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41. Democracy and Development in the Philippines: Triumphs and Challenges

Author:
Harry K. Thomas, Jr.
Publication Date:
09-2010
Content Type:
Journal Article
Institution:
Council of American Ambassadors
Abstract:
Since April of this year, I have had the honor of representing President Obama and the American people as Ambassador to the Republic of the Philippines, a major ally with whom the United States has an enduring partnership based on respect, shared values, and a desire for stability and prosperity. The Philippines is at a pivotal moment in its history. The election of Benigno S. “Noynoy” Aquino III, son of slain Senator Benigno “Ninoy” Aquino and his late widow, President Corazon C. Aquino, has brought fresh hope to the country for a better future, even in the face of enormous challenges. The United States strongly supports President Aquino's goals of peace, prosperity, and stability. To those ends, as Ambassador to the Philippines, my top priorities are raising awareness of the scourge of human trafficking in the Philippines, promoting business opportunity and investment, and deepening mutual understanding between the United States and my host country. I have also promoted investment in “green” sources of energy, not only to stimulate economic and job growth but also to protect the environment of this beautiful country and the world we share. My Embassy team and I are working vigorously to enhance our people-to-people ties through cultural and professional exchanges, the Peace Corps, and other programs that build mutual understanding so that we may expand our partnership in the spirit of mutual respect in the years ahead.
Topic:
Economics
Political Geography:
United States, America, and Philippines

42. Rebuilding America Through Exports

Author:
M. Osman Siddique
Publication Date:
09-2010
Content Type:
Journal Article
Institution:
Council of American Ambassadors
Abstract:
In his State of the Union address, President Obama noted his intention to double US exports to grow our economy out of this recession. As a businessman and former US Ambassador, I could not agree more. This speech must be a clarion call. Millions of Americans are jobless, many thousands have lost homes, and we all— Democrats and Republicans—see the future with great concern and anxiety. Wall Street is shaky and Main Street is miles from revival. Can we rise to the challenge posed by new major competitors like China, India, Russia, etc.? Yes we can, but we clearly need a major shift in our economic strategy and foreign commercial trade policy.
Topic:
Economics
Political Geography:
Russia, United States, China, America, and India

