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61. Calling on the EU-US Trade and Technology Council: How to Deliver for the Planet and the Economy

Author:
Oscar Guinea, Vanika Sharma, Philipp Lamprecht, Dyuti Pandya, and Oscar du Roy
Publication Date:
02-2024
Content Type:
Policy Brief
Institution:
European Centre for International Political Economy (ECIPE)
Abstract:
This Policy Brief proposes the establishment of an agreement on conformity assessment between the EU and the US that covers machinery and electrical equipment. The initiative aims to increase the number of European and US conformity assessment bodies authorized to test and certify EU and US machinery and electrical equipment for exports into each other’s markets, without recognizing the equivalency or otherwise altering the product requirements in regulation, standards, or other normative documents on either side. While this study focuses on the economic effects of an agreement on conformity assessment that includes machinery and electrical equipment, the scope of such an agreement could potentially be extended to several additional product categories, particularly those that are subject to requirements for mandatory third-party conformity assessment in both the EU and the US. The increase in the number of conformity assessment bodies is expected to reduce the costs and the time required to demonstrate conformity. If this policy succeeds as expected in achieving a reduction in trade costs between 2 and 6 percent, US exports to the EU are projected to increase between US$ 11 billion and US$ 32.5 billion while EU exports to the US are estimated to grow by between US$ 13.8 billion and US$ 42.2 billion. In percentage terms, US firms are anticipated to experience a larger increase in exports of machinery and electrical equipment than their EU counterparts. The increase in trade flows as a result of this agreement is estimated to be larger than the rise in trade flows achieved in other Free Trade Agreements signed by the EU or the US. Moreover, as an increasing number of EU regulations begin to mandate third-party conformity assessment, US firms will increasingly benefit from this agreement when exporting to the EU. Given China’s status as the largest supplier of machinery and electrical equipment to both the EU and the US, the implementation of an EU-US agreement on conformity assessment would not only improve conditions for transatlantic trade but also lead to reduced trade dependence for the EU and the US on China. The reduction in trade costs between the EU and the US on machinery and electrical equipment due to the agreement could lower Chinese exports to the EU and the US by between US$ 6.5 billion and US$ 19.4 billion. Importantly, machinery and electrical equipment are crucial inputs for some of the key technologies in which the EU and the US Administrations have identified trade dependencies on China. However, in contrast with other policies aimed at reducing reliance on Chinese imports, an agreement on conformity assessment for machinery and electrical equipment will not require public subsidies or impose any financial burden on taxpayers. This agreement also has the potential to benefit the environment. Machinery and electrical equipment are essential inputs for green technologies. Therefore, a reduction in the cost and time of conformity assessment in these industries will accelerate the adoption of green technologies. An agreement on conformity assessment between the EU and the US covering green goods and clean technologies could increase transatlantic exports between US$ 3.1 billion and US$ 9.2 billion. While this increase in exports is significant, broadening the scope of the agreement to include the entirety of machinery and electrical equipment, rather than just a subset, is projected to lead to trade effects eight times larger. Moreover, as green technologies rapidly evolve, an agreement on conformity assessment has the potential to serve as a dynamic instrument that evolves to accommodate future regulatory and economic developments on climate and the environment on both sides of the Atlantic.
Topic:
Science and Technology, European Union, Economy, and Trade
Political Geography:
Europe, North America, and United States of America

62. Openness as Strength: The Win-Win in EU-US Digital Services Trade

Author:
Matthias Bauer, Dyuti Pandya, and Oscar du Roy
Publication Date:
03-2024
Content Type:
Policy Brief
Institution:
European Centre for International Political Economy (ECIPE)
Abstract:
The discourse surrounding the EU’s supposed over-reliance on digital services imports from non-EU countries, particularly the US, has been a recurrent topic among some political circles. However, this viewpoint tends to oversimplify and misrepresent the nuanced and complex reality of the EU’s status within the global Information and Communication Technology (ICT) sector and digitally enabled trade. A thorough analysis of trade data and trends clearly illustrates that the EU’s engagement with foreign (non-EU) digital services, notably from the US, represents a strategic economic advantage, bolstering Europe’s competitiveness and fostering productivity growth. Below we underline the critical importance of openness to foreign innovation and technology diffusion for the EU’s economic future.
Topic:
European Union, Digital Economy, Strategic Competition, Imports, and Productivity
Political Geography:
Europe, North America, and United States of America

