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  • Author: Karen E. Young
  • Publication Date: 09-2019
  • Content Type: Special Report
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: The economies of the Gulf Cooperation Council (GCC) remain heavily reliant on natural resource revenue as a source of government spending and a driver of growth. Diversification efforts now often include new ways to generate revenue through state investments in energy projects abroad (including refining and petrochemical production) and national oil companies. Since 2015, the GCC countries have become more competitive with each other in altering their policy landscapes to streamline fiscal expenditure and attract foreign investment and resident investors. There is significant variation in policy approaches to foreign labor and tax. Each of these governments faces enormous strains on public finances and challenging economic outlooks, due to depressed oil prices, demographic pressures, high unemployment rates, and a lack of economic diversification. Debt has become a tool of choice, but the capacity to repay and the capacity to grow are both beginning to differentiate the GCC states.
  • Topic: Foreign Policy, Defense Policy, Government, Natural Resources, Economy
  • Political Geography: Middle East, Gulf Cooperation Council, Gulf Nations
  • Author: Dalibor Rohac
  • Publication Date: 08-2018
  • Content Type: Special Report
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: What distinguishes the governments of Hungary and Poland are not their views on immigration nor their defense of national sovereignty or Europe’s Judeo-Christian heritage. Rather, it is their distinctly authoritarian and anti-market features. With a new Fundamental Law, electoral reform, and other far-reaching changes adopted in Hungary on strictly partisan lines, as well as a politicization of the judiciary and attacks on free media and civil society in both countries, the Law and Justice Party (PiS) and Fidesz governments have sought to entrench themselves and prevent meaningful democratic contestation of their power. In both countries, key achievements of the post-1989 transition to the free enterprise system are being reversed. In Poland, for example, 40 percent of all banking-sector assets are now held by the government. Hungarian and Polish authoritarianism, as well as the rise of political kleptocracy in Hungary, pose a direct threat to the values on which the transatlantic alliance was built and America’s interest in the region. The United States cannot afford to become a cheerleader for either Fidesz or PiS, no matter how convincing their conservative bona fides might seem.
  • Topic: Foreign Policy, Government, Politics, Authoritarianism
  • Political Geography: Europe, Eurasia, Poland, Hungary
  • Author: Anthony T. Lo Sasso
  • Publication Date: 01-2008
  • Content Type: Working Paper
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: The present upswing in state-level efforts to "do something about health care," combined with presidential campaign-related rhetoric, suggests that health care is back with a vengeance on the public consciousness. Many states are proposing what appear to be new strategies to cover the uninsured when in reality the "new" strategies rely on old approaches that have not proven highly effective in the past, notably community rating and guaranteed issue regulations. Using data culled from a popular health insurance distributor and the published literature provides a compelling portrait of the predictable distortions that can result from regulations aimed at improving perceived deficiencies in the non-group and small group health insurance markets.
  • Topic: Economics, Government, Health, Politics
  • Political Geography: United States
  • Author: John H. Makin
  • Publication Date: 04-2008
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: In October 1907, J. P. Morgan stemmed a financial panic by coercing other banks to join him in providing credit to Wall Street brokerage firms teetering on the edge of bankruptcy.[1] This year, over the weekend including March 15—the ominous Ides of March—James Dimon, head of JPMorgan Chase, was the one to act. With the Federal Reserve squarely behind him and assuming the risk, he prevented a Bear Stearns bankruptcy by agreeing to purchase the firm, providing it with a decent burial, at a price of $2 per share. Bear Stearns's stock had been valued at over $160 per share just a year ago. The $2 price virtually wiped out the value of that stock, one-third of which is owned by its 14,000 employees. This was clearly not a bailout for Bear Stearns shareholders, and whether or not the steps taken by the Fed on March 16 were sufficient to arrest a further collapse of available credit and the economy remains to be seen. As long as house prices keep falling, the underlying problem for credit markets and the economy remains.
  • Topic: Economics, Government, Markets
  • Political Geography: United States
  • Author: John H. Makin
  • Publication Date: 01-2008
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: The bursting of every bubble is followed by statements suggesting that the worst is over and that the real economy will be unharmed. The weeks since mid-March have been such a period in the United States. The underlying problem—a bust in the residential real-estate market—has, however, grown worse, with peak-to-trough estimates of the drop in home prices having gone from 20 to 30 percent in the span of just two months. Meanwhile, the attendant damage to the housing sector and to the balance sheets tied to it has grown worse and spread beyond the subprime subsector.
