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41. Financing Responses to Climate Migration: The Unique Role of Multilateral Development Banks

Author:
Lawrence Huang, Ravenna Sohst, and Camille Le Coz
Publication Date:
11-2022
Content Type:
Special Report
Institution:
Migration Policy Institute (MPI)
Abstract:
As climate change increasingly contributes to migration and displacement in many parts of the world, there is a pressing need for measures that build resilience and prevent displacement as well as those that help climate-affected people move to safety and support receiving communities. Multilateral development banks (MDBs) are critical, if sometimes overlooked, players because of their ability to invest in large-scale projects that contribute to sustainable development, primarily in low- and middle-income countries. This report explores the unique role of MDBs in the climate finance landscape and highlights opportunities for migration, humanitarian, and other key actors to partner with them on projects that effectively target climate-related migration and displacement. After reviewing the evidence on the complex linkages between climate and mobility, the report examines MDBs’ climate-related work to date, challenges they face to scaling up these efforts, and strategies to begin to address hurdles. These recommendations include learning from past MDB investments that have touched on climate migration, funding data collection or sharing to strengthen understanding of climate migration trends, and developing partnerships to support policy and project development, financing, and implementation.
Topic:
Climate Change, Development, Migration, Finance, and Banks
Political Geography:
Global Focus

42. Countering Terrorism on Tomorrow’s Battlefield: Critical Infrastructure Security and Resiliency (NATO COE-DAT Handbook 2)

Author:
Sarah J. Lohmann, Lucas M. Cox, Denise Feldner, Trevor P. Helmy, and Katherine L. Kuzminski
Publication Date:
12-2022
Content Type:
Special Report
Institution:
The Strategic Studies Institute of the U.S. Army War College
Abstract:
Every day, malicious actors target emerging technologies and medical resilience or seek to wreak havoc in the wake of disasters brought on by climate change, energy insecurity, and supply-chain disruptions. Countering Terrorism on Tomorrow’s Battlefield is a handbook on how to strengthen critical infrastructure resilience in an era of emerging threats. The counterterrorism research produced for this volume is in alignment with NATO’s Warfighting Capstone Concept, which details how NATO Allies can transform and maintain their advantage despite new threats for the next two decades. The topics are rooted in NATO’s Seven Baseline requirements, which set the standard for enhancing resilience in every aspect of critical infrastructure and civil society. As terrorists hone their skills to operate lethal drones, use biometric data to target innocents, and take advantage of the chaos left by pandemics and natural disasters for nefarious purposes, NATO forces must be prepared to respond and prevent terrorist events before they happen. Big-data analytics provides potential for NATO states to receive early warning to prevent pandemics, cyberattacks, and kinetic attacks. NATO is perfecting drone operations through interoperability exercises, and space is being exploited by adversaries. Hypersonic weapons are actively being used on the battlefield, and satellites have been targeted to take down wind farms and control navigation. This handbook is a guide for the future, providing actionable information and recommendations to keep our democracies safe today and in the years to come.
Topic:
NATO, Climate Change, Terrorism, Infrastructure, Elections, Drones, Pandemic, Resilience, Supply Chains, and Energy Sector
Political Geography:
Europe, North America, Global Focus, and United States of America

