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  • Author: Steve H. Hanke
  • Publication Date: 06-2020
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Monetary instability poses a threat to free societies. Indeed, currency instability, banking crises, soaring inflation, sovereign debt defaults, and economic booms and busts all have a common source: monetary instability. Furthermore, all these ills induced by monetary instability bring with them calls for policy changes, many of which threaten free societies. One who understood this simple fact was Karl Schiller, who was the German Finance Minister from 1966 until 1972. Schiller’s mantra was clear and uncompromising: “Stability is not everything, but without stability, everything is nothing” (Marsh 1992: 30). Well, Schiller’s mantra is my mantra. I offer three regime changes that would enhance the stability in what Jacques de Larosière (2014) has asserted is an international monetary “anti-system.” First, the U.S. dollar and the euro should be formally, loosely linked together. Second, most central banks in developing countries should be mothballed and replaced by currency boards. Third, private currency boards should be permitted to enter the international monetary sphere.
  • Topic: Debt, Foreign Exchange, Monetary Policy, Developing World, Inflation, Currency
  • Political Geography: Europe, United States of America, European Union
  • Author: Michael D Bordo, Mickey D. Levy
  • Publication Date: 01-2020
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: The ratcheting up of tariffs and the Fed’s discretionary conduct of monetary policy are a toxic mix for economic performance. Escalating tariffs and President Trump’s erratic and unpredictable trade policy and threats are harming global economic performance, distorting monetary policy, and undermining the Fed’s credibility and independence. President Trump’s objectives to force China to open access to its markets for international trade, reduce capital controls, modify unfair treatment of intellectual property, and address cybersecurity issues and other U.S. national security issues are laudable goals with sizable benefits. However, the costs of escalating tariffs are mounting, and the tactic of relying exclusively on barriers to trade and protectionism is misguided and potentially dangerous. The economic costs to the United States so far have been relatively modest, dampening exports, industrial production, and business investment. However, the tariffs and policy uncertainties have had a significantly larger impact on China, accentuating its structural economic slowdown, and are disrupting and distorting global supply chains. This is harming other nations that have significant exposure to international trade and investment overseas, particularly Japan, South Korea, and Germany. As a result, global trade volumes and industrial production are falling. Weaker global growth is reflected in a combination of a reduction in aggregate demand and constraints on aggregate supply.
  • Topic: International Trade and Finance, Monetary Policy, Economic growth, Tariffs, Industry
  • Political Geography: Japan, China, Europe, Asia, South Korea, Germany, North America, United States of America
  • Author: Emma Lamberton
  • Publication Date: 05-2020
  • Content Type: Journal Article
  • Journal: Woodrow Wilson School Journal of Public and International Affairs
  • Institution: Woodrow Wilson School of Public and International Affairs, Princeton University
  • Abstract: Ukrainian surrogacy companies now hold over a quarter of the global surrogacy market since a series of human rights violations caused India, Thailand, and Nepal to close their borders. Similar violations are occurring in Ukraine, including the abandonment and trafficking of children and the abuse of surrogates. The Ukrainian government is not taking action, despite concerns expressed by both lawmakers and surrogates that the industry engages in unethical practices. This paper proposes that the Hague Conference’s Experts’ Group on the Parentage/Surrogacy Project spearhead international ratification of a holistic series of policies focused on protecting women and children from exploitation.
  • Topic: International Relations, Children, Women, International Development, Human Trafficking
  • Political Geography: Europe, Central Asia, Eurasia, Ukraine
  • Author: F. Michael Wuthrich, David Ingleby
  • Publication Date: 04-2020
  • Content Type: Journal Article
  • Journal: Journal of Democracy
  • Institution: National Endowment for Democracy
  • Abstract: Drawing from the 2019 mayoral elections in Turkey, this paper highlights a path that opposition parties might take to defuse polarized environments and avoid playing into the political traps set by populists in power. The particular type of moral and amplified polarization that accompanies populism’s essential “thin” ideology builds a barrier between a populist’s supporters and the opposition. Yet the CHP opposition in Turkey has recently won notable victories with its new campaign approach of “radical love,” which counteracts populism’s polarizing logic and has exposed Erdoğan’s weakness.
