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  • Author: Sandy Brian Hager
  • Publication Date: 01-2016
  • Content Type: Working Paper
  • Institution: Centre for Global Political Economy, University of Sussex
  • Abstract: This paper offers new theoretical and empirical insights to explain the resilience of the U.S. Treasuries market as a safe haven for global investment. Going beyond the standard systemic explanation, the paper highlights the importance of domestic politics in reinforcing the safe haven status of U.S. Treasury securities. In particular, the research shows how a formidable “bond” of interests unites domestic and foreign owners of the public debt and works to sustain U.S. power in global finance. Foreigners who now own roughly half of the U.S. public debt have something to gain from their domestic counterparts. The top one percent of U.S. households that dominate domestic ownership of the U.S. public debt have considerable political clout, thus alleviating foreign concerns about the creditworthiness of the U.S. federal government. Domestic owners of the U.S. public debt, in turn, have something to gain from the seemingly insatiable foreign appetite for U.S. Treasury securities. In supplying the U.S. federal government and U.S. households with cheap credit, foreign investors in U.S. Treasuries help to deflect challenges to the top one percent within the wealth and income hierarchy.
  • Topic: Debt, Economics, International Political Economy, Inequality, Finance
  • Political Geography: United States, United Kingdom
  • Author: Benjamin Selwyn
  • Publication Date: 06-2016
  • Content Type: Working Paper
  • Institution: Centre for Global Political Economy, University of Sussex
  • Abstract: Global Value Chain (GVC) analysis is part and parcel of mainstream development discourse and policy. Supplier firms are encouraged, with state support, to ‘link-up’ with trans-national lead firms. Such arrangements, it is argued, will reduce poverty and contribute to meaningful socio-economic development. This portrayal of global political economic relations represents a ‘problem-solving’ interpretation of reality. This article proposes an alternative analytical approach rooted in ‘critical theory’ which reformulates the GVC approach to better investigate and explain the reproduction of global poverty, inequality and divergent forms of national development. It suggests re-labelling GVC as Global Poverty Chain (GPC) analysis. GPC’s are examined in the textiles, food, and high-tech sectors. The article details how workers in these chains are systematically paid less than their subsistence costs, how trans-national corporations use their global monopoly power to capture the lion’s share of value created within these chains, and how these relations generate processes of immiserating growth. The article concludes by considering how to extend GPC analysis.
  • Topic: Development, Economics, International Political Economy, Labor Issues, Inequality, Global Political Economy
  • Political Geography: United States, Eastern Europe, Asia
  • Author: James W. Nickel
  • Publication Date: 08-2014
  • Content Type: Journal Article
  • Journal: Ethics & International Affairs
  • Institution: Carnegie Council
  • Abstract: Like people born shortly after World War II, the international human rights movement recently had its sixty-fifth birthday. This could mean that retirement is at hand and that death will come in a few decades. After all, the formulations of human rights that activists, lawyers, and politicians use today mostly derive from the UN Universal Declaration of Human Rights, and the world in 1948 was very different from our world today: the cold war was about to break out, communism was a strong and optimistic political force in an expansionist phase, and Western Europe was still recovering from the war. The struggle against entrenched racism and sexism had only just begun, decolonization was in its early stages, and Asia was still poor (Japan was under military reconstruction, and Mao's heavy-handed revolution in China was still in the future). Labor unions were strong in the industrialized world, and the movement of women into work outside the home and farm was in its early stages. Farming was less technological and usually on a smaller scale, the environmental movement had not yet flowered, and human-caused climate change was present but unrecognized. Personal computers and social networking were decades away, and Earth's human population was well under three billion.
  • Topic: Climate Change, Human Rights, Human Welfare, International Law, International Political Economy, Sovereignty, International Affairs
  • Political Geography: United States, Japan, China, Europe, Asia, United Nations
  • Author: Isobel Coleman
  • Publication Date: 08-2014
  • Content Type: Policy Brief
  • Institution: Council on Foreign Relations
  • Abstract: Fossil fuel subsidies are a global scourge. They distort markets, strain government budgets, encourage overconsumption, foster corruption, and harm the environment while doing little to remedy inequality or stimulate development. Yet despite compelling arguments for reform, fossil fuel subsidies remain deeply entrenched. Citizens have yet to be convinced that fuel subsidies can and should be replaced with more efficient poverty alleviation programs. As a result, governments refrain from phasing out fuel subsidies for fear of triggering a public backlash, and even civil unrest. To bolster the prospects for subsidy reform, the United States should support the creation of a new public-private partnership within the World Bank, the Global Subsidy Elimination Campaign (GSEC), to work with governments to execute country-specific communication programs that would build the case for fossil fuel subsidy reform among citizens. The GSEC would start with pilot programs in select countries, and on the basis of these efforts, expand its work to other countries interested in fuel subsidy reform. If the GSEC help s generate just a 5 percent reduction in the more than half a trillion dollars that governments now spend on fossil fuel subsidies, it would free up billions of dollars for more effective anti-poverty initiatives.