43. Bibliography of Periodical Literature : Spring 2010

Author:
Norbert Scholz
Publication Date:
03-2010
Content Type:
Journal Article
Journal:
Journal of Palestine Studies
Institution:
Institute for Palestine Studies
Abstract:
This section lists articles and reviews of books relevant to Palestine and the Arab-Israeli conflict. Entries are classified under the following headings: Reference and General; History (through 1948) and Geography; Palestinian Politics and Society; Jerusalem; Israeli Politics, Society, and Zionism; Arab and Middle Eastern Politics; International Relations; Law; Military; Economy, Society, and Education; Literature, Arts, and Culture; Book Reviews; and Reports Received. Reference and General `Abd al-Hay, Hana S. “Parliamentary Quotas for Women: Between International Support and Contradictory Arab Positions” [in Arabic]. MAUS, no. 23 (Sum. 09): 47–70. Abraham, Ibrahim, and Roland Boer. “'God Doesn't Care': The Contradictions of Christian Zionism.” Religion and Theology 16, nos. 1–2 (09): 90–110. Davis, Nancy J., and Robert V. Robinson. “Overcoming Movement Obstacles by the Religious Orthodoxy: The Muslim Brotherhood in Egypt, Shas in Israel, Comunione e Liberazione in Italy and the Salvation Army in the United States.” American Journal of Sociology 114, no. 5 (Mar. 09): 1302–49. Hassan, Riaz. “Interrupting a History of Tolerance: Anti-Semitism and the Arabs.” Asian Journal of Social Science 37, no. 3 (09): 453–62. Ouardani, Mohamed. “La religion peut-elle tout expliquer? L'islam comme modèle explicatif des sociétés musulmanes.” CM, no. 70 (Sum. 09): 147–64. Salem, Salah. “The Renovation of Arab Socialist Thought” [in Arabic]. ShA, no. 140 (Win. 09): 118–32. Al-Sayyadi, Mokhles. “Contemporary Islamic Movements” [in Arabic]. MA 32, no. 369 (Nov. 09): 7–27. History (through 1948) and Geography Abisaab, Malek. “Shiite Peasants and a New Nation in Colonial Lebanon: The Intifada of Bint Jubayl, 1936.” CSSAME 29, no. 3 (09): 483–501. Avci, Yasemin. “The Application of Tanzimat in the Desert: The Bedouins and the Creation of a New Town in Southern Palestine (1860–1914).” MES 45, no. 6 (Nov. 09): 969–83. Chazan, Meir. “Mapai and the Arab-Jewish Conflict, 1936–1939.” ISF 24, no. 2 (Win. 09): 28–51. Hirsch, Dafna. “'We are Here to Bring the West, Not Only to Ourselves': Zionist Occidentalism and The Discourse of Hygiene in Mandate Palestine.” IJMES 41, no. 4 (Nov. 09): 577–94. Holmila, Antero. “The Holocaust and the Birth of Israel in British, Swedish and Finnish Press Discourse, 1947–1948.” European Review of History 16, no. 2 (Apr. 09): 183–200. Hughes, Matthew. “From Law and Order to Pacification: Britain's Suppression of the Arab Revolt in Palestine, 1936–39.” JPS 39, no. 2 (Win. 2010): 6–22. Kabalo, Paula. “Challenging Disempowerment in 1948: The Role of the Jewish Third Sector during the Israeli War of Independence.” ISF 24, no. 2 (Win. 09): 3–27. ———. “The Historical Dimension: Jewish Associations in Palestine and Israel 1880s–1950s.” Journal of Civil Society 5, no. 1 (Jun. 09): 1–19. Kushner, David. “Mussaver Çöl: An Ottoman Magazine in Beersheba toward the End of World War I” [in Hebrew]. Cathedra, no. 132 (Jun. 09): 131–48. Nashif, Taysir. “Educational Background and Elite Composition: Jewish Political Leadership during the British Mandate.” ISF 24, no. 2 (Win. 09): 67–81. Sheffy, Yigal. “Chemical Warfare and the Palestine Campaign, 1916–1918.” Journal of Military History 73, no. 3 (Jul. 09): 803–44. ———. “The Jaffa–Jerusalem Railway Line, the Sejed Station, and British Military Intelligence” [in Hebrew]. Cathedra, no. 131 (Mar. 09): 163–69. Sinanoglu, Penny. “British Plans for the Partition of Palestine, 1929–1938.” Historical Journal 52, no. 1 (Mar. 09): 131–52. Palestinian Politics and Society Abdallah, Hmaidi. “The Prospect of the Intra-Palestinian Dialogue in Egypt” [in Arabic]. Dirasat Bahith 7, no. 27 (Sum. 09): 113–26. Abdallah, Taisir. “Prevalence and Predictors of Burnout among Palestinian Social Workers.” International Social Work 52, no. 2 (Mar. 09): 223–33. Abu Fakhr, Sakr, ed. “Fatah and the Palestine Liberation