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12. Global Inequality in Well‐Being Has Decreased across Many Dimensions: Introducing the Inequality of Human Progress Index
- Author:
- Chelsea Follett and Vincent Geloso
- Publication Date:
- 06-2023
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- The world has seen dramatic, global human progress across a broad range of indicators in recent decades, but have those gains been widely shared? The Inequality of Human Progress Index (IHPI) measures relative gaps in global development. It surveys international inequality across a greater number of dimensions than any prior index. By analyzing inequality in a multidimensional way, the IHPI takes inequality more seriously than those indexes that focus on income inequality alone. The IHPI considers material well‐being and seven additional metrics: lifespan, infant mortality, adequate nutrition, environmental safety, access to opportunity (as measured by education), access to information (as measured by internet access), and political freedom. Across all but two of those dimensions, the world has become more equal since 1990. Globalization and market liberalization over the past few decades have not only raised absolute living standards but also reduced overall inequality.
- Topic:
- Development, Inequality, Economy, and Well-Being
- Political Geography:
- Global Focus
13. Indian Nationalism and the Historical Fantasy of a Golden Hindu Period
- Author:
- Swaminathan S. Anklesaria Aiyar
- Publication Date:
- 06-2023
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- India’s ruling Bharatiya Janata Party (BJP) promotes its Hindu nationalist agenda by claiming that India was the world’s richest region under glorious Hindu rule for thousands of years before being conquered by Muslim invaders in the 11th century and British invaders in the 18th century. BJP politicians say foreign invaders transformed a “golden bird” into an impoverished chattel. Prime Minister Narendra Modi has promised to restore India to its historical eminence. To support their narrative, BJP partisans often cite historian Angus Maddison, who estimated that India accounted for 32 percent of the world’s gross domestic product in 1 CE (during the Hindu period), but this number plummeted to 4 percent by the time British rule ended in 1947. But a closer look at Maddison’s work shows that the BJP is cherry‐picking data to create a bogus historical narrative. In 1 CE, India’s per capita income was below the world average, at a pathetic $450. It did not rise at all during the following thousand years of Hindu rule. It did not worsen after the Muslim and British conquests, as BJP partisans claim, though it improved very slowly. The supposedly golden Hindu period was one of stark poverty and economic stagnation. Disease, drought, and war kept India’s population stagnant at 75 million people throughout a thousand years of Hindu rule in India, when just staying alive was a challenge. Under Muslim and British rule, death rates fell and the population grew, and it grew still more after independence. Both in terms of income and life expectancy, the “golden period”—if it can be called that—is today, not in the Hindu era.
- Topic:
- Nationalism, Economy, Domestic Politics, and Bharatiya Janata Party (BJP)
- Political Geography:
- South Asia and India
14. Skilled Immigration, Task Allocation, and the Innovation of Firms
- Author:
- Anna Maria Mayda, Gianluca Orefice, and Gianluca Santoni
- Publication Date:
- 06-2023
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- Immigration continues to be a hotly debated topic in several destination countries. Policy and academic discussions have focused on different types of immigration, depending on the host country. While research is voluminous on the United States and countries with skill‐points‐based immigration systems, the discussion in Europe has mostly centered on lesser‐skilled migrants and political refugees, as they represent the largest proportion of arrivals. However, Europe has been receiving skilled migrants in increasing numbers. For example, in France, the share of college‐educated immigrants is 23 percent— lower than in the United States, Canada, or the UK—but it increased by 11 percentage points between 1995 and 2010.
- Topic:
- Immigration, Economy, Innovation, and Skills
- Political Geography:
- Global Focus
15. Rational Eviction: How Landlords Use Evictions in Response to Rent Control
- Author:
- Eilidh Geddes and Nicole Holz
- Publication Date:
- 07-2023
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- As housing prices rise, cities are turning to rent control policies, hoping to ensure longterm affordable housing. Typically, rent control policies require leases to be renewed at statutorily limited rent increases. Rent control policies reduce the returns from operating in the rental market, creating well‐studied incentives for landlords to leave the rental market. Many rent control policies—including San Francisco’s—feature vacancy decontrol provisions, which allow landlords to reset rents to market rates when tenants move. These policies limit the reductions in returns to operating in the rental market but create incentives for landlords to induce tenant turnover, possibly through evictions. The more tenants move, the more often a landlord can raise rents to market rates.
- Topic:
- Markets, Economy, Eviction, Housing, and Rent
- Political Geography:
- North America and United States of America
16. Central Bank Digital Currency: The Risks and the Myths
- Author:
- Nicholas Anthony and Norbert Michel
- Publication Date:
- 01-2023
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- Central bank digital currencies (CBDCs) have the potential to radically transform the American financial system—ultimately usurping the private sector and endangering Americans’ core freedoms. Although CBDCs have gained the attention of politicians, central bankers, and the tech industry, this experiment should be left on the drawing board. This paper provides a summary of why Congress should explicitly prohibit the Federal Reserve and the Department of the Treasury from issuing a CBDC.
