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  • 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: Simon Lester, Huan Zhu
  • Publication Date: 01-2020
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Donald Trump was a trade “hawk” long before he became president. In the late 1980s, he went on the Oprah Winfrey show and complained about Japan “beating the hell out of this country” on trade (Real Clear Politics 2019). As president, he has continued with the same rhetoric, using it against a wide range of U.S. trading partners, and he has followed it up with action (often in the form of tariffs). While many countries have found themselves threatened by Trump’s aggressive trade policy, his main focus has been China. As a result, the United States and China have been engaged in an escalating tariff, trade, and national security conflict since July 2018, when the first set of U.S. tariffs on China went into effect and China retaliated with tariffs of its own. In this article, we explore the U.S.-China economic conflict, from its origins to the trade war as it stands today. We then offer our thoughts on where this conflict is heading and when it might end.
  • Topic: Economics, International Trade and Finance, Tariffs, Trade Wars, Donald Trump
  • Political Geography: China, Asia, North America, United States of America
  • Author: Jennifer Brown, Tara Flint, Jessca LaMay
  • 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: The Global North’s growing demand for fresh pineapple has created a system that is disproportionately profitable for companies and consumers in those countries to the detriment of people living and working in the Global South. Since the mid-1980s the Pineapple Development Corporation (PINDECO), a subsidiary of U.S.-based Del Monte, has established a monopoly over fresh pineapple exports in southern Costa Rica. We conducted pilot research in the municipalities of Buenos Aires and San Isidro del General in 2019, where the majority of PINDECO’s production takes place. PINDECO and the Costa Rican state claim pineapple production is beneficial to national development through its contribution to Costa Rican gross domestic product and employment opportunities, but our research and recent data reveal that in pineapple producing areas in the southwest, poverty levels remain high with worsening water and food security despite PINDECO’s large profit margins. There are numerous human and environmental health concerns linked to pineapple monocropping. Intensive pesticide use often utilizes chemicals that are banned or restricted in the countries they are imported from. PINDECO has been able to evade responsibility for environmental damages and social welfare obligations to employees while maintaining a largely positive public image through a lax regulatory environment and extensive subcontracting structure. This article connects regional socioeconomic issues to the intricate power dynamics and collusion between industry and state. The findings suggest that Costa Rica is not as environmentally conscious and sustainable as its public image portrays, with pockets of profit-driven industries taking precedence over community well-being and environmental sustainability.
  • Topic: Agriculture, Economics, International Trade and Finance, International Development
  • Political Geography: South America, Central America, Costa Rica
  • Author: Marcelo Corrêa, Luiz Michelo, Carlos Schonerwald
  • Publication Date: 01-2020
  • Content Type: Journal Article
  • Journal: Conjuntura Austral: Journal of the Global South
  • Institution: Conjuntura Austral: Journal of the Global South
  • Abstract: After two decades of intense debate about the determinants of economic development, with authors examining the variables that characterize geography, institutions and international trade, BRICS countries were left behind. Thus, in order to fill this gap, this paper uses econometrics of panel data to analyze the economic performance of these developing nations. Mainstream economists have run into serious problems to deal with these particular determinants within the traditional endogenous growth model, and they have not come up with an agreement, so they keep trying to figure out who is the “winner of this competition”. Empirical evidence shows that there is not a unique explanatorydeterminant, and recognizing which of them can provide the best understandingdepends on the particularities of each case (ROS, 2013).Examining BRICS as a group of countries demonstrates that these specific developing nations share some remarkable features. They are rapidly-growing nations with a vast amount of land and growing participation in international trade. So, empirical tests are feasible and desirable in order to understand their recent development. However, they are also different in many aspects, mostly in terms of institutional characteristics. Thus, our goal is to find out if the econometrics of panel data can shed some light on this ongoing debate.
  • Topic: International Political Economy, International Trade and Finance, Trade, Trade Policy, Economic Cooperation, Geography
  • Political Geography: Russia, China, India, South Africa, Brazil
  • Author: Tobias Adrian
  • Publication Date: 06-2019
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: In the decade since the global financial crisis, there has understandably been great concern about potential threats to global financial stability, and policymakers have wisely remained vigilant in watching for warning signs of possible economic risk. At the International Monetary Fund (IMF), we remain committed to providing our 189 member countries with farsighted analyses of trends in the financial markets, thus guiding them toward sound policy choices that help maintain economic stability.
  • Topic: International Trade and Finance, Global Recession, Financial Crisis, Economy, Economic growth, Risk, IMF, Financial Stability
  • Political Geography: Global Focus
  • Author: Alastair Iain Johnston
  • Publication Date: 10-2019
  • Content Type: Journal Article
  • Journal: International Security
  • Institution: Belfer Center for Science and International Affairs, Harvard University
  • Abstract: Many scholars and policymakers in the United States accept the narrative that China is a revisionist state challenging the U.S.-dominated international liberal order. The narrative assumes that there is a singular liberal order and that it is obvious what constitutes a challenge to it. The concepts of order and challenge are, however, poorly operationalized. There are at least four plausible operationalizations of order, three of which are explicitly or implicitly embodied in the dominant narrative. These tend to assume, ahistorically, that U.S. interests and the content of the liberal order are almost identical. The fourth operationalization views order as an emergent property of the interaction of multiple state, substate, nonstate, and international actors. As a result, there are at least eight “issue-specific orders” (e.g., military, trade, information, and political development). Some of these China accepts; some it rejects; and some it is willing to live with. Given these multiple orders and varying levels of challenge, the narrative of a U.S.-dominated liberal international order being challenged by a revisionist China makes little conceptual or empirical sense. The findings point to the need to develop more generalizable ways of observing orders and compliance.
  • Topic: International Trade and Finance, Hegemony, Military Affairs, Information Age, Liberal Order
  • Political Geography: United States, China, Asia
  • Author: Myroslava Lendel
  • Publication Date: 06-2019
  • Content Type: Journal Article
  • Journal: International Issues: Slovak Foreign Policy Affairs
  • Institution: Slovak Foreign Policy Association
  • Abstract: Since 2009, the main mechanism of Eurointegration in Ukraine, in addition to the bilateral diplomatic efforts and internally driven pro-European reforms, has been the Eastern Partnership (EaP), a multilateral project has that brought Kyiv both new opportunities and additional challenges and uncertainty. Although the positives outcomes have generally been welcomed, these have not detracted from the commonly held view among experts that despite good outcomes in stimulating economic reform, support for the new government and citizen institutions, and a tangible contribution to stability on the EU borders, the current strategy alone will not secure the stable development of the democracy and market economy in Eastern Europe generally, and Ukraine in particular. The commitment of these countries to general European principles has to be supported by the prospect of EU membership and that means revisiting the current format and especially the philosophy behind the Eastern Partnership. One possible scenario could be the formation of EaP+3 within the European Partnership, which would bring together Ukraine, Georgia and Moldova – the countries with Association Agreements with the EU – and a commitment to EU membership.
  • Topic: Diplomacy, International Cooperation, International Trade and Finance, Regional Cooperation, Treaties and Agreements, Public Policy
  • Political Geography: Europe, Ukraine, Moldova, Georgia
  • Author: Petra Kuchyňková
  • Publication Date: 06-2019
  • Content Type: Journal Article
  • Journal: International Issues: Slovak Foreign Policy Affairs
  • Institution: Slovak Foreign Policy Association
  • Abstract: According to Petra Kuchyňková, assistant professor at Masaryk University in Brno, the Eastern Partnership has been relatively successful, despite the frequent political instability in EaP countries. However, the EU has not always been consistent in its neighborhood policy. This is easily understood if we look at the heterogeneity of the EaP countries and the differences in the extent of Russian influence in the region. According to Kuchyňková, the EU should not abolish the sanctions on Russia unless there is visible progress in the Minsk process, so as to avoid damaging its reputation as normative actor. Cooperation between the EU and the EEU seems unlikely due the atmosphere of mistrust and suspicion. EU neighborhood policy could receive new impetus as a result of it being given more attention in the new multiannual financial framework.
  • Topic: International Cooperation, International Trade and Finance, Regional Cooperation, Treaties and Agreements, Public Policy, Trade Liberalization
  • Political Geography: Europe, Ukraine, Moldova, Armenia, Azerbaijan, Georgia, Belarus
  • Author: Slawomir Matuszak
  • Publication Date: 06-2019
  • Content Type: Journal Article
  • Journal: International Issues: Slovak Foreign Policy Affairs
  • Institution: Slovak Foreign Policy Association
  • Abstract: The paper analyzes the first years of the Association Agreement between Ukraine and the European Union, focusing on the economic part: the Deep and Comprehensive Free Trade Area agreement (DCFTA). It describes the causes and results of changes in the flow of goods, and the implications of these for Ukraine’s policy. The DCFTA was one of the key tools that allowed Ukraine to survive the difficult period of economic crisis. The aim of this article is to show to what extent, starting from 2015, Ukraine has begun to integrate with the EU market and at the same time become increasingly independent of the Russian market and more broadly the countries of the Eurasian Economic Union. It can be assumed that this process will only accelerate. It is just the first stage on the pathway followed by the countries of Central and Eastern Europe in the 1990s. To achieve full integration requires an increase in investment cooperation, currently at a fairly low level.
  • Topic: Diplomacy, International Cooperation, International Trade and Finance, Regional Cooperation, Free Trade
  • Political Geography: Europe, Ukraine, Moldova, Armenia, Azerbaijan, Georgia, Belarus
  • Author: Iurie Gotişan
  • Publication Date: 06-2019
  • Content Type: Journal Article
  • Journal: International Issues: Slovak Foreign Policy Affairs
  • Institution: Slovak Foreign Policy Association
  • Abstract: The article attempts to outline the main trends and dynamics in Moldova’s development over the ten years since it became part of the EU’s Eastern Partnership. This article analyzes the main dimensions in Moldova’s relationship with the EU, in particular the essential elements are emphasized vis-à-vis the EU–Moldova Association Agreement, Deep and Comprehensive Free Trade Agreement and the dialog on abolishing the visa regime with the EU. Moreover, it attempts a regional comparison of the EaP member states, from an interdisciplinary analytical perspective offered by some civil society entities in Moldova.