Organization” [in Arabic]. MDF, no. 79 (Sum. 09): 100–7. Aruri, Naseer, and Hani Fares, eds. “The Boston Declaration on the One State” [in Arabic]. MDF, no. 79 (Sum. 09): 124–26. Boulby, Marion. “On Shifting Boundaries: Islamist Women in Palestinian Politics.” BCBRL 4, no. 1 (Nov. 09): 31–32. Braverman, Irus. “Uprooting Identities: The Regulation of Olive Trees in the Occupied West Bank.” Political and Legal Anthropology Review 32, no. 2 (Nov. 09): 237–54. Brom, Shlomo, Giora Eiland, and Oded Eran. “Partial Agreements with the Palestinians.” Strategic Assessment 12, no. 3 (Nov. 09): 67–86. Clarno, Andy. “Or Does It Explode? Collecting Shells in Gaza.” Social Psychology 72, no. 2 (Jun. 09): 95–98. Dana, Seif. “Islamic Resistance in Palestine: Hamas, the Gaza War and the Future of Political Islam.” HLS 8, no. 2 (Nov. 09): 211–28. Fayyad, Salam (interview). “Salam Fayyad Presents his Project of State-Building” [in Arabic]. MDF, no. 79 (Sum. 09): 5–20. Harker, Christopher. “Spacing Palestine through the Home.” Transactions of the Institute of British Geographers 34, no. 3 (Jul. 09): 320–32. Hawatmeh, Nayef (interview). “Nayef Hawatmeh: A Comprehensive Interview” [in Arabic]. Dirasat Bahith 7, no. 27 (Sum. 09): 9–32. Ishtiya, Imad, Husni Awad, and Fakhri Dwaykat. “The Reasons behind Fatah's Decline: A Field Study” [in Arabic]. MDF, no. 79 (Sum. 09): 27–38. Jokman, Georges. “The Future of Fatah and the Two-State Solution: Power or Resistance” [in Arabic]. MDF, no. 79 (Sum. 09): 21–26. Kayyali, Majed. “The Impasse of Efforts for an Internal Palestinian Reconciliation” [in Arabic]. ShA, no. 39 (Fall 09): 14–24. Klein, Menachem. “Against the Consensus: Oppositionist Voices in Hamas.” MES 45, no. 6 (Nov. 09): 881–92. Kuruvilla, Samuel. “The Invention of History: A Century of Interplay between Theology and Politics in Palestine, Report on the International Centre of Bethlehem Conference, 23–29 August 2009.” HLS 8, no. 2 (Nov. 09): 235–38. Kurz, Anat. “The Sixth Fatah Convention: Formal Changes Only.” Strategic Assessment 12, no. 3 (Nov. 09): 51–65. Legrain, Jean-François. “Hamas et Fatah dans leur rivalité médiatique.” CM, no. 69 (Spr. 09): 75–86. Merari, Ariel, Jonathan Fighel, Boaz Ganor, et al. “Making Palestinian 'Martyrdom Operations'/'Suicide Attacks': Interviews with Would-Be Perpetrators and Organizers.” TPV 22, no. 1 (Jan. 10): 102–19. Al-Rimmawi, Hussein. “Spatial Changes in Palestine: From Colonial Project to an Apartheid System.” African and Asian Studies 8, no. 4 (09): 375–412. Salman, Talal. “In Memory of Shafiq al-Hout” [in Arabic]. MDF, no. 79 (Sum. 09): 96–99. Shikaki, Khalid. “Fatah Resurrected.” The National Interest, 104 (Nov./Dec. 09), http://www.nationalinterest.org/Article.aspx?id=22326. Taha, al-Moutawakkel. “Gaza: The War and the Culture” [in Arabic]. Dirasat Bahith 7, no. 27 (Sum. 09): 67–70. Tawil-Souri, Helga. “New Palestinian Centers: An Ethnography of the 'Checkpoint Economy'.” International Journal of Cultural Studies 12, no. 3 (May 09): 217–35. JERUSALEM Al-`Azaar, Muhammad K. “Jerusalem: 2009 Capital of Arab Culture” [in Arabic]. ShA, no. 140 (Win. 09): 104–16. Dumper, Michael. “'Two State Plus': Jerusalem and the Binationalism Debate.” JQ, no. 39 (Fall 09): 6–15. Dumper, Michael, and Craig Larkin. “UNESCO and Jerusalem: Constraints, Challenges and Opportunities.” JQ, no. 39 (Fall 09): 16–28. Frenkel, Yehoshua. “Praises of Jerusalem and Damascus” [in Hebrew]. Cathedra, no. 131 (Mar. 09): 142–46. Houk, Marian. “A New Convergence? European and American Positions on Jerusalem.” JQ, no. 38 (Fall 09): 88–96. Ju`ba, Nazmi. “Jerusalem: Between Land Settlements and Excavations” [in Arabic]. MDF, no. 79 (Sum. 09): 39–54. Khamaisi, Rassem. “Israel's Policy in Old Jerusalem: The Creeping Domination and Urbanization” [in Arabic]. Idafat, no. 8 (Fall 09): 121–44. Makhoul, Amir. “The Status of Jerusalem in the Palestinian Cause” [in Arabic]. ShA, no. 140 (Win. 09): 92–103. Pullan, Wendy. “The Space of Contested Jerusalem.” JQ, no. 39 (Fall 09): 39–50.
Topic:
Economics and Politics
Political Geography:
America, Israel, Palestine, and Arabia

