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  • Author: Steve H. Hanke
  • Publication Date: 06-2020
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Monetary instability poses a threat to free societies. Indeed, currency instability, banking crises, soaring inflation, sovereign debt defaults, and economic booms and busts all have a common source: monetary instability. Furthermore, all these ills induced by monetary instability bring with them calls for policy changes, many of which threaten free societies. One who understood this simple fact was Karl Schiller, who was the German Finance Minister from 1966 until 1972. Schiller’s mantra was clear and uncompromising: “Stability is not everything, but without stability, everything is nothing” (Marsh 1992: 30). Well, Schiller’s mantra is my mantra. I offer three regime changes that would enhance the stability in what Jacques de Larosière (2014) has asserted is an international monetary “anti-system.” First, the U.S. dollar and the euro should be formally, loosely linked together. Second, most central banks in developing countries should be mothballed and replaced by currency boards. Third, private currency boards should be permitted to enter the international monetary sphere.
  • Topic: Debt, Foreign Exchange, Monetary Policy, Developing World, Inflation, Currency
  • Political Geography: Europe, United States of America, European Union
  • Author: Michael D Bordo, Mickey D. Levy
  • Publication Date: 01-2020
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: The ratcheting up of tariffs and the Fed’s discretionary conduct of monetary policy are a toxic mix for economic performance. Escalating tariffs and President Trump’s erratic and unpredictable trade policy and threats are harming global economic performance, distorting monetary policy, and undermining the Fed’s credibility and independence. President Trump’s objectives to force China to open access to its markets for international trade, reduce capital controls, modify unfair treatment of intellectual property, and address cybersecurity issues and other U.S. national security issues are laudable goals with sizable benefits. However, the costs of escalating tariffs are mounting, and the tactic of relying exclusively on barriers to trade and protectionism is misguided and potentially dangerous. The economic costs to the United States so far have been relatively modest, dampening exports, industrial production, and business investment. However, the tariffs and policy uncertainties have had a significantly larger impact on China, accentuating its structural economic slowdown, and are disrupting and distorting global supply chains. This is harming other nations that have significant exposure to international trade and investment overseas, particularly Japan, South Korea, and Germany. As a result, global trade volumes and industrial production are falling. Weaker global growth is reflected in a combination of a reduction in aggregate demand and constraints on aggregate supply.
  • Topic: International Trade and Finance, Monetary Policy, Economic growth, Tariffs, Industry
  • Political Geography: Japan, China, Europe, Asia, South Korea, Germany, North America, United States of America
  • Author: Simon Lester, Huan Zhu
  • Publication Date: 01-2020
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Donald Trump was a trade “hawk” long before he became president. In the late 1980s, he went on the Oprah Winfrey show and complained about Japan “beating the hell out of this country” on trade (Real Clear Politics 2019). As president, he has continued with the same rhetoric, using it against a wide range of U.S. trading partners, and he has followed it up with action (often in the form of tariffs). While many countries have found themselves threatened by Trump’s aggressive trade policy, his main focus has been China. As a result, the United States and China have been engaged in an escalating tariff, trade, and national security conflict since July 2018, when the first set of U.S. tariffs on China went into effect and China retaliated with tariffs of its own. In this article, we explore the U.S.-China economic conflict, from its origins to the trade war as it stands today. We then offer our thoughts on where this conflict is heading and when it might end.