  • Topic: Economics, International Cooperation, International Political Economy, International Trade and Finance, Natural Resources
  • Political Geography: United States
  • Author: Ahmed Ali
  • Publication Date: 04-2014
  • Content Type: Working Paper
  • Institution: Institute for the Study of War
  • Abstract: Iraq's 2014 national elections are taking place at a difficult time. The country is at a crossroads, presented with the possibility of widely different futures. Deteriorating security conditions frame political thought in ways that harken back to Iraq's first national elections in 2005. The Iraqi state does not hold control of territory in some of Iraq's key political provinces, such as Anbar, Ninewa, and Diyala. The disenfranchisement of Iraq's Arab Sunnis; the rising threat of the Islamic State of Iraq and al-Sham (ISIS); and the activation of Ba'athist groups collectively discourage electoral participation.
  • Topic: International Relations, International Political Economy, Politics
  • Political Geography: United States, Iraq, Ninewa, Anbar, Diyala
  • Author: Todd C. Neumann, Jason E. Taylor, Jerry L. Taylor
  • Publication Date: 10-2012
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Recent research on the Great Depression emphasizes the role New Deal economic policy played in slowing recovery. Policies promoting cartels and higher wage rates during a time that the economy was experiencing unprecedented unemployment were likely to have created a negative supply shock that exacerbated economic depression rather than helped to alleviate it. Still, for 22 months between two important Supreme Court rulings, labor and product markets were relatively free of intervention. In A.L.A. Schechter Poultry Corp. v. United States (May 1935), the Court ruled that the National Industrial Recovery Act of 1933 (NIRA) was unconstitutional. In addition to setting up industry cartels, the NIRA had imposed relatively high minimum hourly wage rates and restrictions on work- weeks and required firms to recognize the right of labor to organize.
  • Topic: International Political Economy
  • Political Geography: United States
  • Author: William R. Cline, John Williamson
  • Publication Date: 11-2011
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: The currency markets have been extremely disturbed for the last three months. The period witnessed a major strengthening of the US dollar in September, then the European currency crisis, a recovery of the euro when the markets believed that the crisis was being controlled, and then a rebound of the dollar. In view of these developments, those who follow currency movements need a new guide as to how the current values of currencies compare to our estimates of fundamental equilibrium exchange rates (FEERs). That is the main object of this paper.
  • Topic: Economics, Globalization, International Political Economy, Monetary Policy
  • Political Geography: United States, Europe
  • Author: Peter B. Kenen
  • Publication Date: 03-2010
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: Today, the international monetary system is based largely on the US dollar, but reserve currency diversification has begun, thanks to the advent of the euro, and it is apt to continue. Eventually, the renminbi could acquire reserve currency status, and the resulting reserve currency diversification could be more disruptive than it has been to date. To forestall that possibility the quasi-currency issued by the International Monetary Fund (IMF), Special Drawing Rights (SDRs), could be made to play a larger role in the international monetary system, precluding potentially disruptive diversification and achieving more orderly growth in the stock of international reserves.
  • Topic: Economics, International Political Economy, International Trade and Finance, Monetary Policy
  • Political Geography: United States
  • Author: Robin Niblett
  • Publication Date: 02-2009
  • Content Type: Working Paper
  • Institution: Chatham House
  • Abstract: During his inaugural address on 20 January 2009, Barack Obama declared to 'all other peoples and governments, who are watching today, know that we are ready to lead once more'. In the following four weeks to the publication of this report, President Obama has set the United States on a course that is meeting widespread approval around the world. He has ordered the closure as soon as possible of the Guantánamo Bay detention facilities and of other secret facilities outside the United States that had so undermined America's international credibility with its allies and confirmed the anti-US narrative of its opponents. He has appointed special envoys for Middle East Peace and to implement an integrated strategy for both Afghanistan and Pakistan. He has offered to 'seek a new way forward' with the Muslim world as well as to 'extend a hand' to authoritarian governments if they are willing 'to unclench [their] fist'. His Secretary of State, Hillary Clinton, has said that America will be more effective if it can 'build a world with more partners and fewer adversaries'. Both have recognized the virtues of pragmatism over ideology and the reality of interdependence.
  • Topic: Foreign Policy, International Political Economy, International Affairs
  • Political Geography: United States, America, Middle East, Asia, Latin America
  • Author: Sandeep Kapur, Suma Athreye
  • Publication Date: 01-2009
  • Content Type: Policy Brief
  • Institution: United Nations University
  • Abstract: The last two decades have seen a significant rise in the internationalization of firms from developing economies. In addition to their growing participation in international trade, a number of leading emerging economies are contributing to growing outflows of foreign direct investment (FDI) and cross-border mergers and acquisitions. According to the 2008 World Investment Report, outward flows of FDI from developing countries rose from about US$6 billion between 1989 and 1991 to US$225 billion in 2007. As a percentage of total global outflows, the share of developing countries grew from 2.7% to nearly 13.0% during this period.