63. ICT Beyond Borders: The Integral Role of US Tech in Europe’s Digital Economy

Author:
Matthias Bauer and Dyuti Pandya
Publication Date:
03-2024
Content Type:
Policy Brief
Institution:
European Centre for International Political Economy (ECIPE)
Abstract:
Contrary to political assertions about the vulnerability of digital services provided by non-EU companies, the strong presence and sunk costs associated with US tech companies’ investments in data centres, skilled workforce development, and research facilities in Europe act as significant barriers to exit, highlighting the inherent symbiosis between US tech investments and Europe’s digital and non-digital sectors. These investments underscore a mutual inter-dependency that strengthens European economies, making the notion of “sudden cessation” of digital services by US companies implausible. Corporate data show a significant investment gap of approximately USD 1.36 trillion between US and EU ICT companies, attributing a competitive edge to US firms due to their heavy investment in ICT, cloud solutions, and R&D. Forecasted increases in ICT investments by US corporations outline a benchmark beyond reach for EU businesses. The notion of EU firms aligning with this growth path is rather fantastical, as it would call for immense government investment, ultimately draining financial resources from essential public services, such as healthcare, housing, and environmental policies. Substantial ICT investments across EU Member States together with a long-term commitment to the European market present an opportunity for the EU to leverage US continuous technological advancements, underscoring the potential for transatlantic collaboration to drive the EU’s digital transformation and innovation. EU-US partnerships not only fuel the EU’s digital transformation but also align with shared political values, reinforcing the significance of transatlantic collaboration in shaping a competitive and innovative digital future.
Topic:
Communications, European Union, Digital Economy, Investment, and Information Technology
Political Geography:
Europe, North America, and United States of America

64. Time to Rethink Export Controls for Strengthened US-EU Cooperation and Global Trade Rules

Author:
Matthias Bauer and Dyuti Pandya
Publication Date:
04-2024
Content Type:
Policy Brief
Institution:
European Centre for International Political Economy (ECIPE)
Abstract:
The escalation of broad export controls by the US, under the guise of national security and the aim to curb technological transfers to potential adversaries,[1] marks a new epoch of bureaucratic oversight. The US push for broad export controls also underscores a critical juncture in US-EU relations and global trade rules. Broad export restrictions not only challenge the very foundation of free trade but also contribute to the erosion of Western technology leadership.[2] Unilateral export controls may start strong but eventually lose effectiveness and become counterproductive,[3] pushing non-US companies, particularly in the semiconductor sector, to find alternatives to US components.
Topic:
International Cooperation, European Union, Regulation, Exports, Trade, and Semiconductors
Political Geography:
Europe and United States of America

65. Keeping Up with the US: Why Europe’s Productivity Is Falling Behind

Author:
Fredrik Erixon, Oscar Guinea, and Oscar du Roy
Publication Date:
05-2024
Content Type:
Policy Brief
Institution:
European Centre for International Political Economy (ECIPE)
Abstract:
The European Union stands at a crossroads. For decades, the EU’s productivity growth has consistently lagged the United States, leading to slower growth in living standards and decline in global economic power. While short-term factors like the strong US fiscal expansion have widened the gap in nominal GDP growth in recent years, the fact is that Europe has trailed the US economic development for several decades and the root of the problem lies in deeper structural issues within the European economy. Four major forces fuel this productivity divide. Firstly, the EU’s investment in research and development (R&D) pales in comparison to the U.S., leading to fewer patents and a slower pace of technology-fuelled innovation. Secondly, Europe trails America in the stock and growth of intangible capital investments, which are crucial for adopting and diffusing new technologies that drive productivity. Thirdly, the EU market exhibits slower business creation and destruction compared to the US. This rigidity hinders the flow of resources towards the most productive firms. Lastly, despite boasting higher levels of trade openness, the EU attracts less Foreign Direct Investment (FDI) than the US, curbing its access to cutting-edge global technologies and expertise. To close the gap, European policymakers should implement a comprehensive strategy for faster productivity growth. The first step is turning up the dial on R&D spending, targeting 4-5 percent of GDP by 2040. Next, Europe should prioritise investments in intangible assets and lay down the digital infrastructure that will underpin future growth. Revitalising the single market is also crucial: reducing internal and external market barriers for services, the primary vehicle for trading intangible assets. Moreover, the EU should foster a market environment that encourages entrepreneurship and facilitate the entry and exit of firms so resources cascade towards the most productive sectors. By harnessing the strengths of the single market and implementing these recommendations, European policymakers can propel the EU towards a more competitive and prosperous future.
Topic:
Markets, European Union, Productivity, and Economic Competition
Political Geography:
Europe, North America, and United States of America

