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Begin New Search Topic Economics Content Type Journal Article Publication Year within 25 Years

71. Systemic Reconfiguration of Capitalism: Applying Ruggie’s Critique of Waltz in Economics

Author:
Sylvia Ferreira Marques
Publication Date:
08-2021
Content Type:
Journal Article
Journal:
Contexto Internacional
Institution:
Institute of International Relations, Pontifical Catholic University of Rio de Janeiro
Abstract:
This paper identifies changes in the center-periphery structure due to transformations in capitalism since 1970. In its new configuration, capitalism not only altered center-periphery relations but also exerted impact upon peripheral units that affect the system structure itself. This paper aims to apply Ruggie’s famous critique of Waltz in International Relations to analyse global capitalism and show how the changes in the center-periphery cleavage is affecting its systemic reconfiguration in the 21st century. This research identifies the boomerang effect as a new systemic element, that is, as a byproduct of the interaction of units of the global capitalist system in the 21st century.
Topic:
International Relations, Economics, Capitalism, and Economic Theory
Political Geography:
Global Focus

72. Multilateral Framework of Investment Facilitation at the WTO: Initiatives and Perspectives from the Global South

Author:
Rafael Ramos Codeco and Ana Rachel Freitas
Publication Date:
08-2021
Content Type:
Journal Article
Journal:
Contexto Internacional
Institution:
Institute of International Relations, Pontifical Catholic University of Rio de Janeiro
Abstract:
The focus of International Investment policymaking in the global South has been shifting from investment protection to investment facilitation (IF). This movement marks an attempt to improve the attractiveness of national economies for foreign direct investment (FDI) and to recover the policy space previously curbed by traditional investment protection clauses. The popularity of investment facilitation led to the beginning of a negotiation process at the World Trade Organization (WTO) to formulate a multilateral agreement in this area. However, the differing negotiation practices related to IF could provoke schisms between the WTO members engaging in this discussion. The latest international investment agreements (IIAs) featuring IF provisions, signed by countries in the global South, indicate that during multilateral negotiations, these countries will focus on improving transparency, predictability and simplicity of the investment environment, as well as preserving their ability to develop public policies that are in line with their development strategies. However, some of the provisions that bring such preferences to fruition would challenge these countries’ bureaucratic and financial capacity. As discussions evolve at the WTO, countries in the global South will need to clarify their positions and co-ordinate their efforts in order to shape an alternative framework that fits their interests.
Topic:
Economics, International Cooperation, World Trade Organization, and Multilateralism
Political Geography:
Global South

73. Chinese Investments in Brazil: Economic Diplomacy in Bilateral Relations

Author:
Virginia Soledad Busilli and Maria Belen Jaime
Publication Date:
09-2021
Content Type:
Journal Article
Journal:
Contexto Internacional
Institution:
Institute of International Relations, Pontifical Catholic University of Rio de Janeiro
Abstract:
The People’s Republic of China has consolidated its status as a great power and strengthened its presence in different regions of the planet. In accordance with its economic development strategy, Beijing’s growing bond with Latin America is part of China’s need to guarantee access to raw materials and energy resources. In this framework and through economic diplomacy, China has strengthened its trade relations, as well as loans and investments in most of the region’s countries.Brazil is an example of this relationship pattern, as one of China’s most important partners and top investment destination in Latin America. It became Beijing’s top commercial partner in 2012. This paper will analyse the composition and evolution of Chinese foreign direct investment (FDI) in Brazil between the years of 2004 and 2020. In order to do so, we will study the main projects carried out by the country, as well as the characteristics of the Chinese companies (state or non-state) that participated in the process, in order to understand their most important features. Likewise, we will analyse the articulation of the Chinese FDI with its trade flows. We will start from the premise that Chinese investments in Brazil are directly linked to Beijing’s strategic interests, while at the same time guided by market logics that try to maximise profits. In this vein, within the framework of the ‘going out strategy’,state companies play a fundamental role.
Topic:
Diplomacy, Economics, Bilateral Relations, and Hegemony
Political Geography:
China, Asia, Brazil, and South America

