In any market, buyers seek out the seller who offers the lowest prices and best terms. Government can distort markets by decreasing or increasing prices through subsidies, taxes or regulation. Compared to a free market, distortion means different sellers get the sale and at different prices.
Topic:
Economics, International Trade and Finance, Markets, and Science and Technology
This version of the glorious sonnet composed by Emma Lazarus in 1883, and later engraved on a bronze plaque installed on the Statue of Liberty, calling the world's huddled masses to our shores, captures what it means these days to be a safe haven. Just as America proved to be such a safe haven for immigrants in the latter 19th and early 20th centuries, it is now seen as a safe haven for wealth attempting to escape Europe's tax collectors and financial chaos and recession in Europe, and for foreign central banks newly enamored of the dollar.
Topic:
Economics, International Trade and Finance, Immigration, and Monetary Policy
Slow growth here and in China, and recession in Europe are reducing demand for oil. Inventories in the U.S. are at a 22-year high. The Federal Reserve Board's QEs that pumped paper money into the economy and drove up the nominal price of oil have come to an end. And the twelve OPEC oil cartelists, who between them supply 40% of the world's oil, are producing 1.6 million barrels in excess of the agreed daily quota of 30 million barrels. As a result, U.S. benchmark crude oil prices are now closer to $80 per barrel than to the $110 they reached only four months ago.
Topic:
Economics, International Trade and Finance, Markets, and Oil
Three of the last six U.S. presidents have inherited a recessionary economy: Ronald Reagan, George W. Bush, and Barack Obama. Let's define "inheriting a recession" as meaning that on the date a president is sworn into office, the economy is technically still in recession or enters one within a few months. Most economists would agree that presidents have little short-term control over the economy, but that their fiscal policies can be implemented quickly and affect macroeconomic performance after the first year. Reagan, inaugurated in January 1981, actually endured a double-dip recession-one that had been raging since early 1980 and a second that hit in July 1981-but the economy experienced a strong and sustained recovery that began in November 1982 during his second year in the White House. Bush was inaugurated in January 2001, and the economy entered recession just weeks later. Obama entered office in January 2009, like Reagan, after the United States had been in recession for a full year.
Topic:
Economics, International Trade and Finance, Monetary Policy, Financial Crisis, and Governance
Americans are right to be dismayed with U.S. energy policy. For forty years, presidents of both parties have backed a series of fanciful "breakthrough technologies." From synfuels to Solyndra, these schemes have turned out to be costly disappointments and the source of a recurring political drama. After failures become clear, Congress sometimes conducts oversight hearings. But it welcomes each new scheme as a pretext for pork barrel politics. Neither the executive nor the legislature ever learns from past failures.
In looking at twenty years of independence in the former Soviet region of Central Asia, Kazakhstan stands out in most respects as a stable oasis in a desert of uncertainty. It is the wealthiest country in Central Asia. It has not suffered any serious conflict since gaining independence, and the development of its economy, financial sector, and private sector has been steadily moving forward as has its engagement with the global economy. It is little wonder, therefore, that the most stable and fruitful bilateral partnership for the United States in the region over the past twenty years has been with the Republic of Kazakhstan. US-Kazakhstan relations have never experienced a significant crisis, and there has been ongoing cooperation between the two countries in a variety of areas, including nuclear non-proliferation, economic development, and energy extraction.
Topic:
Democratization, Diplomacy, Economics, and Bilateral Relations
Since its independence in 1991, Kazakhstan has tripled its oil production, taking its place among the top twenty oil producers globally. The country currently produces more than 1.7 million barrels per day (mbd), an amount roughly equal to Libya's 2010 production. Over the past decade, Kazakhstan's oil reserves estimates have nearly doubled, placing it among the top five countries that will account for more than half of the global liquids capacity growth to 2020. Kazakhstan's considerable resource base has been a critical factor in this success, but the government of Kazakhstan under President Nursultan Nazarbayev has also made strategic choices to attract investment into the energy sector and has successfully crafted a "multivectoral" energy policy with its neighbors, particularly in the case of energy transportation. This paper highlights key stages in Kazakhstan's emergence as a major energy producer, but points to challenges that lie ahead as the country continues to increase oil and gas production and exports.
Topic:
Economics, Energy Policy, International Trade and Finance, and Oil
Upon its conclusion in December 2011, the main part of the sixty-sixth United Nations General Assembly (UNGA 66) session adopted forty-seven resolutions and five decisions in its continuing effort to encourage a more flexible approach to revitalizing the multilateral disarmament process.
Topic:
Security, Arms Control and Proliferation, International Trade and Finance, Nuclear Weapons, Bilateral Relations, and Nuclear Power
For more than two decades, cyber defenders, intelligence analysts, and policymakers have struggled to determine the source of the most damaging attacks. This "attribution problem" will only become more critical as we move into a new era of cyber conflict with even more attacks ignored, encouraged, supported, or conducted by national governments.
Topic:
Defense Policy, Science and Technology, Terrorism, International Security, and Reform
NATO's central missions of collective defense and cooperative security must be as effective in cyberspace as in the other domains of air, land, sea, and space.
Topic:
Defense Policy, International Cooperation, Science and Technology, and Reform