66. Protecting Free and Fair Elections: The Vital Role of Public Administration

Author:
Steve Hagerty, Valerie Lemmie, and Nancy Tate
Publication Date:
04-2024
Content Type:
Special Report
Institution:
The National Academy of Public Administration (NAPA)
Abstract:
Free and fair elections are at the heart of American democracy, and running elections is a core responsibility of public administrators in the United States. The early decades of the 21st Century have been characterized by declining public trust in our nation’s elections, unnecessary barriers to voting, foreign interference, and widespread disinformation. These issues led the National Academy of Public Administration (the Academy) to include “Protect Electoral Integrity and Enhance Voter Participation” as one of our field’s Grand Challenges in November 2019. To assist the nation with this Grand Challenge, the Academy commissioned a team to conduct a review of electoral practices that can ensure free and fair elections through effective public governance and management. The Academy team developed a shared vision of election administration and identified leading practices for consideration by elected officials and election administrators. The team concluded that effective election administration consists of 3 major pillars: Voter experience, Election security, and Election workforce. The report is offered with the greatest respect for the work that election administrators do in support of a vital part of American democracy. It has been written for a broad audience, including citizens, elected officials, and election administrators.
Topic:
Security, Elections, Voting, and Public Administration
Political Geography:
North America and United States of America

67. Illusion or Reality: A Recontextualized Perspective of ‘the American Dream’ in Imbolo Mbue’s Behold the Dreamers

Author:
Elizabeth Adesunmbo Omotayo
Publication Date:
03-2024
Content Type:
Working Paper
Institution:
Ìrìnkèrindò: a Journal of African Migration
Abstract:
‘The American Dream’ motif is one that has been deployed in productions of American literary icons for centuries with different outcomes for the characters portrayed. Despite a plethora of fiction being devoted to the motif from African migrants’ perspective, not many studies have explored the actualization of the Dream by characters in such texts. In Behold the Dreamers (2016), Imbolo Mbue presents the lived experiences of new African diasporans. This study looks at the outcomes of the quest for ‘the Dream’ by Mbue’s characters, through a mimetic reading of her novel and based on Harold Bloom’s notion of ‘Party of Hope’ and ‘the American Nightmare’ as exemplified in the treatments of the Dream motif by several writers. Mbue, while presenting the paradoxical notions of illusion and reality of the Dream, also portrays struggles by both citizens and migrants, to achieve the tangible and intangible of its ideals. Findings reveal that essentialization and discrimination inhibit the attainment of the Dream by many African migrants; that the attainment of college education is a huge factor in the realization of the tangible of its ideals, while the attainment of the intangible seems illusory for many migrants. The conclusion is that several factors prevent the realization of the Dream by many contemporary African migrants.
Topic:
Migration, Immigration, Literary Analysis, American Dream, and Motif
Political Geography:
Africa and United States of America