74. El problema del coste de la defensa

Author:
Carlos Marti Sempere
Publication Date:
11-2021
Content Type:
Journal Article
Journal:
Journal on International Security Studies (RESI)
Institution:
International Security Studies Group (GESI) at the University of Granada
Abstract:
Este artículo aborda la cuestión del coste asociado ala defensa, es decir, de los recursos que la sociedad debe dedicar a proporcionar seguridad a sus miembros. En él se examina los métodos y formas de establecer y distribuir estos recursos para obtener un conjunto apropiado de capacidades militares que soporten la percepción de seguridad del ciudadano, resolviendo así el problema de la defensa y aumentando así el bienestar económico y social. Se trata de una cuestión antigua que hasido objeto de una preocupación constante del ser humano.La novedad más importante de este artículo es examina resta cuestión desde la perspectiva de la racionalidad limitada del ser humano, dela información imperfecta de la que dispone, de la existencia de preferencias sin una clara racionalidad económica y de instituciones y normas deeficacia limitada. Todo ello conducea asignaciones de recursos para la defensa que pueden encontrarse lejos delos valores que ofrecen un bienestar general mayor.
Topic:
Defense Policy, Economics, Markets, Welfare, and Efficiency
Political Geography:
Global Focus

75. The Future of the Eurasian Economic Union

Author:
Katia Glod
Publication Date:
12-2021
Content Type:
Journal Article
Journal:
Fletcher Security Review
Institution:
The Fletcher School, Tufts University
Abstract:
The Eurasian Economic Union (EAEU) was established in 2015 and incorporates five countries of the former Soviet bloc—Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. The declared goal of the project was to create a common market with 180 million consumers, coordinate economic policies, and eliminate non-tariff barriers. The idea behind the EAEU was to revive the economic ties that had broken down when the Soviet Union dissolved by facilitating better growth and more trade. Its member states claimed that the EAEU would emulate the European Union (EU) by adopting a system based on clear and transparent rules to promote free trade. The reality, however, is proving different. So far, the EAEU has failed to transform into a full-fledged economic union. Many outstanding issues require greater political will from the member states to work out common approaches and practices.
Topic:
Economics, Tariffs, Free Trade, and Soviet Union
Political Geography:
Russia, Eurasia, Kazakhstan, Kyrgyzstan, Armenia, and Belarus

76. Currency Power & International Security

Author:
Benjamin Cohen
Publication Date:
12-2021
Content Type:
Journal Article
Journal:
Fletcher Security Review
Institution:
The Fletcher School, Tufts University
Abstract:
For anyone concerned about U.S. national security, international finance today poses an intriguing dilemma. On the one hand, in geopolitical terms, the United States seems to have entered a period of relative decline. Some commentators speak of a broad power transition from unipolar hyperpuissance to a new, more threatening multipolar world. Others focus more narrowly on the rise of China and the risk of a “Thucydides Trap.”72 Yet in global finance, the U.S. dollar remains undeniably dominant, still by far the most popular national monetary unit in use for international purposes.73 The greenback is as mighty as ever. Can this disparity continue, or should we expect that geopolitical decay will be followed by—perhaps even exacerbated by—an erosion of the dollar’s standing? Much rides on the answer. An international currency is a source of power for the economy that issues it.74 For some three-quarters of a century, the greenback’s central role in monetary affairs has enhanced the political capabilities of the United States. America’s security has been amplified by currency power. At a time, therefore, when the nation is feeling increasingly vulnerable to adversaries abroad, the outlook for the dollar’s future takes on added importance. Three questions are addressed in this essay. First, how does a currency’s international standing affect the political capabilities of the issuing country? Second, how has currency power been used by the United States? And third, what are the prospects for the greenback looking forward? Much analysis suggests that the outlook for the currency is not bright.75 Some experts worry that we are approaching a tipping point that could lead to an abrupt and panicky dumping of the dollar. I disagree. No sudden rush to the exits would appear to be likely. But over time it does seem plausible to anticipate a gradual, maybe even accelerating loss of monetary primacy. The threat to the greenback—and hence to U.S. security—is not the sudden appearance of a wolf at the door. The risk, rather, is a persistent spread of termites in the woodwork.
Topic:
Economics, International Security, Geopolitics, Finance, and Currency
Political Geography:
China and United States of America

77. Medical Security, Covid Challenge and the U.S. - Japan Alliance

Author:
Kent Calder
Publication Date:
12-2021
Content Type:
Journal Article
Journal:
Fletcher Security Review
Institution:
The Fletcher School, Tufts University
Abstract:
National security has been classically conceived as a narrowly military and state-centric concept, especially in the Western industrial world. Security is, generations of strategists and statesmen have told us, a matter of defending core nation-state values and interests by force of arms. Two world wars across the first half of the twentieth century, and a long nuclear confrontation to follow, engrained this military and state-centric conception deeply into global consciousness and public discourse. The tragic COVID-19 crisis now confronting us suggests that this logic may be flawed, or at least oversimplified. Over 2.3 million people worldwide died in the first year of this global pandemic, with well over 100 million infected. These figures are likely understated.44 Untold millions of people continue to suffer from “long COVID” maladies around the world.
Topic:
Economics, Health, National Security, COVID-19, and Health Crisis
Political Geography:
Japan, Asia, North America, and United States of America

