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7942. The Future of the WTO: Multilateral or Plurilateral?
- Author:
- James Bacchus
- Publication Date:
- 05-2023
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- Since its 1947 inception as the General Agreement on Tariffs and Trade, the World Trade Organization (WTO) has generally practiced an all‐or‐nothing approach to multilateral negotiations in which the consensus of all WTO members was for trade liberalization. Although this approach worked throughout the second half of the 20th century, its shortcomings were laid bare by the failure of the Doha Development Agenda and the inability of WTO members to achieve further broad, multilateral trade liberalization. Today, amid heightened animosity toward additional trade liberalization, prospects for the traditional consensus‐based approach seem dimmer than ever.
- Topic:
- Treaties and Agreements, World Trade Organization, Multilateralism, and Trade
- Political Geography:
- Global Focus
7943. The Regressive Nature of the U.S. Tariff Code: Origins and Implications
- Author:
- Lydia Cox
- Publication Date:
- 06-2023
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- Tariffs are often thought of as taxes that fall uniformly across goods or industries. In reality, however, the U.S. tariff schedule is extremely complex—the modern‐day tariff code comprises 4,394 pages of tariffs on 19,347 varieties of goods. As a result, there is a lot of variation in tariff rates, even within narrowly defined categories of goods. We study this complexity through the lens of a little‐known but consequential pattern in the modern U.S. tariff schedule: tariff rates are systematically higher on low‐value versions of goods relative to their high‐value counterparts. For example, the tariff on a $400 handbag made of reptile leather is 5.3 percent, while the tariff on an $8 plastic‐sided handbag is 16 percent. Through a comprehensive analysis of U.S. tariffs over the past 100 years, we show that this regressive pattern is, and has been, a systematic feature of tariffs for decades. Our findings are emblematic of a more fundamental feature of U.S. tariff policy: tariffs set to meet policy objectives of the past have persisted through vast changes in the economic landscape and, despite their historical origins, are still affecting consumers today.
- Topic:
- Economics, Tariffs, and Trade Policy
- Political Geography:
- North America and United States of America
7944. Global Inequality in Well‐Being Has Decreased across Many Dimensions: Introducing the Inequality of Human Progress Index
- Author:
- Chelsea Follett and Vincent Geloso
- Publication Date:
- 06-2023
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- The world has seen dramatic, global human progress across a broad range of indicators in recent decades, but have those gains been widely shared? The Inequality of Human Progress Index (IHPI) measures relative gaps in global development. It surveys international inequality across a greater number of dimensions than any prior index. By analyzing inequality in a multidimensional way, the IHPI takes inequality more seriously than those indexes that focus on income inequality alone. The IHPI considers material well‐being and seven additional metrics: lifespan, infant mortality, adequate nutrition, environmental safety, access to opportunity (as measured by education), access to information (as measured by internet access), and political freedom. Across all but two of those dimensions, the world has become more equal since 1990. Globalization and market liberalization over the past few decades have not only raised absolute living standards but also reduced overall inequality.
- Topic:
- Development, Inequality, Economy, and Well-Being
- Political Geography:
- Global Focus
7945. Information Manipulation and Repression: A Theory and Evidence from the COVID-19 Response in Russia
- Author:
- Natalia Lamberova and Konstantin Sonin
- Publication Date:
- 06-2023
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- The COVID-19 pandemic has called for provision of public goods and services that require a high state capacity, including producing and distributing vaccines, enforcing mask mandates, limiting potential super‐spreader events, and so on. The rationale for public intervention was that private actions, such as getting vaccinated, wearing masks, and avoiding large gatherings, have benefits to broader society, so they are likely to be undersupplied by individuals on their own. In these circumstances, one might expect the power of the state coercing others into compliance to be beneficial. Are authoritarian leaders, less constrained by institutions and less accountable to voters, better equipped to deal with health emergencies?