  • Topic: International Relations, Economics, Globalization, International Political Economy, Markets, Foreign Direct Investment, Financial Crisis
  • Political Geography: United States, China, India
  • Author: Richard N. Rosecrance
  • Publication Date: 09-2009
  • Content Type: Policy Brief
  • Institution: Belfer Center for Science and International Affairs, Harvard University
  • Abstract: A higher Renminbi will have two advantages: for the United States, it will help to equilibrate the past trade imbalance; for China, it will stimulate consumption (and enhance imports). It will therefore help China switch from a purely exporting strategy to one that maintains domestic growth through internal consumption. The goods that were to be sent abroad can now be consumed by an increasingly middle class nation at home. These steps will bring China and the United States closer economically and increase international stability. However, unless the military-security relations of the two countries improve, this will not be a sufficient remedy for the two nations' long term problems.
  • Topic: International Political Economy, International Trade and Finance, Bilateral Relations
  • Political Geography: United States, China, Germany
  • Author: Steven Dunaway
  • Publication Date: 03-2009
  • Content Type: Working Paper
  • Institution: Council on Foreign Relations
  • Abstract: The current economic and financial crisis has brought about a significant change in global economic governance as the international forum for discussions on the crisis has shifted from the small group of advanced countries in the Group of Seven (G7) to the Group of Twenty (G20), a broader group including important emerging market countries. The G20 summit held in Washington, DC, on November 15, 2008, dealt with the immediate concerns fostered by the crisis and focused on both macroeconomic policy actions needed to support global growth and ideas for implementing financial market reforms. Follow-up G20 summits are expected, starting with a gathering in the United Kingdom in April 2009. However, for these discussions to have a substantial impact, the agenda will have to be broadened beyond economic stimulus and financial market regulation. If not, global policymakers will miss a critical chance to make the world economy and financial markets more stable, as then U.S. treasury secretary Henry M. Paulson Jr. pointed out: If we only address particular regulatory issues—as critical as they are—without addressing the global imbalances that fueled recent excesses, we will have missed an opportunity to dramatically improve the foundation for global markets and economic vitality going forward. The pressure from global imbalances will simply build up again until it finds another outlet.
  • Topic: International Relations, Economics, International Political Economy, International Trade and Finance
  • Political Geography: United States, China
  • Author: Brad W. Setser, Arpana Pandey
  • Publication Date: 05-2009
  • Content Type: Working Paper
  • Institution: Council on Foreign Relations
  • Abstract: This paper was originally published in January 2009. The May update incorporates quarter one 2009 data on China's foreign reserves, the Treasury International Capital (TIC) capital flows data for December, January, and February, and the results of the June 2008 survey of foreign portfolio investment in the United States. The June 2008 survey indicated that China bought fewer Treasury bonds and more equities than the authors estimated in the January paper.
  • Topic: Economics, International Political Economy, International Trade and Finance
  • Political Geography: United States, China
  • Author: Malte Gephart
  • Publication Date: 12-2009
  • Content Type: Working Paper
  • Institution: German Institute of Global and Area Studies
  • Abstract: While in an initial legal and academic anti-corruption wave corruption itself was at the center of analysis, research is now increasingly focused on anti-corruption discourse and praxis. The latter analyses have generated numerous criticisms of anti-corruption activities and anti-corruption research, and these are presented in this literature review. These criticisms range from the anti-corruption norm's legitimacy deficit, to the difficulty of defining and measuring corruption, to the discourse's depoliticization through its technicalization. The anti-corruption movement faces particular difficulties with respect to the tension between the universality of the anti-corruption norm and its simultaneous contextualization for specific and local application. This tension is especially important because it touches upon the central issues of the respective political communities, such as the division of the private from the public, which differ from one cultural context to another. The contextualization of anti-corruption concepts has to be enabled in various areas: first, with respect to the culturally shaped conception of the division between the public and the private; second, with respect to local understandings of corruption, that is, what is actually meant when talking about “corruption”; and third, with respect to the low socioeconomic development levels in some countries, which do not permit the absence of corruption (evading a zero-tolerance rhetoric).
