What Development Round?

The global trade talks that began in 2001 in Doha, Qatar, were sold as the “development round,” a chance to give the poorest countries a leg up by making it easier for them to sell their goods around the world. Six years later the development round looks like every other trade round — with the rules being written to benefit the rich nations and now also the big developing countries...
Check out more about this article of "New York Times" in this link---> http://www.nytimes.com/2007/10/21/opinion/21sun1.html

China: not enough labour, too much capital

Many countries have seen a fall in the share of labour income in recent years, but nowhere has the drop been as huge as in China. This partly reflects China's large pool of surplus labour, which has depressed wages relative to the economy's large productivity gains. But you might expect that if wages are low relative to the value of workers' output, firms will hire more staff, which will moderate the decline in the wage share. Instead, the growth in jobs has been unusually slow. Many people blame this on the fact that the financial sector is poor. Big firms have easy access to credit, but smaller, private firms find it hard to raise finance for working capital, which in turn restricts their hiring.

Adam Smith

Adam Smith was a Scottish moral philosopher and a pioneering political economist. He is a major contributor to the modern perception of free market economics. One of the key figures of the intellectual movement known as the Scottish Enlightenment, he is known primarily as the author of two treatises: “The Theory of Moral Sentiments” (1759), and “An Inquiry into the Nature and Causes of the Wealth of Nations” (1776). The latter was one of the earliest attempts to systematically study the historical development of industry and commerce in Europe, as well as a sustained attack on the doctrines of mercantilism. Smith's work helped to build the foundation of the modern academic discipline of free market economics and provided one of the best-known intellectual rationales for free trade, capitalism, and libertarianism