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  • Author: Edward Skidelsky
  • Publication Date: 02-2014
  • Content Type: Journal Article
  • Journal: Ethics International Affairs Journal
  • Institution: Carnegie Council
  • Abstract: Money has always inspired obsession, both in those who amass it and in those who think about it. “Man will never be able to know what money is any more than he will be able to know what God is,” wrote the French financier Marcel Labordère to his friend John Maynard Keynes. The analogy is apt. Money, like God, injects infinity into human desires. To love it is to embark on a journey without end. Three new books testify to money's enduring power to fascinate and horrify. The most scholarly of them, The Invention of Market Freedom by political theorist Eric MacGilvray, traces the emergence of the distinctively modern or “market” conception of freedom out of its “republican” predecessor. The general story is somewhat familiar, but MacGilvray complicates it by showing that market freedom did not vanquish its republican competitor in open combat but subverted it from within, like a parasite devouring its host.
  • Topic: Economics, Markets
  • Political Geography: New York
  • Author: Geoffrey Black, D. Allan Dalton, Samia Islam, Aaron Batteen
  • Publication Date: 03-2014
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Over 50 years ago, in "The Problem of Social Cost," Ronald Coase (1960) attempted to reorient the economics profession's treatment of externalities. He wanted to draw economists' attention away from the world of pure competition as a policy standard and investigate the consequences of transaction costs and property rights for the operation of markets. In 1991, he was awarded the Nobel prize in economics "for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy" (Royal Swedish Academy of Sciences 1991). The Academy cited both his 1960 article and his 1937 article "The Nature of the Firm."
  • Topic: Economics
  • Political Geography: New York
  • Publication Date: 04-2014
  • Content Type: Journal Article
  • Journal: Americas Quarterly
  • Institution: Council of the Americas
  • Abstract: Business Innovator: Felipe Arango, Colombia The Chocó region in western Colombia is one of the most mineral-rich places in the hemisphere. It is also ecologically rich, boasting species of flora thought to be unique to Chocó. But due to years of commercial gold and platinum mining that have leached mercury and cyanide into local rivers, the Chocó region has also become one of the most threatened natural areas in the world. Felipe Arango has been working to change that. Arango, 34, is CEO of Oro Verde—an NGO based in Medellín, Colombia, that empowers local miners to use more ecologically friendly artisanal mining techniques. Founded in 2003, the organization purchases gold produced by certified artisanal miners, many of them Afro-Colombian, and sells it to socially conscious jewelers around the world. Oro Verde takes a 2 percent cut to fund its operations and administration, and contributes its profits and reinvested premiums to the protection of 11,120 acres (4,500 hectares) of tropical rainforest. Oro Verde's gold certification process, meanwhile, has influenced the development of a global “fair-trade, fair-mined” gold certification process.
  • Topic: Economics, Government, Human Rights
  • Political Geography: New York, Colombia
  • Publication Date: 04-2014
  • Content Type: Journal Article
  • Journal: Americas Quarterly
  • Institution: Council of the Americas
  • Abstract: Prost, Brazil! Grab a stein-full of caipirinha and stroll down to Ipanema beach in your lederhosen—it's Germany-Brazil Year in Brazil. The yearlong festival, aimed at deepening German-Brazilian relations, kicked off in May with the opening of the German-Brazilian Economic Forum in São Paulo. “Brazil is one of the most successful new centers of power in the world,” says Guido Westerwelle, Germany's foreign minister. “We want to intensify cooperation with Brazil, not only economically but also culturally.” It's no surprise that Brazil, the sixth-largest economy in the world, has caught the attention of Europe's financial powerhouse. Brazil is Germany's most important trading partner in Latin America, accounting for $14.2 billion in imports in 2012. With some 1,600 German companies in Brazil providing 250,000 jobs and 17 percent of industrial GDP, it's an economic relationship that clearly has mutual benefits.
  • Topic: Security, Economics, Environment
  • Political Geography: United States, New York, Europe, Brazil, Germany, Mexico
  • Publication Date: 05-2014
  • Content Type: Journal Article
  • Journal: Americas Quarterly
  • Institution: Council of the Americas
  • Abstract: Arts Innovator: Luis Antonio Vilchez, Peru Watch a video of Luis Antonio Vilchez dancing in Times Square below. Passing through New York's Times Square one winter day in 2010, Lima native Luis Antonio Vilchez noticed a group of street percussionists playing a familiar Afro-Peruvian rhythm—and immediately decided to join them. Soon, a large crowd gathered as Vilchez, wearing a button-down shirt and a winter coat, burst into a dance performance that was so impressive even the drummers watched in awe. The same kind of impromptu creativity dominates Adú Proyecto Universal (Adú Universal Project), a nonprofit arts organization Vilchez founded four years ago to re-imagine Peruvian identity through dance, theater and percussion. Financed by money the group earns from its performances, Adú (which means “friend” in limeña slang) encourages its 20 members—all dancers—to combine different dance and music genres, crossing back and forth between tradition and modernity.
