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2. Formula for a Crisis: Protectionism and Supply Chain Resiliency—the Infant Formula Case Study
- Author:
- Scott Lincicome, Gabriella Beaumont-Smith, and Alfredo Carrillo Obregon
- Publication Date:
- 01-2023
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- It has become accepted wisdom in Washington that the COVID-19 pandemic revealed how openness to international trade and investment increases U.S. vulnerability to economic shocks and contributes to widespread shortages of food, medicine, and other essential goods. This official narrative, however, ignores ample economic research showing that, while disruptions are inevitable in a modern economy, the alternative to free trade—a protectionism‐driven onshoring of global supply chains—carries its own risks and can even heighten vulnerability by inhibiting natural market adjustments to economic shocks. The infant formula crisis, which lasted for most of 2022 and was unique to the United States, provided an unfortunate real‐world lesson in this regard.
- Topic:
- International Trade and Finance, Free Trade, Resilience, COVID-19, and Supply Chains
- Political Geography:
- North America and United States of America
3. Radical Steps Are Essential to Jump-Starting the Replacement of the Flawed US Money Regime
- Author:
- Brendan Brown
- Publication Date:
- 03-2023
- Content Type:
- Policy Brief
- Institution:
- Hudson Institute
- Abstract:
- A previous policy memo argued that flaws in the actual US money regime are responsible for the Great Pandemic Inflation.1 Now that reported inflation has been falling, some of us might imagine that addressing these flaws has become a non-urgent matter. After all, great supply shocks tend to come rarely. But such complacence does not fit the facts. The case for getting rid of the present rotten monetary regime is not simply based on the argument that it has malfunctioned so severely during the pandemic and war supply shock. That malfunctioning continues into the present, where there is now positive supply side news (the pandemic dislocation is fading, and a natural gas glut has emerged despite the continuing Russia-Ukraine War). The Federal Reserve and other central banks, still trying to navigate policy in an anchorless monetary system by choosing a path for short-term interest rates, are stumbling from one huge blunder to another, even if they have a rare lucky stretch in between. Beyond the woes of how the 2 percent inflation standard performed during the supply shock and subsequent supply restoration, this regime should be held responsible for a range of economic and social consequences that predate the pandemic and war. These include malinvestment (poor allocation of capital due to corrupted signaling in markets), advancement of monopoly capitalism, bloated government outlays, and punitive monetary taxation (in the form of inflation tax or monetary repression tax), all of which take their toll. Instead of enjoying a top-quality money with all its benefits, individuals have had to put up with a poor money and all its related costs, particularly the ongoing danger of serious loss of purchasing power.
- Topic:
- Economics, Monetary Policy, Inflation, and COVID-19
- Political Geography:
- North America and United States of America
4. Turning Point: A three year update on US supermarkets’ progress and pitfalls
- Author:
- Hana Ivanhoe and Art Prapha
- Publication Date:
- 04-2022
- Content Type:
- Policy Brief
- Institution:
- Oxfam Publishing
- Abstract:
- Since the outbreak of COVID-19, the global landscape of the food retail industry has dramatically shifted. There is now greater awareness of how wealth and gender inequalities have been exacerbated; the power of workers in the United States (US) has been awakened; the vulnerability of global supply chains has been exposed; big retailers are competing in technology adoption; investors are demanding environmental, social and governance (ESG) information; and there has been legislative advancement towards mandatory human rights due diligence (HRDD) law. Amidst these increasing pressures, major US supermarkets have continued to delay urgent actions needed to end exploitation of workers, women and farmers in their supply chains and retail operations. Key gaps include the lack of commitment to adopt a robust HRDD approach, lack of policies on workers’ rights at home and abroad, and the non-existence of gender policy in their business model. Failure to act now will result in irreversible impacts on workers, farmers and women – impacts that pose major risks to business continuity and supply chain resilience.
- Topic:
- Labor Issues, Governance, Business, Private Sector, and COVID-19
- Political Geography:
- North America and United States of America
5. Global Food Security Act Reauthorization: New and Lingering Challenges
- Author:
- Gloria Dabek
- Publication Date:
- 02-2022
- Content Type:
- Policy Brief
- Institution:
- Chicago Council on Global Affairs
- Abstract:
- Amid new challenges to global food security, the Center for Global Food and Agriculture analyzes necessary changes to the Global Food Security Act Reauthorization. The Global Food Security Act (GFSA) authorizes the Feed the Future Initiative (FTF), the US government’s premier effort to address the root causes of hunger and poverty in lower- and middle-income countries. The GFSA must recognize how the COVID-19 pandemic and climate change wreak havoc on global food security efforts.
- Topic:
- Agriculture, Poverty, Food, Hunger, and COVID-19
- Political Geography:
- North America and Global Focus
6. Geopolitical Risk in the Era of U.S.-China Strategic Competition and Economic Security
- Author:
- Jai Chul Heo
- Publication Date:
- 09-2022
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- Recently, the intensification of U.S.-China strategic competition, spread of COVID-19 infections, and the Russia-Ukraine war are disrupting the global supply chain and increasing instability in the global economy. The resulting instability in the supply of semiconductors, medicines, food, and energy is leading to an economic downturn, and the U.S., China, Japan, and EU are actively pursuing strategies to strengthen economic security. The key to recent economic security is the U.S.-China strategic competition. Because the United States is re-tightening economic-security links that were loosened in the post-Cold War era to counter China's economic rise. And the concept of recent economic security largely includes the elements of economic statecraft, economic resilience, and building mutual trust.