  • Topic: Diplomacy, International Cooperation, International Trade and Finance, Regional Cooperation, Treaties and Agreements
  • Political Geography: Ukraine, Moldova, Armenia, Azerbaijan, Georgia, Belarus
  • Author: Martin Labbé
  • Publication Date: 07-2019
  • Content Type: Journal Article
  • Journal: Fletcher Security Review
  • Institution: The Fletcher School, Tufts University
  • Abstract: Martin Labbé is the Tech-Sector Development Coordinator at the International Trade Centre and the Program Manager for Netherlands Trust Fund IV (NTF IV), a USD 10 million Export Sector Competitiveness Program. He manages NTF IV Uganda and NT IV Senegal tech-sector development projects, working closely with IT sector associations & tech hubs, SMEs and tech startups to support the internationalization of the local digital economy. He has been actively involved in designing and managing several online and offline B2B business-development and marketing activities in developing countries and transition economies as well as training small- and medium-sized enterprises (SME) on technology and trade, with a focus on e-commerce.
  • Topic: International Trade and Finance, Science and Technology, Economy, Trade
  • Political Geography: United Nations, Global Focus
  • Author: Syed Fazl-e Haider
  • Publication Date: 12-2019
  • Content Type: Journal Article
  • Journal: China Brief
  • Institution: The Jamestown Foundation
  • Abstract: The China-Pakistan Economic Corridor (CPEC), the central component of China’s Belt and Road Initiative (BRI) in South Asia, has been a source of significant attention and controversy (China Brief, January 12, 2018; China Brief, February 15). Parts of South Asia, the Middle East, Central Asia, and Europe, however, are also host to another ambitious infrastructure program: the “International North-South Transport Corridor” (INSTC), a transportation development plan first established in 2000 by Iran, Russia and India. The INSTC envisions a network to connect Indian Ocean and Persian Gulf ports and rail centers to the Caspian Sea, and then onwards through the Russian Federation to St. Petersburg and northern Europe.
  • Topic: Development, International Trade and Finance, Infrastructure, Economy
  • Political Geography: Russia, China, Iran, Middle East, India, Asia
  • Author: Leo Lin
  • Publication Date: 11-2019
  • Content Type: Journal Article
  • Journal: China Brief
  • Institution: The Jamestown Foundation
  • Abstract: Kazakhstan President Kassym-Jomart Tokayev’s recent visit to the People’s Republic of China (PRC) on September 10-12 was not merely a state visit, but also signaled a new era in bilateral relations between Kazakhstan and China. During his visit, Tokayev met top officials of the Chinese Communist Party (CCP), including CCP General Secretary Xi Jinping, Premier Li Keqiang, and Li Zhanshu, the Chairman of the Standing Committee of the National People’s Congress. Tokayev also stopped in Hangzhou, where he visited the headquarters of the Alibaba Group and spoke with founder Jack Ma, as well as the new chairman and CEO Daniel Zhang (Sina Tech, September 12). The September visit has symbolic meaning for both Xi and Tokayev as they prepare for a new stage of their partnership—in the same year as the 70th anniversary of the founding of the PRC, and the 30th anniversary of Kazakhstan’s independence.
  • Topic: Security, International Trade and Finance, Science and Technology, Treaties and Agreements, Bilateral Relations
  • Political Geography: Russia, China, Central Asia, Kazakhstan
  • Author: Dario Cristiani
  • Publication Date: 04-2019
  • Content Type: Journal Article
  • Journal: China Brief
  • Institution: The Jamestown Foundation
  • Abstract: In March 2019, Italy and the People’s Republic of China (PRC) signed a broad and comprehensive, albeit not legally binding, Memorandum of Understanding (MoU) for Italy to join the Chinese-led Belt and Road Initiative (BRI). This has triggered a significant debate—in Brussels as well as in Washington—about whether this decision signalled an Italian shift away from its historical pro-European and pro-Atlantic position, to a more nuanced position open to deepening strategic ties with China. The MoU is not definite proof of such a shift, and the Italian government has denied any strategic change. However, Italy is the first major European country, and the first Group of Seven (G7) member, to formalize its participation with the BRI project. As such, this development is particularly remarkable.
  • Topic: Diplomacy, International Trade and Finance, Bilateral Relations, European Union, Economy
  • Political Geography: China, Europe, Asia, Italy
  • Author: Sudha Ramachandran
  • Publication Date: 01-2019
  • Content Type: Journal Article
  • Journal: China Brief
  • Institution: The Jamestown Foundation
  • Abstract: South Asian governments are becoming increasingly discontent with Belt and Road Initiative projects. In August, Pakistan’s new government expressed interest in reviewing the CPEC contracts that they perceive to be over-priced, unnecessary, or excessively in the favor of PRC companies (Dawn, September 11). Similar sentiments have been expressed by the new Maldivian government, which is reviewing BRI contracts signed during the rule of former President Abdulla Yameen (Economic Times, November 26). Such actions raise questions as to whether South Asian states might scale down or even cancel BRI projects.
  • Topic: Development, International Trade and Finance, Treaties and Agreements, Infrastructure, Soft Power
  • Political Geography: Pakistan, Afghanistan, Bangladesh, China, South Asia, India, Sri Lanka, Bhutan, Maldives
  • Author: Pasha L. Hsieh
  • Publication Date: 01-2019
  • Content Type: Journal Article
  • Journal: International Relations of the Asia-Pacific
  • Institution: Japan Association of International Relations
  • Abstract: This article examines the evolution of Taiwan’s relationship with Singapore since the 1960s as a unique case study in the Asia-Pacific. The theoretical concept of recognition in international relations (IR) and its nexus with international law are used to analyze the conclusion of the bilateral military and trade agreements absent diplomatic relations. The article argues that beyond security dimensions, the two states’ struggles for recognition exhibit the formation of national identities, which invigorate the claims for sovereign state status in global politics. First, this article explores the emerging notion of recognition in IR and sheds light on the significance of Taiwan’s presidential visit to Singapore under its one-China policy. Second, it explains Singapore’s pursuit of external sovereignty that led to substantive defense cooperation with Taiwan, as well as the role of Lee Kuan Yew in facilitating Beijing–Taipei negotiations. Finally, it assesses contemporary developments such as the inking of the Taiwan–Singapore free trade agreement and the first-ever summit between the presidents of China and Taiwan in Singapore. Hence, the political and legal analysis of Singapore–Taiwan relations enriches the study of IR and contributes to the understanding of the foreign policy of China and the Association of Southeast Asian Nations.
  • Topic: Foreign Policy, International Trade and Finance, Treaties and Agreements, Military Affairs, Trade
  • Political Geography: China, Taiwan, Asia, Singapore
  • Author: Marium Kamal
  • Publication Date: 07-2019
  • Content Type: Journal Article
  • Journal: South Asian Studies
  • Institution: Department of Political Science, University of the Punjab
  • Abstract: This era is witnessing rising India as a major power in the regional and global affairs. Since 9/11 India is strategically involved in Afghanistan in order to attain her broader agenda and realists‟ ends. India is pursuing her security, political, economic and social objectives in Afghanistan to strengthen her regional hegemonic influence under her smart power. This paper is exploring Indian hegemonic design and the level of Indian concentration and influence in Afghanistan via social means; it also gives comprehensive details about Indian objectives and activities, and what implications are drawn for Pakistan.
  • Topic: Security, International Trade and Finance, Power Politics, Hegemony, Strategic Encirclement
  • Political Geography: Pakistan, Afghanistan, South Asia, India, Punjab
  • Author: Umar Farooq, Asma Shakir Khawaja
  • Publication Date: 07-2019
  • Content Type: Journal Article
  • Journal: South Asian Studies
  • Institution: Department of Political Science, University of the Punjab
  • Abstract: The article is intended to find out the geopolitical implications, regional constraints and benefits of China-Pakistan Economic Corridor. Researcher reviewed both published research articles and books to find out geopolitical implication, regional constraints and benefits of China-Pakistan Economic Corridor. For this purpose, researcher also reviewed newspapers articles and published reports by government and non-governmental stakeholders working on CPEC. Review of the articles and reports indicated that CPEC had enormous benefits not only for China and Pakistan but also for the whole region. But different internal and external stakeholders are not in favor of successful completion of this project. Extremism, sense of deprivation, lack of political consensus, political instability are some of the internal constraints. On the other hand, Afghanistan, India, Iran, UAE and USA are posing constraints to halt the successful completion of CPEC.
  • Topic: Economics, International Trade and Finance, Regional Cooperation, Violent Extremism, Geopolitics
  • Political Geography: Pakistan, Afghanistan, China, Iran, South Asia, India, Asia, Punjab, United Arab Emirates, United States of America
  • Author: Kanwal Hayat, Rehana Saeed Hashmi
  • Publication Date: 07-2019
  • Content Type: Journal Article
  • Journal: South Asian Studies
  • Institution: Department of Political Science, University of the Punjab
  • Abstract: China claims South China Sea as its sovereign domain where it possesses the right to intervene militarily and economically. However, USA considers South China Sea as a common global passage where rule of law and freedom of navigation should prevail.These diverging viewpoints coexist in a wobbly peace environment where both US and China want their own version of international law to be applied and have occasionally resorted to minor armed conflicts over this issue. Every state claiming authority over South China Sea is willing to use coercion in order to get what they want, however, the extent of how far they are willing to go is not clear. This is resulting in a show of gunboat diplomacy involving maritime force of influential states that strives to manipulate the policy makers of the relevant nations (Costlow, 2012). The paper will focus on the situation in the South China Sea. South China Sea is not only claimed by China but various other Asian nations. Does this territorial strife possess the power to turn the region into a war zone? Being one of the most active trade routes in the world having complicated geography and the diverging regional and international interests makes it very sensitive area. China being the emerging economic giant gives competition to the USA in many spheres. Although America has no territorial claim in the South China Sea, it has strategic and economic interests. Where China wants a complete hegemonic control of the area, USA wants to find a way where free unchecked trade could be the future for all.Accompanied with numerous other South Asian nations claiming various portions of the region, a constant tension exists in the region.