68. The Security Side of Gulf Visions. Adapting Defence to the Connectivity Age

Author:
Eleanora Ardemagni
Publication Date:
03-2024
Content Type:
Special Report
Institution:
Italian Institute for International Political Studies (ISPI)
Abstract:
The GCC states are adapting defence strategies to the challenges raised by their “Visions”, their post-hydrocarbon national plans. Far from being just economic programmes, the Visions are broad national transformation platforms displaying also a security dimension, and with many security implications. New cities and industrial poles, infrastructures, mega events and tourism raise unprecedented security risks, at which the GCC states are answering through a combination of economic-oriented foreign policy, multipolar international alliances, and ambitions towards “defense autonomisation”. What are the Visions’ security dimensions and implications, and how does the post-oil path affect and reshape foreign policies? This Report analyses how GCC states are adapting deterrence and defence tools to the connectivity age, navigating a troubled neighbourhood of both conventional and asymmetric threats. In a central but more vulnerable Gulf, how may the EU and NATO accommodate transformations in GCC states’ defense policies, postures, and means, to support their own security?
Topic:
Security, Foreign Policy, Defense Policy, Gulf Cooperation Council, and Strategic Planning
Political Geography:
Europe, Middle East, India, Saudi Arabia, Qatar, United Arab Emirates, United States of America, and Gulf Nations

69. Moving Targets. Trends in Japan’s Foreign and Security Policies

Author:
Axel Berkofsky and Giulia Sciorati
Publication Date:
03-2024
Content Type:
Special Report
Institution:
Italian Institute for International Political Studies (ISPI)
Abstract:
In December 2022, Japan announced it would drastically increase its defence budget by 2027. The decision came as a wake-up call for the whole region: Japan was gearing up for a world of heightened tensions and rivalry in the Indo-Pacific Region. This Report analyses the present and future of Japan’s security and defence policies. Within the context of a rising China, Tokyo has broadened its defence ties with the US, India, Australia, and Taiwan. However, China remains its biggest trading partner, meaning Tokyo's policymakers are charged with the task and challenge of striking a balance between defence policies and business and trade relations with China.
Topic:
Foreign Policy, Diplomacy, ASEAN, Influence, Defense Spending, and Regional Politics
Political Geography:
Japan, India, Taiwan, Australia, United States of America, and Indo-Pacific

70. The Sky Is Not the Limit. Geopolitics and Economics of the New Space Race

Author:
Alessandro Gili
Publication Date:
01-2024
Content Type:
Special Report
Institution:
Italian Institute for International Political Studies (ISPI)
Abstract:
Space is a contested domain for its very nature and today it is evidently becoming an increasingly important enabler of economic and military power. An increasing number of actors, infrastructures and technologies deployed in space also raises concerns for safety and security, especially in cyberspace. Many countries are striving to achieve space capabilities and autonomous access to space, and this is having a tremendous geopolitical impact, especially since space is emerging as an increasingly critical military and strategic domain. The development of the new space economy, which is increasingly involving the private sector and many industrial actors and services, will also be a game changer for the international economy. The space race likewise implies disruptive technologies that could contribute massively to the energy and digital transitions, accelerating solutions that could benefit humanity. A new international governance system for space is therefore needed urgently, considering that the current rules are no longer able to respond to a sector evolving at such a rapid pace. Which actors are leading the race? Which economic sectors could benefit the most and what could the new space economy mean for the world? How is space emerging as a military domain against a backdrop of increasing international tensions? What would a new system of global governance for space look like?
Topic:
Economics, Politics, Infrastructure, Geopolitics, Regulation, and Energy Security
Political Geography:
Russia, China, Europe, India, Italy, Global Focus, United States of America, and Space

71. Global supply chains: lessons from a decade of disruption

Author:
Luca Léry Moffat and Niclas Poitiers
Publication Date:
03-2024
Content Type:
Working Paper
Institution:
Bruegel
Abstract:
This paper explores both the character and impact of three recent shocks to global supply chains: the COVID-19 pandemic, the Russian invasion of Ukraine and the US-China trade war. These were large shocks which have had significant impacts on domestic and international supply chains, but these impacts have differed in their longevity, economic impact and policy responses. We show that supply chains were remarkably resilient against shocks of such magnitude. However, this resilience was also achieved thanks to the equally remarkable size and scope of policy responses and global supply chain reorganisation. We recommend that pre-emptive policies may be justified to shield households and industry from future shocks. Given the entangled nature of these shocks and that their effects continue to reverberate, we emphasise the need for extensive future research to understand the nature of these shocks and the effectiveness of policy responses.
Topic:
Global Markets, Trade Wars, Trade, COVID-19, Supply Chains, and Russia-Ukraine War
Political Geography:
China, Global Focus, and United States of America

