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Krugman - a professor at Princeton University, the most recent winner of the Nobel Prize in economics, and a columnist for the New York Times - talks about the global financial meltdown: what surprises him, what scares him, and what he'd do to ensure a recovery if he were calling all the shots.

Although the global trend toward liberalization of electric utilities forced Enel, the largest power company in Italy, to give up some of its assets in its home base, it also opened up many opportunities abroad, including in Russia, one of the largest electricity markets in the world. The case outlines Enel's internationalization strategy and then focuses on one piece of the company's strategic puzzle of global expansion: acquisition of major power-generation assets in the course of the break-up of RAO UES, the Russian electricity monopoly. The case highlights the decision-making process by the company executives in the context of possible political risks to foreign investment in Russian strategic industries and economic risks to investment in the yet-to-be-formed liberalized and deregulated electricity market in Russia.

As Brazil's energetic but fractious democracy emerged in the 1990s, the Ethos Institute launched a movement for corporate social responsibility (CSR) that, it hoped, would both cajole the private sector to manage its own operations responsibly-for example, eschewing racism and protecting the environment-and lead Brazil to a more just, sustainable society. By 2007 Ethos had transformed CSR into a prominent national movement, which had even helped strengthen enforcement of some laws such as the prohibition of child labor. Two cases tell Ethos' story. The first (A) case describes the social context-the Brazilian private sector's ambiguous legacy of genuine community conscience yet collaboration with authoritarian regimes-and poses questions about how Ethos' leaders shaped their relations with business. How could they best strengthen the idea that business had moral obligations to society? How could they marshal influence to secure compliance with CSR norms? How should they define corporate social responsibility? HKS Case Number 1880.1

As Brazil's energetic but fractious democracy emerged in the 1990s, the Ethos Institute launched a movement for corporate social responsibility (CSR) that, it hoped, would both cajole the private sector to manage its own operations responsibly-for example, eschewing racism and protecting the environment-and lead Brazil to a more just, sustainable society. By 2007 Ethos had transformed CSR into a prominent national movement, which had even helped strengthen enforcement of some laws such as the prohibition of child labor. Two cases tell Ethos' story. The first (A) case describes the social context-the Brazilian private sector's ambiguous legacy of genuine community conscience yet collaboration with authoritarian regimes-and poses questions about how Ethos' leaders shaped their relations with business. How could they best strengthen the idea that business had moral obligations to society? How could they marshal influence to secure compliance with CSR norms? How should they define corporate social responsibility? HKS Case Number 1880.0

As Brazil's energetic but fractious democracy emerged in the 1990s, the Ethos Institute launched a movement for corporate social responsibility (CSR) that, it hoped, would both cajole the private sector to manage its own operations responsibly-for example, eschewing racism and protecting the environment-and lead Brazil to a more just, sustainable society. By 2007 Ethos had transformed CSR into a prominent national movement, which had even helped strengthen enforcement of some laws such as the prohibition of child labor. Two cases tell Ethos' story. The first (A) case describes the social context-the Brazilian private sector's ambiguous legacy of genuine community conscience yet collaboration with authoritarian regimes-and poses questions about how Ethos' leaders shaped their relations with business. How could they best strengthen the idea that business had moral obligations to society? How could they marshal influence to secure compliance with CSR norms? How should they define corporate social responsibility? HKS Case Number 1879.1

As Brazil's energetic but fractious democracy emerged in the 1990s, the Ethos Institute launched a movement for corporate social responsibility (CSR) that, it hoped, would both cajole the private sector to manage its own operations responsibly-for example, eschewing racism and protecting the environment-and lead Brazil to a more just, sustainable society. By 2007 Ethos had transformed CSR into a prominent national movement, which had even helped strengthen enforcement of some laws such as the prohibition of child labor. Two cases tell Ethos' story. The first (A) case describes the social context-the Brazilian private sector's ambiguous legacy of genuine community conscience yet collaboration with authoritarian regimes-and poses questions about how Ethos' leaders shaped their relations with business. How could they best strengthen the idea that business had moral obligations to society? How could they marshal influence to secure compliance with CSR norms? How should they define corporate social responsibility? HKS Case Number 1879.0