  • Topic: Conflict Prevention, Economics, International Trade and Finance, Sovereignty, Territorial Disputes, Hegemony, Conflict
  • Political Geography: China, Asia, North America, United States of America, Oceans
  • Author: A. Z. Hilali
  • Publication Date: 07-2019
  • Content Type: Journal Article
  • Journal: South Asian Studies
  • Institution: Department of Political Science, University of the Punjab
  • Abstract: China-Pakistan Economic Corridor (CPEC) is a set of projects under China‟s Belt and Road initiative, marks a new era of economic ties in a bilateral relationship between the two traditional friends. The multi-dimensional project will not only reform Pakistan economy but it will serve for people‟s prosperity and will help to revive the country economy of both countries. The visions of project partners are clear and the goals of the short term, mid-term and long-term plans of CPEC have been identified. So, the CPEC is not just a transit route for China and Pakistan‟s exports but it will transform Pakistan‟s economy and overcome its problems such as unemployment, energy, underdevelopment, and overall external economic dependency by building capacity in all necessary sectors. Therefore, CPEC could promote economic development and growth which will open new avenues and investment to the country which is based on shared partnership of cooperation, mutual benefits and sustainability. Thus, the CPEC is a grand porgramme and will deliver the economic gains to both China-Pakistan and it can be executed more efficiently and in a balanced way to serve the interests of both the countries. The project of CPEC is also important to China‟s energy and strategic security with reference to South China Sea and other regional and global players. Thus, CPEC could bring economic avenues to Pakistan and can improve regional economic and trade activities for greater development and prosperity. It has perceived that the project will not only foster socio-economic development but it will also reduce the level of political humidity and will be source of peace and harmony between the traditional adversaries. It has also assumed that regional economic integration through CPEC could be a harbinger to resolve the political differences by economic cooperation and regional economic connection could make 21st century the Asian century setting aside the perennial political issues to start a new beginning. Thus, in a longer perspective the CPEC can foster an economic community in the entire region of Asia and beyond if its vision is materialized in its true sense. The time will prove that the CPEC reap its fruits and will be advantages for not only Pakistan and China but for the entire region.
  • Topic: Economics, International Trade and Finance, Regional Cooperation, Power Politics, Infrastructure
  • Political Geography: Pakistan, China, South Asia, Asia, Punjab
  • Author: Peter Sufrin
  • Publication Date: 11-2019
  • Content Type: Journal Article
  • Institution: American Diplomacy
  • Abstract: According to a recent State Department report, the United States is Brazil's second largest trading partner, and Brazil is the U.S.'s ninth largest trading partner. Not until the 1990s did the Brazilian government address trade liberalization, privatization, competition, and productivity as a way to increase commodities exports, and promote growth in imports of manufactured products. The possibility for further cooperation exists, particularly in the realm of Foreign Direct Investment, patent law, and a double taxation treaty, and with initiatives such as a U.S.-Brazil Commission on Economic and Trade Relations, a Defense Cooperation Dialogue, an Infrastructure Development Working Group, and an Economic and Financial Dialogue.
  • Topic: International Relations, International Cooperation, International Trade and Finance, Treaties and Agreements, Alliance, Trade Liberalization, Free Trade, Exports
  • Political Geography: Russia, China, India, South Africa, Brazil, Latin America, United States of America
  • Author: Yi Shin Tang, Bruno Youssef Yunen Alves de Lima
  • Publication Date: 12-2019
  • Content Type: Journal Article
  • Journal: Contexto Internacional
  • Institution: Institute of International Relations, Pontifical Catholic University of Rio de Janeiro
  • Abstract: The international trade system has been facing a relative decrease in the relevance of tariffs in favour of non-tariff, regulatory requirements (technical, sanitary and phytosanitary standards). The proliferation of these measures, which essentially consist of rules on product labelling and on production processes and methods, may be explained by the growing influence of private agents, such as corporations and business associations. Although these players are willing to develop and enforce a competing regulatory framework such as this on a broader range of topics, this may also generate more fragmented trade rules at both geographic and substantive levels, thus leading to a significant resistance among governments to integrate private standards into the multilateral trade system. Therefore, a mounting debate emerges on the ways in which private standards have been stonewalled in the current negotiation processes of the World Trade Organization (WTO). By relying on Kingdon’s Multiple Streams Framework (MSF), we address this question with a particular focus on the current efforts and struggles within the WTO to incorporate private regulations into the international trade agenda.
  • Topic: Globalization, International Cooperation, International Trade and Finance, World Trade Organization, Free Trade
  • Political Geography: Global Focus
  • Author: Victor Carneiro Corrêa Vieira
  • Publication Date: 12-2019
  • Content Type: Journal Article
  • Journal: Contexto Internacional
  • Institution: Institute of International Relations, Pontifical Catholic University of Rio de Janeiro
  • Abstract: In 1946, Mao Zedong began to elaborate his theory of the Third World from the perception that there would be an ‘intermediate zone’ of countries between the two superpowers. From there, he concluded that Africa, Latin America, and Asia, except for Japan, would compose the revolutionary forces capable of defeating imperialism, colonialism, and hegemonism. The start of international aid from the People’s Republic of China to developing countries dates back to the period immediately after the Bandung Conference of 1955, extending to the present. Through a bibliographical and documentary analysis, the article starts with the following research question: What role did domestic and international factors play in China’s foreign aid drivers over the years? To answer the question, the evolution of Chinese international assistance was studied from Mao to the Belt and Road Initiative, which is the complete expression of the country’s ‘quaternity’ model of co-operation, combining aid, trade, investment, and technical assistance.
  • Topic: Foreign Policy, International Trade and Finance, International Affairs, Foreign Aid
  • Political Geography: China, Asia, Global Focus
  • Author: John B. Taylor
  • Publication Date: 06-2018
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Over the past few years I have been making the case for moving toward a more rules-based international monetary system (e.g., Taylor 2013, 2014, 2015, 2016a, 2016b, 2017). In fact, I made the case over 30 years ago in Taylor (1985), and the ideas go back over 30 years before that to Milton Friedman (1953). However, the case for such a system is now much stronger because the monetary system drifted away from a rules-based approach in the past dozen years and, as Paul Volcker (2014) reminds us, the absence of a rulesbased monetary system “has not been a great success.” To bring recent experience to bear on the case, we must recognize that central banks have been using two separate monetary policy instruments in recent years: the policy interest rate and the size of the balance sheet, in which reserve balances play a key role. Any international monetary modeling framework used to assess or to make recommendations about international monetary policy must include both instruments in each country, the policy for changing the instruments, and the effect of these changes on exchange rates. Using such a framework, I show that both policy instruments have deviated from rules-based policy in recent years. I then draw the policy implications for the international monetary system and suggest a way forward to implement the policy.
  • Topic: International Cooperation, International Trade and Finance, Monetary Policy, Central Bank
  • Political Geography: Global Focus
  • Author: Carole Nakhle
  • Publication Date: 07-2018
  • Content Type: Journal Article
  • Journal: Fletcher Security Review
  • Institution: The Fletcher School, Tufts University
  • Abstract: The Middle East has several features that distinguish it from the rest of the world. Apart from sitting on the largest proven oil and gas reserves, the region is famous for its complicated politics, challenging demographics and fragile economic structures. ​ For oil- and gas-rich states, limited economic diversification is acute; this is where we find government dependence on hydrocarbon revenues reaching as high as 95 percent in countries like Iraq. This is also where we find a poorly diversified primary energy mix, which is heavily reliant on oil and gas, in a sharp contrast to the norm elsewhere where local energy needs are met by diverse sources of energy, mainly oil, gas, coal, nuclear, and renewable energy. ​ The lack of diversification – both in terms of the economy and energy mix – brings serious challenges for the region. The economic performance of the oil- and gas-rich states has simply mimicked the volatile and unpredictable movement in oil prices: when oil prices are high, these economies grow rapidly, but when oil prices go in the other direction, they shrink in tandem. Additionally, the dependence on oil and gas to meet local energy needs has caused two problems: first, the trade-off between the more lucrative exports and the highly subsidized domestic market, and second, the higher carbon footprint because of the absence of greener sources of energy. ​ In a world where international competition for global market share in oil and gas and the fight against climate change intensify, the region’s leaders seem to be increasingly convinced that the old model of governance is simply not sustainable...
  • Topic: Climate Change, Energy Policy, International Trade and Finance, Oil, Governance, Economy
  • Political Geography: Middle East, Global Focus, Gulf Nations
  • Author: Cobus van Staden
  • Publication Date: 04-2018
  • Content Type: Journal Article
  • Journal: China Brief
  • Institution: The Jamestown Foundation
  • Abstract: Several ambitious schemes have been proposed to link Africa’s east and west coasts, some of which are closer to full realization than others. Most notable in this respect is a plan to expand the existing Trans-African Highway 5 (TAH5) into a true cross-continental road and rail link, the early stages of which China has helped bring to fruition where Western consortiums failed. Likewise, Chinese investment in African infrastructure through Beijing’s ambitious Belt and Road Initiative (BRI) may help create expanded sub-regional linkages, particularly in East Africa, that could help facilitate the emergence of an eventual, true East-West link in the long term. However, in the short-to-mid-term, the obstacles to a truly robust set of East-West transport links are formidable, and it is unlikely that China’s involvement will be a panacea.
  • Topic: Development, International Trade and Finance, Infrastructure, Soft Power
  • Political Geography: Africa, China, Asia
  • Author: Yoshiko Kojo
  • Publication Date: 01-2018
  • Content Type: Journal Article
  • Journal: International Relations of the Asia-Pacific
  • Institution: Japan Association of International Relations
  • Abstract: In international relations, globalization transfers the location of governance from nation-states laterally to such private actors as nongovernmental organizations (NGOs) and multinational firms, as well as vertically to local governments and supranational organizations. The purpose of this article is to clarify how the competitions among firms affect the problem of global issues by examining the case of the Trade-Related Aspects of Intellectual Property Rights (TRIPS) and public health. This study shows why most of least developed countries implemented the TRIPS despite the warning of NGOs not to implement earlier for the sake of access to medicines. In order to understand the positive attitude of least developed countries toward the TRIPS, we have to examine how the distribution of pharmaceutical firms capacities in developing countries affect the implementation of the TRIPS Agreement. The existence and different capacities of generic pharmaceutical companies in developing companies are important elements of state policy toward the TRIPS.
