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  • Author: John H. Makin
  • Publication Date: 03-2009
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: As the global financial and economic crisis has grown increasingly dire—the deterioration just since the November U.S. election is breathtaking—market participants and policymakers alike have looked to three past crisis models as part of an intensifying search for ways out of the current crisis. First, the Great Depression of the 1930s is being examined ever more closely for possible lessons now that commentators have moved past an under- standable reluctance to mention that experience as relevant to today's situation. Second, the Scandinavian financial crisis of the early 1990s, which included a proactive move toward bank nationalization by the Swedish government, is also widely discussed. Finally, many allusions have been made to the disquieting parallels between today's U.S. experience and that of Japan during its “lost decade” (1991–2001) of recession and deflation, especially after 1998.
  • Topic: Economics, Markets
  • Political Geography: United States, Japan
  • Author: John H. Makin
  • Publication Date: 04-2009
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: On March 18, Federal Reserve chairman Ben Bernanke intensified the important battle against global deflation with a commitment to expand the Fed's balance sheet by an extra $1.15 trillion. With some luck and persistence, that step could boost growth by a percentage point or more and, even more important, substantially reduce the risk of deflation.
  • Topic: Economics, Markets, Political Economy
  • Political Geography: United States
  • Author: Kenneth P. Green, Ben Eisen
  • Publication Date: 06-2009
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: Canadians have much to celebrate concerning their natural environment. Over the past 30 years, Canada's air and water have become cleaner, ecosystems and timberlands have been preserved, and soils that feed not only Canadians but also many others around the world have been protected. This has happened while Canada's population and economy have grown strongly, which has propelled Canada, a country of only 33 million, to the status of an economic powerhouse with a standard of living that is the envy of much of the world. There is still more that can be done, but Canada is well on the way toward environmental sustainability.
  • Topic: Climate Change, Environment, Oil
  • Political Geography: Canada, North America
  • Author: Kenneth P. Green, Steven F. Hayward
  • Publication Date: 12-2009
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: AEI's environmental team has been especially busy lately responding to numerous press inquiries about the “Climategate” scandal. We reprint below two pieces, one by Steven F. Hayward that appeared in The Weekly Standard, and another by Kenneth P. Green, which appeared on The American. Hayward's piece was mentioned prominently on Fox News Sunday. Green also testified on the science of global warming recently before the Senate Committee on Finance. In addition, Samuel Thernstrom and Lee Lane, who are codirecting AEI's Geo engineering Project, have been following the developments and commenting on them. AEI released an updated version of its Public Opinion Study “Polls on the Environment and Global Warming,” which shows that, even before the latest controversy, opinion about the seriousness of global warming had declined sharply in several recent polls.
  • Topic: Climate Change, Environment, Science and Technology
  • Political Geography: America
  • Author: Bryan E. Dowd
  • Publication Date: 11-2009
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: Congressional mismanagement of Medicare is a bipartisan project in which Democrats and Republicans set aside the rancor of party politics and ideological differences and work hand in hand to run the program into the ground. The latest attempts to "fix" physician payments by replacing a sizeable cut in Medicare fees with a small increase provide the evidence.
  • Topic: Debt, Health, Markets, Politics
  • Author: Ronald W. Reagan
  • Publication Date: 11-2009
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: In 1988, as he was about to step down as president, Ronald Reagan received the Francis Boyer Award, AEI's highest honor. He chose for the theme of his speech that December evening, eleven months before the Berlin Wall fell, the struggle of people everywhere for freedom. In his speech, he anticipated the momentous events that would occur in 1989: “So while our hopes today are for a new era, let us remember that if that new era is indeed upon us, there was nothing inevitable about it. It was the result of hard work—and of resolve and sacrifice on the part of those who love freedom and dare to strive for it.” Freedom works, he said. He saluted the Solzhenitsyns, the Sakharovs, and the Sharanskys, saying, “We have seen the thrilling spectacle of mankind refusing to accept the shackles placed upon us.” As we recall the events of November 1989, it is important to remember the struggle and to recommit ourselves to the hard work of extending freedom to those who have yet to enjoy its blessings.
