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2. Biden-Erdogan meeting: cautious rapprochement amid still thorny disputes
- Author:
- Al Jazeera Center for Studies
- Publication Date:
- 06-2021
- Content Type:
- Policy Brief
- Institution:
- Al Jazeera Center for Studies
- Abstract:
- As long as Turkey pursues its regional ambitions, any understandings with the US and the West will necessarily have a hard ceiling. However, Ankara seems to be pursuing a more conciliatory policy in the region and in its relations with the West for both economic and strategic reasons.
- Topic:
- International Relations, Economics, Bilateral Relations, Recep Tayyip Erdoğan, Rapprochement, Strategic Interests, and Joe Biden
- Political Geography:
- Turkey, Middle East, North America, and United States of America
3. The Logic (and Grammar) of US Grand Strategy: Implications for Germany and Europe
- Author:
- Markus Jaeger
- Publication Date:
- 06-2021
- Content Type:
- Special Report
- Institution:
- German Council on Foreign Relations (DGAP)
- Abstract:
- Although President Biden has made US foreign policy more predictable, its medium- and long-term direction and concomitant implications for transatlantic relations are less certain. This report presents three scenarios of how US strategy might evolve. They provide insight into how the United States behaves in the spheres of security and international economy under different conditions and why, suggesting ways for the EU and Germany to preemptively mitigate risks and positively influence future policy.
- Topic:
- Security, Economics, Grand Strategy, Risk, and Transatlantic Relations
- Political Geography:
- Europe, Germany, North America, and United States of America
4. Germany Between a Rock and a Hard Place in China-US Competition
- Author:
- Markus Jaeger
- Publication Date:
- 03-2021
- Content Type:
- Commentary and Analysis
- Institution:
- German Council on Foreign Relations (DGAP)
- Abstract:
- The Biden administration has just issued its Interim National Security Strategic Guidance. The guidance document states the need to “build back better at home” and acknowledges that “international economic policies must serve all Americans” – a theme often referred to as “foreign policy for the middle class”. While the interim guidance does not preclude cooperation with China in selected policy areas, it is unambiguous in considering China a strategic competitor. The prospect of intensifying China-US geopolitical and (geo)economic competition is bad news for Germany, which has high value trading and investment relationships with both countries.
- Topic:
- Foreign Policy, Economics, National Security, and Geopolitics
- Political Geography:
- China, Europe, Asia, Germany, North America, and United States of America
5. Building Infrastructure in Real Time: Avoiding Regulatory Paralysis
- Author:
- Committee for Economic Development of the Conference Board
- Publication Date:
- 09-2021
- Content Type:
- Policy Brief
- Institution:
- The Conference Board
- Abstract:
- The physical infrastructure base of the US economy, once an advantage in global competition, has become a liability. This problem has multiple causes, several of which CED has addressed in recent policy statements, and our nation’s elected policymakers are now taking up the need for additional funding. But the nation needs not only adequate funding but also a more-efficient regulatory process for our infrastructure investment—choosing the right projects, with the minimum delay, and executing them at the least possible cost. Regulatory paralysis is one of the causes of our infrastructure shortfall. It needs attention if we are going to spend our tax dollars on infrastructure wisely and efficiently so that the US economy remains globally competitive. Streamlining regulatory procedures, promoting competition, and cutting red tape across federal, state, and local governments are key to increasing investment, decreasing cost, and maximizing efficiency. Business as usual will not suffice. It takes too long and costs too much to deliver infrastructure projects, preventing us from achieving the advancements and improvements that a future-focused, competitive economy requires. CED has consistently advocated “smart regulation,” subjecting new regulations to rigorous cost-benefit analysis and reviewing existing regulations for continuing cost effectiveness to enhance efficiency and achieve quicker execution, greater benefits, and lower costs. With long delays between project conception and execution, and often multiple layers of jurisdiction and review, a smart regulation approach could ensure that the rules governing review and permitting of projects address all important concerns and ensure that net benefits are maximized over time at all levels of government on a comprehensive and timely basis.
- Topic:
- Economics, Infrastructure, Governance, Regulation, Business, Economic Policy, and Strategic Competition
- Political Geography:
- North America and United States of America
6. Annual Social Security and Medicare Trustees Report Reflects Worsening Economic Environment
- Author:
- Committee for Economic Development of the Conference Board
- Publication Date:
- 09-2021
- Content Type:
- Policy Brief
- Institution:
- The Conference Board
- Abstract:
- The Trustees of the Social Security and Medicare Trust Funds are required by law to produce an annual report on April 1 of each year. It is by no means a shock that the report is late in any year; it happens often. This year, however, there is probably more of a justification that the report was released only yesterday, five months late. The economic and health care environments are perhaps as chaotic and uncertain as they have been in living memory.
- Topic:
- Economics, Health Care Policy, and Social Security
- Political Geography:
- North America and United States of America
7. World economy in spring 2021: Recovery stays on track
- Author:
- Klaus-Jurgen Gern, Philipp Hauber, Stefan Kooths, and Ulrich Stolzenburg
- Publication Date:
- 03-2021
- Content Type:
- Commentary and Analysis
- Institution:
- Kiel Institute for the World Economy (IfW)
- Abstract:
- The global economy continued to recover in the winter semester, despite the number of new infections with the coronavirus rising sharply and containment measures tightened again in many countries. Industrial production and world trade have already fully catched up with activity levels before the pandemic and appear to be little affected by the second wave of Covid-19. While the European economy did slip into recession again, the decline in GDP is not expected to be dramatic and should be followed by a strong recovery from spring onward, provided that progress in vaccination allows a substantial and sustained relaxation of measures designed to suppress the virus. In the course of this year, the global upturn will thus increasingly extend to economic sectors that remain severely impeded for the time being, such as tourism and entertainment, and to economies that are particularly geared to these activities. On a purchasing power parity basis, global output is expected to increase by 6.7 percent in 2021 and by 4.7 percent in 2022, thus progressively closing the gap to the pre-crisis path of activity towards the end of the forecast period. We have raised our December forecast by 0.6 percent for both this year and next, with a particularly strong improvement in the outlook for the United States. World trade in goods is expected to grow by 7.5 percent this year. With growth of 4.7 percent this year and next, respectively, Towards the end of the forecast horizon world trade will thus be even higher than expected before the crisis.
- Topic:
- Economics, International Trade and Finance, Forecast, Economic Growth, Pandemic, and COVID-19
- Political Geography:
- North America and United States of America
8. Ahead of Biden-Moon Summit, South Koreans and Americans Align on China and North Korea
- Author:
- Karl Friedhoff and Suh Young Park
- Publication Date:
- 05-2021
- Content Type:
- Commentary and Analysis
- Institution:
- Chicago Council on Global Affairs
- Abstract:
- Chicago Council survey data find majorities in South Korea view China as more of a security threat than a security partner and as more of an economic threat than an economic partner. On May 21, South Korea’s President Moon Jae-in will meet President Joe Biden at the White House. In his first 100 days in office, Biden’s foreign policy has focused on repairing alliances and setting the administration’s policy toward China—in March and April alone, the administration participated in US-China talks in Alaska, 2+2 meetings in South Korea and Japan, trilateral talks among national security advisers, and Japanese Prime Minister Yoshihide Suga's visit to Washington. Moon’s visit will add North Korea to the agenda. The two leaders meet at a time when there are significant gaps on their preferred paths forward to dealing with Beijing and Pyongyang. However, recent Chicago Council surveys find that attitudes among publics in South Korea and the United States are remarkably similar when it comes to China and North Korea.
