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22. Rise of Economic Nationalism in Emerging Economies and the Influence of Elections
- Author:
- Michio Ueda
- Publication Date:
- 08-2024
- Content Type:
- Special Report
- Institution:
- East-West Center
- Abstract:
- Mr. Michio Ueda, President of Geopolitics & Strategy and Visiting Lecturer University of Tokyo, examines "the intersection between economic nationalism and recent elections in Indonesia and India" and finds that "industrial policy is not a significant point of political contention" and elections "serve as an opportunity to gain legitimacy for policies supporting economic nationalism."
- Topic:
- Economics, Industrial Policy, Nationalism, and Elections
- Political Geography:
- China, Indonesia, India, Asia, and United States of America
23. The Australia-US Alliance from a Thai Perspective: An Unbreakable or Unpinnable Partnership?
- Author:
- Jittipat Poonkham
- Publication Date:
- 08-2024
- Content Type:
- Special Report
- Institution:
- East-West Center
- Abstract:
- Dr. Jittipat Poonkham, Associate Professor of International Relations at Thammasat University, argues that "AUKUS, as well as the Australia-US alliance, seems to be an “unpinnable” alliance in the sense that it cannot be firmly pinned down in Thailand’s strategic mindset."
- Topic:
- International Relations, Economics, Partnerships, Alliance, and AUKUS
- Political Geography:
- Australia, Thailand, Southeast Asia, Asia-Pacific, and United States of America
24. Skimming the East African Community Regional Force in the Kivu: Another Test Case of ‘African Solutions to African Problems’
- Author:
- Jean-Marie Kasonga Mbombo
- Publication Date:
- 03-2024
- Content Type:
- Journal Article
- Journal:
- Brazilian Journal of African Studies
- Institution:
- Brazilian Journal of African Studies
- Abstract:
- Regional integration is premised on the principle of subsidiarity enshrined in the Charter of the United Nations Organisation which empowers regional bodies to resolve conflicts in their jurisdictions (Chapter 8, Article 52). It implies cooperation among states sharing a geographic proximity. In Africa, such regional organisations include the Economic Community of West African Countries (ECOWAS), Economic Community of Central African States (ECCAS), Common Market for East Africa (COMESA), East African Community (EAC), and Southern African Development Community (SADC) to name but a few. However, the end of the Cold War witnessed the rise of intrastate conflicts worldwide, which many analysts associated with donor fatigue toward aid-dependent states (Thomas and Mazrui 1992; Bayart 2009; Bates 2008; Solomon 2015). These new wars of the 1990s were more pronounced in resource-rich countries such as Liberia, Sierra Leone, Sudan, Chad, and the Democratic Republic of Congo (Kaldor 2006; Collier 2008). As a result, many economic communities established relevant protocols to boost regional integration and foster peace on the African continent: ECCAS Protocol of Peace and Security; ECOWAS Protocol relating to the Mechanism for Conflict Prevention, Management, Resolution, Peacekeeping, and Secu-rity (1999); SADC Protocol on Politics, Defence and Security (2001); EAC Protocol on Peace and Security (2013).
- Topic:
- Economics, Regional Integration, Regional Organizations, and East African Community (EAC)
- Political Geography:
- Africa and East Africa
25. The Motives for Chinese and Western Countries’ Sovereign Lending to Africa
- Author:
- Eckhardt Bode
- Publication Date:
- 05-2024
- Content Type:
- Working Paper
- Institution:
- Kiel Institute for the World Economy (IfW)
- Abstract:
- This paper is one of the first to show systematically that the motives for sovereign lending to African countries differed considerably between China and Western countries during the last two decades. While Chinese lending mainly served its own economic or geopolitical objectives, which is well-known from the existing literature, Western countries’ lending also pursued objectives that appear to be at odds with their self-interests but whose precise nature is not yet well-understood. Using a new, da-taset on loans from China, Western countries and multilateral organizations to African countries, I empirically examine a broad variety of potential motives, aim at separating the motives pursued by the national governments from those pursued by their lending agencies, and employ an estimation strategy with increasingly complex fixed effects that yields additional interesting insights into the specificities of the motives.
