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Begin New Search Political Geography Global Focus Publication Year within 25 Years

251. Legality of the Use of Cluster Bombs in International Law: A Short Overview

Author:
Vesna Poposka and Abdulmecit Nuredin
Publication Date:
04-2024
Content Type:
Journal Article
Journal:
Journal of Liberty and International Affairs
Institution:
Institute for Research and European Studies (IRES)
Abstract:
The war in Ukraine brought the collective security system towards a dead-end street. After raising the question of nuclear threat, another long-time forgotten question arises again, waking up the ghosts that slept for more than a half-century- the use of cluster bombs. Although an international convention prohibits this type of weapon, neither Ukraine, Russia, nor the United States are part of it, which leads back to the agony of fragmentation of international law versus the erga omnes concept of universally applicable norms and customary rules. Since the war is official and intensive, the law of armed conflict applies no matter which of the states involved denies it or names it differently. The use of cluster munitions from both sides is highly contested in international law—the paper aimed to provide an overview of the applicable legal framework through analytical and comparative methods. Although there is a general notion that cluster munition is banned under international law, the paper’s results show this is not the ultimate case. Contextualisation relies on the four basic principles of humanitarian law.
Topic:
Security, International Humanitarian Law (IHL), Russia-Ukraine War, and Cluster Bombs
Political Geography:
Russia, Ukraine, and Global Focus

252. The UN Summit of the Future: Neither breakthrough nor breakdown

Author:
Katja Creutz
Publication Date:
09-2024
Content Type:
Commentary and Analysis
Institution:
Finnish Institute of International Affairs (FIIA)
Abstract:
The complex and interconnected governance challenges facing the world have led the UN to convene a Summit of the Future. Despite the tense international political climate, the aim is for UN member states to come together to lay out a roadmap for transforming global governance.
Topic:
United Nations, Governance, Geopolitics, and Multilateralism
Political Geography:
Global Focus

253. 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

254. Bagehot’s Classical Money View: A Reconstruction

Author:
Perry Mehrling
Publication Date:
01-2024
Content Type:
Working Paper
Institution:
Institute for New Economic Thinking (INET)
Abstract:
Bagehot is difficult for modern economists to read with understanding, for three reasons. He was a classical economist not neoclassical, his orientation was global not national, and, most importantly, his intellectual formation was as a practicing country banker not an academic. This paper adopts all three perspectives, and uses this frame to reinterpret his mature work, both Lombard Street and the unfinished Economic Studies, as the origin of the key currency tradition which continues as a minority view in modern economics.
Topic:
Globalization, History, Macroeconomics, and Walter Bagehot
Political Geography:
Global Focus

255. 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

256. Tesla as a Global Competitor: Strategic Control in the EV Transition

Author:
Matt Hopkins and William Lazonick
Publication Date:
09-2024
Content Type:
Working Paper
Institution:
Institute for New Economic Thinking (INET)
Abstract:
In this paper, we assess the implications of Elon Musk’s strategic control over Tesla, the pioneering company that has become central to the electric vehicle transition. We document how, as Tesla’s CEO for 16 years, Musk has exercised strategic control to direct the transformation of the company from an uncertain startup to a global leader. Now that Tesla is profitable corporate predators (aka hedge-fund activists) may challenge Musk’s strategic control—a possibility of which the CEO is well aware. To retain his control over Tesla as a publicly listed company, Musk depends on holding a sufficient proportion of Tesla’s shares outstanding to possess the voting power to fend off predatory value extractors. In addition to accumulating Tesla shares by investing $291.2 million at early stages of the company’s evolution, Musk has relied upon massive stock-option grants from the Tesla board, under the guise of “compensation”, in 2009, 2012, and 2018, to boost his shareholding and, with it, his voting power. Hence the Delaware Court of Chancery’s decision in January 2024 to rescind Musk’s 2018 stock-option package—by far the largest ever granted to a corporate executive—poses a threat to Musk’s strategic control at Tesla. As the “Technoking” of Tesla strategizes to maintain his control over the company’s decision-making, anyone concerned with the role that Tesla will play in the evolving EV transition should be asking how CEO Musk might use, or abuse, his powerful position.
Topic:
Science and Technology, Economic Competition, Electric Vehicles, Tesla, and Energy Transition
Political Geography:
Global Focus and United States of America