- Topic:
- Security, Foreign Policy, Economics, and Public Opinion
- Political Geography:
- China, Asia, South Korea, North America, and Southeast Asia
9. The Concerts and Live Entertainment Industry: A Significant Economic Engine
- Author:
- Michael Mariano and Adam Sacks
- Publication Date:
- 07-2021
- Content Type:
- Commentary and Analysis
- Institution:
- Oxford Economics
- Abstract:
- We all remember our first concert or seeing our favorite band live, but rarely do we think of the stagehands, lighting techs, and ushers who worked hard to deliver these memorable experiences or the impact they have on our local, state, and national economies. In order to better understand the economic impact this important industry has across the United States, Oxford Economics developed a customized framework to analyze the impact of the concerts and the live entertainment industry's nationwide economic contributions in 2019 and conducted an in-depth analysis of the economic impacts of live event venues, artists, and visitor spending in terms of economic output, labor income, taxes, and jobs. Due to the pandemic putting a pause on live events in 2020, this report examined 2019 data to ensure a complete analysis could be conducted that is in line with regular performance of the industry. The industry drives significant economic activity that supports businesses, households, and government finances across the United States. In the wake of COVID-19, live events were shut down for over a year. Beyond the cultural loss involved, the US economy has incurred massive losses in GDP, employment, household income, and tax revenue due to the absence of live events. After a year of isolation, many crave getting back to enjoying memorable live experiences safely in 2021 and into the 2022 and 2023 seasons, which position the industry for growth in the coming years. The Concerts and Live Entertainment Industry, as defined by this report, includes all live musical performances, such as festivals and concerts, and comedy shows held in amphitheaters, clubs, theaters, arenas, stadiums, and other venues. Not included in this analysis are theater, Broadway, sporting events, and family shows.
- Topic:
- Economics, Culture, Music, popular culture, and Entertainment
- Political Geography:
- North America and United States of America
10. Economic costs and benefits of accelerated COVID-19 vaccinations
- Author:
- Joseph E. Gagnon, Steve Kamin, and John Kearns
- Publication Date:
- 05-2021
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- COVID-19 vaccination programs are generally understood to be a prerequisite for a return to normalcy in our social and economic lives. Emergency measures to research, test, produce, and distribute vaccines have been expensive, but increases in GDP resulting from the vaccines are expected to exceed those costs by wide margins. Few studies have quantified the economic costs and benefits of different rates of COVID-19 vaccination, however. This Policy Brief focuses on developing such a quantitative assessment for the United States; the approach may be applied to other countries as well. Two illustrative scenarios support the conclusion that most plausible options to accelerate vaccinations would have economic benefits that far exceed their costs, in addition to their more important accomplishment of saving lives. This Policy Brief shows that if, for example, the United States had adopted a more aggressive policy in 2020 of unconditional contracts with vaccine producers, the up-front cost would have been higher but thousands of lives would have been saved and economic growth would have been stronger. Instead, the federal government conditioned its contracts on the vaccines’ being proven safe and effective. The projections presented in this analysis show that even if unconditional contracts led to support for vaccines that failed the phase III trial and ultimately were not used, the cost would have been worth it.
- Topic:
- Economics, Health, Crisis Management, COVID-19, and Health Crisis
- Political Geography:
- North America and United States of America
11. U.S. Economic Challenges for the Biden Administration
- Author:
- Paweł Markiewicz
- Publication Date:
- 06-2021
- Content Type:
- Special Report
- Institution:
- The Polish Institute of International Affairs
- Abstract:
- The U.S. economy is emerging from the recession caused by the COVID-19 pandemic. To maintain growth and at the same time achieve climate and technology goals, the Biden administration is pushing large socio-economic programmes. To pass them in Congress, the administration will be forced to reach compromises with factions within the Democratic Party. Biden also will need some Republican support. In foreign policy, these programmes aim to strengthen the U.S. position in its rivalry with China, something that also opens greater possibilities for closer cooperation with the EU.
- Topic:
- Economics, Politics, COVID-19, and Joe Biden
- Political Geography:
- China, North America, and United States of America
12. 2021 Report on American Attitudes towards the U.S.-ROK Alliance and North Korea Policy
- Author:
- Troy Stangarone and Juni Kim
- Publication Date:
- 05-2021
- Content Type:
- Working Paper
- Institution:
- Korea Economic Institute of America (KEI)
- Abstract:
- KEI’s 2021 Report on American Attitudes on the U.S.-ROK Alliance and North Korea Policy summarizes results from a survey commissioned by KEI and conducted by YouGov on May 6th to May 10th, 2021 in advance of the U.S.-ROK summit on May 21st, 2021. The survey asked Americans their views on the U.S.-South Korea relationship, North Korea policy, and the U.S.’ role in the East Asian region.
- Topic:
- International Relations, Security, Foreign Policy, Economics, and Domestic Politics
- Political Geography:
- Asia, South Korea, North America, and United States of America
13. The Economic Impact of Tax Changes, 1920–1939
- Author:
- Alan Reynolds
- Publication Date:
- 01-2021
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- Estimates of the elasticity of taxable income (ETI) investigate how high‐income taxpayers faced with changes in marginal tax rates respond in ways that reduce expected revenue from higher tax rates, or raise more than expected from lower tax rates. Diamond and Saez (2011) pioneered the use of a statistical formula, which Saez developed, to convert an ETI estimate into a revenue‐maximizing (“socially optimal”) top tax rate. For the United States, they found that the optimal top rate was about 73 percent when combining the marginal tax rates on income, payrolls, and sales at the federal, state, and local levels. A related paper by Piketty, Saez, and Stantcheva (2014) concluded that, at the highest income levels, the ETI was so small that comparable top tax rates as high as 83 percent could maximize short‐term revenues, supposedly without suppressing long‐term economic growth. Such studies could be viewed as part of a larger effort to minimize any efficiency costs of distortive taxation while maximizing assumed revenue gains and redistributive benefits.
- Topic:
- Economics, History, Tax Systems, and High-Income People
- Political Geography:
- North America, Global Focus, and United States of America
14. How Misaligned Incentives Hinder Foster Care Adoption
- Author:
- Isabella M. Pesavento
- Publication Date:
- 01-2021
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- Adoption, particularly adoption out of foster care, has not been well studied within the field of economics. Researchers may avoid this topic because the adoption market greatly deviates from a typical market, and the system and data collection are highly fragmented, with relatively little federal coordination. Rubin et al. (2007) and Thornberry et al. (1999) show that instability in foster care placements produces negative welfare outcomes, and Hansen (2006), Barth et al. (2006), and Zill (2011) demonstrate that adoption out of foster care is socially and financially beneficial. Yet, children waiting to be adopted out of foster care are in excess supply, which has been exacerbated in recent years. I hypothesize that this is, in part, due to misaligned incentives of government officials and the contracted foster care agencies. I show that earnings are prioritized over ensuring permanent child placement, which hinders the potential for adoption, and government oversight fails to correct such iniquities because of career interests.
