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82. Reconsidering Sovereignty Amid the Climate Crisis
- Author:
- Nitya Labh
- Publication Date:
- 03-2025
- Content Type:
- Working Paper
- Institution:
- Carnegie Endowment for International Peace
- Abstract:
- The current international order is based on the presumption that our physical geography is fixed and unchanging. However, climate change—in the form of sea level rise and inundation—is shifting international boundaries. The world’s changing geography will force policymakers and legal experts to adapt the concepts of sovereignty, statehood, and citizenship to address the new global environment. This paper focuses its discussion of climate impacts and response policies on the Pacific islands. The changes befalling low-lying islands, like those in the Pacific, are a harbinger of the future that awaits the residents of coastal cities and shorelines on larger land bodies.1 Islands’ experiences of climate change offer insights into the shortcomings of the existing international system and demonstrate the fundamental tension between sovereignty and climate change. Ultimately, the Pacific region serves as an important case study and a critical blueprint for the future of global adaptation and stability. In view of this challenge, policymakers should consider new legal options to address climate-induced boundary changes. These may include the creation of fictitious boundaries, collective sovereignty, hybrid citizenship, and corridors for climate displacement. This paper does not seek to suggest that these new ideas for sovereignty are the only path to resolving the nexus of legal-climate challenges that exist today. Instead, this paper attempts to raise new questions and ideas about how policymakers should think about the international system at a time when anthropogenic climate and environmental change is rearranging its geophysical foundations.
- Topic:
- Security, Climate Change, Sovereignty, and International Order
- Political Geography:
- Indo-Pacific
83. De-Peripheralizing Morocco’s East in the Face of Climate Change and Border Securitization
- Author:
- Yasmine Zarhloule
- Publication Date:
- 02-2025
- Content Type:
- Working Paper
- Institution:
- Carnegie Endowment for International Peace
- Abstract:
- The closure of the border between Morocco and Algeria disrupted smuggling networks in the former’s Eastern Region. Moroccan authorities have since striven to develop local infrastructure and create alternative employment there. While these initiatives have maintained stability, the challenges posed by climate change, particularly water scarcity, remain. This underscores the need for Morocco to more thoroughly integrate climate-change adaptation strategies into local and regional planning, while also embracing and protecting indigenous ancestral socioeconomic systems.
- Topic:
- Climate Change, Water, Border Control, and Securitization
- Political Geography:
- North Africa and Morocco
84. Ending the New Wars of Attrition: Opportunities for Collective Regional Security in the Middle East
- Author:
- Amr Hamzawy
- Publication Date:
- 03-2025
- Content Type:
- Working Paper
- Institution:
- Carnegie Endowment for International Peace
- Abstract:
- The Middle East’s only viable path toward stability and security lies in fostering dialogue, coordinated initiatives, and joint diplomacy among its influential states.
- Topic:
- Security, Diplomacy, Armed Conflict, Dialogue, and Regional Stability
- Political Geography:
- Middle East
85. China Decoupling Beyond the United States: Comparing Germany, Japan, and India
- Author:
- Joshua Sullivan and Jon Bateman
- Publication Date:
- 01-2025
- Content Type:
- Working Paper
- Institution:
- Carnegie Endowment for International Peace
- Abstract:
- Key U.S. partners are moving toward less technological integration with China. But their specific paths diverge significantly based on domestic circumstances and varied relationships with Beijing.
- Topic:
- International Relations, Science and Technology, Economy, Regional Integration, and Decoupling
- Political Geography:
- Japan, China, India, Asia, Germany, and United States of America
86. Measuring Changes Caused by Generative Artificial Intelligence: Setting the Foundations
- Author:
- Samantha Lai, Ben Nimmo, Derek Ruths, and Alicia Wanless
- Publication Date:
- 01-2025
- Content Type:
- Working Paper
- Institution:
- Carnegie Endowment for International Peace
- Abstract:
- Informed policy that leads to beneficial change is extremely challenging to develop without being able to measure the material impacts of GenAI.
- Topic:
- Science and Technology, Artificial Intelligence, Digital Policy, and Generative Models
- Political Geography:
- Global Focus
87. European Democracy Support Annual Review 2024
- Author:
- Richard Youngs, Kinga Brudzinska, Zselyke Csaky, Ricardo Farinha, and Ken Godfrey
- Publication Date:
- 01-2025
- Content Type:
- Working Paper
- Institution:
- Carnegie Endowment for International Peace
- Abstract:
- In 2024, a series of elections reinforced EU concerns about the fragility of European democracies. This, coupled with intensifying conflict dynamics and authoritarian trends worldwide, led the EU to focus on protecting democracy at home at the expense of supporting it globally.