- Topic:
- Geopolitics, Strategic Competition, COVID-19, Economic Security, and Russia-Ukraine War
- Political Geography:
- China, Asia, North America, and United States of America
7. International Spread of Anti-dumping Measures and Diversification of Investigation Methodologies
- Author:
- Moonhee Cho, Cheon-Kee Lee, Min Ji Kang, and Min-chirl Chung
- Publication Date:
- 09-2022
- Content Type:
- Policy Brief
- Institution:
- Korea Institute for International Economic Policy (KIEP)
- Abstract:
- As global economic growth has lost momentum due to the COVID-19 pandemic and the tension between U.S. and China, among other developments, concerns about the spread of protectionism are growing. In particular, anti-dumping (AD) measures are more likely to expand in the future in that they are relatively easy to take and have a direct effect on international trade compared to other protectionist trade policies. This study reviews the spread of AD measures and the effects of AD measures on trade. We also pay attention to the fact that AD investigation methodologies are being diversified. Focusing on particular market situation (PMS) and adverse facts available (AFA) provisions, which have been applied in many recent AD investigations on Korean export goods, we analyze the logic of investigation authorities.
- Topic:
- Economic Growth, Trade, COVID-19, and Protectionism
- Political Geography:
- China, Asia, North America, and United States of America
8. Soaring demand is driving double-digit import price inflation in the United States
- Author:
- Caroline Freund
- Publication Date:
- 10-2022
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- At a time of soaring price increases in the United States, inflation in the US import sector has been soaring the most. Import price inflation in the first half of 2022 was in the double digits, above US consumer price index and personal consumption expenditures inflation. Excess demand for certain imported goods is playing a big role, but so are supply shortages caused by temporary business closures overseas and shipping delays associated with the COVID-19 pandemic. Correctly identifying the culprit for misaligned demand and supply, and hence rising prices, is central to understanding the type and extent of policy intervention needed. Using movements in prices and quantities of specific goods, the analysis presented in this Policy Brief shows that the increase in import price inflation has been driven to the same or a greater extent by demand compared with supply constraints. The results have important implications for policies to help reduce the supply and demand imbalance and thus tame inflation.
- Topic:
- Economics, Inflation, COVID-19, Imports, and Supply and Demand
- Political Geography:
- North America and United States of America
9. Will industrial and agricultural subsidies ever be reformed?
- Author:
- Gary Clyde Hufbauer
- Publication Date:
- 03-2021
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Open Sub-navigation BackOpen Sub-navigation Publications Back Policy Briefs Working Papers Books PIIE Briefings Open Sub-navigation Commentary Back Op-Eds Testimonies Speeches and Papers Topics & Regions PIIE Charts What Is Globalization? Educational Resources Open Sub-navigation Back Senior Research Staff Research Analysts Trade Talks Open Sub-navigation Back RealTime Economic Issues Watch Trade & Investment Policy Watch China Economic Watch North Korea: Witness to Transformation 中文 Open Sub-navigation Back All Events Financial Statements Global Connections Global Economic Prospects Stavros Niarchos Foundation Lectures Trade Winds Open Sub-navigation Back News Releases Multimedia Media Center Open Sub-navigation Back Board of Directors Staff Employment Contact Annual Report Transparency Policy POLICY BRIEF VIEW SHARING OPTIONS Will industrial and agricultural subsidies ever be reformed? Gary Clyde Hufbauer (PIIE) Policy Brief21-5 March 2021 Photo Credit: REUTERS/Denis Balibouse One economic argument for government subsidies is that they are necessary to compensate firms and industries for benefits they provide to society at large but cannot capture in the prices they charge for goods or services. For example, subsidies to renewable energy are defended because renewable energy limits carbon emissions. When a major economy subsidizes extensively, however, its trading partners are drawn into the game, with losses all around. As the prisoner’s dilemma suggests, a better outcome would entail mutual restraint. But the goal of mutual restraint is no less difficult in international trade than it is in international arms control. Both the European Union and the US federal system try, in different ways, to regulate industrial subsidies. Hufbauer examines efforts to contain unjustifiable subsidies and proposes modest improvements, bearing in mind that as countries struggle to overcome the global economic downturn resulting from the COVID-19 pandemic, there is little appetite for restoring a free market economy—one in which firms compete with minimum government assistance or regulation. Selective upgrading of the rulebook may nevertheless be possible.
- Topic:
- Agriculture, Government, Reform, European Union, Regulation, Manufacturing, Industry, COVID-19, and Subsidies
- Political Geography:
- Europe, North America, and United States of America
10. Startups in the United States during the pandemic reflect some dynamism amid job losses
- Author:
- Simeon Djankov and Eva (Yiwen) Zhang
- Publication Date:
- 05-2021
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- New business applications have surged in the United States since the start of the COVID-19 pandemic. The growth is driven largely by startups in online retail, transportation, and personal services. Many of these new entrepreneurs are self-employed and were likely laid off and forced into entrepreneurship by necessity. No official data are available yet on the number of businesses destroyed in 2020, because business data for firms that close without entering bankruptcy are lagging. But the authors calculate that firm births may have surpassed firm deaths during the pandemic. While this boom in business entry is a tribute to the adaptability and potential innovative spirit in US capitalism, one should not be overly optimistic about jobs created in this wave of startups. As many of these new startups are by people forced to strike out on their own, the number of jobs created per new firm is even smaller than it was during previous US recessions. And like online businesses started around the last recession (e.g., Uber, Airbnb, and Venmo), some of these new firms may turn out to be major contenders in their sectors, displacing workers employed by their traditional rivals.
- Topic:
- Science and Technology, Labor Issues, Financial Crisis, and COVID-19
- Political Geography:
- North America and United States of America
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