- Topic:
- Economics, Government, Markets, Children, Incentives, Foster Care, and Adoption
- Political Geography:
- North America and United States of America
15. U.S. Trade Policy toward China: Learning the Right Lessons
- Author:
- Scott Lincicome
- Publication Date:
- 01-2021
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- Labor market and cultural disruptions in the United States are real and important, as is China’s current and unfortunate turn toward illiberalism and empire. But pretending today that there was a better trade policy choice in 2000—when Congress granted China “permanent normal trade relations” (PNTR) status and paved the way for broader engagement—is misguided. It assumes too much, ignores too much, and demands too much. Worse, it could lead to truly bad governance: increasing U.S. protectionism; forgiving the real and important failures of our policymakers, CEOs, and unions over the last two decades; and preventing a political consensus for real policy solutions. Indeed, that is happening now.
- Topic:
- International Relations, Economics, Markets, Bilateral Relations, Trade, and Protectionism
- Political Geography:
- China, Asia, North America, and United States of America
16. Lessons for the Fed from the Pandemic
- Author:
- John A. Allison
- Publication Date:
- 06-2021
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- The Covid‐19 pandemic greatly increased the scope and power of the Federal Reserve. The Fed created a number of new emergency lending facilities, which allowed it to make off‐balance sheet loans and buy the debt of corporations and municipalities through special purpose vehicles backstopped by the Treasury under the CARES Act. Meanwhile, the Fed’s large‐scale asset purchase program, known as quantitative easing (QE), was put on steroids after the pandemic struck in March 2020. The Fed has been purchasing longer‐term Treasuries and mortgage‐backed securities amounting to $120 billion per month, pushing the size of its balance sheet to an astonishing $7 trillion.
- Topic:
- Economics, Monetary Policy, Federal Reserve, Pandemic, and COVID-19
- Political Geography:
- North America and United States of America
17. A Reckoning Looms for America’s 50‐Year Financial Surveillance System
- Author:
- Michael J. Casey
- Publication Date:
- 06-2021
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- For all the upheaval of 2020, it’s perhaps not surprising that the 50‐year anniversary of a major piece of financial legislation came and went with little fanfare. But the 1970 U.S. Bank Secrecy Act (BSA) deserves much scrutiny.1 In mandating that financial institutions maintain customer identity records and report illicit activity to government agencies, the BSA was a landmark statute by any measure. It paved the way to an ever‐expanding system of international surveillance that’s a cornerstone of U.S. economic power.
- Topic:
- Economics, Government, Finance, and Surveillance
- Political Geography:
- North America and United States of America
18. Reflections on Monetary Policy and Its Future
- Author:
- Jeb Hensarling, Phil Gramm, and John B. Taylor
- Publication Date:
- 06-2021
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- The Fed’s huge balance sheet allows it to engage in credit policy (the composition of the balance sheet is by definition credit policy), which inherently auto‐resides in fiscal policy — but should auto‐reside with Congress. This discussion, moderated by John B. Taylor, took place at the Cato Institute’s 38th Annual Monetary Conference on November 19, 2020. The transcript has been edited for publication.
- Topic:
- Economics, Monetary Policy, Federal Reserve, and Credit
- Political Geography:
- North America and United States of America
19. How Milton Friedman Exploited White Supremacy to Privatize Education
- Author:
- Nancy MacLean
- Publication Date:
- 09-2021
- Content Type:
- Working Paper
- Institution:
- Institute for New Economic Thinking (INET)
- Abstract:
- This paper traces the origins of today’s campaigns for school vouchers and other modes of public funding for private education to efforts by Milton Friedman beginning in 1955. It reveals that the endgame of the “school choice” enterprise for libertarians was not then— and is not now--to enhance education for all children; it was a strategy, ultimately, to offload the full cost of schooling onto parents as part of a larger quest to privatize public services and resources. Based on extensive original archival research, this paper shows how Friedman’s case for vouchers to promote “educational freedom” buttressed the case of Southern advocates of the policy of massive resistance to Brown v. Board of Education. His approach—supported by many other Mont Pelerin Society members and leading libertarians of the day --taught white supremacists a more sophisticated, and for more than a decade, court-proof way to preserve Jim Crow. All they had to do was cease overt focus on race and instead deploy a neoliberal language of personal liberty, government failure and the need for market competition in the provision of public education.
- Topic:
- Economics, Education, Supreme Court, White Supremacy, Segregation, Private Schools, School Choice, and Public Schools
- Political Geography:
- North America and United States of America
20. 100 days of Biden’s new transatlantic strategy – where does Central and Eastern Europe stand?
- Author:
- Danielle Piatkiewicz
- Publication Date:
- 04-2021
- Content Type:
- Policy Brief
- Institution:
- Europeum Institute for European Policy
- Abstract:
- In her policy paper, our research fellow Danielle Piatkiewicz provides an in-depth review of President Biden’s first 100 days in office. Piatkiewicz particularly examines Biden's new transatlantic strategy and how it affects the Central and Eastern Europe region. So far, the US administration’s focus on tackling immediate shared threats has called upon their EU allies to take a stronger role and to continue to invest in its own defense capabilities. This includes not just investing in stronger NATO cooperation, but also the strengthening of economic and security support in CEE region through various avenues. For the CEE region, it will be a true test to see how they adapt towards a Biden administration – the deterioration of democratic processes and rule of law will certainly come to haunt the region, but the question remains to what extent? For Poland and Hungary, whose relations flourished under Trump’s administration, may have to reevaluate their posture to adhere to the pro-democratic policies that the Biden administration will certainly call for, and this can lead to a splintering within the V4 particularly between Slovakia, Czech Republic and Poland and Hungary.
- Topic:
- Security, NATO, Economics, Transatlantic Relations, and Joe Biden
- Political Geography:
- Eastern Europe, Poland, Hungary, North America, Czech Republic, Central Europe, and United States of America
21. Transatlantic Paralysis: The US-EU Trade Policy Stalemate and the European Union’s Democratic Deficit
- Author:
- Thomas J. Duesterberg
- Publication Date:
- 04-2021
- Content Type:
- Policy Brief
- Institution:
- Hudson Institute
- Abstract:
- What is often labeled the democratic deficit in governance of the European Union (EU) is not a a flaw or bug in its architecture, it is a design feature. From its earliest days in the Second World War’s chaotic aftermath, European integration “was essentially an elite project, pursued at a distance from the daily concerns of the national populations in Western Europe.” Also formed as a response to the economic disintegration following the Depression and World War Two, the General Agreement on Tariffs and Trade (GATT) was similarly removed from national or populist politics. It too was an elite, top-down initiative designed to embed nations in a system of international rules largely articulated by technical experts, enforced by a form of international courts, and far removed from national and populist politics. Many of the intellectual proponents of both supranational institutions, from the Austrian School of economics, the ordoliberals emerging in early-20th century Germany, to the London School of Economics indeed shared a distrust of American-style democracy, let alone the various parliamentary democracies whose failure led to the disasters of the 1930s and 1940s. Over the last fifty years, the institutions put in place after World War II have been perfected and have, to a certain extent, ossified. Many of the difficulties in achieving greater US-EU economic coordination in the 21st century have their origins in the institutional design and the subsequent early implementation of early European Community rules during the post-war period. A brief overview of the history of European integration, and the political thinking behind it, helps explain the current paralysis in contemporary transatlantic cooperation, including in a joint approach to the challenge of Chinese mercantilism and its growing international reach.
