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  • Author: Shanker A. Singham
  • Publication Date: 10-2012
  • Content Type: Working Paper
  • Institution: Council on Foreign Relations
  • Abstract: The U.S. economy faces major challenges competing internationally. One of the most worrisome is the growing use in China and other advanced developing countries of anticompetitive market distortions (ACMDs)—including regulatory protection that privileges specific companies—which put foreign competitors at a disadvantage. ACMDs are government actions that give certain business interests artificial competitive advantages over their rivals, be they foreign or domestic, to the detriment of consumer welfare. These market distortions are especially damaging to the industries in which the United States enjoys the greatest comparative advantages, but they are also harmful to the long-term prosperity of developing economies and cost the global economy trillions of dollars. To combat ACMDs, the conventional trade policy approach of focusing on the The U.S. economy faces major challenges competing internationally. One of the most worrisome is the growing use in China and other advanced developing countries of anticompetitive market distortions (ACMDs)—including regulatory protection that privileges specific companies—which put foreign competitors at a disadvantage.1 ACMDs are government actions that give certain business interests artificial competitive advantages over their rivals, be they foreign or domestic, to the detriment of consumer welfare. These market distortions are especially damaging to the industries in which the United States enjoys the greatest comparative advantages, but they are also harmful to the long-term prosperity of developing economies and cost the global economy trillions of dollars.
  • Topic: Economics, Emerging Markets, Globalization, International Trade and Finance, Markets
  • Political Geography: Russia, United States, China, India, Brazil
  • Author: Samuel W. Bodman, James D. Wolfensohn, Julia E. Sweig
  • Publication Date: 07-2011
  • Content Type: Working Paper
  • Institution: Council on Foreign Relations
  • Abstract: Brazil has transcended its status as the largest and most resource-rich country in Latin America to now be counted among the world's pivotal powers. Brazil is not a conventional military power, it does not rival China or India in population or economic size, and it cannot match the geopolitical history of Russia. Still, how Brazil defines and projects its interests, a still-evolving process, is critical to understanding the character of the new multipolar and unpredictable global order.
  • Topic: Development, Economics, Globalization, International Trade and Finance
  • Political Geography: Russia, China, India, Brazil, Latin America
  • Author: Karen Brooks
  • Publication Date: 11-2011
  • Content Type: Journal Article
  • Journal: Foreign Affairs
  • Institution: Council on Foreign Relations
  • Abstract: Indonesia is in the midst of a yearlong debut on the world stage. This past spring and summer, it hosted a series of high-profile summits, including for the Overseas Private Investment Corporation in May, the World Economic Forum on East Asia the same month, and the Association of Southeast Asian Nations (ASEAN) in July. With each event, Indonesia received broad praise for its leadership and achievements. This coming-out party will culminate in November, when the country hosts the East Asia Summit, which U.S. President Barack Obama and world leaders from 17 other countries will attend. As attention turns to Indonesia, the time is ripe to assess whether Jakarta can live up to all the hype. A little over ten years ago, during the height of the Asian financial crisis, Indonesia looked like a state on the brink of collapse. The rupiah was in a death spiral, protests against President Suharto's regime had turned into riots, and violence had erupted against Indonesia's ethnic Chinese community. The chaos left the country -- the fourth largest in the world, a sprawling archipelago including more than 17,000 islands, 200 million people, and the world's largest Muslim population -- without a clear leader. Today, Indonesia is hailed as a model democracy and is a darling of the international financial community. The Jakarta Stock Exchange has been among the world's top performers in recent years, and some analysts have even called for adding Indonesia to the ranks of the BRIC countries (Brazil, Russia, India, and China). More recent efforts to identify the economic superstars of the future -- Goldman Sachs' "Next 11," PricewaterhouseCoopers' "E-7" (emerging 7), The Economist's "CIVETS" (Colombia, Indonesia, Vietnam, Egypt, Turkey, and South Africa), and Citigroup's "3G" -- all include Indonesia.
  • Topic: Economics, Financial Crisis
  • Political Geography: Russia, United States, China, Indonesia, India, East Asia, Brazil, Island
  • Author: Jeffrey Mankoff
  • Publication Date: 04-2010
  • Content Type: Working Paper
  • Institution: Council on Foreign Relations
  • Abstract: Like much of the world, Russia has been in the midst of a serious economic crisis since the late summer of 2008. Although the worst appears to be over, Russia will continue to feel its effects longer than many other industrialized countries, largely because of a rigid economy burdened with an overweening state role. The recognition that Russia faces serious long-term challenges has emboldened President Dmitry Medvedev and others to call for far-reaching economic restructuring. If successful, their economic policies could undermine the semi-authoritarian, state-capitalist model developed under Prime Minister and former president Vladimir Putin. Although concrete reforms have so far been limited, Medvedev's demands for change (seconded in some cases by Putin) have acquired increasing momentum in recent months. The speed of Russia's recovery and obstacles along the way will play a major role in determining both the success of Medvedev's call for modernization and the course of Russia's foreign policy since a quicker recovery would diminish the pressure for fundamental reform and lessen the need for caution internationally.
