: The “Star-Spangled Banner” and an Early Example of Outsourcing: The American National Anthem Was Composed on a Ship Built in India The featured image of the Stars and Stripes above is housed at … Continue reading From Bombay to Baltimore: Was the American national anthem composed on a ship built in India at the Wadia Shipyard?

Advantages and Drawbacks of Undervalued Versus Overvalued Currencies

© 2019 Prof. Farok J. Contractor, Rutgers University UPDATE: See the August 11, 2019 post: Trump Administration Labels China a “Currency Manipulator”: What’s behind the accusation, and who’s right? Also See the Companion Post:  Is the Indian Rupee Undervalued or Overvalued? What Purchasing Power Parity Theory Tells Us Currencies can be undervalued (very devalued) for natural reasons, … Continue reading Advantages and Drawbacks of Undervalued Versus Overvalued Currencies

Is the Indian Rupee Undervalued or Overvalued? What Purchasing Power Parity Theory Tells Us

2019 Prof. Farok J. Contractor, Rutgers University Also See the Companion Post:  Advantages and Drawbacks of Undervalued Versus Overvalued Currencies The basic idea of purchasing power parity (PPP) theory is that money, as such, has no value. It is merely a piece of metal, paper, or plastic—or even a phantasmic electronic entry. What gives money … Continue reading Is the Indian Rupee Undervalued or Overvalued? What Purchasing Power Parity Theory Tells Us