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1691. Israel and the UAE: Old New Friends

Author:
Paul Rivlin
Publication Date:
11-2020
Content Type:
Working Paper
Institution:
Moshe Dayan Center for Middle Eastern and African Studies
Abstract:
In this issue of Iqtisadi, Paul Rivlin analyzes economic factors involved in the recent UAE-Israel normalization accords. In August 2020, the US, Israel and the United Arab Emirates (UAE) announced the full normalization of relations between Israel and the United Arab Emirates. In September, the Abraham Accords were signed at the White House between Israel, the UAE, Bahrain and the US. The establishment of diplomatic relations between Israel and the UAE and Israel and Bahrain opens the door for trade, investment and cooperation. Israel is looking for markets, investments and joint projects. The UAE is dominated by two emirates: Abu Dhabi and Dubai. Abu Dhabi is the main oil producer in the UAE and is thus one of the largest in the world. It has a strong interest in reorienting its economy away from oil and has invested in green technologies. Dubai has invested heavily in real estate and tourism and also wants to diversify its economy. Israel is a very suitable trading partner given its strength in hi-tech.
Topic:
International Relations, Treaties and Agreements, Economy, and Normalization
Political Geography:
Middle East, Israel, Palestine, and United Arab Emirates

1692. 2021 State Budget of Azerbaijan: Independent View

Author:
Narmina Gasimova
Publication Date:
12-2020
Content Type:
Working Paper
Institution:
Center for Economic and Social Development (CESD)
Abstract:
Restoring its territorial integrity, the Republic of Azerbaijan has entered a new era. The state authorities have to carry out restructure and infrastructure building tasks in the liberated territories to provide energy, utilities, transport infrastructure, and create conditions for life and business of citizens returning to their native lands. Therefore, one of the main features of the state budget for 2021 is the creation of financial security to implement the aforementioned honorable and responsible tasks. Along with their implementation, the budget for 2021 envisages the creation of financial guarantees for further improvement of the people's welfare, sustainable economic development, and implementation of state programs.
Topic:
Energy Policy, Infrastructure, Budget, Economy, Transportation, and Utilities
Political Geography:
Azerbaijan and South Caucasus

1693. A General Equilibrium Analysis of the Impact of the COVID-19 Outbreak on Turkey’s Economy and a Policy Alternative to Protect Labor Incomes

Author:
Ebru Voyvoda and Erinc Yeldan
Publication Date:
07-2020
Content Type:
Working Paper
Institution:
Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:
The COVID-19 pandemic is being experienced as a multidimensional systemic crisis based on the simultaneous manifestations of the supply, demand, and financial shocks. These effects have already been realized in the exacerbation of deep inequalities in income distribution, in functional, regional, and gender terms; in access to public services that are commercialized; and therefore, in an environment where poverty is experienced with social exclusion due to severe inequalities of income. The crisis has hit the Turkish economy under a conjuncture where the adverse effects of the 2018 financial turbulence have not yet been alleviated, and the macroeconomic balances have not been resolved in a sustained fashion. Turkey has displayed already high rates of unemployment (at the rate of 13.6%) and inflation (11%) by the end of 2019. Projections by the IMF also reveal that as a result of the economic measures of isolation and employment disruption, Turkey’s GDP will likely contract by 5% in 2020. Given this background, our aim in this study is to analyze the upon-impact effects of the COVID-19 outbreak on Turkish economy and to investigate policy alternatives that can be implemented against these impacts. We utilize a macroeconomic applied general equilibrium model designed for this purpose; and examine the effects of the crisis conjuncture caused by the COVID-19 outbreak on sectoral production, employment, wages, and capital revenues, national income, and foreign trade balances. Then, we provide an analysis of defensive policies that can be developed against the crisis.
Topic:
Political Economy, Labor Issues, Economy, Finance outlook, and COVID-19
Political Geography:
Turkey and Middle East

1694. The State's Response to the Crisis of Neoliberalism: A Comparison of the Net Social Wage in China and the United States, 1992-2017