  • Topic: Elections, Democracy, Populism, Authority
  • Political Geography: Europe, Turkey, Asia
  • Author: Veronica Mihalache
  • Publication Date: 01-2020
  • Content Type: Journal Article
  • Journal: Warsaw East European Review (WEER)
  • Institution: Centre for East European Studies, University of Warsaw
  • Abstract: This paper brings into discussion a concept that has not yet been distinctively and uniquely defined but which, at the same time, can be considered a classical one, thanks to the establishment of the theoretical basis of the social frameworks of memory in 1925 by the sociologist Maurice Halbwachs. Basically, any past memory reaches the fields of human memory causing a process of perpetual transformation. The social frameworks of memory are pieces of collective memory, past memories that are dominant and persistent in time, which offer explicit historical and social coordinates that lead to the interpretation of the past and the orientation of present values. Both public and collective environments offer the individual social and historical coordinates as well as a certain orientation of these values, an implicit ideology, so that the individual is influenced, and in time, even shaped by these coordinates and values that are implicitly transmitted by the social fields of memory.
  • Topic: Sociology, Memory, Identities, Values
  • Political Geography: Europe
  • Author: Ieva Gajauskaite
  • Publication Date: 01-2020
  • Content Type: Journal Article
  • Journal: Warsaw East European Review (WEER)
  • Institution: Centre for East European Studies, University of Warsaw
  • Abstract: Lithuania is a small state by objective features (population, territory, GDP) and subjective ones (geopolitical position, resilience from external security threats, national identity). The goal of this research is to define the main roles of Lithuania, which are relevant to the Lithuanian foreign policy decision-making process nowadays. Those roles are the structure for Lithuania’s new President Gitanas Nausėda. While during his presidency he will have the possibility to modify them, for now for the roles formed and enacted over the last ten years serve as the limits of the change of the policy in the Euro-Atlantic area. The main assumption regarding the roles of Lithuania in the Euro-Atlantic area is that policymakers emphasize the smallness of the state. Accordingly, being a small state is translated to a set of expected and appropriate behavior. Therefore, the classical definition of smallness suggests that Lithuania’s roles should include the strategies of hiding and appeal to democratic values. In order to deny or confirm the assumptions, the research includes the definition of small states, an analysis of small state foreign policy strategies, the main thesis of the Role theory, the theoretical basis of subjective smallness concept, and discussion of Lithuania’s roles in the Euro-Atlantic area, using an interpretive methodology of Social constructivism.
  • Topic: Foreign Policy, Diplomacy, Small states, Constructivism
  • Political Geography: Europe, Lithuania, Baltic States
  • Author: Adrian Popa, Cristian Barna
  • Publication Date: 01-2020
  • Content Type: Journal Article
  • Journal: Warsaw East European Review (WEER)
  • Institution: Centre for East European Studies, University of Warsaw
  • Abstract: Russia’s recent buildup of A2/AD (anti-access/area denial) forces in Crimea and Kaliningrad, coupled with its increasingly confronting rhetoric in the Black and Baltic Seas, pose a serious challenge for the NATO’s Eastern flank countries. While the mare sui generis status of the Black Sea might be altered under the expected inauguration of Canal Istanbul in 2023 as it would probably require the revision of the Montreux Convention, the mare liberum status of the Baltic Sea might also be questioned as Russia contests NATO’s Enhanced Forward Presence in this region. Facing this challenging geostrategic context, Pilsudski’s ideas of Intermarium seem to have revived within the Central and Eastern European countries under modern interfaces such as the Bucharest Nine and the Three Seas Initiative. This paper proposes a comparative analysis between the Black Sea and the Baltic Sea in terms of their newly-emerged geostrategic context, discusses the feasibility of the recent endeavours to promote cooperation within the Central and Eastern European countries and not ultimately, highlights the utility of a regional military alliance in support of NATO.