78. Foreign Direct Investment, Gross Domestic Product, and Export Nexus in Turkey: Autoregressive Distributed Lag Bounds Model and Granger Causality Approach

Author:
Bayram Gungor
Publication Date:
01-2021
Content Type:
Journal Article
Journal:
The Rest: Journal of Politics and Development
Institution:
Centre for Strategic Research and Analysis (CESRAN)
Abstract:
The relationship among the FDI, GDP and Export has gained vast attention among the researchers and policy-makers. There are many studies on the interaction of these variables using various econometric approaches in the literature. However, it has seen that the findings have been different from country by country. Therefore, this study's main problematic is to estimate the coefficients that show the interaction among the FDI, GDP and Export covering 1980-2019 in Turkey. The ARDL Bounds Model and Granger Causality approach were selected to measure the coefficients statistically. Three models were executed to calculate the short-run and long-run coefficients. While the Model 1 and Model 3 were found statistically significant to explain the dependent variables, the Model 2 was found statistically insignificant. Because of this, the Model 2 was excluded from the study. The short- run coefficients were also found statistically significant to explain the dependent variables of the Model 1 and Model 3. While GDP affects the FDI positively in Model 1, GDP affects the Export negatively in Model 2. The ECT was found statistically significant at 0.01. The speeds of adjustment of the Model 1 and Model 3 were calculated as approximately 93% and 16% levels, respectively. Unlike the ARDL Bounds Model, the Granger Causality test was implemented to measure the variables' causal relationship. It was seen that there is only a unidirectional Granger causal relationship running from GDP to FDI in the Model 1 and from GDP to Export in the Model 2.
Topic:
Economics, Foreign Direct Investment, GDP, and Exports
Political Geography:
Europe, Turkey, and Asia

79. The Economic Impact of Tax Changes, 1920–1939

Author:
Alan Reynolds
Publication Date:
01-2021
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
Estimates of the elasticity of taxable income (ETI) investigate how high‐​income taxpayers faced with changes in marginal tax rates respond in ways that reduce expected revenue from higher tax rates, or raise more than expected from lower tax rates. Diamond and Saez (2011) pioneered the use of a statistical formula, which Saez developed, to convert an ETI estimate into a revenue‐​maximizing (“socially optimal”) top tax rate. For the United States, they found that the optimal top rate was about 73 percent when combining the marginal tax rates on income, payrolls, and sales at the federal, state, and local levels. A related paper by Piketty, Saez, and Stantcheva (2014) concluded that, at the highest income levels, the ETI was so small that comparable top tax rates as high as 83 percent could maximize short‐​term revenues, supposedly without suppressing long‐​term economic growth. Such studies could be viewed as part of a larger effort to minimize any efficiency costs of distortive taxation while maximizing assumed revenue gains and redistributive benefits.
Topic:
Economics, History, Tax Systems, and High-Income People
Political Geography:
North America, Global Focus, and United States of America

80. How Misaligned Incentives Hinder Foster Care Adoption

Author:
Isabella M. Pesavento
Publication Date:
01-2021
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
Adoption, particularly adoption out of foster care, has not been well studied within the field of economics. Researchers may avoid this topic because the adoption market greatly deviates from a typical market, and the system and data collection are highly fragmented, with relatively little federal coordination. Rubin et al. (2007) and Thornberry et al. (1999) show that instability in foster care placements produces negative welfare outcomes, and Hansen (2006), Barth et al. (2006), and Zill (2011) demonstrate that adoption out of foster care is socially and financially beneficial. Yet, children waiting to be adopted out of foster care are in excess supply, which has been exacerbated in recent years. I hypothesize that this is, in part, due to misaligned incentives of government officials and the contracted foster care agencies. I show that earnings are prioritized over ensuring permanent child placement, which hinders the potential for adoption, and government oversight fails to correct such iniquities because of career interests.
Topic:
Economics, Government, Markets, Children, Incentives, Foster Care, and Adoption
Political Geography:
North America and United States of America