- Topic:
- Economics, Emerging Markets, International Trade and Finance, Financial Crisis, Geopolitics, and Sovereign Lending
- Political Geography:
- Africa, China, and Global West
26. 2014-2024: A Decade of Sanctions and the Strengthening of Russia’s Financial Sovereignty
- Author:
- Alexander Turov
- 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 summer of 2024 has been extraordinarily hot. Climatologists say the average temperature may exceed median values for the entire history of observations. But it is already clear that the political barometer has reached its peak this year, which is certainly having a direct impact on international relations and the global economy as a whole. The past months following the triumphant conclusion of the 27th St. Petersburg International Economic Forum, which marked the beginning of the collapse of the neocolonial system of global economic relations, and subsequent significant events in international affairs have confirmed Russia’s clear course toward financial sovereignty. For more than a decade now, that course has been pursued by the West, which has become unfriendly in a fairly short historical period. Yet in previous periods of our country’s history – the building of socialism, communism, advanced socialism, perestroika, and finally liberalism – the West actively used at an affordable price our fuel and raw material resources, which formed the basis of the Western economy and consumer society. The scientific achievements of our scholars also contributed to common global progress, as evidenced by the numerous Nobel Prizes they were awarded. So why, after three decades of euphoria based on the development of the market economy and the liberalization of everything, both necessary and unnecessary, has Russia once again been fenced off by NATO’s walls and subjected to economic sanctions, which essentially amount to an economic blockade? This happened before, during the early days of the young Soviet Republic, but the blockade lasted less than a hundred days – from October 1919 to January 1920 – because the level of understanding of global economic ties that formed the basis of politics and diplomacy among the old Western leaders was far higher than it is among today’s leaders, who seem more inclined to discuss issues concerning minority orientations than to concern themselves with the well-being and pressing needs of the majority.
- Topic:
- International Relations, Economics, Sanctions, Economy, and Financial Sovereignty
- Political Geography:
- Russia and Global Focus
27. Business & Peace Report 2024
- Author:
- Institute for Economics and Peace (IEP)
- Publication Date:
- 02-2024
- Content Type:
- Special Report
- Institution:
- Institute for Economics & Peace (IEP)
- Abstract:
- This report examines the relationship between a country's economic performance and its level of peacefulness. The key finding is that peace serves as a reliable predictor of a country's future macro-economic trajectory, creating a business environment that provides superior returns to global averages. This represents a valuable insight for informing strategic investment decisions and offering a multitude of applications for businesses and fund managers, including in the design of financial investment products. For corporations it can help to guide investment decisions into markets with lower risk and stronger growth potential.
- Topic:
- Economics, Business, Macroeconomics, and Peace
- Political Geography:
- Global Focus
28. Halo, Positive Peace and Systems Thinking 2024: Advancing a Systems-Based Approach to Understanding and Building Peace
- Author:
- Institute for Economics and Peace (IEP)
- Publication Date:
- 03-2024
- Content Type:
- Special Report
- Institution:
- Institute for Economics & Peace (IEP)
- Abstract:
- The Institute for Economics and Peace (IEP) is dedicated to advancing the understanding of the operations of societal systems. To this end, this report brings together research conducted by IEP over the last decade and includes two conceptual approaches that are distinct but highly compatible: Positive Peace and Halo. These two concepts guide the organisation’s research, mission, and theory of social change. In addition, the report covers other related work including attempts to measure national intent, predict future substantial declines in peace, and to measure societal shocks and resilience in relation to the ecology.
- Topic:
- Economics, Peace, Resilience, and Systems Thinking
- Political Geography:
- Global Focus
29. Positive Peace Report 2024
- Author:
- Institute for Economics and Peace (IEP)
- Publication Date:
- 03-2024
- Content Type:
- Special Report
- Institution:
- Institute for Economics & Peace (IEP)
- Abstract:
- Peace is more than the absence of violence. Positive Peace describes the attitudes, institutions and structures that create and sustain peaceful societies. It is conceptually related to many aspects of social development and can be used in multiple contexts. In addition to being a transformative concept, it is also a social good. When combined with systems thinking Positive Peace is a transformational concept as it envisages new ways of understanding how societies operate and how to develop thriving communities. Toward this end, the Institute for Economics & Peace (IEP) developed the Positive Peace Index (PPI), a statistically derived measure of the factors that create flourishing societies, which is based on eight Pillars of Positive Peace. The concept of Positive Peace as well as general PPI results, including rankings and changes over time, are the focus of this report.
- Topic:
- Economics, Sustainability, Resilience, and Positive Peace
- Political Geography:
- Global Focus
30. Mexico Peace Index 2024
- Author:
- Institute for Economics and Peace (IEP)
- Publication Date:
- 05-2024
- Content Type:
- Special Report
- Institution:
- Institute for Economics & Peace (IEP)
- Abstract:
- This is the 11th edition of the Mexico Peace Index (MPI), produced by the Institute for Economics & Peace (IEP). It provides a comprehensive measure of peacefulness in Mexico, including trends, analysis, and estimates of the economic impact of violence. The MPI is based on the Global Peace Index, the world’s leading measure of global peacefulness, produced by IEP every year since 2007. The MPI consists of 12 sub-indicators aggregated into five major indicators. Mexico’s peacefulness improved by 1.4 percent in 2023. This was the fourth straight year of improvement, following four consecutive years of deteriorations. However, more states deteriorated than improved, with 15 states improving and 17 deteriorating.