- Topic:
- Authoritarianism, Repression, Public Health, and COVID-19
- Political Geography:
- Russia and Eurasia
7946. Indian Nationalism and the Historical Fantasy of a Golden Hindu Period
- Author:
- Swaminathan S. Anklesaria Aiyar
- Publication Date:
- 06-2023
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- India’s ruling Bharatiya Janata Party (BJP) promotes its Hindu nationalist agenda by claiming that India was the world’s richest region under glorious Hindu rule for thousands of years before being conquered by Muslim invaders in the 11th century and British invaders in the 18th century. BJP politicians say foreign invaders transformed a “golden bird” into an impoverished chattel. Prime Minister Narendra Modi has promised to restore India to its historical eminence. To support their narrative, BJP partisans often cite historian Angus Maddison, who estimated that India accounted for 32 percent of the world’s gross domestic product in 1 CE (during the Hindu period), but this number plummeted to 4 percent by the time British rule ended in 1947. But a closer look at Maddison’s work shows that the BJP is cherry‐picking data to create a bogus historical narrative. In 1 CE, India’s per capita income was below the world average, at a pathetic $450. It did not rise at all during the following thousand years of Hindu rule. It did not worsen after the Muslim and British conquests, as BJP partisans claim, though it improved very slowly. The supposedly golden Hindu period was one of stark poverty and economic stagnation. Disease, drought, and war kept India’s population stagnant at 75 million people throughout a thousand years of Hindu rule in India, when just staying alive was a challenge. Under Muslim and British rule, death rates fell and the population grew, and it grew still more after independence. Both in terms of income and life expectancy, the “golden period”—if it can be called that—is today, not in the Hindu era.
- Topic:
- Nationalism, Economy, Domestic Politics, and Bharatiya Janata Party (BJP)
- Political Geography:
- South Asia and India
7947. Skilled Immigration, Task Allocation, and the Innovation of Firms
- Author:
- Anna Maria Mayda, Gianluca Orefice, and Gianluca Santoni
- Publication Date:
- 06-2023
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- Immigration continues to be a hotly debated topic in several destination countries. Policy and academic discussions have focused on different types of immigration, depending on the host country. While research is voluminous on the United States and countries with skill‐points‐based immigration systems, the discussion in Europe has mostly centered on lesser‐skilled migrants and political refugees, as they represent the largest proportion of arrivals. However, Europe has been receiving skilled migrants in increasing numbers. For example, in France, the share of college‐educated immigrants is 23 percent— lower than in the United States, Canada, or the UK—but it increased by 11 percentage points between 1995 and 2010.
- Topic:
- Immigration, Economy, Innovation, and Skills
- Political Geography:
- Global Focus
7948. Rational Eviction: How Landlords Use Evictions in Response to Rent Control
- Author:
- Eilidh Geddes and Nicole Holz
- Publication Date:
- 07-2023
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- As housing prices rise, cities are turning to rent control policies, hoping to ensure longterm affordable housing. Typically, rent control policies require leases to be renewed at statutorily limited rent increases. Rent control policies reduce the returns from operating in the rental market, creating well‐studied incentives for landlords to leave the rental market. Many rent control policies—including San Francisco’s—feature vacancy decontrol provisions, which allow landlords to reset rents to market rates when tenants move. These policies limit the reductions in returns to operating in the rental market but create incentives for landlords to induce tenant turnover, possibly through evictions. The more tenants move, the more often a landlord can raise rents to market rates.
- Topic:
- Markets, Economy, Eviction, Housing, and Rent
- Political Geography:
- North America and United States of America
7949. Central Bank Digital Currency: The Risks and the Myths
- Author:
- Nicholas Anthony and Norbert Michel
- Publication Date:
- 01-2023
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- Central bank digital currencies (CBDCs) have the potential to radically transform the American financial system—ultimately usurping the private sector and endangering Americans’ core freedoms. Although CBDCs have gained the attention of politicians, central bankers, and the tech industry, this experiment should be left on the drawing board. This paper provides a summary of why Congress should explicitly prohibit the Federal Reserve and the Department of the Treasury from issuing a CBDC.
- Topic:
- Finance, Economy, Fiscal Policy, Banking, and Digital Currency
- Political Geography:
- North America and United States of America
7950. Self‐Service Bans and Gasoline Prices: The Effect of Allowing Consumers to Pump Their Own Gas
- Author:
- Vitor Melo
- Publication Date:
- 01-2023
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- Billions of people live in countries that ban self‐service fueling at gasoline stations, including some of the world’s largest countries by population, including China, India, and Brazil, among many others. The impact of these bans is largely understudied despite their prevalence presumably because this policy is often implemented at the national level and because there have been no policy changes in these countries that allow for an assessment of these bans on gasoline prices.
- Topic:
- Gas, Regulation, Economy, and Consumer Behavior
- Political Geography:
- North America, Global Focus, and United States of America