44. From the Editor

Author:
Craig Biddle
Publication Date:
10-2010
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
Welcome to the Fall 2010 issue of TOS—and a special welcome to our new Canadian readers who, with this issue, are discovering the Standard via newsstands in Canada's largest bookstore chain, Chapters/Indigo. We are excited to add our northern neighbors to the list of countries we infiltrate with principled discussion of the moral and philosophical foundations of freedom.
Topic:
Economics and Islam
Political Geography:
America and Canada

45. An Interview with John Allison about Pro-Capitalism Programs in American Universities

Publication Date:
10-2010
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
I recently spoke with Professor John Allison about his efforts and successes in creating pro-capitalist programs in American universities. Professor Allison was the CEO of BB for twenty years, during which time the company's assets grew from $4.5 billion to $152 billion. He now teaches at Wake Forest University. —Craig Biddle Craig Biddle: Hello, John, and thank you for joining me. John Allison: It is a pleasure to be with you. Photo courtesy Wake Forest University CB: Let me begin with a couple of questions about your work at Wake Forest. I understand that you joined the faculty in March 2009 as a Distinguished Professor of Practice—a fitting title given your decades of applying philosophy to business. What has your work at the university entailed so far? And how have your ideas been received? JA: I've primarily been involved in teaching leadership both to students and to some of the administrators in the university. I taught a course on leadership last fall, and I've been participating in various courses taught by other professors on finance, mergers and acquisitions, and organizational development. But my focus is on leadership. My ideas have been well received. The students take great interest in talking to someone who has been in the real world and been successful in business. I think they appreciate that perspective. CB: Through the BB Charitable Foundation, you've established programs for the study of capitalism at a number of American universities. How many of these programs are there now? What unifies them? And what generally do they entail? JA: BB has sponsored sixty-five programs to date, and they're all focused on the moral foundations of capitalism. While many people recognize that capitalism produces a higher standard of living, most people also believe that capitalism is either amoral or immoral. Our academic question is: How can an immoral system produce a better outcome? We believe that capitalism is moral and that this is why it is so successful. We think it is critically important that we not only win the battle over economic efficiency, but that we engage in and win the debate over ethics as well.
Topic:
Economics
Political Geography:
America

46. Regional Overview

Author:
Ralph A. Cossa and Brad Glosserman
Publication Date:
03-2010
Content Type:
Journal Article
Journal:
Comparative Connections
Institution:
Center for Strategic and International Studies
Abstract:
Last quarter we focused on remarks by US President Barack Obama and Secretary of State Hillary Clinton proclaiming that “America is back in Asia,” an obvious dig at real and perceived neglect of Asia by the previous administration. This quarter, both were forced to postpone planned trips to Asia although, in Secretary Clinton's case, not before giving a major Asia policy address in Honolulu. This quarter also ended the same as last, amid hints that Pyongyang really would, at some not too distant point (but not this past quarter), return to six-party deliberations. On a more positive note, it looks like arms control agreements are on the way back, following the announcement that the US and Russia had finally come to terms on a new strategic arms agreement, to be signed by both presidents in April. Speculation about the “changing balance of power” in Asia also continues as a result of China's economic resilience and apparent newfound confidence, although it still seems premature to announce that the Middle Kingdom is back, given the challenges highlighted at this year's National Peoples' Congress. Political normalcy also appears to be a long way from returning to Bangkok where the “red shirts” have once again taken to the street, prompting the government to declare a state of emergency.
Topic:
Economics and Government
Political Geography:
Russia, United States, China, America, Asia, and Bangkok

47. The Future of American Power

Author:
Joseph S. Nye Jr.
Publication Date:
11-2010
Content Type:
Journal Article
Journal:
Foreign Affairs
Institution:
Council on Foreign Relations
Abstract:
It is currently fashionable to predict a decline in the United States' power. But the United States is not in absolute decline, and in relative terms, there is a reasonable probability that it will remain more powerful than any other state in the coming decades.
Topic:
Economics
Political Geography:
United States and America

48. American Profligacy and American Power

Author:
Richard N. Haass and Roger C. Altman
Publication Date:
11-2010
Content Type:
Journal Article
Journal:
Foreign Affairs
Institution:
Council on Foreign Relations
Abstract:
The U.S. government is incurring debt at an unprecedented rate. If U.S. leaders do not act to curb their debt addiction, then the global capital markets will do so for them, forcing a sharp and punitive adjustment in fiscal policy. The result will be an age of American austerity.
Topic:
Economics, Government, and War
Political Geography:
Iraq and America

49. Back to School

Author:
Arne Duncan
Publication Date:
11-2010
Content Type:
Journal Article
Journal:
Foreign Affairs
Institution:
Council on Foreign Relations
Abstract:
U.S. students now compete throughout their careers with their peers in other countries. But thinking of the future as a contest among countries vying to get larger pieces of a finite economic pie is a recipe for protectionism and global strife. Instead, Americans must realize that expanding educational attainment everywhere is the best way to grow the pie for all.
Topic:
Cold War and Economics
Political Geography:
America and South Korea

50. It's the Economy, Stupid – Only This Time, Everywhere

Publication Date:
01-2009
Content Type:
Journal Article
Journal:
European Affairs
Institution:
The European Institute
Abstract:
Beneath the mantra about a coordinated global response to the economic crisis, a line of fracture starkly divides the two sides of the Atlantic about what to do in practice to revive the sinking economies. In Washington, the Obama administration is accepting an unprecedented amount of government debt in order to pump money into the hands of consumers who can spend it and revive business. An Obama aide says that Canada, France, Germany and are not matching the U.S. effort with stimulus spending of their own and should do more. No, answer Ms. Merkel and Mr. Sarkozy - firmly but politely, so far - this is the wrong approach, the wrong priority. The global financial rules need to be overhauled before more money is pumped into it, they say, because the real problem is the lack of confidence in a recent U.S. model of capitalism that has collapsed. And, they say privately, America is to blame for the problem, so America should pay to fix it.
Topic:
Economics
Political Geography:
America, Washington, Canada, France, and Germany