- Topic:
- Economics, Violence, Peace, and Organized Crime
- Political Geography:
- Latin America, North America, and Mexico
31. Global Peace Index 2024
- Author:
- Institute for Economics and Peace (IEP)
- Publication Date:
- 06-2024
- Content Type:
- Special Report
- Institution:
- Institute for Economics & Peace (IEP)
- Abstract:
- This is the 18th edition of the Global Peace Index (GPI), which ranks 163 independent states and territories according to their level of peacefulness, covering 99.7 per cent of the world’s population. Produced by the Institute for Economics & Peace (IEP), the GPI is the world’s leading measure of global peacefulness. This report presents the most comprehensive data-driven analysis to-date on trends in peace, its economic value, and how to develop peaceful societies. The GPI uses 23 qualitative and quantitative indicators from highly respected sources and measures the state of peace across three domains: the level of Societal Safety and Security; the extent of Ongoing Domestic and International Conflict; and the degree of Militarisation. This year it introduces a new measure of global military capability that incorporates military sophistication, technology, and battle readiness into a single measure. The report finds that many of the conditions that precede major conflicts are higher than they have been since the end of the Second World War. There are currently 56 active conflicts, the most since the end of Second World War, and with fewer conflicts being resolved, either militarily or through peace agreements. The number of conflicts that ended in a decisive victory fell from 49 per cent in the 1970s to nine per cent in the 2010s, while conflicts that ended through peace agreements fell from 23 per cent to four per cent over the same period.
- Topic:
- Security, Economics, Peace, and Armed Conflict
- Political Geography:
- Global Focus
32. Why the BRICS Summit in Kazan should be a Wake-up Call for the EU
- Author:
- Reinhold Brender
- Publication Date:
- 11-2024
- Content Type:
- Policy Brief
- Institution:
- EGMONT - The Royal Institute for International Relations
- Abstract:
- This policy brief examines the growing influence of the BRICS in a multipolar world, as highlighted by their recent summit in Kazan, Russia, and the challenges to effective global multilateralism. Originally comprising Brazil, Russia, India, China, and later South Africa, the BRICS have recently expanded to include Ethiopia, Egypt, the UAE, and Iran. All BRICS members seek to reshape global governance to provide a greater voice for the Global South and strengthen South-South cooperation. However, internal divisions persist: China, Russia, and Iran view the BRICS as a platform to counter Western influence, while India, Brazil, and South Africa pursue ‘multi-alignment’ to diversify their global partnerships. This brief argues that, given the urgency of pressing global challenges, the EU should take the Kazan Summit as a wake-up call to develop and implement a strategy for engaging the Global South in the much-needed reform of global multilateralism. This effort is essential despite the reelection of Donald Trump as US President.
- Topic:
- Foreign Policy, Economics, European Union, Multilateralism, BRICS, and Strategic Partnerships
- Political Geography:
- Europe, Latin America, North Africa, and Asia-Pacific
33. From Carrots to Sticks, to Carrots Again? The EU’s Changing Sustainable Trade Agenda
- Author:
- Victor De Decker
- Publication Date:
- 02-2024
- Content Type:
- Policy Brief
- Institution:
- EGMONT - The Royal Institute for International Relations
- Abstract:
- Although sustainability criteria include references to human, social and labour rights as well as broader environmental concerns, this policy brief will focus on measures related to carbon emission reduction in relation to the Paris Agreement. This policy brief consists of three parts. First, there will be an overview of how Trade and Sustainable Development (TSD) chapters have gained prominence in European Free Trade Agreements. The second part will be dedicated to the autonomous, unilateral EU initiatives the Carbon Border Adjustment Mechanism (CBAM) and the Corporate Due Diligence Directive (CSDDD). To conclude, there will be a brief analysis of how the EU is working within a multilateral setting on the issue of climate change. In 2015, the United Nations adopted the 2030 Agenda for Sustainable Development, a landmark framework renowned for its far-reaching vision encompassing 17 Sustainable Development Goals (SDGs) and 169 targets. These goals collectively constitute the “universal policy agenda,” aiming to address global challenges and foster inclusive economic growth. Notable among these goals is the promotion of sustainable international trade, identified as a pivotal policy instrument contributing to overarching SDGs. The 2030 Agenda positions international trade as “an engine for inclusive economic growth and poverty reduction” while actively contributing to the broader pursuit of sustainable development.