  • Topic: Economics, International Trade and Finance, Tariffs, Trade Wars, Donald Trump
  • Political Geography: China, Asia, North America, United States of America
  • Author: Ryan Warsing
  • Publication Date: 05-2020
  • Content Type: Journal Article
  • Journal: Woodrow Wilson School Journal of Public and International Affairs
  • Institution: Woodrow Wilson School of Public and International Affairs, Princeton University
  • Abstract: Despite growing consensus that climate change is real, manmade, and pernicious, the U.S. Congress has failed to update old laws – to say nothing of passing new ones – that might mitigate the crisis. State governments have attempted to fill the void, with California setting de facto national policy using powers delegated under the 1970 Clean Air Act (CAA). The Trump administration’s 2019 bid to revoke these powers rejects the process of “iterative federalism” and leads one to believe Trump’s agenda is both vindictive in nature and impervious to broad support for environmental regulation. Yet this support (even in electorally pivotal states like Pennsylvania) proves a weak motivating factor next to the needs of vulnerable constituencies, notably autoworkers. Trump’s agenda is rationally set by his need to attract support in states like Michigan where votes are precious and regulatory exposure is high. Long a means for the federal government to enjoy environmental progress at a safe political distance, the “California carve-out” seems to have exhausted its utility with the Trump administration, which deems all environmental regulation anathema to growth and the happiness of its base. Trump’s rationale is best understood using Conditional Pandering Theory (CPT), which predicts that presidents with middling approval numbers are apt to be led by the public as Election Day draws near and policy outcomes can be delayed. In the case of emissions, policy outcomes are immaterial so long as targeted marginal voters deliver the president a second term.
  • Topic: Climate Change, Legislation, Pollution, Domestic Policy, Carbon Emissions
  • Political Geography: North America, United States of America
  • Author: Eunsun Cho
  • Publication Date: 05-2020
  • Content Type: Journal Article
  • Journal: Woodrow Wilson School Journal of Public and International Affairs
  • Institution: Woodrow Wilson School of Public and International Affairs, Princeton University
  • Abstract: As the unparalleled ability of big data to capture and process real-time information signals a revolution in public administration, countries around the world have begun to explore the application of the technology to government functions. At the forefront of these efforts is China, which is planning to launch the social credit system (SCS), a data-powered project to monitor, assess, and shape the behavior of all citizens and enterprises. This new frontier of digital surveillance raises questions about how the United States will incorporate data technology into its own politics and economy. This article argues that the U.S. needs a comprehensive nationwide data protection framework that places limits on surveillance by both private business and the government. Without drawing its own baseline for personal data protection, the United States risks missing the already narrowing opportunity to define its balance between democracy, security, and growth.
  • Topic: Security, Science and Technology, Democracy, Surveillance
  • Political Geography: China, Asia-Pacific, United States of America
  • Author: Julieta Cuellar
  • Publication Date: 05-2020
  • Content Type: Journal Article
  • Journal: Woodrow Wilson School Journal of Public and International Affairs
  • Institution: Woodrow Wilson School of Public and International Affairs, Princeton University
  • Abstract: The Eviction Lab’s recently released dataset of evictions in the United States provides rich opportunities for exploring the effect of state and local policies on eviction rates. Just cause eviction ordinances—local laws that outline what constitutes grounds for eviction—have gained traction as a policy solution for addressing the eviction crisis. This paper analyzes the relationship between just cause eviction ordinances and eviction rates and eviction filing rates in four California cities. A difference-in-differences matched case model suggests that there is a statistically significant, large, and negative difference between eviction rates and eviction filing rates before and after the passage of just cause eviction ordinances in the four treatment cities, as compared to the difference in these rates before and after the passage of just cause eviction ordinances in matched control cities. Cities that implemented just cause eviction laws experienced lower eviction, by 0.808 percentage points, and eviction filing rates, by 0.780 percentage points, than those that did not.
  • Topic: Law, Domestic Policy, Eviction
  • Political Geography: North America, United States of America
  • Author: Matej Jungwirth
  • Publication Date: 05-2020
  • Content Type: Journal Article
  • Journal: Woodrow Wilson School Journal of Public and International Affairs
  • Institution: Woodrow Wilson School of Public and International Affairs, Princeton University
  • Abstract: This paper explores the high seas as a critical space for the formulation and development of international human rights law in two inter-related areas: anti-piracy campaigns and rescue of the so-called “boat people.” While the high seas have been instrumental in promoting inter-state cooperation and coordination, I argue that they have also laid bare the limits of states’ nominal commitments to rights protection. Using historical case studies of the Vietnam crisis, Haiti arrivals to the United States, and the current marine policies of Australia, I show that states too often willfully neglect their human rights obligations. In doing so, these states might succeed in protecting their short-term interests, but undermine the foundations of international human rights regimes in the long run.