- Topic:
- Civil Society, Authoritarianism, Reform, European Union, Democracy, and Democratic Backsliding
- Political Geography:
- Europe
88. International Crimes Accountability Matters in Post-Assad Syria
- Author:
- Federica D'Alessandra
- Publication Date:
- 01-2025
- Content Type:
- Working Paper
- Institution:
- Carnegie Endowment for International Peace
- Abstract:
- Syria’s civil war has already changed the global accountability landscape. It could now set the course for the future of post-regime transitions.
- Topic:
- Syrian War, Accountability, International Crime, and Bashar al-Assad
- Political Geography:
- Middle East and Syria
89. Assessing National Information Ecosystems
- Author:
- Alicia Wanless, Samantha Lai, and John Hicks
- Publication Date:
- 02-2025
- Content Type:
- Working Paper
- Institution:
- Carnegie Endowment for International Peace
- Abstract:
- Often driven by misunderstanding, fears abound over how new technologies will change an information ecosystem.1 They might, and they might not. Either way, it’s extremely difficult to know what those changes will be without first understanding what an ecosystem was like before the introduction of those new technologies. In other words, to know how a system has changed, one must first know what constitutes the system and its prior state. This paper proffers factors that can constitute baselines for assessing national information ecosystems that can be measured across decades, geographies, and cultures. Assessing these factors over time and comparing them among countries can foster understanding of the impacts of new regulations, conflicts, and technologies. Perhaps more importantly, such an approach offers an objective analysis of information ecosystems, which is much needed in these politically charged times. The framework can also be used to identify existing gaps in knowledge, guiding policymakers and researchers on funding and research priorities to establish baselines of national information ecosystems. As those baselines are established and maintained, comparative analysis between ecosystems can generate insights on policy interventions to redress threats within them.
- Topic:
- Science and Technology and Information Technology
- Political Geography:
- Global Focus
90. Regional deprivation, individual prospects, and political resentment
- Author:
- Giovanni Facchini, Anja Neundorf, Sergi Pardos-Prado, and Cecilia Testa
- Publication Date:
- 04-2025
- Content Type:
- Working Paper
- Institution:
- Nottingham Interdisciplinary Centre for Economic and Political Research (NICEP)
- Abstract:
- Regional economic conditions affect livelihoods and the geography of political resentment. Yet, individuals do not equally partake in their region’s economic fortunes, and their perceptions of relative deprivation need not be the same. Grievances are likely to be shaped not only by income disparities but also by how personal prospects are tied to regional conditions. We argue that the interaction between subjective individual and regional relative deprivation crucially affects perceptions of shared experience and systemic unfairness. Through a large-scale survey experiment in Britain, we provide causal evidence that poor individuals in poor regions express more political resentment due to diminished personal financial prospects and social status. In contrast, political attitudes among poor and wealthy individuals are indistinguishable in affluent regions. Our findings reveal how reference groups affect subjective perceptions of relative deprivation and highlight the importance of egocentric mechanisms, whereby the local economy shapes expectations of individual prospects.
