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41. Five Surprises of the Great Recession

Author:
Uri Dadush and Vera Eidelman
Publication Date:
11-2010
Content Type:
Policy Brief
Institution:
Carnegie Endowment for International Peace
Abstract:
The Great Recession included five major surprises: (1) the severity of the global trade and output collapse, (2) the United States suffered a milder than expected recession, (3) Europe saw the onset of a severe sovereign debt crisis, (4) China grew at an extraordinary rate even though it's greatly dependent on exports, and (5) Latin America showed remarkable resilience.
Topic:
Economics, Globalization, Global Recession, and Financial Crisis
Political Geography:
United States, China, Europe, and Latin America

42. Russia's Oil Exports: Economic Rationale Versus Strategic Gains

Author:
Adnan Vatansever
Publication Date:
12-2010
Content Type:
Working Paper
Institution:
Carnegie Endowment for International Peace
Abstract:
Russia, the world's largest oil producer, is vigorously promoting the development of new outlets for oil exports. While the recent launch of a long-awaited cross-border oil pipeline between Russia and China has received most of the publicity, it is a part of a much larger Russian initiative aimed at developing new oil export infrastructure in almost every possible direction: Asia, the Baltic Sea region, the Black Sea region, and the Arctic. This export strategy will have considerable policy and economic implications for Eastern and Central Europe and even the United States.
Topic:
Economics, Energy Policy, Markets, and Oil
Political Geography:
United States and Europe

43. A Place in the Sun or Fifteen Minutes of Fame? Understanding Turkey's New Foreign Policy

Author:
Sinan Ülgen
Publication Date:
12-2010
Content Type:
Working Paper
Institution:
Carnegie Endowment for International Peace
Abstract:
Turkey's vote against additional UN Security Council sanctions on Iran this year was viewed by many observers as a sign that Turkey is drifting away from the West. In reality, Ankara's relationship with the United States and the EU is much more complicated. Turkey's ambitious foreign policy and growing influence present the West with an opportunity to demand that Turkey play a more constructive role in the international community.
Topic:
Foreign Policy, Diplomacy, and Power Politics
Political Geography:
United States, Europe, Iran, Central Asia, and Turkey

44. The G20 Meetings: No Common Framework, No Consensus

Author:
Michael Pettis
Publication Date:
05-2009
Content Type:
Policy Brief
Institution:
Carnegie Endowment for International Peace
Abstract:
Participants in the recently completed G20 meeting in London agreed on a number of measures, some substantial and some merely symbolic, but they sidestepped the real issues dividing the major economic powers and, in so doing, failed to address the root causes of the global trade and investment imbalances. This was almost inevitable. China, Europe, and the United States have incompatible conceptual frameworks for understanding the causes of the global financial crisis; furthermore, their conflicting domestic political constraints make agreement on solutions hard to reach. Europeans believe that the root cause of the crisis was excessively deregulated financial systems, and they are skeptical about U.S. and Chinese calls for fiscal expansion, worrying that excessive spending would prolong the imbalances and make the ultimate adjustment more difficult. China also believes that the roots of the crisis lie within the structure of the global financial system, although Beijing insists that it was mainly the reserve status of the U.S. dollar that permitted imbalances to develop to unsustainable levels. China is particularly vulnerable to trade protection and seeks to maintain open markets for its continued export of domestic overcapacity. Like the United States, it is pushing for more aggressive, globally coordinated fiscal expansion. However, because of rigidities in its financial system and development model, its fiscal response to the crisis may exacerbate the difficult global adjustment and may, ironically, increase the chances of trade friction. In a time of contracting demand, the United States controls two-thirds of the most valuable resource in the world: net demand. Consequently, it is U.S. policies that will determine the pace and direction of the global recovery, along with the institutional framework that will govern trade and investment relationships for decades to come. The crisis puts the United States more firmly at the center of the emerging world order than ever. So far, the United States has not understood the need to consider the global outcomes of its recovery policies. Until the major powers can reach consensus about the roots of the imbalance and cooperate on policies to promote recovery, it is likely that the world economy will get worse before it gets better. The United States will drive the recovery process, but in order to do so effectively it will need to recognize its position of strength and negotiate the appropriate agreements with other major powers, especially China, on the pace and nature of the adjustment.
Topic:
Economics, Globalization, International Trade and Finance, and Monetary Policy
Political Geography:
United States, China, Europe, and London

45. Recovery: The Global Financial Crisis and Middle-Income Countries

Author:
Alejandro Foxley
Publication Date:
07-2009
Content Type:
Working Paper
Institution:
Carnegie Endowment for International Peace
Abstract:
No country has proved immune to the devastating effects of the current global financial crisis. But the middle-income countries of Eastern Europe, Latin America, and East Asia, which previously had achieved significant progress—economically and socially— have shown themselves to be particularly vulnerable. The crisis has high- lighted important lessons for these countries, which inhabit a twilight zone between the developed and developing worlds –and those that aspire to join their ranks – as they rebuild
Topic:
Economics, Globalization, Markets, and Financial Crisis
Political Geography:
Europe, East Asia, and Latin America

