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1421. No I in Team: Integrated Deterrence with Allies and Partners

Author:
Stacie L. Pettyjohn and Becca Wasser
Publication Date:
12-2022
Content Type:
Special Report
Institution:
Center for a New American Security (CNAS)
Abstract:
The United States faces a strategic landscape unlike anything it has encountered in its recent history. It faces a rising great power in China, a diminished but still dangerous Russian military threat, and myriad “lesser threats” in the form of Iran, North Korea, and violent extremist organizations. Moving forward, the United States will need to deter aggression by two nuclear armed great-power adversaries while also keeping other threats at bay to protect the U.S. homeland and its global interests. But Washington finds itself in a precarious position where it may not have sufficient capacity, capability, nor readiness to contend with multiple advanced threats and crises. The Pentagon, therefore, needs allies and partners to help it deter Chinese and Russian aggression and manage the lesser but persistent threats that could grow if ignored. To overcome these challenges, the U.S. Department of Defense (DoD) has advanced the concept of integrated deterrence in the 2022 National Defense Strategy (NDS). Integrated deterrence seeks to integrate all tools of national power across domains, geography, and spectrum of conflict, while working with allies and partners. But what integrated deterrence entails in practical terms remains unclear, particularly to the very allies and partners Washington wants more from. This ambiguity raises the risk that integrated deterrence may find itself dead on arrival—and along with it, the ally and partner line of effort in the NDS. This risk is particularly high since the unclassified version of the NDS, which is the only one that is available to most allies and partners, was long delayed and finally released in late October 2022. To enable the DoD’s NDS implementation efforts and turn integrated deterrence from rhetoric to reality, the authors developed a framework to help the department think about and implement its strategy of integrated deterrence with allies and partners. This framework highlights three levels of integration between the United States and its allies and partners: tactical, institutional, and strategic.
Topic:
Defense Policy, Alliance, and Deterrence
Political Geography:
Global Focus and United States of America

1422. Economic Costs of Friend-shoring

Author:
Beata Javorcik, Lucas Kitzmueller, Helena Schweiger, and Muhammad A. Yıldırım
Publication Date:
09-2022
Content Type:
Working Paper
Institution:
The John F. Kennedy School of Government at Harvard University
Abstract:
Geo-political tensions and disruptions to global value chains have led policymakers to reevaluate their approach to globalisation. Many countries are considering regionalisation and friend-shoring – trading primarily with countries sharing similar values – as a way of minimising exposure to weaponisation of trade and securing access to critical inputs. If followed through, this process has the potential to reverse global economic integration of recent decades. This paper estimates the economic costs of friend-shoring using a quantitative model incorporating inter-country inter-industry linkages. The results suggest that friend-shoring may lead to real GDP losses of up to 4.6% of global GDP. Thus, although friend-shoring may provide insurance against extreme disruptions and increase the security of supply of vital inputs, it would come at a significant cost.
Topic:
Trade, Production, Regionalization, and Friend-shoring
Political Geography:
Global Focus

1423. Yet it Endures: The Persistence of Original Sin

Author:
Barry Eichengreen, Ricardo Hausmann, and Ugo Panizza
Publication Date:
11-2022
Content Type:
Working Paper
Institution:
The John F. Kennedy School of Government at Harvard University
Abstract:
Notwithstanding announcements of progress, "international original sin" (the denomination of external debt in foreign currency) remains a persistent phenomenon in emerging markets. Although some middle-income countries have succeeded in developing markets in local-currency sovereign debt and attracting foreign investors, they continue to hedge their currency exposures through transactions with local pension funds and other resident investors. The result is to shift the locus of currency mismatches within emerging economies but not to eliminate them. Other countries have limited original sin by limiting external borrowing, passing up valuable investment opportunities in pursuit of stability. We document these trends, analyzing regional and global aggregates and national case studies. Our conclusion is that there remains a case for an international initiative to address currency risk in low- and middle-income economies so they can more fully exploit economic development opportunities.
Topic:
Markets, Economy, Investment, and Sovereign Debt
Political Geography:
Global Focus