  • Topic: International Relations, Globalization, International Trade and Finance, Intellectual Property/Copyright, Business , Medicine
  • Political Geography: Global Focus
  • Author: Till Patrik Holterhus
  • Publication Date: 12-2018
  • Content Type: Journal Article
  • Journal: The Goettingen Journal of International Law
  • Institution: The Goettingen Journal of International Law
  • Abstract: This article demonstrates that Arts. 21 and 3 (5) of the Treaty on European Union (TEU) as well as Arts. 205, 207 (1), 208 (1), 209 (2) of the Treaty on the Functioning of the European Union (TFEU), legally oblige the European Union (EU) to promote the rule of law in its foreign trade and development policy. Furthermore, it is shown that, in the context of such promotion, the EU applies not a rudimentary but a sophisticated concept of the rule of law – quite similar to the concept of the rule of law that has developed within the Union. To fulfill the legal obligation to promote the rule of law abroad, the EU employs, as a key instrument, the legal mechanism of conditionality, not only through autonomous instruments but also in its contractual international relationships (carrot-and-stick policy). The EU’s foreign policy in the trade and development nexus, in particular when it comes to the promotion of the rule of law, can, therefore, be considered a process, to a large extent, determined and organized the of law.
  • Topic: International Law, International Trade and Finance, Sovereignty, European Union
  • Political Geography: Europe
  • Author: Peter-Tobias Stoll
  • Publication Date: 12-2018
  • Content Type: Journal Article
  • Journal: The Goettingen Journal of International Law
  • Institution: The Goettingen Journal of International Law
  • Abstract: International investment law appeals to a lawyer’s appetite for the rule of law by disciplining the exercise of power between States and foreign investors through legalization and judicialization. Originally supposed to serve as a fix to promote foreign investments in developing countries in times of legal uncertainties, now, thousands of bilateral investment agreements exist, and the number of cases in investment arbitration has exploded in the last decade. Further, there is a tendency of generalization, as investment protection now features as a standard element of international trade agreements, far beyond the original focus on developing countries. A number of flaws and shortcomings of the rules and procedures became apparent in the course of the more frequent use of the system and resulted in much discussion within the expert community, which resulted in some changes. Furthermore, the long neglected possibility became apparent, that investment claims could be directed against industrialized countries and that the conduct of their authorities could be subjected to review by international arbitration tribunals. This sparked heated public debates, particularly so in the EU. These two developments have in common, that they implicitly as well as explicitly raised the issue of the rule of law. This paper will assess the system of international investment law as it stands, its critique and its reform, through the lens of the rule of law. It will also make a highly idealistic proposal on the further development of international investment protection. In concluding, it will reflect on the proper use of the rule of law in legal analysis, by setting out the different perspectives in which the term may be employed, and the methodological consequences.
  • Topic: International Law, International Trade and Finance, Rule of Law, Investment
  • Political Geography: Global Focus
  • Author: Anshuman Rahul
  • Publication Date: 06-2018
  • Content Type: Journal Article
  • Journal: AUSTRAL: Brazilian Journal of Strategy International Relations
  • Institution: Postgraduate Program in International Strategic Studies, Universidade Federal do Rio Grande do Sul
  • Abstract: The OBOR initiative of China often termed as ‘Modern-day Silk Road’ is based on President Xi Jinping’s epic vision to make ‘China Great Again’ by reviving the Silk Route of ancient times. This initiative aims to engage Eurasia economically by creating a network of infrastructure. In this regard, the article attempts to understand the geo-politics behind India’s refusal to join OBOR and strategic response to counter the most appealing economic engagement of the present era but considered to be a debt-trap by India.
  • Topic: Economics, International Trade and Finance, Military Strategy, Silk Road
  • Political Geography: China, India, Asia
  • Author: Monica Heinzaelmann, Leonardo Faria de Mattos
  • Publication Date: 06-2018
  • Content Type: Journal Article
  • Journal: AUSTRAL: Brazilian Journal of Strategy International Relations
  • Institution: Postgraduate Program in International Strategic Studies, Universidade Federal do Rio Grande do Sul
  • Abstract: The Antarctic Treaty was signed during the Cold War and intended to preserve the continent and transform it into a conflict free territory, prioritizing scientific cooperation. Despite having quadrupled the number of its signatories, the Antarctic Treaty System (ATS) faces nowadays the uncertainties of the new international order. Starting out from John Mearsheimer’s realistic perspective, this paper aims to analyze, the strategic importance of Antarctica and the interests that China and India have on the continent, as well as speculate on how their rise on the international scenario can impact the future of the Antarctic Treaty System.
  • Topic: International Cooperation, International Trade and Finance, Science and Technology, Treaties and Agreements
  • Political Geography: China, India, Asia, Antartica
  • Author: Adam Frost, David J. Bercuson, Stephen Blank, Monica Gattinger, Sarah Goldfeder, Colin Robertson, Hugh Stephens, Laura Dawson, Randolph Mank, Ferry de Kerckhove, Colin Robertson, Andrew Caddell, Robert Hage, David Perry, Kelly Ogle
  • Publication Date: 12-2018
  • Content Type: Journal Article
  • Journal: The Global Exchange
  • Institution: Canadian Global Affairs Institute (CGAI)
  • Abstract: During the 1947 Duncan & John Gray Memorial Lecture then-minister of external affairs, Louis St. Laurent, outlined guiding principles for Canada’s engagement with the world. In his address, he recognized that Canada could not maintain the standard of living Canadians had come to enjoy in isolation from the rest of the world. He said, “[we] are dependent on markets abroad for the large quantities of staple products we produce and cannot consume, and we are dependent on supplies from abroad of commodities which are essential to our well-being.” This irrefutably remains true today. Canada’s ability to utilize its vast wealth of resources has afforded it the opportunity to become one of the most affluent and developed nations in the world, making the preservation of such ability of vital national interest. However, trade in the 21st century is more complex than ever before. Technology allows for transactions between parties scattered across the globe to occur near instantaneously, and complicates the tracking and classification of many goods and services. Moreover, global political developments and economic transformation are threatening the liberal world order built and protected by the United States since the Second World War. China’s emergence as an economic juggernaut is shifting the global economic centre of gravity. Furthermore, reactionary domestic political forces within much of the western liberal democratic world, including the United States, question the value of continued support for the status quo. Tectonic change is afoot. In response, Canada is charting its path to navigate the challenges of 21st century global trade. Prime Minister Justin Trudeau’s Liberal government is pursuing a progressive trade agenda as it seeks to modernize existing agreements, implement newly minted agreements, and explore potential future opportunities. The lead package of this issue examines a multiplex of challenges and opportunities presented to those currently crafting Canadian trade policy. Geographically, it spans not only the management of relations with the United States and NAFTA renegotiation, but also the geopolitical considerations of bolstered engagement with Asia and the underappreciated opportunities present in Africa and South America. In addition to "with whom", this package also addresses the "how and why" of trade: the difficulty of adapting trade practices to the digital age and the costs, benefits and limitations of projecting Canadian values via trade relations. In computer simulated and professional chess matches white consistently wins more often than not. The lack of first-mover advantage is a formidable deficit to overcome. Those who are not leading, are fated to play catch-up. The challenges facing Canada’s policy-makers responsible for protecting and advancing our national interest via trade are legion. To optimally address these challenges, Canada is best served by being proactive at the forefront of negotiations. The benefits of cultivating a proactive posture are enticing, and the costs for failing to do so are avoidable. Canada must adapt to the dynamism of the global economic order, or fight to catch-up.
  • Topic: Diplomacy, International Trade and Finance, Science and Technology, Infrastructure, Internet, NAFTA, Trade Policy
  • Political Geography: Africa, Japan, Canada, India, Asia, North America, United States of America
  • Author: Carlos Eduardo Carvalho, João Paulo Nicolini Gabriel
  • Publication Date: 10-2018
  • Content Type: Journal Article
  • Journal: Conjuntura Austral: Journal of the Global South
  • Institution: Conjuntura Austral: Journal of the Global South
  • Abstract: The launch of a vision document for Asia-Africa Growth Corridor (AAGC) at the African Development Bank meeting in Gujarat in 2017 reveals an important aspect to grasp the awkening of a strategy to face China’s rise. This conference of the African Development Bank (AfDB) is a landmark for this initiative. This bank is a mechanism for economic and social development with the participation of non-African members (e.g. China, India, Brazil, the United States, and Japan). The main contributors to the African Development Fund -linked to this bank -are the United Kingdom, the USA and Japan. Beijing does not figure among the most influent members of this organization. Thus, it was an opportunity for think tanks, supported by India and Japan, to introduce the idea of a corridor aimed to link Asia to Africa in order to increase co-operation in agriculture, social development and technology sharing.
  • Topic: Development, International Political Economy, International Trade and Finance, Economic growth, Banks, Trade, Economic Development , Trade Policy, Economic Cooperation
  • Political Geography: Africa, Japan, China, Asia
  • Author: Evan Ellis
  • Publication Date: 11-2017
  • Content Type: Journal Article
  • Journal: China Brief
  • Institution: The Jamestown Foundation
  • Abstract: Though superpower diplomacy dominated coverage of the Asia Pacific Economic Cooperation forum (APEC) leaders summit in November, China’s upgrading of a free-trade agreement with Chile served to highlight the strength of an economic and political relationship that it has built with the country, and the influential position Chile currently occupies in shaping Chinese engagement with Latin America.
  • Topic: International Trade and Finance, Treaties and Agreements, Bilateral Relations, Infrastructure, Foreign Direct Investment
  • Political Geography: China, Asia, South America, Chile
  • Author: Martin Robson
  • Publication Date: 12-2017
  • Content Type: Journal Article
  • Journal: AUSTRAL: Brazilian Journal of Strategy International Relations
  • Institution: Postgraduate Program in International Strategic Studies, Universidade Federal do Rio Grande do Sul
  • Abstract: This article utilises International Relations role theory to analyse a number of potential roles for the United Kingdom as an actor with vested interests in the South Atlantic. It assesses the contemporary context of the UK’s trading relationship with the South Atlantic in light of the ongoing dialogue between the EU and the UK with regard to BREXIT. It also recognises the strategic realities of the South Atlantic and the UK’s Overseas Territories in the region. It posits that the UK, as a strategic actor in the South Atlantic, is limited in its role choices and that the role of ‘Opportunistic Partner’ in terms of its relationship with Argentina, offers the most scope as the basis for future mutually beneficial trading relations to normalise further political relations between the two countries.