72. A Return to US Casualty Aversion: The 9/11 Wars as Aberrations

Author:
John Mueller
Publication Date:
04-2024
Content Type:
Policy Brief
Institution:
The Cato Institute
Abstract:
Impelled by an overwhelming desire to hunt down those who were responsible for the September 11, 2001, terrorist attacks, the United States launched military invasions of Afghanistan and Iraq, where it toppled regimes that had little or nothing to do with 9/11. There has been a tendency to see these exercises as misguided elements of a coherent plan to establish a liberal world order or to apply liberal hegemony. However, the warring of the post–9/11 period has been a glaring, extended, and highly consequential aberration. During the quarter century before that, the United States pursued a foreign policy that was far more casualty averse. Over the past decade, the country has moved back to—and appears poised to expand on—that tradition after its exhausting 9/11–induced military ventures that ran such high costs for so few benefits. Moreover, public opinion in the United States is not messianic or in constant search of hegemony or of monsters abroad to destroy. As part of its move back to a more limited military approach, the United States developed—or further developed—a strategy called “by, with, and through” that was particularly evident in its successful military campaign from 2014 to 2019 against the Islamic State. In this, the United States worked with local forces by providing advice, supplies, and intelligence, and by carrying out air strikes while the locals were expected to take almost all of the casualties. Although this approach is hardly new, it seems to have a future and is currently being applied in the war in Ukraine. It might also be applied to deal with a Chinese invasion of Taiwan.
Topic:
Foreign Policy, Armed Forces, 9/11, War on Terror, Casualties, and Military
Political Geography:
North America and United States of America

73. Slashing Tax Rates and Cutting Loopholes: Options for Tax Reform in the 119th Congress

Author:
Adam N. Michel
Publication Date:
06-2024
Content Type:
Policy Brief
Institution:
The Cato Institute
Abstract:
The 2017 Tax Cuts and Jobs Act (TCJA) marked a significant overhaul of the US tax system. It reduced taxes for individuals and businesses through the end of 2025 and boosted economic growth. However, beginning in 2026, Americans face an automatic tax increase of about 8 percent (more than $400 billion a year). In the context of the debate over the expiration of the TCJA, the next Congress has an unprecedented opportunity to cut tax rates to their lowest level in almost a century. The Cato Institute is putting forth this tax plan that pairs massively pro-growth tax cuts with the elimination of $1.4 trillion worth of annual tax loopholes, corporate welfare, and other special-interest tax subsidies. The plan would reduce the top income tax rate to 25 percent, the capital gains rate to 15 percent, and the corporate rate to 12 percent; enact full expensing for all investments; and repeal the estate tax, alternative minimum tax, and net investment income tax. The more aggressively Congress eliminates loopholes in the tax code and cuts spending, the deeper it can slash tax rates, eliminate the costliest taxes, and boost the economy.
Topic:
Reform, Economy, Economic Growth, and Tax Systems
Political Geography:
North America and United States of America

74. Geopolitics in the Pacific Islands: Playing for advantage

Author:
Meg Keen and Alan Tidwell
Publication Date:
01-2024
Content Type:
Policy Brief
Institution:
Lowy Institute for International Policy
Abstract:
Pacific Islands Countries are leveraging geopolitical rivalries to maximise their development options. But unmanaged competition for influence among key development partners can compromise good governance and privilege geopolitical posturing over local priorities. Australia, the United States, and other traditional donors can capitalise on areas of strength, such as social inclusion and regional and multilateral initiatives. Joint efforts along these lines and the pooling of resources would scale up impact and set higher accountability standards. Despite the risk that higher standards will open gaps for non-traditional donors with less burdensome criteria, there is much long-term value in traditional development partners collaborating in a “race to the top” in meeting the region’s needs.
Topic:
Foreign Policy, Development, Regional Cooperation, Foreign Aid, Geopolitics, and Donors
Political Geography:
China, Australia, Australia/Pacific, United States of America, and Pacific Islands