1424. Twilight of Democracy: The Seductive Lure of Authoritarianism

Author:
Jonathan Nash
Publication Date:
12-2022
Content Type:
Journal Article
Journal:
Uluslararasi Iliskiler
Institution:
International Relations Council of Turkey (UİK-IRCT)
Abstract:
In her book, Twilight of Democracy: The Seductive Lure of Authoritarianism, Anne Applebaum explores a political shift that many democracies face today. In her analysis of global democracies, Applebaum explains why authoritarianism is on the rise and how it is being welcomed by many. She argues that the world is becoming more authoritarian, and democracy is starting to slip, especially with the recent election of US President Donald Trump. Through her writing, Applebaum hopes to bring awareness to this phenomenon with the hope of recognizing it and resisting it. Anne Applebaum is a Pulitzer Prize winning journalist, who has worked for several magazines and newspapers. These include The Spectator, The Evening Standard, Slate, The Daily and Sunday Telegraph, The Economist, The Independent, The Washington Post, and currently The Atlantic. Her career provides her with great access to the top decision-making circles both in Europe and the United States during critical times, including the fall of the Berlin Wall, or the Brexit referendum and its aftermath.
Topic:
Authoritarianism, Democracy, Book Review, and Journalism
Political Geography:
Europe, Global Focus, and United States of America

1425. A Brief History of Equality

Author:
Melek Aylin Özoflu and Samet Yılmaz
Publication Date:
12-2022
Content Type:
Journal Article
Journal:
Uluslararasi Iliskiler
Institution:
International Relations Council of Turkey (UİK-IRCT)
Abstract:
Is neoliberalism in a deep crisis or not? If yes, what are the dynamics of this crisis? Does this crisis promise social, political, and economic transformations? If it does, what are the prerequisites? Will global levels of inequality continue to be dispersed? If one desperately searches for an answer to these questions, Thomas Piketty’s latest book, A Brief History of Equality, might offer a possible starting point. Piketty is known for his valuable r>g theory. He explains that return to capital exceeds the rate of economic growth, and it, in return, increases the concentration of wealth. This time, he does not put forward a new theoretical frame. Instead, building upon his r>g theory, he elaborates on his argument for the deepening of inequality in a multi-dimensional and multi-faceted way within a large time frame between 1780 and 2020. As for the primary source of data, he utilises the World Inequality Database (WID.world), which contains evidence about the distribution of income and wealth over the years. It provides the author with a multidisciplinary approach, while interpreting the progress in economic, political, and social developments.
Topic:
Inequality, Economic Growth, Neoliberalism, and Book Review
Political Geography:
Global Focus

1426. Gezegensel Siyaset Manifestosunun Ardından Yeşil Teorinin Uluslararası İlişkilerdeki Konumu

Author:
Didem Buhari Gulmez and Ertan Güler
Publication Date:
12-2022
Content Type:
Journal Article
Journal:
Uluslararasi Iliskiler
Institution:
International Relations Council of Turkey (UİK-IRCT)
Abstract:
Bu makale, Uluslararası İlişkilerde Yeşil Teoriyi daha iyi konumlandırabilmek için Gezegensel Siyaset Manifestosu üzerine yapılan güncel tartışmalara ışık tutmaktadır. Özellikle, Yeşil Teorinin disiplindeki konumuna ilişkin çalışmalarda görülen “sorun çözen teorilere karşı eleştirel teoriler” ikiliğini aşmayı hedeflemektedir. Buna yönelik olarak, Yeşil Teoriyi Uluslararası İlişkilerin ana akım teorileriyle kıyaslamak yerine, Gezegensel Siyaset Manifestosu perspektifinden Yeşil Teorinin İnşacılık, Normatif Teori, Postyapısalcılık, Eleştirel Teori, Postkolonyalizm ve Feminizm gibi başlıca eleştirel teorilerle arasındaki karmaşık ilişkiye odaklanmaktadır.
Topic:
International Relations, Politics, Critical Theory, Green Theory, Ecocentrism, and Ecofeminism
Political Geography:
Global Focus

1427. A Conceptual History: Historical Sociological Analysis of Unipolarity in Structural Realist Literature

Author:
Burcu Sari Karademir
Publication Date:
12-2022
Content Type:
Journal Article
Journal:
Uluslararasi Iliskiler
Institution:
International Relations Council of Turkey (UİK-IRCT)
Abstract:
Unipolarity has been taken for granted and remains unquestioned in the International Relations literature. This article provides the conceptual history of unipolarity by bringing an immanent critique. It shows the evolution of unipolarity literature in the absence of counterbalancing in four stages. It focuses on the use of history in structural realism and brings a historical sociological perspective to the literature to show how tempocentric theorizing impaired the understanding of unipolarity as a distinct structure. The article concludes by underlying the importance of noticing the cost of reification of concepts for theorizing and by highlighting that unipolarity is still understudied both theoretically and methodologically.
Topic:
International Relations, Unipolarity, Post-Cold War, Balance of Power, Hard Balancing, and Soft Balancing
Political Geography:
Global Focus