- Topic:
- Economics, Governance, Democracy, Trade, and Transatlantic Relations
- Political Geography:
- Europe, North America, and United States of America
22. Containing Crisis: Strategic Concepts for Coercive Economic Statecraft
- Author:
- Emily Kilcrease, Emily Jin, and Rachel Ziemba
- Publication Date:
- 12-2021
- Content Type:
- Special Report
- Institution:
- Center for a New American Security
- Abstract:
- As the United States and China seek to manage an increasingly tense relationship, both sides have turned to coercive economic statecraft as a core part of their broader foreign policy, with disruptive impacts on the global economic order. A growing body of research examines the use of coercive economic tools, including prior work by the CNAS Energy, Economics, and Security program. This report adds to that literature by specifically examining the use of coercive economic tools during periods of geopolitical crisis to assess their value in de-escalating tensions or deterring further economic coercion. The researchers developed scenario exercises to examine these dynamics, supported by a literature review and extensive engagement with subject matter experts. The insights from the research informed the development of two overarching strategic concepts intended to guide U.S. policymakers when deploying economic tools as part of a crisis management situation.
- Topic:
- Security, Foreign Policy, Economics, Bilateral Relations, and Crisis Management
- Political Geography:
- China, Asia, North America, and United States of America
23. Changing Dynamics of Pak-US Relations and the Challenge of Soft Power
- Author:
- Moonis Ahmar
- Publication Date:
- 05-2021
- Content Type:
- Special Report
- Institution:
- LSE IDEAS
- Abstract:
- There is a history of ups and downs in Pak-US relations since early 1950s till today. From the period of alliances to ostensible hostility and indifference, the changing dynamics of Pak-US relations must be analysed from a pragmatic point of view where power, national interests, security and sovereignty matter. Furthermore, mistrust, suspicions, ill-will and paranoia still influence the political, security, economic and power dynamics of relations between Pakistan and the United States. This research follows the theory of soft power due to two main reasons. First, instead of being a ‘patron-client’ relationship, PakUS relations could be transformed by focusing on diplomacy, trade and technology instead of threats and coercion. Second, President Obama’s policy of ‘do more’ for Pakistan in combating terrorism in Afghanistan proved to be counterproductive as anti-Americanism surged in Pakistan. Overcoming the bitterness of the past in Pak-US relations will be a major challenge to the Biden-Harris administration. Moving forward in Pak-US relations will require political will, determination, prudence and trust from both sides. It is up to the leadership from both countries to foster trust and take confidence building measures which can transform their relations from patron-client to partners in progress. Shift from geopolitics to geoeconomics will ensure a win-win situation for both sides in the years to come.
- Topic:
- Economics, Violent Extremism, Democracy, Geopolitics, and Soft Power
- Political Geography:
- Pakistan, South Asia, North America, and United States of America
24. How Can America Challenge China's Political Ambitions in an Age of Deglobalisation?
- Author:
- Dimitri Zabelin
- Publication Date:
- 09-2021
- Content Type:
- Working Paper
- Institution:
- LSE IDEAS
- Abstract:
- COVID-19 has accelerated the trend of deglobalisation and further entrenched China into the growing political and economic fort of Asia. This has made the US less effective at implementing policies aimed at curbing Beijing’s political ambitions and strength in the region. Washington must therefore make itself indispensable in Asia and employ strategies for bringing China into a global network that can collectively reign in the Asian giant’s growing influence.
- Topic:
- Economics, Politics, Strategic Competition, and COVID-19
- Political Geography:
- China, Asia, North America, and United States of America
25. Medical Security, Covid Challenge and the U.S. - Japan Alliance
- Author:
- Kent Calder
- Publication Date:
- 12-2021
- Content Type:
- Journal Article
- Journal:
- Fletcher Security Review
- Institution:
- The Fletcher School, Tufts University
- Abstract:
- National security has been classically conceived as a narrowly military and state-centric concept, especially in the Western industrial world. Security is, generations of strategists and statesmen have told us, a matter of defending core nation-state values and interests by force of arms. Two world wars across the first half of the twentieth century, and a long nuclear confrontation to follow, engrained this military and state-centric conception deeply into global consciousness and public discourse. The tragic COVID-19 crisis now confronting us suggests that this logic may be flawed, or at least oversimplified. Over 2.3 million people worldwide died in the first year of this global pandemic, with well over 100 million infected. These figures are likely understated.44 Untold millions of people continue to suffer from “long COVID” maladies around the world.
- Topic:
- Economics, Health, National Security, COVID-19, and Health Crisis
- Political Geography:
- Japan, Asia, North America, and United States of America
26. Methane Emission Controls: Redesigning EPA Regulations for Greater Efficacy
- Author:
- Robert Kleinberg
- Publication Date:
- 10-2021
- Content Type:
- Commentary and Analysis
- Institution:
- Center on Global Energy Policy (CGEP), Columbia University
- Abstract:
- Natural gas holds a critical role in the US energy economy, providing 32 percent of primary energy evenly distributed among electric power generation, industrial use, and residential and commercial consumption (LLNL 2020). As countries set targets to minimize climate change, however, widespread reliance on fossil fuels, with their attendant greenhouse gas emissions, is being scrutinized. Methane, the main constituent of natural gas, is second only to carbon dioxide in its contribution to greenhouse gas warming (Kleinberg 2020). It holds the potential to be a primary driver of global average temperature change between now and 2050—no matter what progress is made in controlling increases of atmospheric carbon dioxide over the next thirty years (Shindell et al. 2012). Half of global methane emissions come from natural sources, such as swamps and seeps, and half from anthropogenic sources, such as agriculture and fossil fuels. Regulations curbing methane emissions from the oil and gas industry are essential to mitigating global climate change over the next three decades. In the United States, current regulations were devised at a time when the technology for the measurement of natural gas emissions was relatively immature. Comprehensive performance-based regulations were not an option, and because of this, many regulations put in place were highly prescriptive. Data show these regulations have been largely ineffective. This commentary examines the potential to reduce emissions of methane from oil and natural gas infrastructure. It begins with a brief history of natural gas regulations and the effectiveness of rulemaking, before exploring unregulated and underregulated sources of methane. This is followed by a discussion about improvements in measurement capabilities and how regulations could be used to more effectively address methane emissions. This work shows the complexities of oil and gas production do not lend themselves to prescriptive regulation. Performance-based regulation, including quantitative compliance monitoring, would engage the talents of thousands of engineers, encouraging them to solve problems using locally appropriate solutions rather than relying on a prescriptive checklist approach that cannot anticipate every eventuality. The key to performance-based regulation is accurate measurement, and this capability has improved rapidly in recent years. Aircraft-based, facility-scale measurements encompassing tens of thousands of facilities spread over tens of thousands of square kilometers are economically viable and increasingly common. Permanently installed continuously monitoring sensors show promise in detecting intermittent sources; oil field pilot studies are underway. However, aircraft- and ground-based facility-scale measurements are not compliant with the current regulatory regime, which focuses on individual components. Therefore, the current regulatory regime must be completely rethought. (A comprehensive exposition of this topic, with evidentiary support, has been submitted to the Environmental Protection Agency [Kleinberg 2021b].)