257. Concentrating Intelligence: Scaling and Market Structure in Artificial Intelligence

Author:
Anton Korinek and Jai Vipra
Publication Date:
10-2024
Content Type:
Working Paper
Institution:
Institute for New Economic Thinking (INET)
Abstract:
This paper examines the evolving structure and competition dynamics of the rapidly growing market for foundation models, focusing on large language models (LLMs). We describe the technological characteristics that shape the industry and have given rise to fierce competition among the leading players. The paper analyzes the cost structure of foundation models, emphasizing the importance of key inputs such as computational resources, data, and talent, and identifies significant economies of scale and scope that may create a tendency towards greater market concentration in the future. We explore two concerns for competition, the risk of market tipping and the implications of vertical integration, and use our analysis to inform policy remedies to maintain a competitive landscape.
Topic:
Markets, Economy, Business, Innovation, Artificial Intelligence, and Large Language Models (LLMs)
Political Geography:
Global Focus

258. Macroeconomic Modeling in the Anthropocene

Author:
Yannis Dafermos, Andrew McConnell, Maria Nikolaidi, Servaas Storm, and Boyan Yanovski
Publication Date:
10-2024
Content Type:
Working Paper
Institution:
Institute for New Economic Thinking (INET)
Abstract:
Recent years have seen an increasing use of environmental dynamic stochastic general equilibrium (E-DSGE) models for analyzing the macroeconomic effects of the climate crisis. This paper explores to what extent these models are fit for purpose. We identify the limitations of the benchmark E-DSGE framework and explain how these limitations restrict the ability of this framework to meaningfully capture the macroeconomics of the climate crisis. We then explain how the assumptions behind these limitations can be relaxed, but argue that simply relaxing some of these assumptions in isolation is insufficient to address the problem. We therefore call for a broader use of other macroeconomic models, such as ecological stock-flow consistent (E-SFC) and ecological agent-based (E-AB) models, that address these limitations simultaneously. We explain how these models do not suffer from the pitfalls of the E-DSGE framework and outline how they need to improve to increase their usefulness as tools that can inform macroeconomic policy making in the Anthropocene.
Topic:
Climate Change, Environment, Monetary Policy, and Macroeconomics
Political Geography:
Global Focus

259. Responsible Change: How Governments Can Address Environmental, Social and Governance Challenges When Petroleum Assets Change Hands

Author:
Nicola Woodroffe
Publication Date:
02-2024
Content Type:
Policy Brief
Institution:
Natural Resource Governance Institute
Abstract:
As the world moves toward a future beyond oil and gas, petroleum assets will change hands, with different kinds of companies replacing others. Since 2014, around USD 88 billion in assets have moved from publicly listed to private companies. The roles of sub-Saharan African and Latin American companies in their home countries have expanded. Globally, the role of national oil companies (NOCs) is growing. NOCs have acquired around $24 billion in assets from non-NOCs since 2014. The growing role of private and local companies and NOCs potentially gives producer countries greater control over their petroleum sectors, including the pace of an eventual phaseout. However, these companies often have less capacity and fewer transparency, environmental, social and governance commitments than publicly listed international companies. This increases the risk that these companies’ operations will negatively impact the environment and communities, and that they will be unable to pay for decommissioning when production ends. Many assets that sub-Saharan African and Latin American NOCs have acquired appear vulnerable to energy transition risks. Governments should exercise approval rights over asset transfers to ensure buyers have requisite capacity to operate with high standards. They should ensure transparency to allow host communities and the public to better understand transfer impacts and how the government and/or companies will manage them, and strengthen regulations to address key issues arising from transfers including emissions management and reporting, and decommissioning funding. Governments should require NOCs to make adequate disclosures about their acquisitions to ensure NOCs manage risks to the public purse.
Topic:
Environment, Oil, Governance, and Energy Transition
Political Geography:
Global Focus

260. Responsible Exit Principles for Oil and Gas Companies

Author:
Nicola Woodroffe and Erica Westenberg
Publication Date:
09-2024
Content Type:
Policy Brief
Institution:
Natural Resource Governance Institute
Abstract:
Asset transfers in the oil and gas industry are not new. Yet, as the energy transition accelerates, there is a growing risk that oil and gas companies sell assets in response to pressures to decarbonize. However, transferring assets to operators with lower standards can lead to higher emissions and increased risks. This briefing offers a framework to guide these transactions and ensure that environmental and operational integrity is upheld. Designed for use by a range of stakeholders, these principles set out best practices to help companies manage financial, legal, environmental and reputational risks during asset transfers. They were developed with input from representatives of the oil and gas industry; investors, the financial, legal and accounting professions; the insurance industry; standard-setting bodies; academia; and civil society. All stakeholders can adopt and refine these standards to support a responsible, low-emissions future and harmonize regulatory practices across the industry.
Topic:
Corruption, Environment, Oil, Gas, Accountability, Fossil Fuels, and Energy Transition
Political Geography:
Global Focus