51. The Economic Quicksands of Globalization

Author:
Martin Walker
Publication Date:
01-2009
Content Type:
Journal Article
Journal:
European Affairs
Institution:
The European Institute
Abstract:
David Smick's book, The World Is Curved, explains that financial engineering has outpaced the understanding of regulators and governments - and even of many of the people involved in the business. His book, reviewed by journalist and consultant, Martin Walker, predicts that worse is still to come for the U.S. and also for highly-leveraged banks in Europe holding "toxic" assets.
Topic:
Economics
Political Geography:
United States, China, and America

52. Necessity, Choice, and Common Sense: A Policy for a Bewildering World

Author:
Leslie H. Gelb
Publication Date:
05-2009
Content Type:
Journal Article
Journal:
Foreign Affairs
Institution:
Council on Foreign Relations
Abstract:
The United States is declining as a nation and a world power. This is a serious yet reversible situation, so long as Americans are clear-eyed about the causes and courageous about implementing the cures, including a return to pragmatic problem solving.
Topic:
Foreign Policy and Economics
Political Geography:
United States, China, and America

53. Tectonic Shifts and Systemic Faultlines: A Global Perspective to Understand the 2008-2009 World Economic Crisis

Author:
Bülent GÖKAY
Publication Date:
04-2009
Content Type:
Journal Article
Journal:
Alternatives: Turkish Journal of International Relations
Institution:
Center for International Conflict Resolution at Yalova University
Abstract:
The last months of 2008 witnessed what is being called the worst financial crisis since the Great Depression of 1929-30. The first indications of a serious crisis appeared in January 2008. On 15 January, news of a sharp drop in the profits of the Citigroup banking led to a sharp fall on the New York Stock Exchange. On 21 January a spectacular fall in share prices occurred in all major world markets, followed by a series of collapses. A number of American and European banks declared massive losses in their 2007 end of the year results.
Topic:
Economics and Financial Crisis
Political Geography:
New York, America, and Europe

54. Persistent primacy and the future of the American era

Author:
Robert J Lieber
Publication Date:
03-2009
Content Type:
Journal Article
Journal:
International Politics
Institution:
Palgrave Macmillan
Abstract:
Arguments are widely expressed that America is in decline, both at home and abroad. These admonitions extend not only to economic, diplomatic and geopolitical realms, but even to the cultural arena. The United States does face real and even serious problems, but there is an unmistakable echo of the past in current arguments. Antecedents of these views were evident in the 1970s, '80s and '90s, and on occasion even in identical language. Indeed, declinist proclamations have appeared on and off not only throughout the 20th Century, but also during the 18th and 19th Centuries. Moreover, periodic crises in US history have included challenges more daunting than those of today. It can thus be instructive to compare the arguments and prescriptions of the new declinism with those of earlier eras. The evidence suggests a pattern of over-reaction, a historicism, and a lack of appreciation for the robustness, adaptability and staying power of the United States.
Topic:
Economics
Political Geography:
United States and America