43. Strengthening a Transnational Semiconductor Industry

Author:
James Lewis
Publication Date:
06-2022
Content Type:
Special Report
Institution:
Center for Strategic and International Studies
Abstract:
If data is the new oil, it could be said that chips are the new steel—a fundamental component of national power similar to the foundational role steel production played in the industrial age. As such, semiconductor chips are a natural focus for government intervention and support to accelerate growth and build secure supply chains. The specific goals for U.S. semiconductor policy are to increase reliability and trust in supply, reinforce all elements of chip-making capacity, and reduce China’s role in the supply chain. Chip production is based on complex, globally distributed, specialized supply chains involving many stages in production, including specialized materials, production equipment, design and related software, fabrication, testing, and packaging. In some stages of production, labor costs are important; in others, it is capital costs because a cutting-edge fabrication plant, or fab, can cost more than $12 billion. Taiwan, South Korea, the United States, Japan, Singapore, and China are the leading chip-producing nations. There are also important facilities (often subsidiaries of a leading producer) in Europe, Southeast Asia, South America, and Israel. This global distribution has led some to push for greater production in the United States, but trying to “reshore” a global supply chain spread across many countries would be counterproductive if the goal is a reliable and more productive supply chain. The problem is China, not global production. The politics of the chip industry are generally favorable to the United States. One leading producer, South Korea, is a treaty ally and faces less risk of disruption from China than does Taiwan. Another leading producer, Japan, is one of the most important U.S. security partners and, with the United States, dominates the production of semiconductor manufacturing equipment (SME). ASML, another leading producer of SME, based in the Netherlands, is also an important ally. Singapore, while it would prefer not to be caught in a battle between giants, is also a dependable partner. These countries share democratic values and in many instances are treaty allies. The global distribution of chip-making in countries friendly to the United States is an advantage.
Topic:
Science and Technology, transnationalism, Emerging Technology, and Semiconductors
Political Geography:
Global Focus

44. Donor Funding Models for Innovation: A Review

Author:
Conor M. Savoy
Publication Date:
06-2022
Content Type:
Special Report
Institution:
Center for Strategic and International Studies
Abstract:
Donors have rhetorically supported the importance of innovation in global development, but the level of resources committed has seldom matched the level of this rhetoric. There are clear barriers to expanding funding for the innovation ecosystem: (1) innovation remains under-resourced, and models that are providing clear results are not properly supported; (2) pathways to scale remain limited because of the total funding available; and (3) the risk appetite of donors remains too conservative to properly support and scale innovation. Recent impact evaluations suggest that innovations supported by the United States Agency for International Development’s (USAID) Development Innovation Ventures (DIV) and the Global Innovation Fund (GIF) have yielded impressive returns. But more importantly, innovation also leverages scarce funding resources and engages with locally based partners.
Topic:
Development, Natural Resources, Innovation, and Donors
Political Geography:
Global Focus

45. Allied Smart Cities

Author:
Matthew Goodman, Akhil Thadani, and Matthew Wayland
Publication Date:
06-2022
Content Type:
Special Report
Institution:
Center for Strategic and International Studies
Abstract:
Population growth and rapid urbanization are reshaping global networks and driving demand for digital infrastructure beyond advanced economies. These trends are accelerating U.S.-China commercial competition in third markets, where governments must decide which communication and technology governance systems to adopt. Developing a high-standard smart city model can help to successfully rejuvenate domestic infrastructure, close the global digital divide, and promote democratic values in digital infrastructure.
Topic:
Urban, Cities, Sustainability, and Digital Revolution
Political Geography:
Global Focus