  • Topic: Economics, Education, Government, Politics
  • Political Geography: United States, New York
  • Author: Donald P. Gregg
  • Publication Date: 04-2011
  • Content Type: Journal Article
  • Journal: Ambassadors Review
  • Institution: Council of American Ambassadors
  • Abstract: The good news out of the Koreas is that President Barack Obama, as no other president before him, has recognized that South Korea is America's most reliable and active ally in Asia. The President mentioned South Korea in his January 25 State of the Union speech far more than any other country, praising its teachers, its technical prowess, its growing economic status, and urging quick ratification of the Korea-US Free Trade Agreement. If any further proof of Seoul's current status was needed, David Sanger in The New York Times of February 20, 2011, said flatly, “South Korea…is now Washington's favorite ally in Asia.”
  • Topic: Economics, Treaties and Agreements
  • Political Geography: United States, New York, Washington, Asia, South Korea, Sinai Peninsula
  • Author: Saskia Sassen
  • Publication Date: 06-2011
  • Content Type: Journal Article
  • Journal: Americas Quarterly
  • Institution: Council of the Americas
  • Abstract: There is little doubt that the North-South axis remains dominant for Latin America's geopolitical positioning. But new relations are emerging and deepening at subnational levels, in turn creating new intercity geographies and challenging that geopolitical notion. These relations are a direct product of economic and cultural globalization. Some examples are the shift of migration from Ecuador and Colombia toward Spain rather than the U.S., the growing economic relations between Chinese businesses and organizations and São Paulo and Rio de Janeiro, and the emergent relations between these cities and Johannesburg, South Africa. The Internet has allowed a rapidly growing number of people to become a part of diverse networks that crisscross the world. And nongovernmental organizations (NGOs) from various parts of the world are establishing active connections over social struggles in Latin America. In other words, beneath the still-dominant North-South geopolitics, transversal geographies are growing in bits and pieces. One trend is the formation of intercity geographies as the number of global cities has expanded since the 1990s. These subnational circuits cut across the world in many directions. A second trend is the growth of civil society organizations and individuals who are connecting around the world in ways that, again, often do not follow the patterns of traditional geopolitics. The New, Multiple Circuits There is no such entity as the global economy. It is more correct to say there are global formations, such as electronic financial markets and firms that operate globally. But what defines the current era is the creation of numerous, highly particular, global circuits—some specialized and some not—interlacing across the world and connecting specific areas, most of which are cities. While many of these global circuits have long existed, they began to proliferate and establish increasingly complex organizational and financial foundations in the 1980s. These emergent intercity geographies function as an infrastructure for globalization, and have led to the increased urbanization of global networks. Different circuits contain different groups of countries and cities. For instance, Mumbai today is part of a global circuit for real estate development that includes investors from cities as diverse as London and Bogotá. Coffee is mostly produced in Brazil, Kenya and Indonesia, but the main place for trading its future is on Wall Street. The specialized circuits in gold, coffee, oil and other commodities each involve particular countries and cities, which will vary depending on whether they are production, trading or financial circuits. If, for example, we track the global circuits of gold as a financial instrument, it is London, New York, Chicago, and Zurich that dominate. But the wholesale trade in the metal brings São Paulo, Johannesburg and Sydney into the circuit, while trade in the commodity, much of it aimed at the retail level, adds Mumbai and Dubai. And then there are the types of circuits a firm such as Wal-Mart needs to outsource the production of vast amounts of goods—circuits that include manufacturing, trading, and financial and insurance services. The 250,000 multinationals in the world, together with their over 1 million affiliates and partnership arrangements worldwide, have created a new pattern of relations that combine global dispersal with the spatial concentration of certain functions often while retaining headquarters in their home countries. The same is true of the 100 top global advanced-services firms that together have operations in 350 cities outside their home base. While financial services can be bought everywhere electronically, the headquarters of leading global financial services firms tend to be concentrated in a limited number of cities. Each of these financial centers specializes in specific segments of global finance, even as they engage in routine types of transactions executed by all financial centers. It's not just global economic forces that feed this proliferation of circuits. Forces such as migration and cultural exchange, along with civil society struggles to protect human rights, preserve the environment and promote social justice, which also contribute to circuit formation and development. NGOs fighting for the protection of the rainforest function in circuits that include Brazil and Indonesia as homes of the major rainforests, the global media centers of New York and London, and the places where the key forestry companies selling and buying wood are headquartered—notably Oslo, London and Tokyo. There are even music circuits that connect specific areas of India with London, New York, Chicago, and Johannesburg. Adopting the perspective of one of these cities reveals the diversity and specificity of its location on some or many of these circuits, which is determined by its unique capabilities. Ultimately, being a global firm or market means entering the specificities and particularities of national economies. This explains why global firms and markets need more and more global cities as they expand their operations across the world. While there is competition among cities, there is far less of it than is usually assumed. A global firm does not want one global city, but many. Moreover, given the variable level of specialization of globalized firms, their preferred cities will vary. Firms thrive