1428. Signaling Virtue or Vulnerability? The Changing Impact of Exchange Rate Regimes on Government Bond Yields

Author:
Zsófia Barta, Lucio Baccaro, and Alison Johnston
Publication Date:
09-2022
Content Type:
Working Paper
Institution:
Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo)
Abstract:
Do exchange rate regimes affect the conditions under which developed countries borrow? This paper argues that they do, but their impact on yields depends on the prevailing macroeconomic context. When investors regard inflation as the most relevant risk to bond holdings, monetary union has a distinct advantage over floating and fixed exchange rates because of its credible in-built mechanism to control inflation. However, once default is seen as the most relevant risk, exchange rate rigidity becomes a liability due to its constraining effect on governments’ ability to respond to adverse shocks. We test our argument with a moving window panel analysis for twenty-three OECD countries from 1980 to 2017. We find that before the late 2000s, inflation was penalized under floating and (to a lesser extent) fixed exchange rate regimes, but not in countries in monetary union. Since the 2010s, inflation carries no penalty under any exchange rate regime. Variables linked to default risk (debt and entitlement spending) did not affect yields under any exchange rate arrangements until the mid-2000s. Afterwards, countries in monetary union (and to a lesser extent in fixed exchange rate regimes) were significantly penalized for public debt and entitlement spending, whereas countries with floating regimes were not. Our results speak to the literatures on governments’ institutional commitments and “room to move.”
Topic:
International Political Economy, Financial Markets, Bonds, Exchange Rates, and Euro
Political Geography:
Global Focus

1429. Private Insurance, Public Welfare, and Financial Markets: Alpine and Maritime Countries in Comparative-Historical Perspective

Author:
Arjen van der Heide and Sebastian Kohl
Publication Date:
09-2022
Content Type:
Working Paper
Institution:
Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo)
Abstract:
Contemporary capitalist societies use different institutions to manage economic risks. While different public welfare state and financial institutions (banks, capital markets) have been studied across coordinated and liberal market economies, this paper adds the private insurance sector to the study of countries’ security arrangements, following up on Michel Albert’s classical distinction between Alpine and Maritime insurance cultures. Building on extensive new insurance data collections (1880–2017) and institutional analysis, this paper corroborates the long-run historical existence of two worlds of private insurance. Maritime countries (USA, GBR, CAN) developed much bigger life and non-life insurance earlier, with no state-associated insurance enterprises and riskier investments steered towards financial markets. Alpine insurance (AUT, DEU, CHE), by contrast, was initially smaller, with strong state involvement, a significant reinsurance tradition and relatively heavy investments in mortgages and property, due to economic and financial backwardness. We argue that the larger and more “Maritime” the insurance sector, the more it made welfare states liberal and securities markets large. Insurance is thus a hidden factor for countries’ varieties of capitalism and world of welfare. The recent convergence on the Maritime model, however, implies that the riskier and risk-individualizing type of private insurance has added to privatization and securitization trends everywhere.
Topic:
History, Capitalism, Welfare, Insurance, and Financial Development
Political Geography:
Global Focus

1430. The Rise and Fall of Social Housing? Housing Decommodification in Long-Run Perspective

Author:
Konstantin A. Kholodilin, Sebastian Kohl, and Sarah Hellmüller
Publication Date:
08-2022
Content Type:
Working Paper
Institution:
Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo)
Abstract:
The comparative study of housing decommodification lags behind classical welfare state research, while housing research itself is rich in homeownership studies but lacks comparative accounts of private and social rentals due to missing comparative data. Building on existing works and various primary sources, this study presents a new collection of up to forty-eight countries’ social housing shares in stock and new construction since the first housing laws around 1900. The interpolated benchmark time series generally describe the rise and fall of social housing across a residual, a socialist, and a Northern-European housing group. The decline was steeper than for the classical welfare state, but the degree of erosion was surprisingly small in some countries where public housing associations remained resilient. Within the broader housing welfare state, social housing correlates positively with rent regulation and allowances, but negatively with homeownership subsidies and liberal mortgage regulation. A multivariate analysis shows that social housing is rather explained by housing shortages and complementarities with rental and welfare policies than by typical welfare state theories (GDP, political parties). Generally, the paper shows that conventional housing typologies are difficult to defend over time and argues more generally for including housing decommodification in welfare state research.
Topic:
Public Policy, Housing, and Welfare State
Political Geography:
Europe and Global Focus