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101. Trade Liberalization: Cordell Hull and the Case for Optimism

Author:
Douglas A. Irwin
Publication Date:
07-2008
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
The news from Geneva of the breakdown of the Doha Round after seven years of effort has generated a great deal of pessimism about the future of multilateral trade agreements. America's troubles with the World Trade Organization (WTO) are of course only the beginning. There are also domestic problems when it comes to trade policy, an issue that ties together America's economic prosperity and its global political influence. Recent public opinion polls in the United States reveal increased skepticism about the benefits of globalization and diminished support for free trade policies. The post–World War II bipartisan consensus in favor of open trade has broken up, leading to gr eater resistance to new trade agreements in Congress, as reflected in the House's recent decision to postpone consideration of the Colombia free trade agreement (FTA). Despite efforts in the Doha Round to limit agricultural subsidies, Congress recently showered domestic farmers with more cash in the recently passed Farm Bill, even at a time when commodity prices are soaring.
Topic:
Economics, International Trade and Finance, and Markets
Political Geography:
Geneva, United States, America, and Colombia

102. The Economic Logic of Illegal Immigration

Author:
Gordon H. Hanson
Publication Date:
04-2007
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
Illegal immigration is a source of mounting concern for politicians in the United States. In the past ten years, the U.S. population of illegal immigrants has risen from five million to nearly twelve million, prompting angry charges that the country has lost control over its borders. Congress approved measures last year that have significantly tightened enforcement along the U.S.-Mexico border in an effort to stop the flow of unauthorized migrants, and it is expected to make another effort this year at the first comprehensive reform of immigration laws in more than twenty years.
Topic:
Conflict Prevention, Development, and Economics
Political Geography:
United States, Latin America, and Mexico

103. The Case for Wage Insurance

Author:
Robert LaLonde
Publication Date:
06-2007
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
An important component of U.S. productivity growth and economic competitiveness is a flexible labor market that shifts workers quickly into the jobs where they are most needed. Much of the time, this job shifting is fairly painless: Workers quickly find new positions that pay at least as much as their previous ones, often without an intervening spell of unemployment. But prime-aged and older workers can sometimes suffer large, long-term income losses. Such workers' well-founded fears about job displacement lead them and their advocates to resist policies such as free trade that are sometimes blamed for the job shifting. This resistance harms the majority of households because trade helps to lower prices, raise real incomes and promote economic growth. It also has foreign policy consequences since it threatens the United States' ability to play its traditional post–World War II role as the bulwark of a relatively open international trading system. And by reducing the dynamism of the U.S. economy, resistance to trade and other pro-growth policies can weaken the nation's long-term ability to exert global leadership.
Topic:
Economics, Government, and Markets
Political Geography:
United States

104. Reform of the International Monetary Fund

Author:
Peter B. Kenen
Publication Date:
05-2007
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
The International Monetary Fund (IMF) is undertaking a wide-ranging reform of its governance and operations within a framework proposed by Rodrigo de Rato, its managing director. The proposed reform is inspired in large part by the emergence of large middle-income developing countries such as China and India, which now play a major role in the world economy but are underrepresented in the Fund as the low-income developing countries. The proposed reform is also inspired by the need to simplify the Fund's internal practices and focus more intensively on its basic mandate: to “oversee the development of the international monetary system in order to ensure its effective operation.”
Topic:
Development, Economics, and International Trade and Finance
Political Geography:
China and India

105. Nigeria: Elections and Continuing Challenges

Author:
Robert I. Rotberg
Publication Date:
04-2007
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
Nigeria's vital importance for Africa's political development, for U.S. and European interests, and for world order cannot be exaggerated. Nigeria's sheer aggregate numbers—possibly as many as 150 million of the full continent's 800 million—and its proportionate weight in sub-Saharan Africa' s troubled affairs, make the country's continuing evolution from military dictatorship to stable, sustained democracy critical.
Topic:
Democratization and Economics
Political Geography:
Africa, Europe, and Nigeria

106. Living with Hugo: U.S. Policy Toward Hugo Chávez's Venezuela

Author:
Richard Lapper
Publication Date:
11-2006
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
The popularity of the new political and economic model being developed in Venezuela has been a consistent source of aggravation for the U.S. government. Since first winning the presidency in December 1998, Hugo Chávez has been able through repeated electoral victories and radical constitutional reform to dominate Venezuela's government and public institutions. Undaunted by stiff U.S. opposition, President Chávez has launched what he calls a Bolivarian revolution, named after Simón Bolívar, a nineteenth-century leader of Latin America's independence wars. Chávez has reasserted the role of the state in the Venezuelan economy and developed extensive social programs to advance an anti- U.S., anti-capitalist crusade. New or newly reinvigorated alliances with established U.S. adversaries have helped internationalize Chávez's aims. Most alarming to those concerned with the health of Venezuelan democracy, Chávez and his allies have concentrated political power in the hands of the executive, curtailed the independence of the judiciary, shown limited tolerance for domestic critics, and openly intervened in the electoral politics of neighboring states.
Topic:
Conflict Prevention, Foreign Policy, Development, Economics, and Politics
Political Geography:
United States, South America, and Latin America

107. Reforming U.S. Patent Policy: Getting the Incentives Right

Author:
Keith E. Mascus
Publication Date:
11-2006
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
America's robust economic competitiveness is du e in no small part to a large capacity for innovation. That capacity is imperiled, however, by an increasingly overprotective patent system. Over the past twenty-five years, American legislators and judges have operated on the principle that stronger patent protection engenders more innovation. This principle is misguided. Although intellectual property rights (IPR) play an important role in innovation, the recent increase in patent protection has not spurred innovation so much as it has impeded the development and use of new technologies.
Topic:
Development, Economics, and Markets
Political Geography:
United States, China, and America

108. Getting Serious about the Twin Deficits

Author:
Menzie D. Chinn
Publication Date:
09-2005
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
Twenty years ago, the United States was the world's largest creditor nation, unsurpassed in its ownership of assets outside of its borders, even after deducting what foreigners owned inside its borders. Yet over the past two decades, America has been transformed into the world's largest debtor nation. At the end of 2004, its debts to the rest of the world exceeded its assets by about $2.5 trillion—21 percent of its gross domestic product (GDP). This proportion is unmatched by any other major developed economy.
Topic:
Foreign Policy, Development, and Economics
Political Geography:
United States and America

109. Building a North American Community

Publication Date:
05-2005
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
The security and well-being of its citizens stand at the very pinnacle of any government's responsibilities. At the beginning of the twenty-first century, the futures of Canada, Mexico, and the United States are shared as never before. As a result, all three countries face a historic challenge: Do they continue on the path of cooperation in promoting more secure and more prosperous North American societies or do they pursue divergent and ultimately less secure and less prosperous courses? To ask the question is to answer it; and yet, if important decisions are not pursued and implemented, the three countries may well find themselves on divergent paths. Such a development would be a tragic mistake, one that can be readily avoided if they stay the course and pursue a series of deliberate and cooperative steps that will enhance both the security and prosperity of their citizens.
Topic:
Foreign Policy, Economics, and Regional Cooperation
Political Geography:
United States, Canada, North America, and Mexico

110. The Current State of the Japanese Economy

Author:
Edward J. Lincoln
Publication Date:
04-2005
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
No abstract is available.
Topic:
Development, Economics, and Government
Political Geography:
Japan, Israel, and East Asia