  • Topic: Diplomacy, International Trade and Finance, European Union, Brexit
  • Political Geography: Africa, United Kingdom, Europe, South America, South Atlantic
  • Author: Inayat Kalim
  • Publication Date: 07-2017
  • Content Type: Journal Article
  • Journal: South Asian Studies
  • Institution: Department of Political Science, University of the Punjab
  • Abstract: Development of China Pakistan Economic Corridor (CPEC), with all its associated projects, favorably influences the geo-strategic and geo-economic prospects of China. Geo-strategic location of Gwadar further facilitates China to capture transit trade with Central Asia, Afghanistan and the Middle East and influence this regional accessibility with a viable and secured corridor for further expansion of regional economic cooperation. Since the emergence of China as an energy importer in late 90s, it has adopted a „go out‟ strategy to secure energy assets through procurement and long term energy investment in the energy rich countries, mostly in the Persian Gulf states and convert historical routes into a modern grid of energy pipelines, roads and railways for its energy supplies. The strategy aims at using financial means such as building new seaports, infrastructure development and military and hydrocarbon cooperation between regional countries to establish an artery for ensuring uninterrupted crude oil supply to its territory. This Chinese approach has been referred by many intellects around the globe as the revitalization of the Silk Road Strategy to link China with surrounding regions to generate immense economic dividends.
  • Topic: Economics, International Trade and Finance, Treaties and Agreements, Geopolitics, Soft Power
  • Political Geography: Pakistan, China, South Asia, Asia, Punjab
  • Author: G. John Ikenberry
  • Publication Date: 03-2016
  • Content Type: Journal Article
  • Journal: Political Science Quarterly
  • Institution: Academy of Political Science
  • Abstract: For more than half a century, the United States has played a leading role in shaping order in East Asia. This East Asian order has been organized around American military and economic dominance, anchored in the U.S. system of alliances with Japan, South Korea, and other partners across Asia. Over the decades, the United States found itself playing a hegemonic role in the region—providing security, underwriting stability, promoting open markets, and fostering alliance and political partnerships. It was an order organized around “hard” bilateral security ties and “soft” multilateral groupings. It was built around security, economic, and political bargains. The United States exported security and imported goods. Across the region, countries expanded trade, pursued democratic transitions, and maintained a more or less stable peace.
  • Topic: Security, Diplomacy, International Trade and Finance, Treaties and Agreements, Bilateral Relations, Hegemony
  • Political Geography: Japan, East Asia, South Korea
  • Author: Peter Wood
  • Publication Date: 11-2016
  • Content Type: Journal Article
  • Journal: China Brief
  • Institution: The Jamestown Foundation
  • Abstract: In mid-October, Philippine President Rodrigo Duterte visited China. His visit was marked by a recalibration in Philippine policy toward China and the announcement of economic and military “separation” from the United States.
  • Topic: Development, International Trade and Finance, Bilateral Relations, Economic growth
  • Political Geography: China, Malaysia, Asia, Philippines, United States of America
  • Author: Chris Zambelis
  • Publication Date: 03-2016
  • Content Type: Journal Article
  • Journal: China Brief
  • Institution: The Jamestown Foundation
  • Abstract: While the full implications of the JCPOA on Iran’s regional and international standing have yet to be realized, the outcome of Xi’s 2016 visit to Tehran is likely to presage years of continued Sino-Iranian engagement and cooperation. At the same time, China is steadily being confronted with outside competition for Iran’s most promising markets and similar challenges. In terms of its history of dealings with Iran in recent years, this represents unfamiliar territory for China.
  • Topic: Diplomacy, International Trade and Finance, Treaties and Agreements, Bilateral Relations, Sanctions, Nuclear Power
  • Political Geography: China, Iran, Middle East, Asia
  • Author: Sondre Torp Helmersen
  • Publication Date: 11-2016
  • Content Type: Journal Article
  • Journal: The Goettingen Journal of International Law
  • Institution: The Goettingen Journal of International Law
  • Abstract: This article examines the use of scholarship by the WTO Appellate Body. While it is not possible to say definitively how the Appellate Body views the legal status of scholarship in WTO dispute settlement, its use of scholarship will in practice determine its status. The article identifies three overall trends: the Appellate Body’s use of scholarship has declined, the Appellate Body uses scholarship mostly for matters of general international law (as opposed to WTO law), and the Appellate body has generally been careful in its use of scholarship. Possible explanations for these trends may include an increase in available precedents, the Appellate Body’s specialized role, criticism of the Appellate Body, and its members’ backgrounds.
  • Topic: International Cooperation, International Law, International Trade and Finance, World Trade Organization
  • Political Geography: Global Focus
  • Author: Oscar Van Heerden
  • Publication Date: 06-2016
  • Content Type: Journal Article
  • Journal: AUSTRAL: Brazilian Journal of Strategy International Relations
  • Institution: Postgraduate Program in International Strategic Studies, Universidade Federal do Rio Grande do Sul
  • Abstract: In the years between 1995 and 2008 South Africa was engaged in trade negotiations with the European Union (EU), which were seen as platform for addressing the trade imbalances in favour of the EU. In 2002, a Free Trade Agreement (FTA) was signed between South Africa and the EU. Despite its membership to the Southern Africa Development Community (SADC), South Africa engaged on the negotiations on its own which led to trade and political tensions with other countries within the community. By going alone South Africa was clearly indicating an appetite to vigorously pursue its interests at the expense of regional partners. It is argued that the exclusion, at an early stage of the negotiations, of other regional countries within SADC was counterproductive and had the potential to harm the regional trade relations. In addition, the change of approach at later stage that brought in the regional approach to the negotiations improved the regional trade relations within SADC.
  • Topic: Development, International Trade and Finance, Regional Cooperation, European Union
  • Political Geography: Africa, Europe, South Africa
  • Author: Cui Shoujun, Otavio Costa Miranda
  • Publication Date: 12-2016
  • Content Type: Journal Article
  • Journal: AUSTRAL: Brazilian Journal of Strategy International Relations
  • Institution: Postgraduate Program in International Strategic Studies, Universidade Federal do Rio Grande do Sul
  • Abstract: With the booming of Brazil’s off-shore oil drilling, the Sino-Brazilian energy cooperation is facing historical opportunities, manifested in the fields of oil trade, market access, technology transfer and bioenergy exploration. To achieve a steady and robust development in bilateral cooperation, China should take a proactive energy diplomacy approach to overcome challenges arise from its increasing engagement.
  • Topic: Energy Policy, International Trade and Finance, Oil, Science and Technology, Natural Resources
  • Political Geography: China, Asia, Brazil, South America
  • Author: Camila Capucio
  • Publication Date: 12-2016
  • Content Type: Journal Article
  • Journal: Revista Brasileira de Política Internacional (RBPI)
  • Institution: Brazilian Center for International Relations (CEBRI)
  • Abstract: This paper aims to discuss the democracy gap in the implementation process of decisions of the World Trade Organization Dispute Settlement System in Brazil and possible measures to increase its transparency and accountability. Although the selection of the implementation measure is a sensible political choice that impacts a wide spectrum of different interest groups in diverse manners, government shall give publicity and transparency to the selecting process, making possible for interest groups and agents to present their arguments regarding the possible implementation paths and connecting state governance structures to stakeholders, and allowing the collective and legitimate construction of public interest.
  • Topic: Foreign Policy, International Trade and Finance, World Trade Organization, Policy Implementation
  • Political Geography: Brazil, South America
  • Author: Umbreen Javaid, Muhammad Sharreh Qazi
  • Publication Date: 01-2016
  • Content Type: Journal Article
  • Journal: South Asian Studies
  • Institution: Department of Political Science, University of the Punjab
  • Abstract: China has taken the world with a different angle; an angle that kept China mostly behind its conservative mercantilist restrictions and access to foreign investors largely remained actively initiated. Even though China was admitted to the World Trade Organization (WTO) in 2001, and remained an observer to the General Agreement to Tariff and Trade (GATT), cost of receiving membership meant extreme modifications to Chinese system of economy. Modifications that required China to allow access and tariff concessions to global community and demanded Chinese nationalist mercantilist designs to be affable to international standards. This however, never meant that China would stop expanding, or at least take a recess from its economic augmentation. WTO quickly saw China rise to a point where even though it remained compliant to international economic norms, it still remained a formidable rebel to set patterns, tacitly compelling WTO and other international economic forums to feel impractical, if not impotent. Chinese economic investments, together with its dominance on international relations, has often raised questions on its intentions into becoming a member of WTO. It is often miscalculated that China intends to implode WTO from within by introducing a change in the international economic system through sheer pressure or somehow, China is strategizing to manipulate WTO as a nascent member in order to introduce another form of global competition against members that are already in antagonism towards China.
  • Topic: International Trade and Finance, Political Economy, World Trade Organization, Soft Power
  • Political Geography: Pakistan, China, South Asia, Asia, Punjab
  • Author: Umbreen Javaid, Azhar Rashid
  • Publication Date: 07-2016
  • Content Type: Journal Article
  • Journal: South Asian Studies
  • Institution: Department of Political Science, University of the Punjab
  • Abstract: The purpose of this Research paper is to explore China's relations with the Central Asian region and to study its embodied effects on Pakistan.
  • Topic: Security, Energy Policy, International Trade and Finance, History, Partnerships, Economy, Triangular Relations
  • Political Geography: Pakistan, China, South Asia, Central Asia, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, Turkmenistan, Punjab
  • Author: Mubeen Adnan, Bushra Fatima
  • Publication Date: 07-2016
  • Content Type: Journal Article
  • Journal: South Asian Studies
  • Institution: Department of Political Science, University of the Punjab
  • Abstract: On the world map, Pakistan and China being the neighboring states are inclined to develop and strengthen their relations with each other. These two states can be called as the good neighbors who can assist each other during the time of crisis. Both countries have had always a welcoming attitude towards each other in different situations due to which right from their independence till today in the 21st century, they are cooperative, supportive, encouraging, and friendly states among the other states of the world. This article is based on the fact that apart from the diplomatic, cultural relations, Pakistan and China are making great attempts and efforts for building viable economic relations with each other. It is also to see that how much these two would be beneficial in their economic interests by making the Gawadar project in their journey of making progress in economic capabilities. What challenges are being faced by these states in terms of the economic corridor. It is assumed that However, through this macro-level economic project both Pakistan and China would lead up to reach their destinations along with the attainment of their national interests.