- Topic:
- Economic Inequality, Regional Economy, Social Status, and Political Resentment
- Political Geography:
- Britain and Europe
91. Europe’s next watershed – how liberal Europe should react to Trump 2.0
- Author:
- Fabian Zuleeg
- Publication Date:
- 01-2025
- Content Type:
- Working Paper
- Institution:
- European Policy Centre (EPC)
- Abstract:
- The return of Donald Trump to the White House and his “America first” doctrine inevitably poses a fundamental challenge for the EU. Trump’s second presidency represents a new watershed moment: the policies of the next US administration are not just likely to put Europe at a global disadvantage, they will threaten its core objectives of prosperity, sustainability, security, and democracy. This is why European countries will have to act decisively to safeguard the bloc’s unity and strengthen its autonomy in a changed world. Assuming that a second Trump administration will resemble the first would be a serious error. Trump has become more extreme in his policy positions, while facing fewer constraints and operating in a more favourable international environment. As a result, preparing for a worst-case scenario may be a wise approach. Trump’s adversarial, zero-sum approach to international trade is likely to undermine the structures and processes of multilateral economic governance. Measures such as tariffs also threaten the EU’s growth and competitiveness and risk deepening divisions within the bloc. Global progress towards greater sustainability is certain to suffer. A disengagement on behalf of the US from its leadership role in environmental and climate governance will be a significant setback in these efforts. Should the US turn away from its climate goals, this would send a strong signal to other countries that these objectives are no longer a priority. On security, any potential benefit that a Trump presidency might produce in terms of strengthening EU unity is strongly undermined by his stance on Ukraine, which is set to increase the threat facing Europe from Russia. A US-imposed ceasefire would be no guarantee of lasting peace or security for Ukraine or for Europe. In response, the EU and its members will have to take a much bolder and more proactive role, sharply increasing Europe’s own military capabilities and spending. Policies that signal a tolerance for the use of open and covert force, in violation of international law, will also have profound consequences for global security. Far-right and anti-democratic forces within Europe are likely to be emboldened by an incoming Trump government. His actions to exploit Europe’s political divides are set to put significant pressure on European integration – a project Trump will have no qualms in undermining. The entrenchment and normalisation of Trump’s style of populistic, divisive politics and ‘us against them’ rhetoric risks eroding democratic debate more broadly. His amplification of falsehoods and disinformation will undermine public trust in the US and beyond, and could also boost political figures adopting similar strategies in Europe. There is strong potential for Trump’s anti-establishment narrative to gain further ground in Europe, and Europe’s illiberal, regressive and new-nativist forces will no doubt seek to harness this to increase their power. Should they be successful, there is a very real risk of the EU becoming hollowed-out and ineffectual. In this context, achieving consensus and acting with unity will be a greater challenge than ever for the EU27. Those within the EU who are prepared to take the necessary steps to rise to the challenge posed by Trump may have to explore unconventional forms of cooperation to act effectively. Moving forward in this way poses its own legal and political risks. But with European democracy at stake, it may be the only path to achieving the necessary level of ambition and unity to mount a strong response to Trump 2.0.
- Topic:
- Security, Foreign Policy, European Union, Donald Trump, Sustainability, and Democratic Backsliding
- Political Geography:
- Europe
92. Building Economic Security into Europe’s Clean Energy Agenda: Eight Recommendations for Europe’s Net-Zero Course Correction
- Author:
- Pawel Swieboda, Georg Riekeles, and Simon Dekeyrel
- Publication Date:
- 02-2025
- Content Type:
- Working Paper
- Institution:
- European Policy Centre (EPC)
- Abstract:
- A European consensus may still exist on the end goal of climate neutrality, yet there is no such consensus on the political, economic and social choices required to reach it. Each possible pathway carries a distinct set of costs and trade-offs across the energy trilemma of sustainability, affordability and security. An excessively benign reading of the international environment, political and economic negligence and a lack of sufficient action on key parameters of the trilemma have put Europe on a decarbonisation trajectory of high prices and low security. This has become increasingly untenable. The long-term reliance on Russian natural gas was a fateful symptom of this predicament but is not a stand-alone example. Europe’s situation is currently aggravated by a series of equations that do not compute, with targets being set not matched by the required efforts and investments across core areas of Europe’s ambitions, such as wind, hydrogen, nuclear, net-zero manufacturing and energy efficiency. Europe is, consequently, on paths towards endpoints that are inconsistent with the EU’s Fit for 55 and 2040 climate scenarios. All too often, the EU’s energy choices have been an outcome of inner-EU compromises, rather than a reflection of the long-term strategic approach. All this is happening in a stormy international environment, with President Trump abandoning international cooperation and climate ambitions while China’s overcapacities are taking global economic relations to the brink. Consequences are bound to be dire. Unless yearly energy system investments can be significantly