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  • Author: Sir Richard Jolly
  • Publication Date: 09-2014
  • Content Type: Journal Article
  • Institution: Carnegie Council
  • Abstract: As of 2007 the world economy has been caught in the worst crisis since the 1930s. Yet after two years of only partly successful efforts to mobilize and coordinate global action of financial control and stimulus, ending with the G-20 meeting of March 2009, responsibility for corrective economic initiatives has essentially been left to individual countries, supported by the International Monetary Fund (IMF) and the European Union (EU). Moreover, such support has been usually conditional on countries following financial policies of tough austerity. The United States took some actions to stimulate its economy, but by many accounts these were insufficient. Most of Europe has not even attempted stimulus measures and has been in a period of economic stagnation, with falling real incomes among the poorest parts of the population. Although some signs of “recovery” have been heralded in 2013 and 2014, growth has mostly been measured from a lower base. There is little evidence of broad-based economic recovery, let alone improvements in the situation of the poor or even of the middle-income groups.
  • Topic: Economics, Governance
  • Political Geography: United States, Europe, Asia
  • Author: Leif Wenar
  • Publication Date: 05-2011
  • Content Type: Journal Article
  • Institution: Carnegie Council
  • Abstract: The "resource curse" can strike countries that derive a large portion of their national income from exporting high-value natural resources, such as oil, gas, metals, and gems. Resource-exporting countries are subject to four overlapping curses: they are more prone to authoritarianism, they tend to suffer more corruption, they are at a higher risk for civil wars, and they exhibit greater economic instability. The correlations between resources and such pathologies as authoritarianism, corruption, civil conflict, and economic dysfunction are evident in the list of the five major African oil exporters: Algeria, Angola, Libya, Nigeria, and Sudan. The recent histories of mineral exporters support the correlations: for example, "blood diamonds" fueled Sierra Leone's decade-long civil war, and the continuing conflict in the metal-rich eastern Congo has caused up to 6 million deaths. The phenomenon is not solely African: Burma, Yemen, and Turkmenistan, for example, are also resource cursed. Moreover, poor governance in resource-cursed countries can engender follow-on pathologies, such as a propensity to cause environmental damage both domestically (for example, through the destruction of forests) and globally (through increased greenhouse gas emissions). Most research on the resource curse has focused on the institutions of exporting countries. This essay focuses instead on importing countries, especially those in North America and Europe. I survey how the resource curse impedes core interests of importing states. I then discuss how the policies of importing states drive the resource curse, and how these policies violate their existing international commitments. The second half of the paper describes a policy framework for importing states that can improve international trade in resources for both importers and exporters.
  • Topic: Economics
  • Political Geography: Africa, Europe, Sudan, Libya, Algeria, Burma, North America, Nigeria, Angola
  • Author: Carole K. Fink
  • Publication Date: 09-2009
  • Content Type: Journal Article
  • Institution: Carnegie Council
  • Abstract: Faced with the political, economic, and social challenges of a globalized planet, are we bereft of any coherent political guideposts or do we still possess realistic and robust idea-systems? Steger, a prolific scholar of globalization, adopts a cautiously optimistic version of the second position.
  • Topic: Economics, Government
  • Political Geography: Europe