- Topic:
- Climate Change, Economics, European Union, Trade, Sustainability, and Energy
- Political Geography:
- Europe
34. EU Elections: National Democracy at Its Cornerstone?
- Author:
- Ward Den Dooven
- Publication Date:
- 06-2024
- Content Type:
- Policy Brief
- Institution:
- EGMONT - The Royal Institute for International Relations
- Abstract:
- On the eve of the European elections, those who keep a keen eye already know that a big turnaround of the European hemicycle is to be expected, with more than 50% being newly elected. In a recent article, the secondary place occupied by the European elections was highlighted; in Belgium they can even be said to only rank as tertiary due to its collision with national and regional elections on the same day. Although up to 8 member states will see both national and European elections in 2024, this very much gives a unique context to the EU elections in Belgium. Its conclusions however were not new: although the federal government presented itself as radically pro-European, currently holding the Council of the EU’s rotating Presidency, in Belgium as well as abroad, the European election is inherently still very much national in nature: the limited space that is left for it between the other campaigns becomes confused through both themes and politicians being presented at other levels than they (currently) sit.
- Topic:
- Economics, Elections, European Union, Democracy, and Regional Politics
- Political Geography:
- Europe
35. Uganda’s Chess Game in Eastern DRC: With or Without M23?
- Author:
- Kristof Titeca
- Publication Date:
- 06-2024
- Content Type:
- Policy Brief
- Institution:
- EGMONT - The Royal Institute for International Relations
- Abstract:
- Uganda has various economic, political and security interests in Eastern DRC. The latter is for example a vital export market for Ugandan products, and an important source of gold, Uganda’s most important export product. In this situation, a careful tactical game is played, in which Kampala seeks to protect these interests in Eastern DRC – for example from Kigali. This does not only involve a clear engagement with Kinshasa, but to a lesser extent also with M23. This is particularly the case because M23 is expanding (and keeping) its territory; creating an incentive for regional actors to engage with them.
- Topic:
- Security, Foreign Policy, Economics, and Politics
- Political Geography:
- Uganda, Africa, and Democratic Republic of the Congo
36. Labor Market Volatility and Worker Financial Wellbeing: An Occupational and Gender Perspective
- Author:
- Julie Yixia Cai
- Publication Date:
- 01-2024
- Content Type:
- Working Paper
- Institution:
- Institute for New Economic Thinking (INET)
- Abstract:
- One emerging but underexplored factor that is likely to contribute to group racial earnings disparity is unstable work schedules. This is often detrimental for hourly workers when volatility is frequent, involuntary, or unanticipated. Using data from 2005-2022 monthly Current Population Survey and its panel design, this study follows a group of hourly workers across a four-month period to assess whether labor market volatility relates to their financial well-being, focusing on low-wage care and service occupations as well as female workers and workers of color. The findings are threefold: In general, during economic expansion periods, nonwhite workers often benefit more in terms of wage growth compared to their white counterparts. Second, net of other characteristics, on average, greater volatility is associated with lower earnings, and this is mostly driven by those holding jobs in low-wage service sectors and healthcare support roles. Last, the earnings consequences of volatility vary significantly by the type of low-wage jobs a worker holds and their gender and race, but this is only true when volatility happens in a job. Specifically, when working within the same employment spell, female workers, particularly those of color and those working in low-wage service and care jobs, earn significantly less when facing greater volatility than their male counterparts or those working in non-service, non-care occupations.
- Topic:
- Economics, Inequality, Finance, Labor Market, and Gender
- Political Geography:
- Global Focus and United States of America
37. Monetary Policy and Illiquidity
- Author:
- Jan Toporowski
- Publication Date:
- 01-2024
- Content Type:
- Working Paper
- Institution:
- Institute for New Economic Thinking (INET)
- Abstract:
- The discussion of financial stability, and the role of monetary policy, is incoherent because there is very little agreement on what constitutes financial stability (and, by implication, instability) - exchange rate stability, asset price stability, absence of debt default. By implication, there is a gap between the claims of various authors to the general applicability of their respective analyses, and the actual applicability of their conclusions, let alone the usefulness of some of their policy recommendations. The paper argues that the key issue is the regulation of the liquidity of all financial markets, and not just that of the banking system, through the markets for government securities. The paper examines the sources of this liquidity in the financial portfolios of the private sector, and how that liquidity may be managed through the open market operations of central banks and the debt management operations of governments. An implication of this approach is yield curve control and the use of (government) debt management to control the liquidity of the markets. These elements of monetary policy have been neglected in theory and policy since the 1950s.