ramped up, suggestions that Europe can no longer pursue its 2050 net-zero objective at the expense of cost competitiveness and economic security will only get stronger. Europe should not abandon its net-zero ambitions, but a significant course correction is required. Building on the former European Central Bank President Mario Draghi’s call for a joint approach to decarbonisation and competitiveness and adding an economic security perspective, this paper proposes eight recommendations for Europe’s net-zero course correction. We argue that the best course of action for Europe is to gain ‘escape velocity’ on the green transition: prioritising cost-effective investments in clean industry and energy infrastructure, which are essential to enable a transition to clean energy. While the competitiveness debate tends to focus on the more immediate ways of activating growth, economic security encompasses a broader, forward looking framework that emphasises resilience. This includes managing risks, reducing dependencies, and preparing for potential disruptions. Staying on track toward achieving net-zero emissions by 2050 must remain Europe’s overarching objective, coupled with a parallel goal of optimising economic value-creation and reducing the cost, uncertainty and risks of the energy transition. EIGHT RECOMMENDATIONS FOR EUROPE’S NET-ZERO COURSE CORRECTION Prioritise and coordinate large-scale investments to achieve ‘escape velocity’ in the energy transition. Set realistic targets and priorities using foresight and analysis recognising the interdependencies between policy levers at EU and national levels. Double down on electrification through proactive technology-neutral supply policies, grid investment, strategic industrial policy and enabling frameworks. Elaborate and implement a dedicated ‘masterplan for energy system flexibility, grid investment and energy storage’. Anchor the Clean Industrial Deal on an ‘economic security yardstick’ involving strategic funding for European ecosystems, enabling infrastructure and necessary shielding. Factor in nuclear power investments as an essential component in Europe’s net-zero scenario. Strengthen single market coordination, price differentiation and investment incentives while expanding long-term contractual solutions. Develop a comprehensive energy system risk management approach.
- Topic:
- Renewable Energy, Carbon Emissions, Economic Security, and Net Zero
- Political Geography:
- Europe
93. How to Spend It: European defence for the age of mass precision
- Author:
- Chris Kremidas-Courtney
- Publication Date:
- 03-2025
- Content Type:
- Working Paper
- Institution:
- European Policy Centre (EPC)
- Abstract:
- Europe urgently needs to redefine its defence strategy in response to the United States’ growing disengagement from its transatlantic allies. The suspension of US military assistance to Ukraine and calls for increased European self-reliance have forced policymakers to rapidly reassess how to sustain collective security. The European Union’s ReArm EU plan seeks to mobilise €800 billion in national defence spending to meet these challenges, but investments must be made wisely to prepare for future warfare. Modern warfare has entered into an era of mass precision, where forces can achieve the effects of massed firepower through distributed, AI-enabled, and highly accurate weapons systems. Ukraine’s innovative use of drone swarms and precision strikes against Russian forces has demonstrated this shift. China and the US are also leveraging mass precision to reshape the battlefield, making traditional mass-based warfare increasingly obsolete. However, while armoured vehicles, fighter jets, and ships require new protections, they remain essential when integrated into networked, distributed operations. To prepare for this new strategic reality, Europe must: Invest in mass precision and distributed operations – Prioritise drone warfare, deep-strike capabilities, and networked operations. Accelerate investment in the European Long-Range Strike Approach (ELSA) programme to develop long-range cruise missiles. Build a European command-and-control (C2) system – Reduce reliance on NATO’s US-centric C2 infrastructure. Strengthen Europe’s intelligence capabilities and decision support – Expand European satellite and cyber capabilities and expand analytical capacities. Strengthen air and missile defence – Accelerate the European Sky Shield Initiative (ESSI) and deploy cost effective countermeasures such as more cost effective laser-based systems. Build a European military logistics system – Ensure the ability to sustain forces and ensure rapid troop and equipment mobility within Europe. Train and exercise European forces at scale – Conduct large-scale joint exercises to build readiness. Buy Ukrainian – Integrate Ukrainian defence firms into EU supply chains. Buy European – Reduce dependence on US arms while leveraging UK, Norwegian, Canadian and Turkish defence industries. Build a European nuclear umbrella – France and the UK should explore extended deterrence options to protect all European allies in case of further US withdrawal. Build a European blue-water navy – Strengthen and expand European naval capabilities to protect vital sea lanes in addition to supporting territorial defence. Winning the next war, not the last one Europe can no longer afford slow, bureaucratic and fragmented defence spending—it must accelerate, integrate and innovate in order to defend itself in the event that the United States is unable or unwilling to do so. We don’t just need bigger budgets—we need a better strategy. The future of warfare is mass precision and distributed operations, enabled by AI, and supported by capabilities that enable decision, cyber and information dominance. If Europe invests wisely, it can be a technologically advanced, resilient and autonomous military power while remaining a robust pillar of NATO’s collective security. The hour of Europe is now.