  • Topic: Economics, Government, International Trade and Finance, Political Economy
  • Political Geography: United States
  • Author: Douglas J. Besharov
  • Publication Date: 01-2008
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: Finding that an op-ed by Michael Gerson poorly defined the conservative approach to social problems, Douglas J. Besharov outlined six principles that underlie the conservative position on government social programs. Besharov notes that being cautious about the possible ill effects of government intervention is not unique to conservatives. It is simply realistic to be skeptical about the federal government's ability to mitigate serious social welfare problems.
  • Topic: Civil Society, Government, Human Welfare
  • Political Geography: United States
  • Author: Amity Shlaes
  • Publication Date: 01-2008
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: Democratic presidential candidates are invoking the New Deal as a model for addressing infrastructure, economic, and employment problems in the United States. But a careful look at New Deal spending suggests, in the words of Amity Shlaes, "not how much the public works achieved . . . [but] how little." Advocates for new federal government spending on highways, buildings, and roads should carefully weigh the need against the damage that comes from projects and jobs created for political reasons.
  • Topic: Government, Industrial Policy, Political Economy, Politics
  • Political Geography: United States
  • Author: Scott Gottlieb
  • Publication Date: 03-2008
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: Although John Edwards is no longer a presidential candidate, his attacks on the U.S. health care system will continue to resonate. As a candidate, he used the tragic case of Nataline Sarkisyan, who died while awaiting a liver transplant, as an indictment of the U.S. medical system and an argument for a European-style single-payer system. But AEI's Scott Gottlieb, M.D., argues that there is little support for Edwards's argument that a single-payer system would be better for people who need transplants. The data show, he says, that organ access in the United States, our willingness to transplant the sickest patients, and U.S. medical outcomes are among the best in the world.
  • Topic: Government, Health, Human Welfare
  • Political Geography: United States, California
  • Author: Amity Shlaes, Vincent R. Reinhart, Allan H. Meltzer, John L. Chapman
  • Publication Date: 04-2008
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: How fragile is our financial system? What are the implications of the Fed's actions on Bear Stearns? Do we need new ways of thinking about the risks the system entails? In recent articles, four AEI scholars have looked closely at the evidence of what went wrong and what is ahead.
  • Topic: Economics, Government
  • Political Geography: United States
  • Author: Scott Gottlieb
  • Publication Date: 05-2008
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: In this article, AEI resident fellow Scott Gottlieb, M.D., describes how information about a new use of the breast cancer drug Herceptin was slow in reaching oncologists. The Food and Drug Administration (FDA) delayed approving the new indication for almost two years, and during that period, the drug's sponsor could not distribute its findings about the new use. Proposed FDA guidelines on dissemination of information on unapproved uses of medical products, Gottlieb says, will establish a more appropriate standard for what kind of information should be shared.
  • Topic: Government, Human Welfare
  • Political Geography: United States
  • Author: Vincent R. Reinhart
  • Publication Date: 05-2008
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: The Senate Banking Committee approved legislation on May 20 that would empower the Federal Housing Administration to provide relief to mortgage borrowers teetering on the brink of default. The House has already passed similar legislation. Only two months ago, mortgage aid was viewed as unlikely, but the odds now favor it becoming law. For this change of fortune, the legislation's chief sponsors, Senator Chris Dodd (D-Conn.) and Representative Barney Frank (D-Mass.), should thank one person in particular: Federal Reserve chairman Ben Bernanke.
  • Topic: Economics, Government
  • Political Geography: United States
  • Author: John E. Calfee, Paul H. Rubin
  • Publication Date: 06-2008
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: Senator Kennedy is expected to recover from his brain tumor surgery without any serious side effects, thankfully. And while the spotlight is on his recovery, the news of his malignant brain tumor should also shed some light on drug approval policies.
  • Topic: Government, Health
  • Political Geography: United States
  • Author: Thomas P. Miller
  • Publication Date: 06-2008
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: The periodic ritual of announcing the mounting size of the fiscal problem posed by Medicare has never been, and will never be, enough to generate productive reform. Most of us got the memo that we are overcommitted and underfunded. Merely pointing to the size of the problem—in terms of Medicare's massive unfunded long-term liabilities, near-term budget imbalances, future rates of taxation that will be needed to sustain the program, or Medicare's preemption of national resources that crowds out funding for other important public pro-grams and private activities—has had little effect.