- Topic:
- Debt, Economics, Monetary Policy, Banking, and Liquidity
- Political Geography:
- Global Focus
38. Considering Returns on Federal Investment in the Negotiated “Maximum Fair Price” of Drugs Under the Inflation Reduction Act: an Analysis
- Author:
- Edward W. Zhou, Paula G. da Silva, Debbie Quijada, and Fred D. Ledley
- Publication Date:
- 03-2024
- Content Type:
- Working Paper
- Institution:
- Institute for New Economic Thinking (INET)
- Abstract:
- The Inflation Reduction Act (IRA) of 2022 contained landmark provisions authorizing government to negotiate a “maximum fair price” for selected Medicare Part D drugs considering the manufacturer’s research and development costs, federal support for discovery and development, the extent to which the drugs address unmet medical needs, and other factors. This working paper describes federal investment in the discovery and development of the ten drugs selected for price negotiation in the first year of the IRA as well as the health value created through Medicare Part D spending on these drugs. We identified $11.7 billion in NIH funding for basic or applied research leading to approval of these drugs with median investment costs of $895.4 million/drug. This early public investment provided a median cost savings to industry of $1,485 million/drug, comparable to reported levels of investment by industry. From 2017-2021, Medicare Part D spent $126.4 billion (median $10.7 billion) for these products before rebates. Excluding two products for diabetes, Medicare Part D spending was $97.4 billion and the total health value created was 650,940 QALYs or $67.7 billion (WTP/QALY=$104K) representing a negative residual health value of -$29.7 billion (before rebates). We argue that a negotiated fair price should provide returns on both private and public investments in these products commensurate with the scale and risk of these investments, with the principal return on public sector investments being the residual health value (net price) accruing to those using the product. These empirical data provide a cost basis for negotiating a fair price that rewards early government investments in innovation and provides social value for the public.
- Topic:
- Economics, Health, Public Health, Pharmaceuticals, and Public Investment
- Political Geography:
- North America and United States of America
39. Tilting at Windmills: Bernanke and Blanchard’s Obsession with the Wage-Price Spiral
- Author:
- Servaas Storm
- Publication Date:
- 04-2024
- Content Type:
- Working Paper
- Institution:
- Institute for New Economic Thinking (INET)
- Abstract:
- Bernanke and Blanchard (2023) use a simple dynamic New Keynesian model of wage-price determination to explain the sharp acceleration in U.S. inflation during 2021-2023. They claim their model closely tracks the pandemic-era inflation and they confidently conclude that “… we don’t think that the recent experience justifies throwing out existing models of wage-price dynamics.” This paper argues that this confidence is misplaced. The Bernanke and Blanchard is another failed attempt to salvage establishment macroeconomics after the massive onslaught of adverse inflationary circumstances with which it could evidently not contend. It misrepresents American economic reality, hides distributional issues from view, de-politicizes (monetary and fiscal) policy-making, and sets monetary policymakers up to deliver significantly more monetary tightening than can be justified on the basis of more realistic model analyses.
- Topic:
- Economics, Monetary Policy, Inflation, Macroeconomics, and Wages
- Political Geography:
- North America and United States of America
40. The Diffusion of New Technologies
- Author:
- Aakash Kalyani, Nicholas Bloom, Marcela Carvalho, Tarek A. Hassan, Josh Lerner, and Ahmed Tahoun
- Publication Date:
- 07-2024
- Content Type:
- Working Paper
- Institution:
- Institute for New Economic Thinking (INET)
- Abstract:
- We identify phrases associated with novel technologies using textual analysis of patents, job postings, and earnings calls, enabling us to identify four stylized facts on the diffusion of jobs relating to new technologies. First, the development of economically impactful new technologies is geographically highly concentrated, more so even than overall patenting: 56% of the most economically impactful technologies come from just two U.S. locations, Silicon Valley and the Northeast Corridor. Second, as the technologies mature and the number of related jobs grows, hiring spreads geographically. But this process is very slow, taking around 50 years to disperse fully. Third, while initial hiring in new technologies is highly skill-biased, over time the mean skill level in new positions declines, drawing in an increasing number of lower-skilled workers. Finally, the geographic spread of hiring is slowest for higher-skilled positions, with the locations where new technologies were pioneered remaining the focus for the technology’s high-skill jobs for decades.
- Topic:
- Development, Economics, Science and Technology, Innovation, and Labor Market
- Political Geography:
- North America and United States of America