- Topic:
- Defense Policy, European Union, Weapons, Disengagement, and Defense Spending
- Political Geography:
- Europe and United States of America
94. The e-commerce challenge: Is importing low-value consignments going to become more cumbersome in the EU and the US?
- Author:
- Anna Jerzewska
- Publication Date:
- 04-2025
- Content Type:
- Working Paper
- Institution:
- European Policy Centre (EPC)
- Abstract:
- In the last few months, terms such as e-commerce and de minimis (threshold below which imported goods are not subject to tariffs) have made headlines both in the EU and in the US. The rapid growth of e-commerce exacerbated problems with this exemption both in the US and in the EU. The first problem is lack of control. Only a percentage of commercial goods are subject to physical border checks, and for e-commerce goods this number is even smaller. Then there is the issue of endangering the level-playing field. De minimis benefits consumers and businesses that rely on it, but harms domestic manufacturers and retail outlets that import in bulk (and thus are subject to full customs and product standards and safety requirements). But can the challenges around the rapid growth of e-commerce be solved by the removal of de minimis? And what would be the consequences of removing the exemption? The paper summarises recent attempts and proposals of removing de minimis in the EU and the US and the challenges faced by both administrations. In both cases, e-commerce is still under discussion and it’s not clear what the final solution will look like. However, there are already noticeable differences in approach.
- Topic:
- European Union, Trade, Imports, and E-Commerce
- Political Geography:
- Europe, North America, and United States of America
95. A feminist analysis of Australia’s International Gender Equality Strategy
- Author:
- Australian Feminist Foreign Policy Coalition (AFFPC)
- Publication Date:
- 02-2025
- Content Type:
- Working Paper
- Institution:
- International Women's Development Agency (IWDA)
- Abstract:
- AFFPC’s submission on the International Gender Equality Strategy centred around a call for Australia to take an explicitly feminist approach and made a series of recommendations for how such an approach could be brought to life through practical steps. In this Issues Paper, we have evaluated the extent to which the strategy has responded to our recommendations. Despite appearing to fail at the first hurdle—the strategy does not take an explicitly feminist approach nor even use the word feminist—there remains some promising signals. Of the 21 recommendations made by the AFFPC in our submission on how the strategy could take a feminist approach in practice, two have been mostly integrated, 8 integrated in part, and 11 not integrated in a meaningful way or at all. The most glaring gap is the lack of an explicit acknowledgement that gender equality requires equality and rights for gender diverse, trans, nonbinary and intersex people, with the strategy instead walking back from its 2016 recognition of the same and using the language “gender equality means equality for all people.” This is backed up by a default to binary language of “women and girls” or “men and boys” whenever specific gender identities are named, although there is a text box recognising LGBTQIA+ rights as a priority.
- Topic:
- Foreign Policy, Feminism, LGBT+, and Gender Equality
- Political Geography:
- Australia and Australia/Pacific
96. ASEAN-ROK Maritime Cooperation in the Indo-Pacific
- Author:
- Haikal Amran
- Publication Date:
- 04-2025
- Content Type:
- Working Paper
- Institution:
- Maritime Institute of Malaysia
- Abstract:
- Strategic cooperation in the Indo-Pacific has taken centre stage in today’s global geopolitical and economic landscape, with key players across the region now increasingly strengthening maritime cooperation with each other to uphold regional peace and economic stability. After all, the Indo-Pacific region hosts critical sea lines of communication (SLOCs) instrumental to international trade, with vital yet precarious maritime corridors, such as the Straits of Malacca and the South China Sea (SCS). In response to this importance, two key players of the region, the Republic of Korea (ROK) and the Association of Southeast Asian Nations (ASEAN), have both reaffirmed commitments to increase maritime cooperation through the ASEAN-ROK Plan of Action (POA) 2021–2025 and the Korea-ASEAN Solidarity Initiative (KASI). Both the POA and KASI outlined an ambitious and broad scope of maritime cooperation to be achieved. Within the grand scheme of things, Track Two discussion plays a pivotal role as one of the many instruments to foster this cooperation, hence serving as an informal yet influential platform to build trust, exchange knowledge, and explore practical solutions on issues ranging from maritime security to sustainable ocean governance between ASEAN and ROK maritime experts.