75. NATO: Waging High-Tech Warfare

Author:
Yury Belobrov
Publication Date:
01-2024
Content Type:
Journal Article
Journal:
International Affairs: A Russian Journal of World Politics, Diplomacy and International Relations
Institution:
East View Information Services
Abstract:
THE rapid technological progress observed in the last decade throughout the world, especially in China and Russia, threatens the established sources of military and industrial dominance of the collective West on the world stage. NATO views this as an alarming trend, and in an attempt to stop it, bloc members are making a determined effort to preserve their militarytechnological leadership and the international order structured around their policies. To this end, they are initiating a new arms race, partially through the active incorporation into the military sphere of the latest breakthrough technologies (Emerging and Disruptive Technologies – EDT), which, they believe, can reverse the emerging multipolarity of international relations and radically change the nature of future wars. Thus, the Allies are stepping up collective efforts to master innovative technologies and introduce them into the operational activities of NATO and all member nations to ensure their victory in future high-tech wars. They emphasize the urgency of adapting the armed forces of said countries to the realities of global technological advancement. As the communiqué adopted at the Alliance summit in Vilnius in 2023 directly stated: “We are accelerating our own efforts to ensure that the Alliance maintains its technological edge in emerging and disruptive technologies to retain our interoperability and military advantage including through dual-use solutions.”1 The US, as the main sponsor of NATO militarism, demands that its allies and partners closely and expeditiously collaborate on the creation of novel weaponry utilizing these emerging technologies and dramatically increase investment in various EDT projects and adapt their armed forces to them. Under the US’s diktat, Brussels and its American allies are creating new bureaucratic and financial entities. Private businesses and academic and research institutions are also being drawn into this sphere. To speed up this process, at the urging of Washington at the NATO summit in Brussels in 2021, a strategic initiative was launched to create the NATO Defense Innovation Accelerator for the North Atlantic (DIANA), which will manage and coordinate all this activity within NATO. The main task of this organization is to form an innovative technological network that unites R&D centers, innovative start-ups, defense enterprises, and military agencies in order to simultaneously and rapidly master all types of dual-use EDT technologies and implement them in the civilian and military fields. In addition to these efforts, a decision was also made to form a €1 billion NATO Innovation Fund to finance venture capital companies developing dual EDT in areas of strategic importance to NATO. Essentially, these decisions by the alliance are aimed at mobilizing European resources, primarily to strengthen American military power. Of course, the main efforts to field the latest technologies are being undertaken by the largest member nations.
Topic:
NATO, International Cooperation, Weapons, Innovation, Emerging Technology, High-Tech Wars, and Military and Industrial Advantage
Political Geography:
Russia, Europe, and United States of America

76. The Global West and Global South: Development Paths

Author:
Maria Zakharova
Publication Date:
01-2024
Content Type:
Journal Article
Journal:
International Affairs: A Russian Journal of World Politics, Diplomacy and International Relations
Institution:
East View Information Services
Abstract:
I would like to highlight the fact that Russia is notably absent, it would seem, from the “South-West” paradigm. This is because our country cannot be fully categorized as either Western or Southern. We exist everywhere, and yet we do not fit neatly into these constructs. Some perspectives associate Russia with the Global North, while others link us to the Global East. However, [Russia’s] 2023 Foreign Policy Concept, which Alexander Vladimirovich Yakovenko referenced, defines the Russian Federation as a “unique state-civilization and a vast Eurasian and Euro-Pacific power” – a scope broader than these conventional classifications. And in the context of our discussion today, it is imperative to acknowledge Russia’s influence on global affairs. The concept of the Global West is relatively straightforward; it encompasses the US, the EU countries, and to some extent the Asia- Pacific region, knit together by American-centric military, political, and economic alliances – what they call Euro-Atlantic values. This is a product of the historical West, which has been extending its influence over the non-Western world for around five centuries, starting from the Age of Discovery, in an attempt to dominate it by all possible means. However, it is worth noting that calling the current era neocolonialism may be overly generous. I would refrain from such a characterization, as it gives too much credit. While there are undoubtedly flaws in these cultures, they also have rich cultural histories. In recent decades, individuals have risen to power in the US and Britain whose thinking is characterized more by piracy and banditry than by a philosophical understanding of colonialism, which is by no means good. But this is worse than neocolonialism – it is outright robbery. To illustrate, I once used the analogy of the US acting like a cowboy in the Louvre who simply shoots everything in sight, unaware that the objects before him are valuable works of art.
Topic:
Security, Treaties and Agreements, Developing World, State, BRICS, Civilization, and Regional Organizations
Political Geography:
Russia, United States of America, Global South, and Global West