- Topic:
- Finance, Economy, Fiscal Policy, Banking, and Digital Currency
- Political Geography:
- North America and United States of America
17. Self‐Service Bans and Gasoline Prices: The Effect of Allowing Consumers to Pump Their Own Gas
- Author:
- Vitor Melo
- Publication Date:
- 01-2023
- Content Type:
- Policy Brief
- Institution:
- The Cato Institute
- Abstract:
- Billions of people live in countries that ban self‐service fueling at gasoline stations, including some of the world’s largest countries by population, including China, India, and Brazil, among many others. The impact of these bans is largely understudied despite their prevalence presumably because this policy is often implemented at the national level and because there have been no policy changes in these countries that allow for an assessment of these bans on gasoline prices.
- Topic:
- Gas, Regulation, Economy, and Consumer Behavior
- Political Geography:
- North America, Global Focus, and United States of America
18. Proposals for Reducing the Size and Cost of Running Government
- Author:
- Kojo Asante and David Asante Darko
- Publication Date:
- 01-2023
- Content Type:
- Policy Brief
- Institution:
- Ghana Center for Democratic Development
- Abstract:
- Every other sector of the economy has had to incur substantive inconvenience or financial loss in efforts to return the sovereign debts to sustainable levels. Every other sector of the economy, except government itself. Against this backdrop, this paper reiterates some of the measures that have been proposed to reduce government spending and examines them in more detail. We delve into how the ministerial team might be reduced in size and thereby optimized to cut down government expenditure.
- Topic:
- Government, Budget, Finance, and Economy
- Political Geography:
- Africa and Ghana
19. A New Horizon in U.S. Trade Policy: Key Developments and Questions for the Biden Administration
- Author:
- Trevor Sutton and Mike Williams
- Publication Date:
- 03-2023
- Content Type:
- Policy Brief
- Institution:
- Center for American Progress - CAP
- Abstract:
- This issue brief examines some of the key trade initiatives pursued by the Biden administration to date. It then sets out key questions facing U.S. trade policy in a global environment defined by volatility and renewed ambition to tackle the great challenges of the 21st century, such as climate change, inequality, and great power competition.
- Topic:
- Foreign Policy, Climate Change, Treaties and Agreements, European Union, Inequality, Economy, Trade Policy, and Strategic Competition
- Political Geography:
- Europe, North America, Asia-Pacific, United States of America, and Americas
20. Greater than the Sum of Its Parts: Abraham Accords Free Trade Area
- Author:
- Robert Greenway
- Publication Date:
- 02-2023
- Content Type:
- Policy Brief
- Institution:
- Hudson Institute
- Abstract:
- The Abraham Accords provide an unprecedented opportunity to increase trade and investment among its members significantly by establishing a regional free trade area that would ensure progress toward their aspirations, preserve the integrity and stability of global markets, fuel growth, and constrain China’s predatory trade practices. Signatories to the accords committed to a shared vision of peace and prosperity and recognized that economic integration can enable members to achieve their long-term economic goals. The accords have paved the way for comprehensive partnerships on a variety of issues related to security, trade, investment, the environment, innovation, tourism, energy, and other key sectors. While the growth in bilateral trade is of great significance, the true transformative power of these peace agreements lies in expanding regional integration and cooperation. This is already underway. Israel concluded a Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE) in December 2022 and is currently negotiating a free trade agreement with Bahrain. Both will significantly accelerate economic development and provide incentives for others to follow suit. Israel's new foreign minister, Eli Cohen, recently stated that the volume of trade with Arab countries that normalized relations with Israel under the Abraham Accords in 2020 exceeded $2.8 billion dollars in 2022. While progress has been remarkable, its potential is far greater. According to RAND analysis of the potential of bilateral free trade agreements (FTA) between Israel and current signatories, the accords could create 46,000 new jobs and $24 billion in new economic activity for Israel's four partners. The benefits of a multilateral FTA encompassing current signatories would triple the overall benefit, creating more than 150,000 new jobs and new economic activity exceeding $75 billion. A multilateral FTA among an expanded number of potential signatories to the accords could create as much as 4 million new jobs and $1 trillion in new economic activity through 2030. This potential is not lost on the Chinese Communist Party (CCP). The CCP represents one of the most significant threats challenging the United States and its partners and allies. China’s state-directed economic policies, predatory lending, cyber intrusions, theft of intellectual property, illicit technology transfer and other coercive practices, industrial subsidies, and market access restrictions on key sectors of China’s economy constitute the most significant threats of the coming century. Several trends exacerbate the need for integrating markets aligned toward common goals. The global pandemic, the Russian invasion of Ukraine, Brexit, tariff tensions, political instability, protectionist policies, and regulatory uncertainty have threatened global trade by disrupting established supply chains and their underlying constellation of business models and trade relationships. As is often the case, these complex and interrelated challenges constitute an opportunity to realign our trade to safeguard the integrity of global markets and pursue US goals and objectives in collaboration with our partners and allies. The Abraham Accords offers just such an opportunity.
- Topic:
- Foreign Policy, Economy, Free Trade, and Abraham Accords
- Political Geography:
- Middle East and Israel