  • Topic: Conflict Resolution, Cold War, Power Politics
  • Political Geography: Russia, United States, Berlin
  • Author: Christopher DeMuth
  • Publication Date: 10-2009
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: AEI senior fellow Irving Kristol—godfather of the neoconservative movement and one of the towering intellectual figures of the twentieth century—died peacefully on September 18 at the age of eighty-nine. Mr. Kristol's connection to AEI began long before he became a full-time scholar at the Institute in 1988. In 1973, he gave the first of AEI's Distinguished Lectures on the Bicentennial of the United States. The lectures were delivered at historic sites around the country, and Mr. Kristol's lecture, “The American Revolution as a Successful Revolution,” was given at St. John's Church in Washington, where many of the nation's presidents have worshipped. We reprint excerpts from it below after a tribute to him written by Christopher DeMuth, the D. C. Searle Senior Fellow at AEI.
  • Topic: Cold War, Politics, International Affairs, Political Theory
  • Political Geography: United States, Washington
  • Author: John H. Makin, Vincent R. Reinhart, Peter J. Wallison
  • Publication Date: 09-2009
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: One year ago, on September 14, Lehman Brothers declared bankruptcy. The next day the Dow fell five hundred points. Soon thereafter, the government essentially nationalized AIG, made Goldman Sachs and Morgan Stanley into bank-holding companies, and petitioned Congress for aid. In early September, Fannie Mae and Freddie Mac had been placed in government conservatorship. These events followed the bursting of the housing bubble. We present here three essays written by AEI scholars in the spring and summer of 2009 on the origins of the financial crisis whose reverberations we continue to feel today. Vincent R. Reinhart sets the stage by reminding us of the importance of getting the story of what happened right, as policy recommendations flow from our understanding of what occurred. He also tells us that “the narrative first written about the Great Depression was wrong in many important respects.” John H. Makin and Peter J. Wallison focus on the misguided policies that contributed to the crisis. In a new Economic Outlook, Makin discusses three important lessons of the financial crisis that should be understood in order to enable a faster, more effective policy response to future crises.
  • Topic: Economics, Markets, Financial Crisis
  • Author: John H. Makin
  • Publication Date: 08-2009
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: China's economic statistics have become the envy of the world. On July 15, China reported a 7.9 percent growth rate for the second quarter of 2009 compared to the same period a year earlier. Meanwhile, China's stock markets are on fire, and its property markets are heating up fast as well. Shanghai's two stock markets are up 75 percent and 95 percent respectively so far this year. The more widely traded Hong Kong Index is up 27 percent, a stellar performance compared to largely flat stock markets in the United States, Europe, and Japan. In even stronger contrast, Russia, which is one of China's emerging-market peers, has seen its economy drop by 10.1 percent during the first half of this year, while its stock market has struggled as well.
  • Topic: Economics, Emerging Markets, International Political Economy
  • Political Geography: Russia, United States, Japan, China, Europe, Hong Kong
  • Author: John H. Makin
  • Publication Date: 05-2009
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: Governor Zhou Xiaochuan's comment is an open acknowledgement that the “adverse feedback loop,” in which financial-sector problems hurt the real economy, which in turn intensifies negative conditions in finance, has hit China hard. China's real growth rate, which peaked at 13 percent in 2007 and is heavily dependent on exports, plunged to 6.1 percent on a year-over-year basis in the first quarter of 2009. Nominal growth, a measure of the current money value of goods and services, fell even more sharply, from 21.4 percent in 2007 to 3.6 percent in the first quarter of this year. The fact that the nominal growth rate is 2.5 percent below the real growth rate suggests that, at least as far as output is concerned, deflation has taken hold at a 2.5 percent rate in China.
  • Topic: Economics, Emerging Markets, International Political Economy
  • Political Geography: China