  • Topic: Human Rights, Migration, Refugees, Maritime
  • Political Geography: Vietnam, Australia, Australia/Pacific, North America, Southeast Asia, United States of America
  • Author: Flavia Eichmann
  • Publication Date: 05-2020
  • Content Type: Journal Article
  • Journal: Woodrow Wilson School Journal of Public and International Affairs
  • Institution: Woodrow Wilson School of Public and International Affairs, Princeton University
  • Abstract: This article explores what impact terrorist blacklists have on negotiated solutions to armed conflicts involving listed non-state armed groups. Even though conflicts that involve non-state armed groups do not usually end through these groups’ military defeat, governments around the globe tend to adopt hard-security approaches with regard to inner-state conflicts. Especially when groups resort to terrorist tactics, governments tend to be reluctant to engage peacefully with these actors and instead commonly rely on terrorist blacklists in order to delegitimize and restrict groups’ activities. While these blacklists are effective in criminalizing the operations of these groups, they can also severely impede peaceful dialogue and thus negatively impact the resolution of conflicts. Especially the work of NGOs and third-party peace practitioners is greatly constrained by criminalizing any form of interaction with listed groups. Additionally, in the absence of a universal definition of what constitutes a terrorist group, lists vary from country to country and the criteria for groups and individuals to get listed are often extremely vague. Furthermore, most lists fail to re-evaluate the proscribed groups on a regular basis and delisting procedures lack transparency. This article finds that blacklists severely disincentivize peaceful engagement with non-state armed groups and thus calls for a revision of contemporary proscription regimes in order to shift the focus of counterterrorism approaches towards viewing peaceful dialogue as a first option and not a last resort.
  • Topic: Conflict Resolution, Security, Terrorism, Non State Actors, Violent Extremism, Negotiation, Peace
  • Political Geography: Global Focus, United States of America
  • Author: Sagatom Saha, Theresa Lou
  • Publication Date: 05-2020
  • Content Type: Journal Article
  • Journal: Woodrow Wilson School Journal of Public and International Affairs
  • Institution: Woodrow Wilson School of Public and International Affairs, Princeton University
  • Abstract: Increasing military and economic cooperation between Russia and China has led some to believe that America's two primary adversaries are joining together in an anti-U.S. alliance. However, this emerging relationship amounts to little more than a convenient alignment rather than a steadfast alliance. This analysis delves into emerging Sino-Russian competition and cooperation in Central Asia and the Arctic to illustrate diverging strategic interests and also provides recommendations for U.S. policymakers to capitalize on divides between America's competitors.
  • Topic: Grand Strategy, Alliance, Belt and Road Initiative (BRI), Strategic Competition
  • Political Geography: Russia, China, Eurasia, Asia, North America, Arctic, United States of America
  • Author: Ian D. Henry
  • Publication Date: 04-2020
  • Content Type: Journal Article
  • Journal: International Security
  • Institution: Belfer Center for Science and International Affairs, Harvard University
  • Abstract: Leaders often believe that states that demonstrate disloyalty toward an ally will acquire a reputation for disloyalty, and thus damage other alliances. But in some circumstances, excessive loyalty to one ally can damage—perhaps even destroy—other alliances. The First Taiwan Strait Crisis (1954–55) shows that alliance interdependence is governed not by a reputation for loyalty, but by assessments of allied reliability.
  • Topic: Security, History, Partnerships, Alliance, State
  • Political Geography: Taiwan, Asia, North America, United States of America