  • Topic: Government, Health
  • Political Geography: United States
  • Author: Samuel Thernstrom
  • Publication Date: 06-2008
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: In this article, Samuel Thernstrom, codirector of AEI's geoengineering project, notes that policymakers generally discuss two different ways to address global warming: cutting emissions and adaptation—that is, learning to live with a warmer planet. But there is another way to cool the planet, he says, "that could be fast, effective, and affordable." This strategy is geoengineering, and in this article, Thernstrom explains how it would work and why it is being ignored. In the race to respond to climate change, he says, it is time to invest in this alternative solution.
  • Topic: Energy Policy, Environment, Government
  • Author: Leon Aron
  • Publication Date: 09-2007
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: Part I of this Russian Outlook dealt with what might be called the errors of commission, or false attribution, in the "chaos-of-the-1990s" stereotype, which became a major theme of the Putin Kremlin's propaganda. The economic crisis of that era, mostly inherited from the decaying Soviet economy, was laid at the revolutionary regime's door. Yet the "chaos" legend also contains errors of omission, for, on closer inspection, there was a great deal in the 1990s besides the alleged "chaos."
  • Topic: Civil Society, Democratization, Government, Politics, Privatization
  • Political Geography: Russia, Eastern Europe, Asia, Soviet Union
  • Author: Robert W. Hahn, Anna Layne-Farrar
  • Publication Date: 03-2007
  • Content Type: Working Paper
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: Security in software networks relies on technology, law, and economics. As the cost of software security breaches becomes more apparent, there has been greater interest in developing and implementing solutions for different parts of the problem.
  • Topic: Security, Economics, Government, Science and Technology
  • Author: Kevin A. Hassett, Alan D. Viard
  • Publication Date: 06-2007
  • Content Type: Working Paper
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: The statutory rate on corporate capital gains currently is equal to the statutory tax rate on ordinary corporate income. Although individual capital gains taxes have received an enormous amount of attention, both in the popular media and in the academic literature, corporate capital gains have received very sparse attention. In principle, however, the distortions that arise from corporate capital gain taxation are analogous to those that might arrive from individual capital gains taxation. Corporations might face a higher user cost of capital and they could find that their previous purchases have been “locked in” in the sense that asset sales are avoided because of their tax consequences.
  • Topic: Economics, Government, Industrial Policy, Science and Technology
  • Author: Mark Falcoff
  • Publication Date: 04-2007
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: Since its financial crisis six years ago, Argentina has faded somewhat from the headlines. This is no doubt due in large part to the disproportionate space our media outlets now devote to Iraq and Iran, but also to the fact that other Latin American news stories—particularly Fidel Castro's surgery and the antics of Venezuela's clownish president Hugo Chávez—have dominated coverage of the area. Argentina is not, however, a negligent regional actor.
  • Topic: International Relations, Economics, Government
  • Political Geography: Iraq, Iran, Argentina, South America, Latin America, Venezuela
  • Author: Mark Falcoff
  • Publication Date: 01-2007
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: The recent passing of Chilean dictator Augusto Pinochet and the events surrounding his last illness, death, and burial remind us that we are living through the last moments of a Latin American drama which began nearly a half-century ago with the Cuban Revolution. The only thing lacking to bring the curtain down once and for all is the disappearance of Fidel Castro, who began the whole business. Though no one knows precisely when that eventuality will occur, the Cuban strongman's unprecedented decision last July to transfer effective power to his younger brother Raúl and his failure to reappear publicly after abdominal surgery after nearly six months suggest it cannot be far off.
  • Topic: International Relations, Civil Society, Government
  • Political Geography: South America, Cuba, Latin America
  • Author: John H. Makin
  • Publication Date: 03-2007
  • Content Type: Policy Brief
  • Institution: American Enterprise Institute for Public Policy Research
  • Abstract: To the dismay and amazement of optimistic market players, not to mention Federal Reserve chairman Ben Bernanke, early in March former Fed chairman Alan Greenspan publicly assessed the probability of a recession this year to be one in three. This was a shock to those who had been carefully avoiding use of the “r word” while intensifying problems in the subprime mortgage market heralded the news that the housing correction, which had been declared “over” in January, was instead moving into a second, more intense, and unpleasant phase. Weaker investment (capital spending was actually a drag on fourth quarter growth) and an 8.7 percent drop in January durable goods orders further undercut hope for sustained general growth. The Fed's own economic outlook has looked to firmer capital spending as part of an economic recovery scenario.
  • Topic: Development, Economics, Government, Markets