  • Topic: Development, International Trade and Finance, Bilateral Relations, Economic growth
  • Political Geography: Pakistan, China, South Asia, Asia, Punjab
  • Author: Vilem Semerak
  • Publication Date: 12-2015
  • Content Type: Journal Article
  • Journal: International Issues: Slovak Foreign Policy Affairs
  • Institution: Slovak Foreign Policy Association
  • Abstract: The paper provides an overview of stylized facts on current trends in trade between the PRC and the 16 Central and Eastern European (CEE) countries. The potential effects of the “One Belt, One Road” initiative are discussed as are policy recommendations for the CEE countries. Trade with China is seen as complementary to trade with the core of the EU (and with the mutual trade of the CEE region,) once the international fragmentation of value chains is taken into account. Multilateral and plurilateral (e.g. EU-based) approaches to relations with China are likely to generate fewer risks compared to isolated solutions based on national interest pursued individually by CEE countries.
  • Topic: Economics, International Trade and Finance, Politics, Multilateral Relatons
  • Political Geography: China, Eastern Europe, Central Europe
  • Author: Agnes Szunomar
  • Publication Date: 12-2015
  • Content Type: Journal Article
  • Journal: International Issues: Slovak Foreign Policy Affairs
  • Institution: Slovak Foreign Policy Association
  • Abstract: China is increasingly perceived in Central and Eastern Europe as a country which could bring economic success to the countries of the region through the development of trade relations and the growing inflow of Chinese investment. Within the region, Hungary is regarded as occupying a prominent position by Chinese people and the government for several reasons. Chinese relations have historically been good: over the past decade Hungarian governments have committed themselves to developing the relationship. This trend was further confirmed after the global economic crisis of 2008, when Hungary started looking for new opportunities in its recovery from recession. The “Eastern opening” policy was initiated after the crisis and partly because of it. Officially, this policy puts more emphasis on further developing Chinese–Hungarian relations than was previously the case, including increasing trade and investment. However, the outcomes of the policy – such as the construction of the Budapest–Belgrade railway line – can be evaluated in different ways.
  • Topic: Development, Economics, International Trade and Finance, Politics
  • Political Geography: China, Central Europe
  • Author: Peter Ondris
  • Publication Date: 12-2015
  • Content Type: Journal Article
  • Journal: International Issues: Slovak Foreign Policy Affairs
  • Institution: Slovak Foreign Policy Association
  • Abstract: While numerous specialist studies about Chinese communities have been published in other countries in the region, this is not the case in Slovakia. Therefore there is a general lack of information about the Chinese community in Slovakia. The objective of this study is, at least partially, to fill this gap. While in many cases, i.e. in Central and Eastern Europe, businesses run by Chinese migrants have contributed to the economic stabilization of the region, including in Slovakia. It should be noted that the number of Chinese people in Slovakia has in the last ten years decreased as a percentage of the foreigners living legally in Slovakia. One could assess this as being a consequence of Slovakia’s EU membership and its adoption of European legislation. The Slovak government has adopted policies to try to change the nature of Chinese migration to Slovakia and attract more educated people and businessmen.
  • Topic: Development, Economics, International Trade and Finance, European Union, Multilateral Relatons
  • Political Geography: China, Eastern Europe, Hungary, Central Europe, Slovakia
  • Author: Mohamed Aden Hassan, Giulia Liberatore
  • Publication Date: 01-2015
  • Content Type: Journal Article
  • Journal: Bildhaan: An International Journal of Somali Studies
  • Institution: Macalester College
  • Abstract: In May 2013 Barclays Bank in the UK announced it was shutting down the accounts of four Somali Money Service Businesses (MSBs) includ- ing Dahabshiil, the largest remittance company operating in the Somali regions. Following international uproar, and a Somali diaspora-led grassroots campaign, the UK government took on the task of setting up an Action Group on Cross Border Remittances and a Somali-UK Safer Corridor Pilot Project with the aim of finding a durable solution to the problem. Two years later, however, the Safer Corridor Project has collapsed. Legal remittance flows persist, albeit in a fragile and precarious environment. This paper provides a brief update on the Safer Corridor Initiative, its challenges, and how the money transfer sector has been adapting to the process.
  • Topic: International Cooperation, International Trade and Finance, Diaspora, Legal Theory
  • Political Geography: Africa, United Kingdom, Europe, Somalia
  • Author: Timothy Wilson
  • Publication Date: 01-2015
  • Content Type: Journal Article
  • Journal: Bildhaan: An International Journal of Somali Studies
  • Institution: Macalester College
  • Abstract: There were high hopes for a brighter future. After more than two decades of conflict, political uncertainty, multiple droughts and Soma- lia’s worst famine in sixty years, the landscape began to change. The Federal Government lost its transitional status and became officially of State, John Kerry. It appeared that the recovery was not just political. Economic for- tunes were improving as well. Trading activity began to increase again. Shops reopened, rising numbers of diaspora started return- ing and investment firms began opening in Mogadishu. The national post service resumed operations. The Central Bank Act was passed, which simultaneously gave the institution a stronger mandate as well 3 as preclude it from lending to the Government. A veritable construc- tion boom kicked off in Mogadishu, the city received its first ATM cash machine and in June 2015, an agreement between MasterCard and a Somali bank launched the first ever domestic issuance of debit cards. The Wall Street Journal wrote of ‘glimmers of hope’4 while Afri- can Development Bank wrote of a ‘turning point’ due to the ‘positive political and security developments as well as the commitment of the international community.’5 Emerging from the clamour of countless conferences, consultations, summits and high-level meetings, a belief was emerging that this time, something was different. This time, Soma- lia was recovering. Or was it? What turn did Somalia take? As the Federal Government approaches its fifth year, new developments have raised concern over the trajectory and pace of progress. The Prime Minister was dismissed by a no-confidence motion in December 2014. The new Prime Minister, Mr Omar Abdirashid Ali Sharmake, took three attempts to success- fully appoint a new cabinet endorsed by parliament. Concerns about corruption have threatened the steady flow of development finance. High profile attacks by Al Shabaab, both within Somalia and beyond, have raised questions about whether the organisation can be con- tained. Meanwhile, instability in Yemen has led to large numbers of refugees arriving into Somalia. It seems timely, therefore, to reassess the pace of progress and trajectory of recovery in Somalia. More than that, it is essential to examine whether economic recovery is occurring at the same pace and align- ment with political and social recovery. If this is not the case, as we will argue, peace-building gains may be temporary. The roots of conflict are grown in the fertile soil of economic desperation. The contribution of this article is to provide an overview of economic recovery in Somalia that is largely absent from the academic litera- ture. We collate and summarise the most recent quantitative statistics available and match these against qualitative information, including government reports and economic analysis. Our primary conclusion is a positive one; for the first time in more than two decades, Soma- lia’s economy is finally beginning to recover. Growth has returned. New market opportunities are being generated. The trade structure is diversifying and confidence is rising among investors, the diaspora and donors. To be clear, this trajectory is fragile. Political uncertainties and the looming arrival of oil exploration are threats that we discuss in this regard. Nonetheless, our primary thesis is that the five years since the establishment of the Federal Government has been, on balance, a positive period for economic reconstruction in Somalia. Our paper is structured as follows. We first make the case for the importance of economic development despite the massive social and political challenges that prevail in Somalia. We then outline the path- way to recovery that has been delineated by the Federal Government. We assess progress along this route and then identify some of the major threats to further progress.
  • Topic: Economics, International Trade and Finance, Foreign Direct Investment, Recovery
  • Political Geography: Africa, Somalia
  • Author: Rafael Rosa Cedro
  • Publication Date: 06-2015
  • Content Type: Journal Article
  • Journal: AUSTRAL: Brazilian Journal of Strategy International Relations
  • Institution: Postgraduate Program in International Strategic Studies, Universidade Federal do Rio Grande do Sul
  • Abstract: This article explores three distinct analytical approaches that offer insights for reflection on the issue of international trade – comparative advantages, dependency theory and GCC/GVC analyses – as a way of providing a critique of the functioning of the World Trade Organization (WTO) and its alleged defense of free trade as an engine for development.
  • Topic: International Trade and Finance, Free Trade, WTO
  • Political Geography: Global Focus
  • Author: Esther D. Brimmer
  • Publication Date: 09-2014
  • Content Type: Journal Article
  • Journal: The Washington Quarterly
  • Institution: Center for Strategic and International Studies
  • Abstract: Will aspiring liberal democracies help maintain the current liberal international order? This current order rests on promoting and maintaining five pillars: peace and security; the market economy, especially international trade and investment; human rights and humanitarian action; sustainable development; and global spaces. Each of these areas is large and complex, and the emergence of new powers is likely to alter that system but not destabilize it.
  • Topic: International Trade and Finance
  • Political Geography: Africa, Middle East, Brazil, Caribbean
  • Author: Kishore C. Dash
  • Publication Date: 03-2013
  • Content Type: Journal Article
  • Journal: Georgetown Journal of International Affairs
  • Institution: Georgetown Journal of International Affairs
  • Abstract: Increased bilateral trade can be a significant driver of peace between India and Pakistan. This is in stark contrast to the relative economic isolation that the two countries have pursued for so long.