- Topic:
- Economics, Energy Policy, Natural Resources, Gas, and Methane
- Political Geography:
- North America and United States of America
27. Seizing a Historic Opportunity: the U.S.-DRC Privileged Partnership for Peace and Prosperity
- Author:
- Michael A. Hammer
- Publication Date:
- 11-2021
- Content Type:
- Journal Article
- Journal:
- The Ambassadors Review
- Institution:
- Council of American Ambassadors
- Abstract:
- The Congolese people have endured a tragic history, first at the hands of a colonial power and, since gaining independence, from its own homegrown rulers. A country with ample supplies of strategic minerals and natural resources has become dependent on considerable international humanitarian assistance and peacekeeping support to avoid a further calamity. Yet out of an imperfect electoral transition in 2019, the Democratic Republic of the Congo can break with the past and achieve substantial progress. Despite Congo’s unpredictability and legendary challenges, one constant has been clear throughout my time in Kinshasa: there is presently an opportunity for real change. One can envision how sustained good governance that channels resources toward development could rapidly transform this struggling nation. If President Tshisekedi can embody the vision he has ambitiously laid out, it is possible to achieve a rapid transformation of this struggling nation. But DRC cannot do it alone. Since the U.S. is a committed, reliable and long-term partner of the Congolese people and their government, it is incumbent on us to step up and make a difference. Still, given the enormity of the task at hand, U.S. interagency efforts in support of the DRC must be sustained over time even if there are setbacks and if progress is painfully slow. This is an investment well worth making!
- Topic:
- Security, Economics, International Cooperation, Military Strategy, Transition, and Prosperity
- Political Geography:
- Africa, North America, United States of America, and Democratic Republic of Congo
28. Mexico: Highest U.S. Priority in the Western Hemisphere
- Author:
- Earl Anthony Wayne
- Publication Date:
- 11-2021
- Content Type:
- Journal Article
- Journal:
- The Ambassadors Review
- Institution:
- Council of American Ambassadors
- Abstract:
- The most important bilateral relationship in Latin America for the United States is that with Mexico. Mexico is one of America’s top two trade partners and largest export markets. Economic ties support millions of jobs on both sides of the border. Mexico is an indispensable partner in improving management of migration across the southern border. Cooperation with Mexico is essential to getting a better handle on the deadly flows of drugs into the U.S. from Mexico, as well as getting better control over the billions of dollars of drug sale profits and illicit arms headed to criminal groups in Mexico. Mexico-U.S. is the quintessential example of an “inter-mestic” relationship: many of the key issues are simultaneously international and domestic for both countries. The historic, family and cultural links between these two neighbors add to the complexity and politically sensitive challenges for both governments in their efforts to guide the relationship well. For Mexico and the United States, no other international relationship has more day-to-day impact on the daily lives of their citizens. Both U.S. President Joseph Biden and Mexico’s President Andres Manuel Lopez Obrador (AMLO) have much to lose if the bilateral relationship goes off the rails. Yet they have some significant differences in policy priorities and in their capacities to deliver effective cooperation. Biden came to office with a deep understanding of Mexico and the region, having worked on these issues as Vice President in the Barack Obama Administration. Lopez Obrador realizes the importance of economic ties with the U.S. for his country’s well-being but has long been hesitant to be too close to Mexico’s big northern neighbor on other issues, such as public security and ownership of energy resources and networks. The Biden Administration is trying to build trust for broader cooperation through high-level visits to forge new cooperation mechanisms, generous vaccine donations, and with patience where priorities differ. The two governments are working toward a presidential meeting, building cooperation and establishing working dialogues on migration, commerce, security, pandemic recovery and the environment.
- Topic:
- Security, Economics, Regional Cooperation, Bilateral Relations, and Immigration
- Political Geography:
- North America, Mexico, and United States of America
29. Securing macroeconomic and monetary stability with a Federal Reserve–backed digital currency
- Author:
- Julia Coronado and Simon Potter
- Publication Date:
- 03-2020
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The US monetary system faces significant challenges from advances in technology and changes in the macroeconomy that, left unaddressed, will threaten the stability of the US economy and financial system. At the same time, low interest rates mean that central banks will not have the policy ammunition they had in the past during the next recession. The Federal Reserve needs new tools to meet its mandates of price stability and maximum employment. It also needs to preserve the safety and soundness of the financial system in a rapidly digitizing world. The authors propose a Fed-backed digital currency to solve both problems. Their proposal creates a regulated system of digital currency accounts for consumers managed by digital payment providers and fully backed by reserves at the Fed. The system would be limited in size, to preserve the functions and stability of the existing banking system. Fed backing would mean low capital requirements, which would in turn facilitate competition. Low fees and no minimum balance requirements in the new system would also help financial institutions reach the roughly 25 percent of the US population that is currently either unbanked or underbanked. Digital accounts for consumers could also provide a powerful new stabilization tool for both monetary and fiscal policies. For fiscal policy, it could facilitate new automatic stabilizers while also allowing the Fed to provide quantitative easing directly to consumers. This tool could be used in a timely manner with broad reach to all Americans.
- Topic:
- Economics, Government, Monetary Policy, Banks, and Macroeconomics
- Political Geography:
- North America and United States of America
30. Reviving the potency of monetary policy with recession insurance bonds
- Author:
- Julia Coronado and Simon Potter
- Publication Date:
- 04-2020
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- In the second part of their Policy Brief, Coronado and Potter discuss how the system of digital payment providers (DPPs) proposed in their first Policy Brief on this topic adds a new weapon to the monetary toolkit that could be implemented in a timely, effective, and inclusive manner. They describe how a digital currency backed by the Federal Reserve could augment automatic fiscal stabilizers and—more importantly—harness the power of “helicopter” money or quantitative easing directly to consumers in a disciplined manner. To implement QE directly to consumers, Coronado and Potter propose the creation of recession insurance bonds (RIBs)—zero-coupon bonds authorized by Congress and calibrated as a percentage of GDP sufficient to provide meaningful support in a downturn. Congress would create these contingent securities; Treasury would credit households’ digital accounts with them. The Fed could purchase them from households in a downturn after its policy rate hits zero. The Fed’s balance sheet would grow by the value of RIBs purchased; the initial matching liability would be deposits into the DPP system. The mechanism is easy for consumers to understand and could boost inflation expectations more than a debt-financed fiscal stimulus could.
- Topic:
- Economics, Government, Monetary Policy, and Insurance
- Political Geography:
- North America and United States of America
31. Export controls: America’s other national security threat
- Author:
- Chad P. Bown
- Publication Date:
- 05-2020
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- While the public was transfixed by the Trump administration’s policies alleging that imports were a threat to America’s national security during 2017–20, there was a concomitant and more quiet US policy shift on the export side. Addressing the national security threat presented by exports posed different economic and institutional challenges from those associated with import policy, including the acknowledgment that export controls for legitimate national security reasons can be the first-best policy to confront the problem at its source. Yet, export controls could also be misused as a beggar-thy-neighbor policy to redistribute economic well-being across countries, even from one ally to another. This paper describes how US export control policy evolved over 2017–20, as well as the international institutions—first the Coordinating Committee for Multilateral Export Controls (COCOM), then the Wassenaar Arrangement—historically tasked with multilateralizing US export restrictions used to protect national security. With the potential for US export control policy to brush up more frequently against WTO rules designed to limit the use of export restrictions, the paper also highlights new challenges for the WTO’s system of resolving trade disputes. Overall, a US failure to strike the right balance for its export control policy would result in it being ineffective at addressing national security risks, costly for the economy, and problematic for trade and diplomatic relations.