55. An Interview with a "Capitalist Pig" Jonathan Hoenig on Hedge Funds, the Economic Crisis, and the Future of America

Publication Date:
06-2009
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
I recently spoke with Jonathan Hoenig, manager of the Capitalistpig Hedge Fund and regular contributor to Fox News Channel's Cashin' In, Your World with Neil Cavuto, and Red Eye with Greg Gutfeld. Mr. Hoenig is also a columnist for Smartmoney.com and contributes economic commentary to WLS 890AM in Chicago. -Craig Biddle Craig Biddle: I must ask at the outset, why did you name your firm "Capitalistpig"? Is there a story behind that? Jonathan Hoenig: Yes, there is. From weeding yards as a young boy to working at Starbucks in high school, I have always been interested in money and actively hustling for dollars. Getting an "A" in school didn't mean much to me, but earning a few hundred dollars working in a local warehouse or passing out samples of Nutella (another summer job) always provided a tremendous sense of accomplishment and pride. One of my earliest memories is going with my dad to our local bank and opening my first passbook savings account. Even then, it was a real thrill to watch the balance slowly build. As a kid, while many of my contemporaries were either bullying (or being bullied), I was busy discovering the virtue of mutually beneficial exchange. My neighbor appreciated me cleaning out her basement, and, for a few bucks, I was more than happy to do an excellent job. Ever since I can remember, capitalism wasn't something I spurned, but embraced. Knowing I wanted to pursue a career in the financial markets, after college I traded futures at the Chicago Board of Trade for a few years before opening up my firm in 2000. The name Capitalistpig Asset Management was a punchy way of communicating the philosophy by which my operation is run. We also give all new clients a copy of [Ayn Rand's] Atlas Shrugged. The name Capitalistpig also helps to attract the right type of customer. I prefer to work with like-minded individuals who support capitalism and individual rights and are happy to be part of an operation that loudly promotes these ideals. CB: What exactly is a hedge fund? How is it different from a mutual fund? And what do you and other hedge fund managers do? JH: A hedge fund is simply a pool of money funded by profit-seeking investors and managed by a professional money manager. In that sense, it is similar to a mutual fund. But unlike a mutual fund, a hedge fund is not required to register with the Securities and Exchange Commission. This doesn't mean hedge funds are unregulated; far from it. The government places stringent restrictions on how hedge funds can operate. Most notably, we're prohibited from accepting investments from "nonaccredited" individuals-meaning, those who don't have a liquid net worth of at least $1 million or haven't earned an income of at least $200,000 for two consecutive years. This, incidentally, is the source of the notoriously "exclusive" and "elitist" nature of hedge funds: They're exclusive and elitist not by choice, but by government edict. While most people assume that hedge funds trade frequently and make big bets on financial esoterica, the truth is a hedge fund is a legal structure, not an investment technique. Some trade frequently and use leverage, others buy and hold stocks for months or years at a time. So while the media routinely characterize hedge funds as "risky" or "highly leveraged," the reality is that hedge-fund strategies, just like mutual-fund strategies, run the gamut from the ultraconservative to the highly volatile. Some managers employ complex spread trades, while others simply buy and sell stocks. Just knowing someone runs a hedge fund tells you absolutely nothing about how it's run. What matters are the strategies, positions, and discipline that the manager uses to maximize the money. My fund is focused on absolute return, ideally earning a profit regardless of the condition of the stock market or larger macroeconomic environment. To accomplish this, I use strategies such as selling short, trading options, commodities, currencies, and other instruments, some of which aren't directly correlated with the stock market. My fund functions as one part of an individual's portfolio, usually no more than 25 percent, and it has been profitable eight out of nine years, earning a total return of over 345 percent. The Dow Jones has lost 28 percent over the same period. CB: Hedge funds and their managers have been loudly and repeatedly condemned for having somehow caused or exacerbated the current financial crisis. Did hedge funds lead to or worsen the crisis? If so, how? If not, what do you make of such claims? JH: Such accusations are absurd. Hedge-fund managers have neither caused nor exacerbated the financial crisis, and they couldn't have done so even if they had tried. These managers simply invest money for their clients. If they make good investments, their clients make money; if they make bad investments, their clients lose money. Moreover, hedge funds-one of the few financial industries that has not asked for and will not receive a bailout-actually helped shoulder the burden of the credit collapse. In buying and selling risky mortgages, loans, and other instruments, hedge funds substantially mitigated the crisis by adding liquidity to the marketplace and facilitating trade. Wealth creation requires investment, and the savings needed in order to make loans, finance operations, start new companies, and invest in R come from investors, such as hedge-fund managers, who are seeking to profit. Far from fueling the financial crisis, hedge-fund managers reduced its severity, and continue to do so, by allocating capital in accordance with the principles of economics, long-range thinking, the profit motive, and market demand.
Topic:
Economics
Political Geography:
America and Chicago