  • Topic: International Trade and Finance
  • Political Geography: Pakistan, India
  • Author: Richard Weitz
  • Publication Date: 11-2013
  • Content Type: Journal Article
  • Journal: International Journal of Korean Studies
  • Institution: International Council on Korean Studies
  • Abstract: The end of President Barack Obama's first term provides an opportunity to assess what the administration's "strategic rebalancing" toward and within the Asia-Pacific region (sometimes called the "Asian Pivot" or "Back to Asia" policy) has accomplished as well as what challenges and unmet opportunities remain. The administration has launched several successful multinational diplomatic initiatives in the region to supplement U.S. bilateral ties with key Asian partners; relations with ASEAN have clearly improved. The economic dimension of the Pivot has made progress as seen by the growth of support for the Trans-Pacific Partnership. U.S. efforts to promote democracy and human rights in Asia have proved far less successful, except perhaps for Myanmar, where the political transition remains a work in progress. The U.S. military has managed to establish a broader presence in the region, especially in Australia and Southeast Asia. U.S. officials have sought to impart new energy into the five existing formal U.S. bilateral defense alliances in Asia--with Australia, Japan, the Philippines, Thailand, and South Korea. But the main problem with the pivot has been the inability to overcome Chinese anxiety about U.S. rebalancing, which has complicated their cooperation over North Korea and other issues. Fortunately, relations between the United States and South Korea are also strong. The ROK is becoming an important U.S. partner in several dimensions of the Pivot, though ROK-U.S. differences over North Korea might emerge with the advent of a new government in Seoul.
  • Topic: International Trade and Finance, Foreign Direct Investment
  • Political Geography: Japan, China, Asia, Australia, Thailand
  • Author: Ellen Kim, Victor D. Cha
  • Publication Date: 09-2011
  • Content Type: Journal Article
  • Journal: Comparative Connections
  • Institution: Center for Strategic and International Studies
  • Abstract: South Korean President Lee Myung-bak's state visit to the US was a big event that attested to the strength of the two countries' relationship and the personal ties between Presidents Obama and Lee. The timely passage of the KORUS FTA in the US was the big deliverable for the summit. Final ratification of the FTA in both countries clears one longstanding issue and lays the foundation for greater economic integration and a stronger alliance. Meanwhile, the most shocking news for the final third of the year was the death of North Korean leader Kim Jong Il in late December. His death disrupted US-DPRK bilateral talks as North Korea observed a mourning period for its late leader. The US and South Korea spent the last two weeks of December quietly watching developments in North Korea as the reclusive country accelerated its succession process to swiftly transfer power to the anointed successor, Kim Jong Un.
  • Topic: International Cooperation, International Trade and Finance, International Affairs
  • Political Geography: United States, South Korea, North Korea, Korea
  • Author: Gökhan Özkan
  • Publication Date: 10-2010
  • Content Type: Journal Article
  • Journal: Uluslararasi Iliskiler
  • Institution: Uluslararasi Iliskiler
  • Abstract: The global financial crisis triggered debate on restructuring international financial system. In this study, restructuring process of the international financial system is evaluated within the context of international balance of power. It is argued that it is insufficient to focus only on the economic dimension, but restructuring should be evaluated by taking into account international political dynamics. This work looks at how differences of opinion between the developed countries, particularly the G-7 countries and the developing (emerging?) countries, particularly Brazil, Russia, India and China shape the process. It is anticipated that the restructuring process will proceed at a modest pace because of the asymmetry of interests and the gap between the understandings of the developing and developed countries about reforming the decision-making mechanisms of the IMF and the World Bank and the diversification of the international monetary system. It is concluded that the new shape of the international financial architecture will depend on the international politics and balance of power as well as the evolution of the global crisis and the economic dynamics.
  • Topic: International Trade and Finance, International Monetary Fund, Financial Crisis, World Bank
  • Political Geography: Russia, China, India, Brazil
  • Author: Jeffrey A. Miron
  • Publication Date: 01-2009
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: At the end of September 2007, the U.S. economy had experienced 24 consecutive quarters of positive GDP growth, at an average annual rate of 2.73 percent. The S 500 Index stood at roughly 1,500, having rebounded over 600 points from its low point in 2003. Unemployment was below 5 percent, and inflation was low and stable.
  • Topic: Democratization, Economics, International Trade and Finance, Markets, Privatization
  • Political Geography: United States
  • Author: Anna J. Schwartz
  • Publication Date: 01-2009
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: I begin by describing the factors that contributed to the financial market crisis of 2008. I end by proposing policies that could have prevented the baleful effects that produced the crisis.
  • Topic: Democratization, Economics, International Trade and Finance, Markets, Privatization, Financial Crisis
  • Political Geography: United States
  • Author: Allan H. Meltzer
  • Publication Date: 01-2009
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: I am going to make several unrelated points, and then I am going to discuss how we got into this financial crisis and some needed changes to reduce the risk of future crises.
  • Topic: Democratization, Economics, International Trade and Finance, Markets, Privatization, Financial Crisis
  • Political Geography: United States
  • Author: Donald L. Kohn
  • Publication Date: 01-2009
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: We are in the midst of a global financial crisis that is now weighing heavily on economies around the world. Although the outlook remains extremely uncertain, both the fragility of the financial system and the weakness in real activity seem likely to persist for a while. To promote maximum sustainable economic growth and price stability, the Federal Reserve has responded to this crisis by easing monetary policy markedly, and we have greatly expanded our liquidity facilities to keep credit flowing when private lenders have become reluctant or unable to do so. Other central banks have also cut policy rates significantly and expanded their lending. In addition, the federal government and governments around the world have taken extraordinary actions to strengthen financial systems to preserve the ability of households and businesses to borrow and spend.
  • Topic: Democratization, Economics, International Trade and Finance, Markets, Privatization
  • Political Geography: United States
  • Author: Otmar Issing
  • Publication Date: 01-2009
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Beyond dealing with the immediate problems, any crisis raises questions of why and how we got there and what lessons should be drawn to avoid a repetition of past developments—without laying the ground for a new disaster. This line of inquiry also applies to the current crisis in financial markets. Even during the heaviest turbulence a discussion has started on obvious deficits in the system of regulation and supervision and on badly needed improvements. In this article, I concentrate on monetary policy but that does not mean regulatory measures are irrelevant in this context, quite the opposite.
  • Topic: Democratization, Economics, International Trade and Finance, Markets, Privatization
  • Political Geography: United States
  • Author: Jeffrey M. Lacker
  • Publication Date: 01-2009
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: The current financial crisis undoubtedly will inspire a great deal of research in the years ahead, and it may take some time before anything like a professional consensus emerges on causes and consequences. After all, it took several decades to document the causes of the Great Depression, and recent research continues to provide new perspectives. Nonetheless, I believe the central questions that are likely to occupy researchers are plainly in view, and some tentative lessons have emerged already. And in any event, legislators are not likely to await the fruits of future scholarship.
  • Topic: Democratization, Economics, International Trade and Finance, Markets, Privatization, Financial Crisis
  • Political Geography: United States
  • Author: Charles W. Calomiris
  • Publication Date: 01-2009
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Financial innovations often respond to regulation by sidestepping regulatory restrictions that would otherwise limit activities in which people wish to engage. Securitization of loans (e.g., credit card receivables, or subprime residential mortgages) is often portrayed, correctly, as having arisen in part as a means of “arbitraging” regulatory capital requirements by booking assets off the balance sheets of regulated banks. Originators of the loans were able to maintain lower equity capital against those loans than they otherwise would have needed to maintain if the loans had been placed on their balance sheet.
  • Topic: Democratization, Economics, International Trade and Finance, Markets, Privatization
  • Political Geography: United States
  • Author: Bert Ely
  • Publication Date: 01-2009
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: The current global financial crisis is the worst economic crisis since the Great Depression, with no end in sight. Already, much political finger pointing has occurred, with most of those fingers pointed at supposedly greedy bankers, investors, and hedge-fund managers as well as the financial deregulation of recent decades. Governments everywhere are rushing to enact new regulatory protections to pre- vent another crisis of this magnitude. Yet if history is any guide, these new regulations will set up the global economy for yet another financial crisis, perhaps worse than the present one, or create regulatory straitjackets that will greatly impede economic growth.
  • Topic: Democratization, Economics, International Trade and Finance, Markets, Privatization
  • Political Geography: United States
  • Author: Lawrence H. White
  • Publication Date: 01-2009
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: The U.S. housing bubble and the fallout from its bursting are not the results of a laissez-faire monetary and financial system. They happened in an unanchored government fiat monetary system with a restricted financial system.
  • Topic: Democratization, Economics, International Trade and Finance, Markets, Privatization
  • Political Geography: United States
  • Author: Wolfgang Münchau
  • Publication Date: 01-2009
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Should we worry about moral hazard while the house is burning? The discussion about economic policy is full of biblical metaphors, the language of water and floods, and of fire extinction during crises. Metaphors, even when not mixed, are often obstacles to the clarity of thought. That is clearly the case with the metaphor of moral hazard in trying to understand the current financial crisis. Instead of focusing on moral hazard, I prefer to use the concept of policy sustainability to argue that sustainable monetary, fiscal, and regulatory policies are essential for lasting prosperity.
  • Topic: Democratization, Economics, International Trade and Finance, Markets, Privatization
  • Political Geography: United States
  • Author: Andrew A. Samwick
  • Publication Date: 01-2009
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: The Cato Institute is the ideal place to draw lessons from the sub- prime crisis. The organization's mission focuses on the interaction of public policies with free markets and limited government. Even the most ardent believer in free markets must fully understand that individual liberty implies neither the nonexistence nor the indifference of government to economic affairs. Individuals live in freedom and peace when public policies are crafted in accordance with well-established rules and implemented with an eye toward effectiveness, not expansion. In the halls of government, we need sobriety and vigilance rather than apathy or empire building.
  • Topic: Democratization, Economics, International Trade and Finance, Markets, Privatization
  • Political Geography: United States
  • Author: Kevin Dowd
  • Publication Date: 01-2009
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: There is no denying that the current financial crisis has delivered a major seismic shock to the policy landscape. In country after country, we see governments panicked into knee-jerk responses and throwing their policy manuals overboard: bailouts and nationalizations on an unprecedented scale, fiscal prudence thrown to the winds, and the return of no-holds-barred Keynesianism. Lurid stories of the excesses of “free” competition—of greedy bankers walking away with hundreds of millions whilst taxpayers bail their institutions out, of competitive pressure to pay stratospheric bonuses and the like—are grist to the mill of those who tell us that “free markets have failed” and that what we need now is bigger government. To quote just one writer out of many others saying much the same, “the pendulum will swing—and should swing—towards an enhanced role for government in saving the market system from its excesses and inadequacies” (Summers 2008). Free markets have been tried and failed, so the argument goes, now we need more regulation and more active macroeconomic management.