77. Civilizational War: The Will to Win

Author:
Andrey Ilnitsky
Publication Date:
01-2024
Content Type:
Journal Article
Journal:
International Affairs: A Russian Journal of World Politics, Diplomacy and International Relations
Institution:
East View Information Services
Abstract:
The US National Security Strategy defines the US as a global hegemon that sees no dividing lines between domestic and foreign policies and treats the world as its sphere of interests.
Topic:
Foreign Policy, Globalization, National Security, War, Hegemony, Ideology, Civilization, Deep State, and Generative Models
Political Geography:
Russia and United States of America

78. Triffin Reloaded: The Matrix of Contradictions around Global Quasi-State Money

Author:
Herman Mark Schwartz
Publication Date:
03-2024
Content Type:
Working Paper
Institution:
Max Planck Institute for the Study of Societies
Abstract:
What explains the US dollar’s role in the global economy and the tensions affecting its likely persistence? Most analyses start from Triffin’s dilemma, which accurately captured specific but partial tensions of a global monetary system based on essentially fixed exchange rates, gold backing for its core currency, and relatively robust capital controls. Triffin’s approach, and those based on it, struggles to explain the tensions in a system with floating exchange rates and fiat money, because Triffin and successors assume a commodity theory of money, a loanable funds model for credit creation, and the “triple coincidence” of monetary, legal, and economic zones. Approaching the question from different premises – chartalist money, endogenous credit creation, and interlocked global balance sheets – enables us to see four factors behind the antinomies or dilemmas that structure the dynamics and durability of US dollar centrality. Those four factors are adequate credit creation and thus global aggregate demand growth, current account deficits for the core, domestic legitimacy in major economies, and the dollar’s status as global quasi-state money.
Topic:
Debt, Money, Currency, Power, Financial Systems, Geoeconomics, and Reserves
Political Geography:
Global Focus and United States of America

79. 'I Don't Know What Tomorrow will Bring': Understanding COVID-19’s Impact on the United States’ Stateless Population

Author:
Ashley Walters, Taryn Painter, and Heidi Meyers
Publication Date:
02-2024
Content Type:
Journal Article
Journal:
Statelessness & Citizenship Review
Institution:
Peter McMullin Centre on Statelessness, Melbourne Law School
Abstract:
In March 2020, COVID-19 was declared by the World Health Organisation (‘WHO’) as a global pandemic. Since the WHO’s declaration, it has become increasingly clear that the most vulnerable communities have experienced the brunt of the pandemic. Though race, ethnicity and economic status are considered in a majority of reports on the social, physical and financial impacts of COVID-19, there is little to no information on the impact of COVID-19 on stateless communities within the United States (‘US’). This research endeavours to add to the understanding of statelessness in the US by determining the impacts of COVID-19 on stateless people in the US through a survey scoping project. Through anonymous questionnaires completed by stateless individuals (n=19) in the United States, this study explores how stateless individuals have been impacted by the pandemic, including experiencing economic hardships, mental health challenges, physical health concerns and issues with documentation and legal status.
Topic:
Health, Economy, Mental Health, Pandemic, COVID-19, Stateless Population, Vulnerability, Legal Status, and Documentation
Political Geography:
North America and United States of America