56. The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger

Author:
Heike Larson
Publication Date:
06-2009
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
Free marketeers reading the news these days cannot help but feel depressed. Media reports would lead us to believe that entrepreneurs are exploiters, that global trade hurts rather than helps people in America-in short, that capitalism has failed and that only the "change" offered us by central planners can alleviate our economic woes. In this climate, Marc Levinson's book The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger provides a welcome respite and intellectual refueling for weary capitalists. It tells a suspenseful story of achievement-replete with many twists and turns and a swashbuckling American hero-that will leave you wanting to run to the nearest container port to admire with newfound appreciation the industrial machinery that impacts almost every part of our daily lives. The Box, published on the fiftieth anniversary of the first sailing of a containership christened The Ideal-X, tells the story of how a seemingly mundane thing-a metal box with a wooden floor-managed to fundamentally change the world we live in. Until the 1960s, shipping had not changed much in decades. Handling cargo was a labor-intensive activity, and transportation costs and times-whether by land or by sea-were huge obstacles to trade, often making transcontinental, let alone global, trade economically unfeasible. In the 1950s, moving goods by ship was "a hugely complicated project," involving "millions of people who drove, dragged, or pushed cargo through city streets to or from the piers" (p. 16). Docks were cluttered with every kind of good imaginable, "steel drums of cleaning compound and beef tallow alongside 440-pound bales of cotton and animal skins"-all of which needed to be loaded and unloaded manually by gangs of longshoremen (p. 17). The process of loading and unloading a single ship during a single visit to a port often took weeks and accounted for between 60 and 75 percent of shipping costs. And, given the difficulties inherent and time involved in moving goods housed in a variety of different containers, it was imperative that factories locate close to docks for fast access to raw materials. Transportation costs and long delivery times made long-distance trade challenging and expensive-even before factoring in the heavy regulation that plagued the shipping industry. Recognizing the great expense and wasted time inherent in shipping practices of the day, two companies-both outsiders to the maritime shipping industry-developed in parallel an alternative system. Malcom McLean, an entrepreneur who grew his trucking company from a single vehicle purchased on credit during the Great Depression to one of the largest in America, bought a marginal East Coast maritime shipping line using "an unprecedented piece of financial and legal engineering" to circumvent regulations that prevented trucking companies from owning ship lines (p. 45). McLean set out to design and build a new shipping system from scratch based on a novel approach to the business: Whereas most shipping executives at the time believed that their business was operating ships, "McLean's fundamental insight, commonplace today but quite radical in the 1950s, was that the shipping industry's business was moving cargo" (p. 53, emphasis added). Within less then two years, McLean and his company, Pan-Atlantic, bootstrapped the first viable container system, in which cargo was loaded into stackable metal and wooden boxes of uniform dimensions, eliminating much of the labor required for and many of the problems inherent in loading ships with goods housed in a variety of containers. Further, "McLean understood that reducing the cost of shipping goods required not just a metal box but an entire new way of handling freight. Every part of the system-ports, ships, cranes, storage facilities, trucks, trains and the operations of the shippers themselves-would have to change. In that understanding, he was years ahead of almost everyone else in the transportation industry" (p. 53). His team of entrepreneurial, fast-moving engineers, managers, and partners designed, among many other things, the 33-foot box (only small steel containers were previously available); developed a quick-release locking system that eliminated the need to chain containers to ships or trucks; built a new trailer chassis to guide containers automatically into place; and put in place large cranes equipped with spreader bars-devices stretching the entire length of a container that enabled crane operators to attach and release hooks at the container's corner with the flick of a switch, thereby eliminating the need for longshoremen to climb up to each container corner and attach chains manually. And they accomplished all of these things while dealing with skeptical regulators who doubted the safety of containers and were pressured by truck and rail competitors to prohibit the container shipping experiment. When the first containership sailed on April 24, 1956, McLean's detailed cost tracking system showed clearly the benefits of the new system: "Loading loose cargo on a medium-sized cargo ship cost $5.83 per ton in 1956. McLean's experts pegged the cost of loading the Ideal-X at 15.8 cents per ton. With numbers like that, the container seemed to have a future" (p. 52). . . .
Topic:
Economics
Political Geography:
America

57. Born Again in the U.S.A.

Author:
Timothy Samuel Shah
Publication Date:
09-2009
Content Type:
Journal Article
Journal:
Foreign Affairs
Institution:
Council on Foreign Relations
Abstract:
Religion and modernity were never expected to go hand in hand, and for centuries they coexisted uncomfortably. But thanks to the entrepreneurial model of American evangelicals, argue two journalists at The Economist, God is back.
Topic:
Economics
Political Geography:
America