46. Making Hydrogen Hubs a Success

Author:
Joseph Majkut, Jane Nakano, and Mathias Zacarias
Publication Date:
07-2022
Content Type:
Special Report
Institution:
Center for Strategic and International Studies
Abstract:
In a low-carbon world, low-emissions hydrogen will be useful as an energy carrier and when end uses are too hard or expensive to electrify. Thus, hydrogen plays a key role in modeled scenarios of a decarbonized future. Notably, the International Energy Agency’s (IEA) Net-zero Scenario has called for hydrogen from low-carbon sources to make up 10 percent of final energy consumption worldwide by 2050. This large scale of projected consumption means that standing up an industry to make, process, and use low-carbon hydrogen is one part of a needed response for many countries, including the United States. In the Infrastructure Investment and Jobs Act (IIJA), the U.S. Congress authorized the creation of Regional Clean Hydrogen Hubs (H2Hubs) to address the multiple challenges facing this nascent industry. In the United States, there is presently little production of low-emissions hydrogen, few users, and almost no linkages between them. To solve these challenges, the legislation calls for each H2Hub to establish “a network of clean hydrogen producers, potential clean hydrogen consumers, and connective infrastructure located in close proximity” to demonstrate the production, processing, storage, transportation, and use of clean hydrogen. Under the legislation, hydrogen is considered clean if less than two kilograms of carbon dioxide (CO2) is emitted for every kilogram of hydrogen produced. The production of such low-emissions hydrogen is the key requirement of the H2Hubs program, which also needs to demonstrate the production of clean hydrogen from different sources, including fossil fuel feedstocks, renewables, and nuclear power. H2Hubs will also need to demonstrate the use of hydrogen in power generation, industry, heating, and transportation. The legislation also calls for H2Hubs to be an engine of economic growth and investment in the regions where the hubs are located. Beyond the formal requirements for technical demonstration, the only other instruction from Congress is that the U.S. Department of Energy (DOE) “shall give priority to regional clean hydrogen hubs that are likely to create opportunities for skilled training and long-term employment to the greatest number of residents in the region.” In a June 2022 announcement on the program, the DOE highlighted how the economic goals of the program are part of the IIJA and President Biden’s agenda, including by “enhancing U.S. competitiveness in the world, creating good jobs, and ensuring stronger access to these economic benefits for underserved communities.” The H2Hubs program offers $8 billion in investment for a nascent industry that could both help the United States reduce greenhouse gas emissions and lead the way in a growing part of the global energy industry, creating jobs and economic benefits at home. As communities, states, and consortia compete for H2Hubs grants, they can design hubs for technical and economic success. And the DOE can build upon existing experience instituting Energy Innovation Hubs to build ecosystems of innovation at a large scale. In spring 2022, the CSIS Energy Security and Climate Change Program hosted several workshops to explore how best practices in regional economic development and innovation policy could help inform the design and administration of H2Hubs. The program also considered how hub models are being used around the world to foster investment in clean-hydrogen production and create market demand for it. This report is a product of those workshops and research that preceded and followed them.
Topic:
Energy Policy, Environment, Electricity, and Hydrogen
Political Geography:
Global Focus

