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  • Author: Henning Meyer
  • Publication Date: 12-2013
  • Content Type: Journal Article
  • Journal: Foreign Affairs
  • Institution: Council on Foreign Relations
  • Abstract: When the global financial crisis hit in 2008, social democrats in Europe believed that their moment had finally arrived. After a decade in which European politics had drifted toward the market-friendly policies of the right, the crisis represented an opportunity for the political center left's champions of more effective government regulation and greater social justice to reassert themselves.
  • Topic: Economics, Government
  • Political Geography: United States, Europe, France, Denmark, Slovakia
  • Author: David Bell
  • Publication Date: 03-2012
  • Content Type: Journal Article
  • Journal: Foreign Affairs
  • Institution: Council on Foreign Relations
  • Abstract: Armand-Jean du Plessis, better known to history as Cardinal Richelieu (1585–1642), spent most of his career contending for and then exercising control over a deeply divided, indebted, and dysfunctional superpower. His country's politics were vicious, and its government paralyzingly complex. In short, if he were dropped into Washington today, he might feel right at home.
  • Topic: Government
  • Political Geography: Europe, Washington
  • Author: Jeffrey D. Sachs
  • Publication Date: 10-2012
  • Content Type: Journal Article
  • Journal: Foreign Affairs
  • Institution: Council on Foreign Relations
  • Abstract: According to Daron Acemoglu and James Robinson's Why Nations Fail, economic development hinges on a country's political institutions. But their monocausal analysis ignores other important factors (such as geography) that can also affect growth.
  • Topic: Government
  • Political Geography: Europe
  • Author: Hugo Nixon
  • Publication Date: 11-2011
  • Content Type: Journal Article
  • Journal: Foreign Affairs
  • Institution: Council on Foreign Relations
  • Abstract: Conventional wisdom has it that the eurozone cannot have a monetary union without also having a fiscal union. Euro-enthusiasts see the single currency as the first steppingstone toward a broader economic union, which is their dream. Euroskeptics do, too, but they see that endgame as hell -- and would prefer the single currency to be dismantled. The euro crisis has, for many observers, validated these notions. Both camps argue that the eurozone countries' lopsided efforts to construct a monetary union without a fiscal counterpart explain why the union has become such a mess. Many of the enthusiasts say that the way forward is for the 17 eurozone countries to issue euro bonds, which they would all guarantee (one of several variations on the fiscal-union theme). Even the German government, which is reluctant to bail out economies weaker than its own, thinks that some sort of pooling of budgets may be needed once the current debt problems have been solved. A fiscal union would not come anytime soon, and certainly not soon enough to solve the current crisis. It would require a new treaty, and that would require unanimous approval. It is difficult to imagine how such an agreement could be reached quickly given the fierce opposition from politicians and the public in the eurozone's relatively healthy economies (led by Finland, Germany, and the Netherlands) to repeated bailouts of their weaker brethren (Greece, Ireland, Italy, Portugal, and Spain). Moreover, once the crisis is solved, the enthusiasm for a fiscal union may wane. Even if Germany is still prepared to pool some budgetary functions, it will insist on imposing strict discipline on what other countries can spend and borrow. The weaker countries, meanwhile, may not wish to submit to a Teutonic straitjacket once the immediate fear of going bust has passed.
  • Topic: Economics, Government
  • Political Geography: Europe, Finland, Greece, Germany, Spain, Italy, Netherlands, Portugal, Ireland
  • Publication Date: 11-2011
  • Content Type: Journal Article
  • Journal: Foreign Affairs
  • Institution: Council on Foreign Relations
  • Abstract: President Viktor Yanukovych has led Ukraine, no stranger to crisis, into another round of turmoil. He has rolled back democracy while failing to take on corruption or take the country closer to Europe. Now, much of the public has turned against him -- and the country could be headed for more unrest.
  • Topic: Government, Politics
  • Political Geography: Europe, Ukraine