Author:
Katherine Moos and Hao Qi
Publication Date:
08-2020
Content Type:
Working Paper
Institution:
Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:
We compare the welfare states and taxation regimes of the two largest economies in the world, China and the United States, from 1992 to 2017. We begin with a comparison of each country’s net social wage—that is, the difference between total benefits received by and taxes paid by labor—using two established methods. While the net social wage in the two countries exhibited similar trends, the increasing net social wage has distinctly different implications in the two countries due to their specific historical trajectories in the neoliberal era. In the US, the increasing net social wage reflects an ambivalent and reluctant response to workers’ social reproduction. In China, it reflects institutional changes in the welfare state, which we interpret as the Chinese state’s attempt to resolve the social-reproduction crisis caused by neoliberal reforms of the 1990s.
Topic:
Political Economy, Economy, Neoliberalism, Crisis Management, and Welfare
Political Geography:
China and United States of America

1695. Low-Carbon Transition Risks for Finance

Author:
Gregor Semieniuk, Emanuele Campiglio, and Neil Edwards
Publication Date:
10-2020
Content Type:
Working Paper
Institution:
Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:
The transition to a low‐carbon economy will entail a large‐scale structural change. Some industries will have to expand their relative economic weight, while other industries, especially those directly linked to fossil fuel production and consumption, will have to decline. Such a systemic shift may have major repercussions on the stability of financial systems, via abrupt asset revaluations, defaults on debt, and the creation of bubbles in rising industries. Studies on previous industrial transitions have shed light on the financial transition risks originating from rapidly rising “sunrise” industries. In contrast, a similar conceptual understanding of risks from declining “sunset” industries is currently lacking. We substantiate this claim with a critical review of the conceptual and historical literature, which also shows that most literature either examines structural change in the real economy, or risks to financial stability, but rarely both together. We contribute to filling this research gap by developing a consistent theoretical framework of the drivers, transmission channels, and impacts of the phase‐out of carbon‐intensive industries on the financial system and on the feedback from the financial system into the rest of the economy. We also review the state of play of policy aiming to protect the financial system from transition risks and spell out research implications.
Topic:
Climate Change, Finance, Economy, Risk, Fossil Fuels, Carbon Emissions, and Financial Systems
Political Geography:
Global Focus

1696. Should Economists Deceive? Prosocial Lying, Paternalism, and the ‘Ben Bernanke Problem’

Author:
George DeMartino
Publication Date:
11-2020
Content Type:
Working Paper
Institution:
Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:
A widely held principle in professional ethics, across the professions, is the duty to speak truthfully when engaging in professional activity. Expert truth-telling has come to be recognized as vital to the Kantian respect that is due to clients and others who must act based on professional advice; and to the imperative to sustain trust. It is therefore notable that economics does not generally require truth telling among its members. Against truth telling, in cases where what an economist says can impact social welfare, the profession tends toward “prosocial lying”—lying that is thought to be in society’s best interests. The case of central banker statements is paradigmatic. Would economists have preferred that Ben Bernanke tell the truth about the threats to the US and world economy in the early days of the crisis of 2008, when doing so might have destabilized financial markets further? But prosocial lying comes at a cost to the profession, and to society. Not least, prosocial lying reflects a paternalistic ethos that has by now been challenged in other professions; and the prevalence of prosocial lying may undermine trust—both among economists, and between economists and those economists purport to serve.
Topic:
Political Economy, Economy, and Paternalism
Political Geography:
Global Focus

1697. The Spatialisation of the Future

Author:
Photis Lysandrou
Publication Date:
01-2020
Content Type:
Working Paper
Institution:
City Political Economy Research Centre (CITYPERC), University of London
Abstract:
This paper argues that the growth of the securities markets signifies the spatialisation of the future. The possibility of this spatialisation is explained in terms of Marx’s commodity principle: it is because that principle has been expanded to encompass financial securities that the future now exists as a socially constructed space that parallels physical space. The necessity for this spatialisation is explained in terms of the financial pressures on the world’s major public and private organisations: security-issuing governments and corporations need to use the future to escape financing constraints in the present just as security-buying institutional investors need to use the future to meet financial commitments in the present. As the precondition for the continuing growth in scale of the securities markets is compliance with the rules of commodity exchange, and as the ‘liberal market economy’ variety of capitalism is the only one in which this condition is unreservedly met, it follows that a key by-product of the increasing need to colonise the future to take the overspill of the pressures of the present will be an increasing convergence on this variety of capitalism.
Topic:
Capitalism, Economy, Commodities, Securities, Karl Marx, and Spatiality
Political Geography:
Global Focus