- Topic:
- Economics, Maritime, ASEAN, Cooperation, and Regional Politics
- Political Geography:
- Indo-Pacific
97. Navigating Malaysia’s National Shipping Carbon Accounting Framework towards Alignment with the IMO GHG Reduction Strategy
- Author:
- Egbert Adolf Naintin, Syuhaida Ismail, and Datuk Hj. Dickson Dollah
- Publication Date:
- 03-2025
- Content Type:
- Working Paper
- Institution:
- Maritime Institute of Malaysia
- Abstract:
- Malaysia is taking significant strides in modernising how it accounts for carbon emissions in the shipping sector, aligning with its ongoing International Maritime Organization (IMO) lobbying strategy and reinforcing its commitment to global maritime sustainability. Nonetheless, this progress is not just about keeping up with international standards, yet also about ensuring that Malaysia plays a proactive role in climate action for future generations. By shifting from an outdated method of self-regulated individual ships to establishing a proactive national initiative, Malaysia is paving the way for a more sustainable shipping sector.
- Topic:
- Climate Change, Maritime, Sustainability, Carbon Emissions, Shipping, and International Maritime Organization (IMO)
- Political Geography:
- Malaysia and Indo-Pacific
98. Climate Change and El Nino Phenomenon Heat Up Malaysian Waters
- Author:
- Thaarshini Paramasivan
- Publication Date:
- 01-2025
- Content Type:
- Working Paper
- Institution:
- Maritime Institute of Malaysia
- Abstract:
- Malaysia has recorded intense peaks of temperature due to a heatwave in the Southeast Asia region in 2024. The heatwave sweeping across the nation had a significant impact on human health, resulting in a concerning rise in heat-related illnesses. By April 2024, a total of 45 cases of heat-related illnesses, including two fatalities from heatstroke, have been reported. Alongside the health risks, significant impacts were also observed through the Malaysian waters, including a series of algae blooms and mass coral bleaching affecting the country. These events, once considered rare occurrences, are becoming more frequent and severe, largely due to the changing climate and rising sea temperatures. These issues are not just ecological concerns but have also begun to affect the economic activities tied t o t he m arine environment, such as aquaculture, specifically at the Peninsular Malaysia, which put pressure on Malaysia’s coastal economies.
- Topic:
- Climate Change, Environment, Health, El Niño, and Heat
- Political Geography:
- Malaysia and Southeast Asia
99. Why Did Inflation Rise and Fall So Rapidly? Lessons from the Korean War
- Author:
- Joseph Gagnon and Asher Rose
- Publication Date:
- 01-2025
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics (PIIE)
- Abstract:
- The speed of both the rise and fall of US inflation in 2021–23 took many economists by surprise. This paper shows that the rise of COVID era inflation reflects three independent shocks: a plethora of pandemic-related shifts in demand patterns and supply disruptions; the largest commodity price surge in 40 years caused by the Ukraine war; and strong monetary and fiscal responses to the pandemic, which kept labor markets tight. This paper documents the transmission of these shocks through the main components of private consumption: durable goods, nondurable goods, and services. The rapid fall of inflation reflects the credibility of the Federal Reserve’s commitment to low inflation, something that was not apparent during the inflationary shocks of the 1970s but that was important during the Korean War inflation of 1950–51. Another similarity with the Korean War episode is the temporary surge in demand for durable goods.
- Topic:
- Economy, Inflation, Korean War, COVID-19, and Goods and Services
- Political Geography:
- Asia and South Korea
100. Dismantling the License Raj: The Long Road to India’s 1991 Trade Reforms
- Author:
- Douglas A. Irwin
- Publication Date:
- 01-2025
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics (PIIE)
- Abstract:
- In July 1991, India began to dismantle its long-standing, highly restrictive import control regime and move toward a more open economy. How were policymakers able to dislodge and replace an entrenched system with powerful vested interests behind it? Standard explanations for policy change—pressure from domestic producer interests, shifts in political power, or conditionality by international financial institutions—do not explain the dramatic transformation that took place. Instead, reform-minded technocrats persuaded political leaders to reject what had been a standard response to balance of payments pressure (import repression to avoid a devaluation) and embrace a new approach (exchange rate adjustment and a reduction of import restrictions). This paper explores the economic and political context behind the country’s dramatic policy transformation. India’s experience highlights the crucial link between exchange rate policy and trade policy
- Topic:
- Foreign Exchange, Reform, Tariffs, Trade, Imports, and Exchange Rates
- Political Geography:
- South Asia and India