  • Topic: International Relations, Corruption, International Cooperation, International Political Economy
  • Political Geography: Africa, United States, United Nations
  • Author: Pertti Joenniemi
  • Publication Date: 06-2009
  • Content Type: Working Paper
  • Institution: Danish Institute for International Studies
  • Abstract: The contribution focuses on the unfolding and tensions within the transatlantic relationship and it pursues, in particular, the question how the bonds of association between Europe and America are best comprehended and accounted for. In trying to break some new ground for theorization it argues that the Realist, Liberal and Constructivist accounts have so far come up short in terms of providing up-to-date and broadly acceptable answers. With the dominant theories focusing largely on either external enmity or internal homogeneity, difference internal to the relationship has too easily been conceptualized as destabilizing and seen as representing a rupture. In contrast, the paper assert s that while elements of enmity and homogeneity are important, communities such as the Atlantic one are also critically brought together by their internal differences. It then aims, in view of the difference-based dynamics at play and foundational for the Atlantic communality, to complement an d provide a corrective to the more established theorization of that togetherness.
  • Topic: International Relations, Foreign Policy, International Political Economy, Bilateral Relations
  • Political Geography: United States, America, Europe
  • Author: Gary Clyde Hufbauer, Claire Brunel
  • Publication Date: 02-2009
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: As the financial crisis threatens to lead to a depression, the woes of the automobile industry are second only to the distress of the financial sector. Employment in the US auto industry dropped 9 percent between 2007 and 2008, with much more to follow in 2009. Overall, US auto sales dropped 18 percent between 2007 and 2008, and sales of SUVs plunged 44 percent on a year-over-year basis. Since some sort of financing is required for 90 percent of US car sales, the global credit freeze hit the auto industry with a second blow.
  • Topic: Economics, International Political Economy, International Trade and Finance, Poverty, Financial Crisis
  • Political Geography: United States
  • Author: Trevor Houser, Shashank Mohan, Robert Heilmayr
  • Publication Date: 02-2009
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: As the 111th Congress begins and a new president takes office, the economic crisis dominates the US policy agenda. The financial system remains in a tenuous state despite massive bank recapitalization, and the economy, more than a year into the current recession, shows no signs of recovery. Given the scale of the challenge Washington faces and the amount of money required to combat it, there will likely be little room for other legislative priorities. As a result, policymakers are hoping to direct government spending over the next two years in a way that not only generates short-term economic growth and employment but also addresses long-term policy goals sidelined by the current crisis.
  • Topic: International Relations, Climate Change, Economics, Environment, International Political Economy, International Trade and Finance
  • Political Geography: United States
  • Author: Gary Clyde Hufbauer, Jeffrey J. Schott
  • Publication Date: 02-2009
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: On January 28, 2009, the US House of Representatives passed its economic stimulus plan, the American Recovery and Reinvestment Act of 2009. Out of the bill's 700 text pages, a small half-page section attracted enormous media attention: the section requiring that all public projects funded by the stimulus plan must use only iron and steel produced in the United States (box 1). Another provision, which drew less attention, extends the so-called Berry Amendment (an old Buy American provision) to uniforms purchased by the Department of Homeland Security.
  • Topic: Economics, Globalization, Government, Industrial Policy, International Political Economy, International Trade and Finance, International Affairs
  • Political Geography: United States
  • Author: Matthew Adler, Gary Clyde Hufbauer
  • Publication Date: 05-2009
  • Content Type: Working Paper
  • Institution: Peterson Institute for International Economics
  • Abstract: This working paper draws on historical and contemporary data on tariffs, nontariff barriers, and transportation costs (for the United States and its major trading partners) to estimate the role of policy liberalization in US merchandise trade growth over the period 1980 to 2006. Both partial equilibrium analysis and computable general equilibrium analysis are used to make the estimates. Both methods indicate that roughly 25 percent of US trade growth since 1980 can be attributed to policy liberalization. Policy liberalization plays a larger role in US export growth (35 to 40 percent) than US import growth (25 percent). According to these estimates, policy liberalization accounts for almost all US merchandise growth in excess of growth that can be explained by expanding GDP in the United States and abroad.
  • Topic: International Political Economy, International Trade and Finance
  • Political Geography: United States
  • Author: John Williamson
  • Publication Date: 06-2009
  • Content Type: Policy Brief
  • Institution: Peterson Institute for International Economics
  • Abstract: A once-familiar but long-neglected acronym has reappeared in newspapers in recent weeks. We have read that the G-20 meeting in London endorsed a proposal that the International Monetary Fund (IMF) should create $250 billion in Special Drawing Rights (SDRs). We have been told that one problem with this proposal is that most of the SDR allocation would accrue to countries that are unlikely to use them, and some readers may have seen proposed ways around this difficulty. We have read that the governor of the People's Bank of China, Zhou Xiaochuan, has proposed that the SDR should gradually displace the dollar at the center of the international monetary system and that surplus countries should be able to convert their dollar holdings into SDR-denominated assets. No one can doubt that the SDR is back.
  • Topic: Economics, International Cooperation, International Political Economy, International Trade and Finance, Monetary Policy
  • Political Geography: United States, China