80. Tailored Deterrence Strategy on the Korean Peninsula

Author:
Gary Samore
Publication Date:
07-2024
Content Type:
Commentary and Analysis
Institution:
East Asia Institute (EAI)
Abstract:
Over the last decade, the most significant change in the international strategic environment has been the reemergence of a great power rivalry between the U.S. and its European and Asian allies on one hand and Russia and China on the other. This trend began in the second term of President Obama, with the Russian invasion of Crimea in early 2014 and the Chinese construction of a network of military bases in the South China Sea beginning around 2013. Since then, the trend has sharpened. The Russian invasion of Ukraine in February 2022 has locked the U.S. and its North Atlantic Treaty Organization (NATO) allies against Russia in a long-term struggle for the survival of Ukraine and future of European security. In Asia, tensions between Beijing and Washington have become worse, as both the Trump and Biden admіnistrations pursued economic measures against China, and as China appears to be building military options to unify Taiwan and the mainland by force. The reemergence of great power rivalry has important nuclear dimensions, increasing concerns about “strategic stability” – the nuclear balance among the great powers – and the risk of nuclear conflict. The Ukraine war has lowered the nuclear threshold. Russia has deployed tactical nuclear weapons in Belarus and threatened to use tactical nuclear weapons to discourage NATO intervention or assistance to Ukraine. The New Strategic Arms Reduction Treaty (New START) - the last remaining arms control treaty limiting U.S. and Russian nuclear arsenals - expires in February 2026, and Russia has refused U.S. offers to negotiate a new treaty as long as the U.S. is assisting Ukraine. In the meantime, Russia continues to develop an array of exotic nuclear delivery systеms intended to overcome U.S. missile defenses, including hypersonic reentry vehicles, nuclear-armed submarine drones, and nuclear anti-satellite weapons. China is pursuing an unprecedented nuclear build-up, including new strategic bombers, more advanced nuclear-armed submarines, and three new missile bases with more than 300 silos for solid fuel ICBMs with multiple reentry vehicles. According to U.S. Department of Defense estimates, China has more than 500 operational nuclear warheads as of May 2023 and will “probably have over 1,000 operational nuclear warheads by 2030” (U.S. Department of Defense 2023a). Like Russia, China is also pursuing hypersonic reentry vehicles, anti-satellite weapons, and strategic cyber operations. Some analysts fear that China’s nuclear build-up will make it more confident that it can deter U.S. intervention in the face of a Chinese invasion of Taiwan or increase the risk that a U.S.-China confrontation over Taiwan will escalate to nuclear use. To address the reemergence of great power threats, the U.S. has introduced the concepts of “tailored deterrence” and “integrated deterrence” into its nuclear doctrine. According to the Trump admіnistration Nuclear Posture Review, released in February 2018, The United States will apply a tailored and flexible approach to effectively deter across a spectrum of adversaries, threats, and contexts. Tailored deterrence strategies communicate to different potential adversaries that their aggression would carry unacceptable risks and intolerable costs according to their particular calculations of risk and cost (Office of the Secretary of Defense 2018). The tailored deterrence concept was also adopted by the Biden admіnistration in its October 2022 Nuclear Posture Review, saying, Central to U.S. deterrence strategy is the credibility of our nuclear forces to hold at risk what adversary leadership values most. Effectively deterring – and restoring deterrence if necessary – requires tailored strategies for potential adversaries that reflect our best understanding of their decision-making and perceptions (Office of the Secretary of Defense 2022). Building on the concept of tailored deterrence, the Biden admіnistration Nuclear Posture Review (NPR) also introduced the concept of “integrated deterrence,” which is based on the idea that traditional nuclear deterrence can be reinforced by non-nuclear capabilities. According to the NPR, The role of nuclear weapons is well established and embedded in strategic deterrence policy and plans. Non-nuclear capabilities may be able to complement nuclear forces in strategic deterrence plans and operations in ways that are suited to their attributes and consistent with policy on how they are to be employed. A pragmatic approach to integrated deterrence will seek to determine how the Joint Force can combine nuclear and non-nuclear capabilities in complementary ways that leverage the unique attributes of a multi-domain set of forces to enable a range of deterrence options backstopped by a credible nuclear deterrent (Ibid.).
Topic:
Foreign Policy, National Security, Nuclear Weapons, Deterrence, and Rivalry
Political Geography:
Asia, South Korea, North Korea, and United States of America