- Topic:
- Economics, Government, National Security, Exports, and Trade
- Political Geography:
- North America and United States of America
32. A New Policy Toolkit Is Needed as Countries Exit COVID-19 Lockdowns
- Author:
- Olivier Blanchard, Thomas Philippon, and Jean Pisani-Ferry
- Publication Date:
- 06-2020
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The measures that most governments took in response to the sudden collapse in economic activity during the COVID-19 lockdowns nearly exclusively focused on protecting vulnerable workers and firms. These measures included unemployment benefits, grants, transfers, loans at low rates, and tax deferrals. As lockdowns are lifted, governments must shift policies toward supporting the recovery and design measures that will limit the pain of adjustment while preserving productive jobs and firms. This Policy Brief explores how such measures can be designed, with particular emphasis on Europe and the United States. The authors propose a combination of unemployment benefits to help workers, wage subsidies and partially guaranteed loans to help firms, and debt restructuring procedures for small and medium-sized companies handicapped by excessive legacy debt from the crisis.
- Topic:
- Debt, Economics, Government, Labor Issues, Unemployment, and Coronavirus
- Political Geography:
- Europe, North America, and United States of America
33. To what extent are tariffs offset by exchange rates?
- Author:
- Olivier Jeanne
- Publication Date:
- 01-2020
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- In theory, tariffs are partially offset by a currency appreciation in the tariff-imposing country or by a depreciation in the country on which the tariff is imposed. Based on a calibrated model, this paper finds that US tariffs imposed in 2018 should not have had a large impact on the dollar but may have significantly depreciated the renminbi. This prediction is consistent with a high-frequency event analysis looking at the impact of tariff-related news on the dollar and the renminbi. Tariff-related news explains about one-third of the renminbi depreciation observed in 2018.
- Topic:
- Economics, Tariffs, Exchange Rate Policy, and Currency
- Political Geography:
- North America and United States of America
34. A program for strengthening the Federal Reserve's ability to fight the next recession
- Author:
- David Reifschneider and David Wilcox
- Publication Date:
- 03-2020
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- If the Federal Reserve does not decisively change the way it conducts monetary policy, it will probably not be capable of fighting recessions in the future as effectively as it fought them in the past. This reality helped motivate the Fed to undertake the policy framework review in which it is currently engaged. Researchers have suggested many steps the Fed could take to improve its recession-fighting ability; however, no consensus has emerged as to which of these steps would be both practical and maximally effective. This paper aims to fill that gap. It recommends that the Fed commit as soon as possible to a new approach for fighting recessions, involving two key elements. First, the Fed should commit that whenever it runs out of room to cut the federal funds rate further, it will leave the rate at its minimum level until the labor market recovers and inflation returns to 2 percent. Second, the Fed should commit that under the same circumstances, it will begin to purchase longer-term assets in volume and will continue such purchases until the labor market recovers. If the forces driving the next recession are not unusually severe, this framework might allow the Fed to be as effective at fighting that recession as it was in the past. If the next recession is more severe, however, the Fed will probably run out of ammunition even if it takes the two steps recommended here. Therefore, both monetary and fiscal policymakers should consider yet other steps they could take to enhance their ability to fight future recessions.
- Topic:
- Economics, Monetary Policy, and Federal Reserve
- Political Geography:
- North America, Global Focus, and United States of America
35. Why Trump shot the sheriffs: The end of WTO dispute settlement 1.0
- Author:
- Chad P. Bown and Soumaya Keynes
- Publication Date:
- 03-2020
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- On December 10, 2019, the World Trade Organization’s (WTO) 25-year-old system of resolving disputes broke down. This paper explains why. It describes the dysfunctional system that preceded the WTO, when the United States dealt with politically troublesome imports by using voluntary export restraints and increasingly resorted to the “aggressively unilateral” Section 301 policy to resolve trade concerns. The WTO was a compromise between the rest of the world and the United States, whereby the latter accepted some constraints with the expectation that the new system of binding dispute settlement would serve its interests. But although the creation of the WTO resolved some concerns about American unilateralism in the short term, its system of handling disputes turned out to be politically unsustainable.
- Topic:
- Economics, World Trade Organization, Trade, and Donald Trump
- Political Geography:
- North America and United States of America
36. The U.S. Fight against Coronavirus
- Author:
- Marek Wąsiński and Mateusz Piotrowski
- Publication Date:
- 03-2020
- Content Type:
- Special Report
- Institution:
- The Polish Institute of International Affairs
- Abstract:
- The coronavirus outbreak is spreading throughout the United States. After its initial underestimation of the threat, the Trump administration has acted to fight against the pandemic, including the introduction of a national emergency. The effectiveness of these actions will be an important factor in whether Trump is re-elected. The limits on social life despite the enormous financial support from the government and the Federal Reserve have dramatically slowed the economy, heading into a recession. Public debt will increase much more rapidly, which may force budget cuts in the coming years.
- Topic:
- Economics, Government, Health, Financial Crisis, Health Care Policy, Crisis Management, Donald Trump, and Coronavirus
- Political Geography:
- North America and United States of America
37. Sanctions and the End of Trans-Atlanticism: Iran, Russia, and the Unintended Division of the West
- Author:
- Rawi Abdelal and Aurélie Bros
- Publication Date:
- 01-2020
- Content Type:
- Policy Brief
- Institution:
- Institut français des relations internationales (IFRI)
- Abstract:
- Sanctions have become the dominant tool of statecraft of the United States and other Western states, especially the European Union, since the end of the Cold War. But the systematic use of this instrument may produce unintended and somewhat paradoxical geopolitical consequences. The sanctions imposed on the Islamic Republic of Iran and the Russian Federation in the field of energy are particularly illustrative of this phenomenon.
- Topic:
- Economics, Energy Policy, Sanctions, Geopolitics, Secondary Sanctions, and Transatlantic Relations
- Political Geography:
- Russia, Iran, Middle East, North America, and United States of America
38. Preferential Trade Agreements vs. Multilateralism: In the New Trump-World, Does Canada Face an Impossible Choice?
- Author:
- Judit Fabian
- Publication Date:
- 03-2020
- Content Type:
- Policy Brief
- Institution:
- Urban Institute
- Abstract:
- International trade is often framed in starkly divergent terms: either countries choose multilateral trade agreements (MTAs) and advance the cause of global economic liberalization, or they choose preferred trade agreements (PTAs) and put the entire system at risk. Canada has a long track record of pursuing PTAs and with the Trump administration’s opposition to multilateralism, and longstanding opposition in elements of the Republican and Democratic parties, this trend will likely continue. The question is whether progress will come at the expense of the global trade system. Some economists believe PTAs to be trade-diverting, reducing trade with more efficient producers outside the agreement. Others insist that PTAs can create trade by shifting production to lower-cost producers in one of the participating countries. One prominent contrary argument holds that PTAs lead to discontinuities in tariff regimes between countries and regions, increasing transaction costs, disrupting supply chains, creating opportunities for corruption and harming global welfare, especially in developing nations. While debate continues about the effects of PTAs, a closer examination suggests that worries are overblown about their negative impacts on global trade flows. Evidence indicates that they support rather than harm the international trading system. Countries shut out of PTAs are more motivated to seek out agreements in new markets, increasing liberalization overall. They may also seek a reduction in most-favoured nation (MFN) tariffs, which would deprive PTAs of their major tariff benefits. Studies have found complementarity between preferential and MFN tariffs, revealing that PTAs promote external trade liberalization. Even if a PTA reduces a given country’s incentive to push for multilateral liberalization, it raises the odds of that country liberalizing its trade to avoid getting left behind. PTAs are a response to the difficulties of securing sweeping multilateral agreements. The World Trade Organization (WTO) Agreements authorize them under GATT Article XXIV, GATS Article V, and the enabling clause, and the WTO facilitates a degree of governance over PTAs through its dispute settlement process. Over the past 25 years, countries have adopted these deals at a rapid pace. Between 1994 and 2005, the number of PTAs increased from 50 to 200. By April 2018, 336 were in effect. At the same time, global trade has increased significantly. Between 1994 and 2010, the volume of world merchandise exports more than doubled. The proliferation of PTAs has resulted in a rise in international trade governance, because the countries involved shape their relationships in line with the WTO agreements. This juridification makes PTAs subordinate to the international system rather than giving them room to dissolve it. Canada should therefore have no fear of pursuing PTAs within the larger framework of the effort to achieve multilateral trade liberalization.