47. Addressing the Continuing Phenomenon of Enforced Disappearances

Author:
Diane Webber and Khaola Sherani
Publication Date:
08-2022
Content Type:
Special Report
Institution:
Center for Strategic and International Studies
Abstract:
An enforced disappearance is the “arrest, detention, abduction or any other form of deprivation of liberty” by state agents or their proxies, followed by a refusal to acknowledge or disclose the fate of a seized individual. Unlike arbitrary detention, which may also involve arrest and inhumane treatment, enforced disappearances frequently leave families with no information as to the victim’s whereabouts or status. In many cases, it is ultimately revealed that the victim was killed rather than detained. Enforced disappearances violate multiple human rights, including the right to security and dignity of person; the right not to be subjected to torture or other cruel, inhuman, or degrading treatment or punishment; the right to liberty; the right to humane conditions of detention; the right to a legal personality; the right to a fair trial; the right to a family life; and the right to life. The phenomenon of enforced disappearances first emerged as a state practice during the Nazi era but became widespread under the military regimes in Latin America during the 1960s. The Commission for Historical Clarification in Guatemala found that from the mid-1960s until the 1996 peace agreement, security forces and “death squads” carried out approximately 45,000 enforced disappearances against anti-government forces and suspected opponents, including members of Mayan communities. The governments of Argentina, Chile, Uruguay, Paraguay, Bolivia, Brazil, Ecuador, and Peru developed a transnational cooperation mechanism called “Operation Condor” to share intelligence about political dissidents for the purposes of carrying out transnational enforced disappearances. The practice of enforced disappearances was soon taken up by governments in other parts of the world, as well. In Sri Lanka, for example, Amnesty International estimates that there have been “at least 60,000 and as many as 100,000 cases of enforced disappearance” since the 1980s. The problem persists today, occurring at a large scale in many countries in the context of both armed conflicts and repressive, unaccountable regimes. The Syrian Network for Human Rights reported that from 2011 to 2021, the Syrian regime carried out 102,000 disappearances to suppress dissent during the civil war. Meanwhile, China’s Residential Surveillance at a Designated Location (RSDL) decree empowers authorities to detain foreign or Chinese nationals for a period of six months without disclosing their location. A Spain-based rights group, Safeguard Defenders, claims that between 27,000 and 57,000 people have gone through China’s RSDL system since 2013, citing data from the Supreme People’s Court and the testimony of survivors and lawyers. Altogether, the United Nations Working Group on Enforced or Involuntary Disappearances (UN Working Group) has recorded more than 59,000 cases of enforced disappearances across 110 countries since 1980, including 651 new cases originating in 30 countries in its most recent annual report. More than 46,000 cases remain unresolved. The international community was slow to respond to the growing problem of enforced disappearances, initially addressing the problem only as part of broader “ad hoc working groups” on human rights issues in countries like Chile and Cyprus. It was not until 1992 that the United Nations General Assembly adopted the Declaration on the Protection of All Persons from Enforced Disappearance, which condemned acts of enforced disappearance as violations of the Universal Declaration of Human Rights and called on states to prevent, eradicate, and punish acts of enforced disappearance under criminal law. The international legal regime has since expanded: in 1996, the Inter-American Convention on Forced Disappearance of Persons (Inter-American Convention) entered into force, and in December 2010, the International Convention for the Protection of All Persons from Enforced Disappearance (Enforced Disappearance Convention) came into force. Enforced disappearances can also now be prosecuted as a crime against humanity under the Rome Statute of the International Criminal Court.
Topic:
International Cooperation, International Criminal Court (ICC), Humanitarian Crisis, and Legal Sector
Political Geography:
Global Focus

48. Creating a New Energy Strategy for a Post Ukraine War World

Author:
Anthony H. Cordesman and Paul Cormarie
Publication Date:
08-2022
Content Type:
Special Report
Institution:
Center for Strategic and International Studies
Abstract:
There is every reason for the U.S. to focus on the dangers of climate change and the need to change the sources of its energy supplies to reduce carbon emissions. The new Inflation Reduction Act that President Biden signed on August 16, 2022, is an important step toward achieving these goals. At the same time, the U.S. needs to work with its European strategic partners to permanently reduce their dependence on Russian oil and gas exports and work with Asian partners like Japan and South Korea to ensure that they will not confront a similar threat in the future from China.
Topic:
Climate Change, Energy Policy, Environment, International Cooperation, and Russia-Ukraine War
Political Geography:
Global Focus

49. Hard Choices in a Ransomware Attack

Author:
Emily Harding and Harshana Ghoorhoo
Publication Date:
09-2022
Content Type:
Special Report
Institution:
Center for Strategic and International Studies
Abstract:
Ransomware attacks started as a novelty but have now become a clear and present danger to entities of every size and function. The number of ransomware attacks and the price of demanded ransoms have escalated steeply since 2018. Legislation and policy have not kept up. Policymakers have sought to shape the incentive structure for victims to incentivize defense and disincentivize ransom payments. While they are sympathetic to businesses who fall victim to these attacks, which can sometimes be existentially threatening, few policymakers (or their staff) have ever experienced the shock of an attack firsthand and, as a result, are searching with incomplete information for the right combination of carrots and sticks that will help victims and hurt attackers. This report aims to put the reader in the shoes of the victim—the shocking, powerless moment of realization of a ransomware attack. It walks through a set of decisions that victim must make on their worst day and in the weeks to follow. How well an entity succeeds in navigating that peril depends on decisions made well before an attack, so the report also makes recommendations for both government and industry on how to encourage preparation and simple defensive steps.
Topic:
Security, Science and Technology, Cybersecurity, and Cyberspace
Political Geography:
Global Focus