on the specialized differences of cities, and it is those differences that give a city its particular advantage in the global economy. Thus, the economic history of a place matters for the type of knowledge economy that a city or city-region ends up developing. This goes against the common view that globalization homogenizes economies. Globalization homogenizes standards—for managing, accounting, building state-of-the-art office districts, and so on. But it needs diverse specialized economic capabilities. Latin America on the Circuit This allows many of Latin America's cities to become part of global circuits. Some, such as São Paulo and Buenos Aires, are located on hundreds of such circuits, others just on a few. Regardless of the case, these cities are not necessarily competing with one other. The growing number of global cities, each specialized, signals a shift to a multipolar world. Clearly, the major Latin American cities have circuits that connect them directly to destinations across the world. What is perhaps most surprising is the intensity of connections with Asia and Europe. Traditional geopolitics would lead one to think that Latin America connects, above all, with North America. There is a strong tendency for global money flows to generate partial geographies. This becomes clear, for example, when we consider foreign direct investment (FDI) in Latin America, a disproportionate share of which goes to a handful of countries. In 2008, for example (a relative peak of FDI), FDI flows into Latin America were topped by Brazil at $45.1 billion, followed at a distance by Mexico at $23.7 billion, Chile at $15.2 billion, and Argentina with $9.7 billion. On average, between 1991–1996 and 2003–2008, FDI in Brazil increased more than five-fold while tripling in Chile and Mexico. Among the countries in the Latin American and Caribbean region receiving the lowest levels of foreign investment in 2008 were Haiti, at $30 million; Guyana, at $178 million; and Paraguay, at $109 million. Globalization and the new information and communication technologies have enabled a variety of local activists and organizations to enter international arenas that were once the exclusive domain of national states. Going global has also been partly facilitated and conditioned by the infrastructure of the global economy…
  • Topic: Economics, Government, Non-Governmental Organization
  • Political Geography: United States, New York, America, South Africa, London, Colombia, Latin America, Mumbai, Sydney, Ecuador, Dubai, Chicago
  • Publication Date: 06-2011
  • Content Type: Journal Article
  • Journal: The Objective Standard
  • Institution: The Objective Standard
  • Abstract: No abstract is available.
  • Topic: Economics, Education
  • Political Geography: New York
  • Author: Leo Melamed
  • Publication Date: 09-2011
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: The story is fairly well known. In 1971, as chairman of the Chicago Mercantile Exchange, I had an idea: a futures market in foreign currency. It may sound so obvious today, but at the time the idea was revolutionary. I was acutely aware that futures markets until then were primarily the province of agriculture and—as many claimed—might not be applicable to instruments of finance. Not being an economist, the idea was in need of validation. There was only one person in the world that could satisfy this requisite for me. We went to Milton Friedman. We met for breakfast at the Waldorf Astoria in New York. By then he was already a living legend and I was quite nervous. I asked the great man not to laugh and to tell me whether the idea was “off the wall.” Upon hearing him emphatically respond that the idea was “wonderful,” I had the temerity to ask that he put his answer in writing. He agreed to write a feasibility paper on “The Need for Futures Markets in Currencies,” for the modest stipend of $7,500. It turned out to be a helluva trade.
  • Topic: Economics
  • Political Geography: New York, Chicago
  • Author: Chris Madsen
  • Publication Date: 05-2011
  • Content Type: Journal Article
  • Journal: Journal of Military and Strategic Studies
  • Institution: Centre for Military and Strategic Studies
  • Abstract: If the terrorist attacks of 9/11 on New York City and Washington D.C. were a rude wake-up call for potential security threats to continental North America, the reaction on part of Canada has been measured and typically cautious. The acts were of course immediately condemned and temporary refuge given to thousands of travellers stranded by closure of airspace over the United States until declared safe. The federal government and most Canadians extended sympathy and offers of assistance to their closest neighbour and main trading partner. Close cultural and economic ties between the two countries ensured as much. Unease, however, set in about the tough talk and next progression characterized by President George Bush's now famous “You're either with us or against us” speech. Canada's then Liberal prime minister decided not to send the Canadian military wholeheartedly into the invasion of Iraq, though deployment of Canadian troops in Afghanistan duly became a major commitment. Reassuring the United States of Canada's reliability and loyalty as a partner was imperative. To this end, the federal government tightened up financial restrictions on potential fund-raising by identified terrorist groups, introduced new legislation and bureaucratic structures focused on security issues, and better coordinated intelligence gathering and information sharing activities across government agencies and with principal allies. Canadians convinced themselves that any possibility of a 9/11 scale terrorist attack on Canada was unlikely, and even if one was planned or happened, the effect would be minimized by the pro-active measures of authorities. Selected use of security certificates and arrest of home grown Islamic terrorists, the so-called Toronto 18, apparently showed that the police and intelligence agents were up to the task. The threat of terrorism, if not eliminated, could at least be managed and thwarted when required to provide a reasonable level of safety to the Canadian state and society. Ten years on, the course of events has shown the chosen policy decisions to have been mostly sound. Though the highest leadership of Al Qaeda remain at large and defiant as ever in their stated resolve to attack the West, Canada has not yet experienced a major terrorist incident since 9/11.
  • Topic: Economics, Government
  • Political Geography: Afghanistan, United States, Iraq, New York, Washington, Canada, North America