- Topic:
- Economics, International Trade and Finance, Governance, Trade, and Donald Trump
- Political Geography:
- Canada, North America, and United States of America
39. The Essence of the Strategic Competition with China
- Author:
- Michael J. Mazarr
- Publication Date:
- 10-2020
- Content Type:
- Journal Article
- Journal:
- PRISM
- Institution:
- Institute for National Strategic Studies (INSS), National Defense University
- Abstract:
- U.S. national security strategy and defense policy have come to focus on China as the primary emphasis in the “strategic competition” outlined by recent U.S. strategy documents. Outside government, an avalanche of recent reports and essays lays out the China challenge in sometimes fervent terms, depicting an ideologically threatening revisionist state with malign intentions. As the Financial Times columnist Martin Wolf put it recently, “Across-the-board rivalry with China is becoming an organizing principle of U.S. economic, foreign and security policies.
- Topic:
- Security, Economics, International Cooperation, Hegemony, and Strategic Competition
- Political Geography:
- China, Asia, North America, and United States of America
40. Stronger Together: A Strategy to Revitalize Transatlantic Power
- Author:
- Cathryn Clüver Ashbrook, Daniela Schwarzer, Christian Mölling, and Sophia Becker
- Publication Date:
- 12-2020
- Content Type:
- Special Report
- Institution:
- German Council on Foreign Relations (DGAP)
- Abstract:
- The Harvard Kennedy School (HKS) and the German Council on Foreign Relations (DGAP) convened a strategy group of experts and former government officials from the United States and Europe over the past year to discuss the crisis in the transatlantic relationship and to propose a strategy to revive and strengthen it.
- Topic:
- Security, Foreign Policy, Economics, Energy Policy, Government, Science and Technology, Partnerships, Democracy, Trade, and Transatlantic Relations
- Political Geography:
- Russia, China, Europe, Middle East, North Africa, North America, and United States of America
41. Today’s Infrastructure Improvements Will Drive Tomorrow’s Economy
- Author:
- Committee for Economic Development of the Conference Board
- Publication Date:
- 03-2020
- Content Type:
- Policy Brief
- Institution:
- The Conference Board
- Abstract:
- Few issues enjoy such broad bipartisan consensus as the failings of American infrastructure. Roughly two-thirds of Americans rate their own local roads as only in fair or poor condition, and a similar proportion say that the country is not doing enough to meet infrastructure needs, making infrastructure a top-tier issue in 2020. With Treasury Secretary Steven Mnuchin signaling that infrastructure spending is a priority for the administration if economic stimulus is required to address slowdowns in the economy due to COVID-19, the US approach to infrastructure projects is poised to become an even more pressing issue. Modern, effective infrastructure is an essential requirement for national commerce—and for growing and widely shared prosperity—even as changes in technology drive changes in infrastructure requirements. While definitions vary, a 2019 Trump administration executive order defined infrastructure projects as those relating to surface transportation; aviation; ports; water resources projects; energy production, generation, storage, transmission, and distribution; broadband internet; pipelines; stormwater and sewer infrastructure; drinking water infrastructure; and cybersecurity. Efficient investment in cutting-edge infrastructure connects businesses and workers to more opportunities, increases productivity, and undergirds American competitiveness. Thus, US infrastructure is vital to sustain capitalism and maintain US economic leadership. However, the US routinely lags other advanced nations in infrastructure quality and, when considering the size of its economy, infrastructure investment.
- Topic:
- Economics, Infrastructure, and Economy
- Political Geography:
- North America and United States of America
42. The Economic Impact of McCarran (Las Vegas) Airport
- Author:
- Oxford Economics
- Publication Date:
- 01-2020
- Content Type:
- Commentary and Analysis
- Institution:
- Oxford Economics
- Abstract:
- McCarran and its sister airports bring widespread benefit to the Las Vegas region. Oxford Economics found that 25% of all jobs in the region are supported by airport operations and that the benefit is widespread. For example, passengers arriving by air support over 115,000 jobs in the hospitality and leisure industry and 11,000 jobs in manufacturing and related activities are supported by cargo operations. Just as importantly, direct access from McCarran to global markets help Las Vegas diversify its economy and attract new companies to the region.
- Topic:
- Economics, Tourism, Job Creation, and Travel
- Political Geography:
- North America, United States of America, and Las Vegas
43. Illicit Cigarette Consumption in Mexico
- Author:
- Oxford Economics
- Publication Date:
- 09-2020
- Content Type:
- Commentary and Analysis
- Institution:
- Oxford Economics
- Abstract:
- This research seeks to quantify the size and scale of the illicit consumption of cigarettes in Mexico, as well as the impact on government revenues, for the most recent 12-month period pre-Coronavirus.
- Topic:
- Economics, Governance, Illegal Trade, and Consumerism
- Political Geography:
- North America and Mexico
44. A Global Survey of US-China Competition in the Coronavirus Era
- Author:
- Eric B. Brown, Patrick M. Cronin, H.R. McMaster, Husain Haqqani, Aparna Pande, Satoru Nagao, John Lee, Seth Cropsey, Peter Rough, Liselotte Odgaard, Blaise Misztal, Douglas J. Feith, and Michael Doran
- Publication Date:
- 05-2020
- Content Type:
- Special Report
- Institution:
- Hudson Institute
- Abstract:
- The outbreak of the novel coronavirus has introduced a series of new stresses and factors in the US-China relationship. While the world has struggled to contain the pandemic and its tragic repercussions, the People’s Republic of China has used the outbreak to launch a global campaign of misinformation, further its economic coercion through the Belt and Road Initiative, and continue military expansion efforts in the South China Sea. China’s attempt to exploit the pandemic for political, strategic, and economic gain is problematic in the current environment, yet it is consistent with, and a continuation of, China’s long-term strategy. This report offers a global survey and assessment of attempts by the Chinese Communist Party (CCP) to expand its influence, including by exploiting the pandemic. As the United States and its allies focus on combatting the virus and salvaging their economies, there is an opportunity to better understand China’s strategy and develop a unified response.