50. Transforming Health Crises with Pandemic Therapies Image

Author:
Katherine E. Bliss and J. Stephen Morrison
Publication Date:
11-2022
Content Type:
Special Report
Institution:
Center for Strategic and International Studies
Abstract:
The CSIS Commission on Strengthening America’s Health Security convened a working group on Covid-19 therapies in the fall of 2021 to develop policy recommendations aimed at strengthening U.S. leadership and global action to ensure development of, access to, and uptake of Covid-19 therapies worldwide. Drawing on insights gleaned through private meetings and roundtable discussions with pharmaceutical manufacturers, government officials, representatives of multilateral organizations, and nongovernmental organizations, and building on points raised in an interim report published in July 2022.
Topic:
Health, Pandemic, COVID-19, and Health Crisis
Political Geography:
Global Focus

51. How Much Have the Oil Supermajors Contributed to Climate Change?

Author:
Jiarui Chen, Perrine Toledano, and Martin Dietrich Brauch
Publication Date:
03-2022
Content Type:
Special Report
Institution:
Columbia Center on Sustainable Investment
Abstract:
In the 40-year period 1980–2019, annual carbon dioxide (CO2) emissions from fossil fuel combustion, including flaring, increased by more than 80%, and total emissions from those sources represented approximately 83% of anthropogenic CO2 emissions (also including cement production and land-use change) without accounting for sinks. Understanding the carbon footprint of countries and companies along the oil value chain is fundamental to outlining paths to reduced reliance on fossil fuels. However, academic analyses of carbon footprints are limited by the lack of a reliable dataset and carbon accounting method that would allow comparisons across countries and companies.
Topic:
Climate Change, Environment, Carbon Emissions, and Carbon Footprint
Political Geography:
Global Focus

52. Allocation of Climate-Related Risks in Investor–State Mining Contracts

Author:
Martin Dietrich Brauch, Perrine Toledano, and Cody Aceveda
Publication Date:
06-2022
Content Type:
Special Report
Institution:
Columbia Center on Sustainable Investment
Abstract:
As the effects of climate change continue to worsen, mining projects, the communities surrounding them, and their host states are increasingly at risk of being affected by environmental disasters, with devastating social and economic consequences. Risk allocation provisions included in investor–state mining contracts, often considered boilerplate and replicated in agreements without careful consideration or negotiation, could potentially help the parties assign responsibilities between themselves and limit their losses in those cases. However, traditional risk allocation clauses within existing mining contracts, formulated before the world acknowledged the severity of climate change, do not adequately allocate climate-related risks and impacts between states and companies.
Topic:
Climate Change, Environment, International Cooperation, United Nations, and Risk
Political Geography:
Global Focus

53. Investment Incentives: A Survey of Policies and Approaches for Sustainable Investment

Author:
Lisa Johnson and Perrine Toledano
Publication Date:
11-2022
Content Type:
Special Report
Institution:
Columbia Center on Sustainable Investment
Abstract:
In order to effectively harness public funds and leverage them to support sustainable development, governments have to be strategic in their use of capital. This means ensuring that government funds are used to help compensate for market failures that lead to the underproduction of public goods. It also means ensuring that government funds are not used to provide redundant support for private actors and subsidize environmentally or socially harmful activities. To achieve these policy objectives, governments need to be careful and deliberate in their use of investment incentives. Investment incentives, which may be defined (broadly) as nonmarket advantages used to influence the behavior of an economic actor, can represent significant costs to governments. These costs have the potential to generate various public benefits such as increased employment, development and dissemination of environmentally and socially sound technology, and other positive externalities. However, investment incentives are not often tailored or implemented in ways that ensure they produce the desired outcomes, or they do so at public costs that are less than their public benefits. Investment incentives have the potential to advance sustainable development but can also be misused, undermining their goals, and wasting public funds. This report provides an overview of investment incentives, their policy implications, and strategies for understanding and managing their costs and benefits.
Topic:
Development, Governance, Investment, and Sustainability
Political Geography:
Global Focus