  • Topic: NATO, Diplomacy, International Security, International Affairs, Geopolitics
  • Political Geography: Russia, Europe, Asia, Crimea, Baltic Sea, Baltic States
  • Author: Weronika Michalak, Dr hab. Zbigniew Karaczun
  • Publication Date: 01-2020
  • Content Type: Journal Article
  • Journal: Warsaw East European Review (WEER)
  • Institution: Centre for East European Studies, University of Warsaw
  • Abstract: The phenomenon of climate change, observed for years and constantly intensifying, has had a negative impact on health, significantly deteriorating the quality of life of people in many regions of the world, including Poland. Already now we are dealing with increasingly frequent extreme weather phenomena; hurricanes, storms and increasingly longer heat waves no longer surprise us. Unfortunately, this is merely the beginning of the negative effects of climate change. Others will come before long. In the coming years, many other new threats will be observed, such as flooding of ocean islands, desertification of areas exposed to water scarcity or serious loss of biodiversity, which will translate into food security. Unfortunately, it does not end there.1 The greenhouse effect is a process by which radiation from the Earth’s atmosphere warms the planet’s surface to a temperature above what it would be without this atmosphere. We can differentiate short-term solar radiation (0.15-4.0 nm) and long-term radiation. Thermal radiation escapes into the cosmic sphere and heat radiation returns to the ground, being stopped by a layer of GHG – greenhouse gases (CO2, CH4, N2O, SF6, water vapor etc.), which warm up Earth’s athmosphere to a dangerous level – even a 1°C degree increase (in comparison to pre-industrial level, when emissions stared to rise) in the average world temperature can be detrimental to human health and change the conditions of life on this planet (Figure 1). However, we currently face a risk of global warming even up to 3°C degrees, unless GHG emissions are significantly reduced. Any further rise of the global temperature will have deteriorating impact on people and whole humanity, as well as staying at the current level of emissions.
  • Topic: Climate Change, Health, Food, Food Security
  • Political Geography: Europe, Poland, Global Focus
  • Author: Selin M. Bolme, Mevlut Cavusoglu
  • Publication Date: 03-2020
  • Content Type: Journal Article
  • Journal: Uluslararasi Iliskiler
  • Institution: International Relations Council of Turkey (UİK-IRCT)
  • Abstract: This paper aims to analyze Britain’s relations with the former colonies in the Gulf after the termination of the British protectorate in the Persian Gulf and discuss how the British colonial ties influenced the post-colonial relations with the Arab Gulf States. Archive documents, official papers and secondary sources were used in order to determine and compare the relations in pre/post withdrawal periods and the results were analyzed in frame of the Post-colonial theory. The main argument of this study is that the British colonial relations and ties, which had been constructed in political, military, economic and institutional spheres in the colonial era, were significant determinants in reshaping the new British foreign policy towards the Arab Gulf States. Britain, who successfully adopted the colonial relations in the new term, managed to preserve its interests after the withdrawal and even extended some of them in certain fields such as the oil sector.
  • Topic: International Relations, Foreign Policy, History, Colonialism
  • Political Geography: Britain, Europe, Persian Gulf
  • Author: Gunther Schnabl
  • Publication Date: 10-2019
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Twenty years after the introduction of the euro, the European Monetary Union (EMU) is at its crossroads. Following the outbreak of the European financial and debt crisis in 2008, the European Central Bank (ECB) took comprehensive measures to stabilize the common currency. Interest rates were cut to and below zero and several asset purchase programs have inflated the ECB balance sheet (Riet 2018). Within the European System of Central Banks, large imbalances have emerged via the TARGET2 payments system, which can be seen as quasi-unconditional credit in favor of the southern euro area countries (Sinn 2018). While the ECB terminated its asset purchase program at the end of 2018 and is expected to increase interest rates in late 2019, financial instability is reemerging. Growing uncertainty about the fiscal discipline of the Italian government has triggered a significant increase in risk premiums on Italian government bonds. In particular, in Italy and Greece, but also in Germany, bad loans and assets remain stuck in the banking systems. In the face of the upcoming downswing, European banks do not seem ready for new financial turmoil. In this fragile environment, the future path of the EMU is uncertain. To enhance the stability of the EMU, a group of German and French economists has called for a common euro area budget, for a strengthening of the European Stability Mechanism as lender of last resort for euro area countries and banks, as well as for a common European deposit insurance scheme (Bénassy-Quéré et al. 2018). In response, 154 German economists have warned against transforming the EMU into what they call a “liablity union,” which systematically undermines market principles and wealth (Mayer et al. 2018). In 2018, a French-German initative to introduce a common euro area budget faced strong opposition from a group of northern European countries as well as from Italy, symbolizing the political deadlock concerning reforms of the EMU. This article explains the different views on the institutional setting of monetary policymaking in Europe from a historical perspective. It begins with a description of the economic and monetary order in postwar Germany. It then discusses the positive implications for the European integration process and the economic consequences of the transformation of postwar German monetary order. The final section offers some economic policy recommendations.
  • Topic: Economics, History, Monetary Policy, Reform, European Union, Banks, Currency
  • Political Geography: Europe, Germany