46. European Conflict Management in the Middle East: Toward a More Effective Approach

Author:
Muriel Asseburg
Publication Date:
02-2009
Content Type:
Working Paper
Institution:
Carnegie Endowment for International Peace
Abstract:
Since the Middle East peace conferences in Madrid (1991) and Washington (1991–1993), Europeans have gradually stepped up their political involvement in the Middle East. While Europeans have had strong trade and cultural relations with their neighboring region for decades, they have, in parallel with the Middle East peace process and the development of European Union (EU) foreign policy instruments, moved to assert their political interests more forcefully. These policies have largely been motivated by geographic proximity and geopolitical considerations—chiefly, the fear of security threats emanating from Europe's neighborhood (a spillover of conflict in the form of terrorism, organized crime, migration, and the proliferation of weapons of mass destruction), Israel's security, and access to energy resources. The implicit assumption has been that these different European interests can best be reconciled in an environment where there is peace between Israel and its neighbors (and therefore no contradiction between good relations between the EU and Israel and good relations between the EU and the wider, resource-rich region) and where the people of the Mediterranean and the Middle East find decent living conditions in their countries. As a consequence, Europeans have first focused their efforts on the realization of a two-state solution to the Israeli–Palestinian confl ict, which they consider to be the core of the region's instability. They have, second, aimed at supporting comprehensive peace between Israel and its neighbors. And they have, third, sought to provide an environment conducive to peace in the region as well as to deflect what were (and still are) perceived as security risks emanating from the region.
Topic:
Security, Foreign Policy, Energy Policy, International Cooperation, and Islam
Political Geography:
Europe, Washington, Middle East, Israel, Palestine, and Arabia

47. Palestine and Israel: Time for Plan B

Author:
Nathan J. Brown
Publication Date:
02-2009
Content Type:
Policy Brief
Institution:
Carnegie Endowment for International Peace
Abstract:
The international effort to achieve a two-state solution to the Israeli–Palestinian conflict has come to a dead end, at least for the present. Things can—and might well—get worse unless the United States and other outside actors couple a realistic view of the present with a serious effort to push for a more promising future. The first step in a new diplomatic approach must be to establish a cease-fire that builds on the common interest of both Israel and Hamas to avoid fighting in the short term. A new cease-fire should be clear and perhaps even written; mediators (whether Arab or European) must be willing to make an agreement more attractive to both sides to sustain (Hamas can be enticed by some opening of the border with Egypt; Israel will demand serious efforts against the supply of arms to Hamas). The second step must be an armistice that would offer each side what they crave for the present—Israel would get quiet and a limit on arms to Hamas; Palestinians would get open borders, a freeze on settlements, and an opportunity to rebuild their shattered institutions. Such an armistice must go beyond a one-year cease-fire to become something sustainable for at least five to ten years. Finally, the calm provided by the armistice must be used to rebuild Palestinian institutions and force Palestinians and Israelis to confront rather than avoid the choices before them.
Topic:
Conflict Resolution, Islam, Peace Studies, Terrorism, and War
Political Geography:
United States, Europe, Middle East, Israel, Palestine, Arabia, and Egypt

48. Reconciling With the Taliban?: Toward an Alternative Grand Strategy in Afghanistan

Author:
Ashley J. Tellis
Publication Date:
04-2009
Content Type:
Working Paper
Institution:
Carnegie Endowment for International Peace
Abstract:
The run-up to the announcement of President Obama's new "Af-Pak" strategy provoked a flurry of "new solutions" to the conflict. Promoting reconciliation with the Taliban is one idea that has reappeared—even in the administration's own White Paper on U.S. policy toward Afghanistan and Pakistan. While this notion would rightly have been considered ridiculous a few years ago, many in Europe and the United States obviously believe that stabilizing Afghanistan may require just that. In fact, it would be the worst approach at this time—and it is destined to fail so long as key Taliban constituents are convinced that military victory in Afghanistan is inevitable.
Topic:
Foreign Policy, Terrorism, and Armed Struggle
Political Geography:
Pakistan, Afghanistan, United States, Europe, and Taliban

49. Recovery: The Global Financial Crisis and Middle-Income Countries

Author:
Alejandro Foxley
Publication Date:
07-2009
Content Type:
Working Paper
Institution:
Carnegie Endowment for International Peace
Abstract:
No country has proved immune to the devastating effects of the current global financial crisis. But the middle-income countries of Eastern Europe, Latin America, and East Asia, which previously had achieved significant progress—economically and socially—have shown themselves to be particularly vulnerable. The crisis has highlighted important lessons for these countries, which inhabit a twilight zone between the developed and developing worlds?and those that aspire to join their ranks—as they rebuild.
Topic:
Economics, International Trade and Finance, Monetary Policy, and Financial Crisis
Political Geography:
Europe, East Asia, and Latin America

50. EU and U.S. Free Trade Agreements in the Middle East and North Africa

Author:
Riad al Khouri
Publication Date:
06-2008
Content Type:
Working Paper
Institution:
Carnegie Endowment for International Peace
Abstract:
The political situation in much of the Middle East and North Africa (MENA) region is subject to persistent tension due to the Arab–Israeli conflict, the war in Iraq and its spillovers to other countries, and sporadic upsurges of terrorism. In addition, some countries face serious domestic political tensions, a lack of political openness, and the increasing popularity of Islamist opposition groups. Economically, fast demographic and labor force expansion has led to high un- employment and slow growth in per capita incomes. Unsustainable management of the environment and natural resources further threatens prospects for long-term economic growth. In this context, increased economic cooperation between the MENA countries, on the one hand, and the United States and the European Union (EU), on the other, aims not only at promoting growth and development but also at fostering more stable political environments.
Topic:
International Trade and Finance and Markets
Political Geography:
United States, Europe, Middle East, Israel, Arabia, and North Africa