58. Antitrust with a Vengeance: The Obama Administration's Anti-Business Cudgel

Author:
Eric Daniels
Publication Date:
12-2009
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
Not yet a year into its term, the initially popular Obama administration has plummeted in popularity. In light of Washington's escalated meddling in the economy, many Americans are expressing deep concerns and anger about the statist direction in which this administration is steering the country. Unfortunately, however, few Americans are aware of-and the media is ignoring-one of the administration's most serious threats to our freedom: its stated intention to bolster antitrust enforcement. Since May, Christine Varney, the newly appointed assistant attorney general for the Justice Department's Antitrust Division, has conducted a speaking tour promoting the Division's new mandate under Obama and affirming the president's many campaign promises to "reinvigorate antitrust enforcement." Varney and her counterpart at the Federal Trade Commission, Jon Leibowitz, are publicly threatening "possible investigations" of businesses ranging from Google to Monsanto to IBM. In response to this new climate, antitrust advocates from Senator Charles Schumer to the American Booksellers Association have called on Varney to undertake new prosecutions. And New York Attorney General Andrew Cuomo recently joined the push by filing a suit against Intel.1 Americans should not only be aware of this ominous trend; they should be up in arms about it. Antitrust laws violate the rights of American businessmen and consumers, thwart economic development, and stifle our quality of life in myriad ways. To see why, we must first understand what antitrust law is. During the second half of the 19th century, as American companies grew and acquired assets around the country, they found themselves in a difficult position. Although companies could achieve economies of scale by acquiring smaller firms and unifying their efforts, state laws prevented them from doing so. Whereas some state legislatures imposed special taxes on out-of-state corporations doing business in their states, other legislatures forbade corporations in their state from holding the stock of companies based elsewhere. (Legislators established such restrictions in the hope that they would force successful companies to incorporate-and thus pay taxes-in their state.) In response to these restrictions on acquisitions, C. T. Dodd and John D. Rockefeller of Standard Oil created a new form of business using the device of a legal trust, which enabled them to hold the stock of dozens of companies and thus effectively manage vast productive assets.2 The operational and financial advantages of this novel corporate structure were immense, yet critics alleged that the newly created trusts were "odious monopolies," charging them with "making competition impossible," "raising prices," and "disregarding the interests of the American consumer."3 Critics condemned this new legal device as a "problem" and branded businessmen who employed it as "robber barons." Yet these businessmen used this legal device to create their vast fortunes by increasing competition, lowering prices, and providing American consumers with more and better products.4 The problem was not that their novel form of business had generated economic inefficiencies-it had done the opposite. Rather, the problem was a political one. Because these businesses were becoming fabulously successful and their owners enormously wealthy, egalitarian-minded and envious Americans pressured politicians to "do something," and politicians, seeking approval, got "tough" on the issue. A solution to the trust "problem" came in the form of the Sherman Antitrust Act of 1890. Senator John Sherman and his colleagues claimed that trusts were "combinations that affect injuriously the industrial liberty of the citizens of these States."5 Critics of the trusts claimed that their high profits were achieved-not through the entrepreneurial, managerial, and productive genius of men such as Rockefeller, Edison, and Carnegie-but by "the few extorting the many."6 Because of the "public outcry on the trust question" and the alleged need to protect the "interests of the consumer," Sherman and his colleagues advocated the creation of a broad law that outlawed "monopolization" and "restraint of trade." That law was the Sherman Antitrust Act, and since its passage in 1890 Congress has added five other antitrust laws to the books, prohibiting dozens of supposedly "anticompetitive" business practices.7 . . . To read the rest of this article, select one of the following options: Subscriber Login | Subscribe | Renew | Purchase a PDF of this article.
Topic:
Economics and Oil
Political Geography:
America

59. China-Southeast Asia Relations

Author:
Robert Sutter
Publication Date:
01-2009
Content Type:
Journal Article
Journal:
Comparative Connections
Institution:
Center for Strategic and International Studies
Abstract:
Asian commentators who asserted that China and its neighbors could ride out the economic crisis in U.S. and Western financial markets appeared in retreat during the quarter as the impact of the financial turmoil and recession in America and Europe began to have a major effect on China and the region's trade, manufacturing, currency values, and broader economic stability. The hope that China could sustain stable growth independent of the U.S. and Europe and thereby provide an engine of growth for export-oriented Southeast Asian countries was dented by Chinese trade figures that nosedived in November, especially Chinese imports, which fell by 18 percent. The financial crisis also dominated the discussion at the ASEM summit in October. Meanwhile, China continued to pursue infrastructure development projects with its neighbors to the south, resolved the land boundary dispute with Vietnam, and signed a free trade agreement with Singapore. Talk of a planned Chinese aircraft carrier caused some controversy, but on the whole assessments of China's rise were notably more balanced than in the past.
Topic:
Economics, Financial Crisis, and Reform
Political Geography:
United States, China, America, Europe, Asia, and Southeast Asia

60. Letter from the Editor: Transatlantic Solidarity Starts at Home

Publication Date:
01-2008
Content Type:
Journal Article
Journal:
European Affairs
Institution:
The European Institute
Abstract:
America's power is waning, at least temporarily. Under the next President, the country will have a diminished ability to shape a stable international order and maintain global prosperity. Will that trend create an opening for Europe to emerge with a larger global presence? Or is it liable to cause losses all around?
Topic:
Economics
Political Geography:
America and Europe