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A correction to the article "The Global Reserve Army of Labor and the New Imperialism" that was published in the November 2011 issue is presented.

The author reflects on the implications of the economic rise of India. According to the author, the country's economic boom, which is similar to China, could only mean restoration of traditional global economic patterns where resources flowed off from West to East in exchange for Asian goods that were unknown yet of great value to Europeans. He then recounts how European colonialism had affected India's way of life both in a positive and negative manner.

This article describes efforts by economists to quantify the effect of imperialism on a given country. In attempting to determine why certain countries prosper and other don't, economists have turned to 'instrumental variables,' or a factor that is securely linked to institutions, but entirely unconnected to economic success. The author claims that an examination of certain Pacific islands reveals that some prospered simply because wind currents directed boats towards them.

Political uncertainty pervades the atmosphere of Hong Kong these days. Hong Kong's land lease from China will expire in 1997. Financial markets have suffered, as has the stock exchange, which has fallen off more than five hundred points in a year. Slightly more than half the capital in the market is invested in real estate. Several property firms have failed recently, which has hurt the equity market. Even the Hong Kong Land Company has had difficulty servicing its debts. Property values have fallen off by half, excepting those directly affected by Central office rents. Over-supply typifies the market, and is expected to continue for the next two years. However, this adversity may be aiding the industrial market. Hong Kong manufacturing is doing well, and exports are strong. Hong Kong now has the fifth most expensive rental rates in the world.