The case describes the political, regulatory and stakeholder challenges confronting the founder of Porter Airlines, located in Toronto, Ontario, during the 2002/03 period when he was seeking formal permits to launch the airline from Toronto City Centre airport. The case also includes information on the market opportunity for a new airline, enabling students to assess a) the business case for new entry into a hyper-competitive industry, b) the appropriate competitive strategies for successful performance and c) the political or "non market" strategies for managing stakeholder and political opposition.

In June 2008, the chief executive officer of Talisman Energy Inc. (Talisman) and his senior executive team met with the company's board of directors. The purpose of this meeting was to debate Talisman's proposed entry into the oil-rich Kurdistan region of Iraq. This move was potentially very lucrative for Talisman but was fraught with risks. These risks were exacerbated by Talisman's previous foray into Sudan; during that expansion Talisman had been accused of complicity in human-rights abuses, stemming from industry-accepted royalties and fees it had paid to the government. This payment of fees was held as an example by public interest groups to allege that Talisman was indirectly funding the Sudanese civil war. Talisman's reputation had suffered to the point where the ire of investors and U.S. and Canadian governments was sufficient for Talisman to exit Sudan in 2003. There were many questions about the proposed move to Iraq, including the political situation, the views of the U.S. and Canadian government, and especially the US$220 million fee payable to the Kurdistan Regional Government. Should Talisman enter Iraq, and if so, could they avoid experiencing the same outcome as Sudan?

In March 2009, the U.S. economy was in a severe recession not seen since the Great Depression after the subprime mortgage crisis had spiraled out of control. The situation had dramatically changed in one year since the Federal Reserve Board had helped to bailout investment bank Bear Stearns. Deflation, not inflation, had become a top concern. Interest rates were near zero percent. Five million jobs had been lost. The new Barack Obama administration had pushed forward with a $787 billion stimulus package, coupled with various programs to address the frozen credit markets and depressed investors' confidence. Yet the burning question in every policymakers' mind was--how effective would the various plans work to revive the U.S. economy?

The global economy was expected to suffer from negative growth for the full year in 2009, a phenomenon not seen since World War II. While the U.S. subprime mortgage disaster was blamed as the original instigator, it was noted that the "global imbalances" of the U.S. current account deficit funded for many years by other nations such as China was also a chief culprit of the crisis as well. Policymakers around the world recognized that the scope and scale of the financial crisis required a coordinated global response. Yet there were conflicting views on what kind of action was needed to address the first global financial crisis of the 21st century.

In 2007, Hong Kong MTR Corporation Limited (MTRC) was offered a 20% stake in Metronet Rail (Metronet), one of the two private sector engineering consortia contracted to run and maintain the London Underground rail network, under a 30-year public private partnership (PPP) agreement with London Underground Limited (LUL). This investment had the potential to transform MTRC from a local rail operator into an international player, giving the Company a major foothold in operating urban rail systems in Europe. However, the LUL PPP was widely regarded as one of the most complex private finance arrangements in the UK public sector, and there were a host of uncertainties for Hong Kong MTRC to contend with about its ability to make a success of the project. This case would allow students to explore the motives behind the PPP agreements to operate government assets and the implications of PPP for management's operating and financial strategy. At the same time, students can also evaluate the offer made to the MTRC and the appropriateness of the Company's acceptance.

Toshihiko Fukui, Government of the Bank of Japan, faced a complex situation in the fall of 2007. An economic recovery had allowed the central bank to abandon its zero interest rate policy, which had been in place for years, and raise rates to 0.5%. The Bank of Japan was eager to increase them to more 'normal' levels to exert effective monetary policy. Yet the appropriate timing and approach was a controversial issue, especially as the government did not want a rate hike that could potentially hinder economic growth and increase its already large fiscal debt burden.