- Topic:
- International Relations, Foreign Policy, Economics, Strategic Competition, and COVID-19
- Political Geography:
- China, South Asia, Asia, North America, and United States of America
45. Next Steps for US Trade, Manufacturing, and Supply Chains After COVID-19
- Author:
- Thomas J. Duesterberg
- Publication Date:
- 07-2020
- Content Type:
- Special Report
- Institution:
- Hudson Institute
- Abstract:
- The imperative to return supply chains to the United States for products important to national defense, medical security, and competitiveness in key industrial and technology sectors is not new. The explosive growth of the Chinese manufacturing sector, its mercantilist challenge to the world trading system, and its impact on jobs and industrial leadership in the United States is well known and well documented. This challenge has prompted new research and policies to help reverse the erosion of US supply chains. US technology leadership has been undermined by China’s forced technology transfer, theft of intellectual property, and subsidization of traditional and new higher technology sectors. In turn, the loss of global markets and US manufacturing jobs have resulted in social problems of increasing devastation to communities in industrial areas. China’s economic growth depends, in a historically unprecedented way, on its export model and the suppression of domestic consumption. This results in a cycle of overproduction, expansion of external spheres of economic influence, and dumping of products abroad. In recent years, the United States has begun to challenge the Chinese model. However, much work remains to be done to accomplish the goal of ending mercantilist practices, establishing a level playing field for US producers, and reinvigorating domestic production. Critical supply chains for US national defense and high technology leadership have become overly dependent on China and other foreign sources. The vulnerability of supply chains has been demonstrated by interruptions in supply of key materials by both natural disasters and political decisions such as Beijing’s cutoff of rare earth metals a decade ago. More recently, in July 2020, the production of critical personal protective equipment was interrupted by massive flooding in the interior of China. Beyond Beijing’s unfair practices, China is a continental economy with the ambition to displace the United States as the leader in the global economy of the 21st century and has the economies of scale to represent a serious, long term threat to US leadership and markets. The COVID-19 pandemic has accelerated these preexisting trends and underscores the importance of bringing industrial supply chains, including medical products, back to the United States. First, the cut-off of medical supplies, not just from China but from Europe and other allies, brought the vulnerabilities of relying on outside sourcing into clearer and more immediate focus. Ninety countries blocked the exports of medical products during the early months of the pandemic. Second, border closures around the world, even within the European Union (EU), added to the worries about supply chain interruptions, including for workers and logistics. Seventy percent of the world’s points of entry restricted foreign travelers at some point as the pandemic grew. Third, border closures and supply chain interruptions increased tensions between nations, especially between the United States and China, which was criticized for its suppression of information at the start of the pandemic. Beijing’s brazen imposition of a new security law in Hong Kong while the world was preoccupied by the pandemic further eroded its global standing, especially in Europe. Fourth, the economic collapse due to the pandemic response again focused attention on the need to create more domestic jobs, including those in the hard-hit industrial sector. Finally, all these developments led allies such as the United Kingdom, Japan, and the EU to advance new policies meant to bring production back to home territories. These trends support initiatives to increase the resiliency of domestic production, even beyond the parameters of defense and medical security.
- Topic:
- Economics, Science and Technology, Manufacturing, Trade, COVID-19, and Supply Chains
- Political Geography:
- China, Asia, North America, and United States of America
46. Comovement of Home Prices: A Conditional Copula Approach
- Author:
- Lei Hou, Wei Long, and Qi Li
- Publication Date:
- 02-2020
- Content Type:
- Working Paper
- Abstract:
- Even though housing markets in different areas are relatively localized, regional home prices have become closely correlated and tend to be simultaneously affected by many national economic factors. In this paper, through the dynamic copula model, we confirm that regional home price dependence is time-varying and the conventional time-invariant copulas underestimate the degree of dependence during economic expansions and recessions. In essence, the U.S. residential real estate market has become more integrated since the mid-1980s. Using the conditional copula model, we further identify how the dependence among regional housing markets evolves along with some fundamental economic factors such as unemployment rate and interest rate. These findings can help investors and home buyers to better identify and evaluate the systematic risk in the nationwide housing market.
- Topic:
- Economics, Unemployment, and Housing
- Political Geography:
- China, Asia, North America, and United States of America
47. The U.S.-China Trade War: Is There an End in Sight?
- Author:
- Simon Lester and Huan Zhu
- Publication Date:
- 01-2020
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- Donald Trump was a trade “hawk” long before he became president. In the late 1980s, he went on the Oprah Winfrey show and complained about Japan “beating the hell out of this country” on trade (Real Clear Politics 2019). As president, he has continued with the same rhetoric, using it against a wide range of U.S. trading partners, and he has followed it up with action (often in the form of tariffs). While many countries have found themselves threatened by Trump’s aggressive trade policy, his main focus has been China. As a result, the United States and China have been engaged in an escalating tariff, trade, and national security conflict since July 2018, when the first set of U.S. tariffs on China went into effect and China retaliated with tariffs of its own. In this article, we explore the U.S.-China economic conflict, from its origins to the trade war as it stands today. We then offer our thoughts on where this conflict is heading and when it might end.
- Topic:
- Economics, International Trade and Finance, Tariffs, Trade Wars, and Donald Trump
- Political Geography:
- China, Asia, North America, and United States of America
48. Striking a Blow for Unity? Race and Economics in the 2010 New Orleans Mayoral Election
- Author:
- Marek Steedman, Iliyan Iliev, Marcus Coleman, and Allan McBride
- Publication Date:
- 01-2020
- Content Type:
- Journal Article
- Journal:
- Political Science Quarterly
- Institution:
- Academy of Political Science
- Abstract:
- Marek Steedman, Iliyan Iliev, Marcus Coleman, and Allan McBride analyze the 2010 New Orleans mayoral election. They find that racial, economic, and partisan context affected voting behavior. They argue that analytical approaches that account for the effects of social context on political behavior are important to understanding urban politics.
- Topic:
- Economics, Race, Elections, Political Science, and Urban
- Political Geography:
- North America and United States of America
49. Billionaires and Stealth Politics, Benjamin I. Page, Jason Seawright and Matthew J. Lacombe
- Author:
- David Szakonyi
- Publication Date:
- 01-2020
- Content Type:
- Journal Article
- Journal:
- Political Science Quarterly
- Institution:
- Academy of Political Science
- Abstract:
- As the 2020 presidential campaign heats up, the issue of billionaires ascendant within American politics will once again take center stage. The country could see another billionaire candidate challenge the incumbent billionaire president, whose many informal advisers and cabinet members run in similar circles. Several ultrarich elites will inevitably break new records with their individual campaign contributions. A voter could be forgiven for thinking that billionaires have publicly co-opted the political system. In a much-needed new book Billionaires and Stealth Politics, Benjamin I. Page, Jason Seawright, and Matthew J. Lacombe argue that these public actions are just the tip of the iceberg. For all the money billionaires invest in campaigns, parties, and issues, only rarely do they say anything in public to explain their preferences or reasons for pursuing specific aims. Billionaires engage in what the authors term stealth politics: they are extremely active in politics but remain intentionally quiet about the extent of their activities and influence. That silence is even more deafening with regard to issues where billionaires diverge from their less affluent fellow citizens, such as tax rates and redistributive policies.
- Topic:
- Economics, Politics, Book Review, and Political Science
- Political Geography:
- North America and United States of America
50. Not every time is the right time for real-time marketing: branding in the COVID-19 pandemic
- Author:
- Lisa Ann Richey and Maha Rafi Atal
- Publication Date:
- 08-2020
- Content Type:
- Working Paper
- Institution:
- Centre for Business and Development Studies (CBDS), Copenhagen Business School
- Abstract:
- As the global Covid-19 pandemic spread through Europe and North America, companies raced to communicate how they were responding to the crisis. Advertising that focuses on a company’s response to humanitarian crises is hardly new. Every holiday season features a parade of brands touting their seasonal partnerships with charitable causes. Yet these exercises in “Covid-branding” struck a particular nerve with both consumers and media commentators because so many of the brands stuck to the same script.
- Topic:
- Economics, Markets, Communications, and Advertising
- Political Geography:
- Europe, North America, and Global Focus