  • Topic: Democratization, Economics, International Trade and Finance, Markets, Privatization
  • Political Geography: United States
  • Author: Gerald P. O'Driscoll Jr.
  • Publication Date: 01-2009
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: We remain in an economic crisis and financial crisis, one that Gary Gorton has named “The Panic of 2007” (Gorton 2008). The thesis of this article is that monetary policy has played a pivotal role. Under Alan Greenspan and now Ben Bernanke, the Fed has conducted monetary policy so as to foster moral hazard among investors, notably in housing (O'Driscoll 2008a). More generally, the crisis is the product of a “perfect storm” of misguided policy. Policies to encourage affordable housing fostered the growth of subprime lending and complex financial products to finance that lending. Regardless of the desirability of the social goal, the financial super- structure depended on housing prices never falling. Housing prices do fall sometimes, and did so decisively beginning in 2007 (Gorton 2008: 50).
  • Topic: Democratization, Economics, International Trade and Finance, Markets, Privatization
  • Political Geography: United States, Europe, New Zealand
  • Author: Roger W. Garrison
  • Publication Date: 01-2009
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: In the era that has come to be known as the “Great Moderation” (dating from the mid-1980s), the Federal Reserve's policy committee (the Federal Open Market Committee or FOMC) pursued what has to be called a “learning-by-doing” strategy. The data that counted as relevant feedback—the unemployment rate and the inflation rate—seemed all along to be suggesting that the Fed was doing the right things. Even when the Fed lowered the Fed funds target to 1 per- cent in June 2003 and held it there for nearly a year, the economy appeared to be on an even keel and U.S. interest rates were in line with those in other countries. The historically low interest rates were attributed not to excessive monetary ease in the United States but to a worldwide increase in savings.
  • Topic: Democratization, Economics, International Trade and Finance, Markets, Privatization
  • Political Geography: United States
  • Author: William Poole
  • Publication Date: 01-2009
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Most of the world today is concentrating not on the way forward after the crisis, but the way out of the crisis. This concentration brings the very real danger that steps taken now will cause problems later. The most obvious danger, perhaps, is that enormous government spending, here and abroad, will increase outstanding debt to a degree that will increase temptation to attempt to finance government budget deficits through inflation. Moral hazard is the less obvious, but perhaps more serious, problem we will face.
  • Topic: Democratization, Economics, International Trade and Finance, Markets, Privatization
  • Political Geography: United States
  • Author: Christopher J. Coyne
  • Publication Date: 01-2009
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Christopher Coyne's book seeks to contribute to an understanding of the “precise mechanisms and contexts that contribute to or prevent” successful efforts to “export liberal democracy” by means of “military occupation and reconstruction” (p. 7). Even if this were the only accomplishment of this fine book, it would represent one of the most important contributions to the field of political economy in recent decades. However, Coyne does more. He draws from economics to produce a full-fledged framework for analyzing the economic, political, and social effects of all reconstruction efforts. He also questions the long-standing view that reconstruction requires, or even benefits from, a suspension of the principles of liberty, free association, and free market.
  • Topic: Democratization, Economics, International Trade and Finance, Markets, Privatization
  • Political Geography: United States
  • Author: Robert L. Bradley Jr.
  • Publication Date: 01-2009
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Robert L. Bradley Jr., for many years had to balance loyalty to his employer, Enron, with his belief in Austrian economics. With the collapse of Enron came the opportunity to resolve the conflict in favor of Austrian economics. Bradley chose to undertake the slow development that would produce a definitive study rather than an instant bestseller. He ultimately decided to produce a three-volume treatment. The first of these, the book under review here, deals with two overriding conceptual issues relevant to the Enron collapse and their implications to Enron and earlier debacles. The first is what is the essence of free-market economics and whether the Enron experience undermines the case for free markets. The other is the invalidity of resource pessimism. Later volumes will deal with similar problems such as the Insull holding-company collapse in the Great Depression and then a concluding volume on Enron itself.
  • Topic: Democratization, Economics, International Trade and Finance, Markets, Privatization
  • Political Geography: United States
  • Author: Tony Leon
  • Publication Date: 01-2009
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: On the Contrary is a seamless combination of a memoir of an influential South African politician and a well-researched modern history of his country. The author was the leader of the liberal Democratic Alliance, the leader of the opposition in Parliament.
  • Topic: Democratization, Economics, International Trade and Finance, Markets, Privatization
  • Political Geography: United States, South Africa
  • Author: James K. Galbraith, Sara Hsu, Wenjie Zhang
  • Publication Date: 09-2009
  • Content Type: Journal Article
  • Institution: German Institute of Global and Area Studies
  • Abstract: This paper explores the relationships between inequality, trade, and capital flows into China since the early 1990s and particularly in the first years of the present decade. We show that the rise in economic inequality in China has more to do directly with the activities associated with China's financial and building boom, notably in Beijing, than with the massive growth in manufacturing employment and in Chinese exports since China joined the WTO in 2001. Nevertheless, it is likely that a flow of profits from the export boom did feed the speculative fires in the capital and elsewhere, and therefore it should be no surprise that the fall of one should be linked to the fall of the other, in a particularly painful reduction of economic inequality.
  • Topic: International Trade and Finance
  • Political Geography: China
  • Author: Kurt Schuler
  • Publication Date: 09-2008
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: The Swiss franc is the world's best-performing currency over the last century: it has lost only about 87 percent of its value in terms of gold, compared to 97 percent for the U.S. dollar and more than 99 percent for almost all other currencies. Switzerland's avoidance of wars, which is part policy and part lucky geography, has contributed to the relative stability of the franc. So have the conservative financial habits of its citizens, which have been reflected in the country's generally prudent government finances. But some credit undoubtedly belongs to the central bank, the Swiss National Bank. It has consistently pursued monetary policies that have produced low inflation, and has made few consequential errors since it was established in 1907. Its experience therefore should be of interest far beyond the borders of Switzerland. This centennial volume, by a constellation of 40 Swiss and foreign authors, is a history and an examination of issues in monetary policy the central bank has faced. It is typically Swiss in its occasionally ponderous thoroughness, pleasing design, and high quality.
  • Topic: Economics, International Trade and Finance, Monetary Policy
  • Political Geography: France, Switzerland
  • Author: J. Thomas Schieffer
  • Publication Date: 03-2008
  • Content Type: Journal Article
  • Journal: Ambassadors Review
  • Institution: Council of American Ambassadors
  • Abstract: In the first years of the 21st century a profound change has occurred in the US-Japan relationship. We have moved beyond the security and economic paradigm of the Cold War to understand the global opportunities presented by our strategic partnership. The US-Japan alliance has long been the cornerstone of American foreign policy in the Pacific and remains so today. Both the United States and Japan recognize that the positioning of US forces on Japanese soil reassures the region and deters potential aggressors so that peace and security can be maintained. More and more, the United States and Japan also recognize that their strong and active partnership can meet other global challenges as well.
  • Topic: International Relations, International Cooperation, International Trade and Finance
  • Political Geography: United States, Japan
  • Author: Nilgun Onder
  • Publication Date: 06-2008
  • Content Type: Journal Article
  • Journal: Alternatives: Turkish Journal of International Relations
  • Institution: Center for International Conflict Resolution at Yalova University
  • Abstract: The world is simultaneously globalizing and regionalizing. The double processes of globalization and regionalization appear to be paradoxical. This seemingly paradoxical phenomenon has raised the question of whether regionalism contradicts or complements globalization and whether it obstructs or reinforces globalization. The paradox of the resurgence of regionalism amidst globalization has attracted considerable scholarly attention.
  • Topic: Globalization, International Trade and Finance, Regional Cooperation
  • Political Geography: Turkey, Middle East
  • Publication Date: 01-2008
  • Content Type: Journal Article
  • Journal: European Affairs
  • Institution: The European Institute
  • Abstract: Already the buzz this year in financial circles, sovereign wealth funds have been initially welcomed in the United States (and to a lesser degree in Europe) as white knights whose capital investments have helped rescue troubled financial institutions and other companies stricken by the credit-market crisis. But these funds, even as they are currently sought after by financially-bleeding companies, could easily become controversial with public opinion and regulators in the United States and European countries because of their potential political dimensions. The very fact of their emergence is a symptom of profound new shifts in the global financial order. To head off potential jingoist reactions against the proposed buy-ins by these new investors, there is a need to probe a set of questions about how these funds work and about whether rules can be reached – by mutual agreement – to ensure that the funds prove compatible with global capital movements.
  • Topic: Economics, Government, International Trade and Finance
  • Political Geography: United States, Europe
  • Author: Michael C. Maibach
  • Publication Date: 01-2008
  • Content Type: Journal Article
  • Journal: European Affairs
  • Institution: The European Institute
  • Abstract: The world has modernized thanks to waves of Western inventions, and the next wave must be a regulatory revolution to ensure that discoveries spread horizontally as far and fast as possible. It is an agenda for the newly formed Transatlantic Economic Council.
  • Topic: Economics, Government, International Trade and Finance, Science and Technology
  • Political Geography: United States, America
  • Author: Jim Kolbe
  • Publication Date: 01-2008
  • Content Type: Journal Article
  • Journal: European Affairs
  • Institution: The European Institute
  • Abstract: Muddled thinking is dangerous for international development. For one thing, cost benefit arguments neglect the high price exacted by failed states. For another, as noted in an important new book, The Bottom Billion, some countries are trapped by special circumstances that need special remedies.
  • Topic: Foreign Policy, Development, Emerging Markets, Humanitarian Aid, International Trade and Finance
  • Political Geography: United States, Europe
  • Author: Daniel M. Price
  • Publication Date: 09-2008
  • Content Type: Journal Article
  • Journal: European Affairs
  • Institution: The European Institute
  • Abstract: The Transatlantic Economic Council was a major U.S.-EU innovation designed to negotiate away non-tariff barriers between the two markets. To consolidate the promise of its first year at work, it needs to choose its issues and do something tangibly effective about them, according to Dan Price, the White House point man in the TEC.
  • Topic: Economics, International Trade and Finance
  • Political Geography: United States, Europe