This technical note provides a brief overview of tax planning, the U.S. tax system, and basic U.S. tax law attributable to fundamental business decisions in a corporation's life.

This case describes how Denmark has balanced the impacts of globalization, including outsourcing and movement of labor with its social welfare offerings. Reforms implemented during the past two decades drove down unemployment, promoted new company formation, and put the country at or near the top of international polls on the ease of doing business. The case describes how Danes forged a consensus that embraced international trade and outsourcing while supporting continuous upgrading of workplace skills. In April 2009, the new Prime Minister, Lars Løkke Rasmussen, is balancing short-term responses to a global recession against longer-term planning for the Danish labor market and macroeconomy. Can Denmark keep its borders open to the free movement of goods, services, and labor while also sustaining the breadth of its welfare offerings?

This case, along with Dubai: Global Economy (709-043) provides an opportunity to discuss Saudi Arabia's efforts to modernize, without really Westernizing, in sharp contrast to Dubai, a nearby Arab Emirate. As Saudi Arabia's development strategy unfolds in the past six years, it is contrasted to social and political pressures within the country, volatility in global oil markets and severe political problems in the Middle East.

This case, along with Saudi Arabia: Modern Reform, Enduring Stability (709-042), provides an opportunity to discuss Saudi Arabia's efforts to modernize, without really Westernizing, in sharp contrast to Dubai, a nearby Arab Emirate. As Saudi Arabia's development strategy unfolds in the past six years, it is contrasted to social and political pressures within the country, volatility in global oil markets and severe political problems in the Middle East.

By 2009, China's exports had increased dramatically from $250 billion in 2000 to a projected $1,500 billion in 2009. This enormous growth of exports severely damaged competing businesses in the advanced nations, particularly the United States and Europe. China's entry into the World Trade Organization (WTO) in 2001 guaranteed China's right to export to these nations, but at the same time the WTO required China to adhere to certain rules that sought to support fair trade and create a level playing field. Several broad subjects each gave rise to a series of trade disputes: the protection of intellectual property, health and safety concerns about China's products, labour and environmental standards, China's manipulation of their currency, and costs and prices determined by the government rather than free markets. This case examines each set of trade disputes and China's attempts to resolve them. Many disputes were embedded in cultural practices and ideological positions and so they might not disappear quickly. Shortcomings in China's legal and judicial system hampered enforcement. In addition, many rested on the government's desire to protect the interestsof Chinese businesses and their employees, and so China might alter its practices only if confronted with credible retalitory threats. China's central government experienced the "principal-agent" problem where its wishes and decisions could be ignored by local governments and firms. Meanwhile, changes in industry structure within the advanced nations were altering the negotiation positions of Western governments. The case examines the WTO dispute resolution procedures and enforcement mechanisms that have been directed at China's trade disputes.

In October 2008, Tata Motors canceled their car manufacturing plant in West Bengal state, in the face of widespread farmer protests over land acquisition issues. This meant abandoning a project in which the company had invested $300 million and delaying the launch of the Nano, the world's cheapest car. What strategy could Tata have pursued to avoid this outcome? Would similar problems arise in Gujarat state, where the project had been relocated?

In 1987, President Ronald Reagan established the President's Commission on Privatization to identify federal government functions that could be shifted to the private sector. One agency that the Commission considered was the Federal National Mortgage Association, or Fannie Mae. Fannie Mae was a Depression-era creation that was charged with establishing a secondary market for home loans. By purchasing qualifying residential mortgages from individual home loan issuers, Fannie Mae provided these institutions with funds for the continued issuance of mortgages, thereby promoting the government's goal of increased homeownership. Although lawmakers had already partially privatized Fannie Mae in 1954 and again in 1968, the agency in 1987 still retained close links to the federal government, including an emergency line of credit from the U.S. Treasury. After its deliberations, the President's Commission recommended Fannie Mae be restructured into a fully private firm. Now it was up to Congress and the President to decide whether to accept and implement the Commission's findings.