54. Advancing SVRI’s Work on VAC and CSA to Strategically Contribute to the Field

Author:
Ayesha Mago, Anik Gevers, and Elizabeth Dartnall
Publication Date:
03-2022
Content Type:
Special Report
Institution:
The Sexual Violence Research Initiative
Abstract:
The SVRI is a global south based, women-run organisation, focusing on supporting practitioner research partnerships for evidence-building around the issue of violence against women (VAW) and violence against children (VAC), committed to building a gender equitable world, where we can all live free from violence driven by gender inequality. Through our strategic plan we contribute to regional and global evidence building on what works to end violence against women and violence against children, with a focus on low and middle income countries (LMICs) where the burden of gendered violence is greatest, yet where the least resources are available for research and evidence based response and prevention efforts.
Topic:
Gender Issues, Gender Based Violence, Violence, and Sexual Violence
Political Geography:
Global Focus

55. Anticorruption Guidance for Partners of State-Owned Enterprises

Author:
Alexandra Gillies and Tom Shipley
Publication Date:
01-2022
Content Type:
Special Report
Institution:
Natural Resource Governance Institute
Abstract:
Drawing on broad stakeholder consultations, corruption case analysis and reviews of existing best practices, this guidance proposes concrete measures that international oil, gas a mining companies should adopt to reduce corruption risks in their work with state-owned enterprises (SOEs) in the oil, gas and mining industries. It also recommends measures SOEs can take to strengthen their anticorruption safeguards. The guidance for private-sector companies has five parts: Conducting due diligence on SOEs; Avoiding high-risk agents; Responding to political exposure; Safeguarding payments; Protecting joint ventures from corruption. The final section identifies corresponding recommendations for SOEs in each of these five areas.
Topic:
Corruption, Natural Resources, Business, Risk, and State-Owned Enterprises
Political Geography:
Global Focus

56. New Producer Contract Terms and Uncertainty: Lessons From the Recent Past

Author:
Patrick Heller, Perrine Toledano, David Mihalyi, and Tehtena Mebratu-Tsegaye
Publication Date:
03-2022
Content Type:
Special Report
Institution:
Natural Resource Governance Institute
Abstract:
The petroleum industry is volatile, and governments in “new producer” countries have operated at a significant information disadvantage when negotiating with international oil companies. This challenge is growing today; new producer countries face intensifying questions around whether to offer fiscal incentives to maintain investment in the face of 1) the pandemic-induced volatility in oil prices and 2) long-term questions about the future of the industry in the face of the climate crisis and the global energy transition. This confluence of short-term and long-term uncertainty is prompting a reexamination of the narrative that once took hold in many new producer countries. The traditional story was one of linear progression from being non-producers to small levels of production to ultimately having oil and gas become a major economic contributor over the long term. This notion of progression was associated with a commonly held theory: After a country’s first major discovery, the geological risk that wells will be dry was expected to decrease. Countries could therefore shift from a position of having to grant tax breaks (and other concessions) to international investors, to taking a tougher stance in laws and negotiations for new projects going forward. In this paper we examine whether this theory has been borne out in practice and make recommendations to support new producers in their navigation of the uncertainty associated with the energy transition. Among the eight “new producer” countries, for which we analyzed a total of 26 contracts signed before and 25 contracts signed after discovery events (all occurring between 2001 and 2014), the evidence is mixed.
Topic:
Gas, Transparency, Contracts, Monitoring, Energy, and Green Transition
Political Geography:
Global Focus