  • Topic: International Relations, Foreign Policy, Economics, International Affairs, Financial Crisis
  • Political Geography: Russia
  • Author: Robert D. Kaplan
  • Publication Date: 05-2010
  • Content Type: Journal Article
  • Journal: Foreign Affairs
  • Institution: Council on Foreign Relations
  • Abstract: The English geographer Sir Halford Mackinder ended his famous 1904 article, "The Geographical Pivot of History," with a disturbing reference to China. After explaining why Eurasia was the geostrategic fulcrum of world power, he posited that the Chinese, should they expand their power well beyond their borders, "might constitute the yellow peril to the world's freedom just because they would add an oceanic frontage to the resources of the great continent, an advantage as yet denied to the Russian tenant of the pivot region." Leaving aside the sentiment's racism, which was common for the era, as well as the hysterics sparked by the rise of a non-Western power at any time, Mackinder had a point: whereas Russia, that other Eurasian giant, basically was, and is still, a land power with an oceanic front blocked by ice, China, owing to a 9,000-mile temperate coastline with many good natural harbors, is both a land power and a sea power. (Mackinder actually feared that China might one day conquer Russia.) China's virtual reach extends from Central Asia, with all its mineral and hydrocarbon wealth, to the main shipping lanes of the Pacific Ocean. Later, in Democratic Ideals and Reality, Mackinder predicted that along with the United States and the United Kingdom, China would eventually guide the world by "building for a quarter of humanity a new civilization, neither quite Eastern nor quite Western."
  • Topic: Development, Economics
  • Political Geography: Russia, China, Eurasia
  • Author: Brad W. Setser, Arpana Pandey
  • Publication Date: 01-2009
  • Content Type: Working Paper
  • Institution: Council on Foreign Relations
  • Abstract: China reported $1.95 trillion in foreign exchange reserves at the end of 2008. This is by far the largest stockpile of foreign exchange in the world: China holds roughly two times more reserves than Japan, and four times more than either Russia or Saudi Arabia. Moreover, China's true foreign port- folio exceeds its disclosed foreign exchange reserves. At the end of December, the State Administration of Foreign Exchange (SAFE)—part of the People's Bank of China (PBoC) managed close to $2.1 trillion: $1.95 trillion in formal reserves and between $108 and $158 billion in “other foreign assets.” China's state banks and the China Investment Corporation (CIC), China's sovereign wealth fund, together manage another $250 billion or so. This puts China's total holdings of foreign assets at over $2.3 trillion. That is over 50 percent of China's gross domestic product (GDP), or roughly $2,000 per Chinese inhabitant.
  • Topic: International Relations, Debt, Economics, Emerging Markets, International Trade and Finance
  • Political Geography: Russia, United States, China, Israel, Asia, Saudi Arabia
  • Author: Adrian Karatnycky, Alexander J. Motyl
  • Publication Date: 05-2009
  • Content Type: Journal Article
  • Journal: Foreign Affairs
  • Institution: Council on Foreign Relations
  • Abstract: The recent deterioration in relations between Russia and Ukraine should be of great concern to the West, because Ukraine's security is critical to Europe's stability. Ukraine must be placed back on the policy agenda as a player in its own right.
  • Topic: Security, Economics
  • Political Geography: Russia, Europe, Ukraine
  • Author: Nina Khrushcheva
  • Publication Date: 05-2000
  • Content Type: Working Paper
  • Institution: Council on Foreign Relations
  • Abstract: One goal of Russia's economic reforms during the last ten years has been to establish a new class of businessmen and owners of private property—people who could form the foundation for a new model post-Soviet citizen. However, the experience of this post-communist economic “revolution” has turned out to be very different from the original expectations. For as people became disillusioned with communism due to its broken promises, the words “democracy” and “reform” quickly became equally as unbearable to large sectors of the Russian public after 1991. Such disillusion was achieved in less than ten years—a record revolutionary burnout that would be the envy of any anti-Bolshevik.
  • Topic: Communism, Democratization, Development, Economics, Government
  • Political Geography: Russia, Europe, Asia, Soviet Union
  • Author: Thomas I. Palley
  • Publication Date: 04-1998
  • Content Type: Working Paper
  • Institution: Council on Foreign Relations
  • Abstract: Over the last nine months the global economy has been roiled by a financial crisis that has moved through Thailand, Malaysia, Indonesia, and South Korea. Japan has also been affected by its wake, as has Russia. So too has Latin America, where Brazil has had to raise interest rates substantially to fend off an incipient currency crisis.
  • Topic: Economics
  • Political Geography: Russia, United States, Japan, Asia, Brazil
  • Author: Daniel K. Tarullo, John Lipsky, Bruce Steinberg, David Jones
  • Publication Date: 11-1998
  • Content Type: Working Paper
  • Institution: Council on Foreign Relations
  • Abstract: Mr. Daniel K. Tarullo: Good morning, ladies and gentlemen. We'd like to get started promptly so that we can end promptly. Welcome to this morning's session on the update of world economic conditions. This is the first in what we anticipate to be a series of updates, perhaps quarterly, sponsored by the Council on Foreign Relations, probably right here in this room, part of a continuing effort to focus on world economic conditions, both for themselves, and as they intersect with foreign policy concerns.
  • Topic: Economics
  • Political Geography: Russia, Europe, Asia, South America, Latin America, North America