1698. Beijing+25: Accelerating Progress for Women and Girls

Author:
Peace and Security (GIWPS) Georgetown Institute for Women and Jeni Klugman
Publication Date:
09-2020
Content Type:
Special Report
Institution:
Georgetown Institute for Women, Peace and Security (GIWPS)
Abstract:
Beijing+25: Accelerating Progress for Women and Girls is a roadmap to advance global gender equality authored by the Georgetown Institute for Women, Peace, and Security (GIWPS), with support from The Rockefeller Foundation and in collaboration with Secretary Hillary Rodham Clinton. Marking the 25th anniversary of the United Nations Fourth World Conference on Women, which took place in Beijing, China in 1995, the new report builds upon the original Beijing Declaration and Platform for Action. Since 1995, there have been some important gains for women and girls, including parity in education in many countries, far fewer deaths in childbirth, more women elected to parliament and leadership positions in government and business, and reduced discrimination under the law. Yet major inequalities have persisted, only to be exacerbated by the COVID-19 pandemic. Part I of the report documents serious challenges such as the stagnation of women’s income and wages, discrimination depriving women of fair wages, and how women still carry the burden of unpaid work at home. Violence against women also remains a global scourge, and women remain largely excluded from decision-making in governments (from local to the highest levels), in peace negotiations, and in corporate leadership. With this as the backdrop, Part II provides a deeper dive into five key areas for progress including: (1) changing problematic gender norms; (2) enforcing and resourcing policies that promote equality; (3) countering growing backlash to gender equality; (4) fostering inclusive democracy and climate justice; and (5) harnessing technology as a means to promote women’s economic empowerment and protection from violence. Part III proposes a course of action to leverage multiple actors—from civil society and youth, male allies and traditional authorities, through to the business community and multilateral agencies. When taken together, they not only accelerate progress for women and girls, but also build a better world for all. The report was written by a GIWPS team led by Dr. Jeni Klugman, Managing Director of GIWPS.
Topic:
Civil Society, Science and Technology, United Nations, Women, Inequality, Income Inequality, Economy, Youth, COVID-19, Girls, Empowerment, and Gender
Political Geography:
Global Focus

1699. The Best and Worst States for Women: The US Women, Peace and Security Index 2020

Author:
Peace and Security (GIWPS) Georgetown Institute for Women
Publication Date:
10-2020
Content Type:
Special Report
Institution:
Georgetown Institute for Women, Peace and Security (GIWPS)
Abstract:
The US WPS Index offers the most comprehensive measurement of women’s rights and opportunities across 50 states and the District of Columbia. It goes beyond women’s inclusion in the economy and politics to capture key aspects of justice and legal protections, as well as women’s security against violence in their homes and in their communities.
Topic:
Security, Politics, Law, Women, Economy, Violence, Justice, Inclusion, and Gender
Political Geography:
North America and United States of America

1700. Arab Art in Focus: The Future of Cultural Festivals

Author:
Huda Kanoo, Ernesto Ottone Ramirez, Raed Asfour, Eckhard Thiemann, and Neda Ulaby
Publication Date:
09-2020
Content Type:
Video
Institution:
Middle East Institute (MEI)
Abstract:
Cultural festivals play an important role in expanding and enriching the communities and cities that host them, providing platforms for artists, and contributing to economies. But given the enduring impact of Covid-19 in the Middle East and globally, festivals are having to rethink their models and innovate to find new ways to reach audiences while remaining engaging and relevant. How might these new challenges impact broader cultural production, audience engagement and more, in a region where platforms and opportunities for the performing arts are already so limited? Join leading festival directors and thought leaders for a discussion about the challenges and opportunities faced by cultural festivals in this new environment. Speakers include H.E. Huda Kanoo, founder of the Abu Dhabi Festival, Ernesto Ottone Ramirez, assistant director-general for culture at UNESCO, Raed Asfour, director of the Al Balad Music Festival, Eckhard Thiemann, CEO and artistic director of the Shubbak festival. Moderated by NPR culture reporter Neda Ulaby.
Topic:
Arts, Culture, Economy, and COVID-19
Political Geography:
Middle East, Arab Countries, and North Africa