57. Fragile States Index 2022 – Annual Report

Author:
Nate Haken, Daniel Woodburn, Juliette Gallo-Carelli, Asa Cooper, and Dylan Souquet
Publication Date:
07-2022
Content Type:
Special Report
Institution:
The Fund for Peace
Abstract:
The Fragile States Index, produced by The Fund for Peace, is a critical tool in highlighting not only the normal pressures that all states experience, but also in identifying when those pressures are pushing a state towards the brink of failure. By highlighting pertinent issues in weak and failing states, The Fragile States Index—and the social science framework and software application upon which it is built—makes political risk assessment and early warning of conflict accessible to policy-makers and the public at large.
Topic:
Territorial Disputes, Elections, Fragile States, Political stability, Violence, Crisis Management, Innovation, and Reconciliation
Political Geography:
Sudan, Libya, Brazil, South America, North Africa, Haiti, Somalia, Mali, Guinea, Sahel, Global Focus, and Lake Chad Basin

58. Decrypting Crypto: Cryptocurrencies and the Quantum Computer Threat

Author:
Arthur Herman and Daley Pagano
Publication Date:
04-2022
Content Type:
Special Report
Institution:
Hudson Institute
Abstract:
Cryptocurrencies are increasingly embedded in the global financial and economic mainstream. One reason is that its security encryption, distributed ledger technology, or blockchain, is largely impervious to conventional cyber-attack or theft. However, thanks to Shor’s algorithm, cryptocurrencies will be exceptionally vulnerable to a future quantum computing attack. What makes crypto vulnerable to Shor’s algorithm is elliptic-curve cryptography, which applies to all distributed ledger technology. Based on our research, the overall cost of a major hack and devaluation of Bitcoin alone would equal $3 trillion plus. Fortunately, solutions already exist: post-quantum cryptography and quantum computing. Cryptocurrencies are here to stay. However, supporting crypto security with post-quantum cryptography or quantum cryptography will enable cryptocurrencies to remain a mainstay of the global financial system for many decades to come.
Topic:
Science and Technology, Innovation, Cryptocurrencies, Information Technology, and Quantum Computers
Political Geography:
Global Focus

59. Schumpeter’s Creative Destruction as a Radical Departure: New Paradigm for Analyzing Capitalism

Author:
Leonardo Burlamaqui
Publication Date:
03-2022
Content Type:
Special Report
Institution:
Brazilian Center for International Relations (CEBRI)
Abstract:
The paper’s core contribution is a reinterpretation of Schumpeter’s development theory, through the "creative destruction paradigm" provided in Capitalism, Socialism and Democracy (CSD). By linking the core propositions of the latter with the brilliant, but underdeveloped, innovations from The Theory of Economic Development (TED) and some largely ignored historical and institutional insights provided in Business Cycles (BC), the seeds of a new analytical framework emerge. One which is completely out of balance, centered on finance, entrepreneurial action, uncertainty, institutions, and competition by means of innovation.
Topic:
Development, Political Economy, Capitalism, Finance, Entrepreneurship, and Innovation
Political Geography:
Global Focus

60. Polanyi, Market Fundamentalism, and the Institutional Structure of Capitalism

Author:
Leonardo Burlamaqui
Publication Date:
03-2022
Content Type:
Special Report
Institution:
Brazilian Center for International Relations (CEBRI)
Abstract:
The basic proposition of this paper is that the so-called "new economic sociology", which is rooted in key ideas of Karl Polanyi, is an indispensable "tool" for two tasks: a) it provides us with a powerful critique of market fundamentalism, and b) it allows us to analyze the economic performance of contemporary capitalism by accessing the working of its institutional structure. From an analytical perspective, the paper suggests that Polanyian Economic Sociology is an essential complement to both the Schumpeterian and the Post-Keynesian perspectives in economics. This is especially so when it comes to the discussion of "socioeconomic stability" and, more precisely, as Keynes himself stated in the General Theory: to explain why capitalist economies manifest themselves in different ways and degrees, in spite of encompassing inherent elements of instability and unpredictability.
Topic:
Economics, Markets, Political Economy, Sociology, and Capitalism
Political Geography:
Global Focus