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231. A program for strengthening the Federal Reserve's ability to fight the next recession

Author:
David Reifschneider and David Wilcox
Publication Date:
03-2020
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics (PIIE)
Abstract:
If the Federal Reserve does not decisively change the way it conducts monetary policy, it will probably not be capable of fighting recessions in the future as effectively as it fought them in the past. This reality helped motivate the Fed to undertake the policy framework review in which it is currently engaged. Researchers have suggested many steps the Fed could take to improve its recession-fighting ability; however, no consensus has emerged as to which of these steps would be both practical and maximally effective. This paper aims to fill that gap. It recommends that the Fed commit as soon as possible to a new approach for fighting recessions, involving two key elements. First, the Fed should commit that whenever it runs out of room to cut the federal funds rate further, it will leave the rate at its minimum level until the labor market recovers and inflation returns to 2 percent. Second, the Fed should commit that under the same circumstances, it will begin to purchase longer-term assets in volume and will continue such purchases until the labor market recovers. If the forces driving the next recession are not unusually severe, this framework might allow the Fed to be as effective at fighting that recession as it was in the past. If the next recession is more severe, however, the Fed will probably run out of ammunition even if it takes the two steps recommended here. Therefore, both monetary and fiscal policymakers should consider yet other steps they could take to enhance their ability to fight future recessions.
Topic:
Economics, Monetary Policy, and Federal Reserve
Political Geography:
North America, Global Focus, and United States of America

232. Inclusive American Economic History: Containing Slaves, Freedmen, Jim Crow Laws, and the Great Migration

Author:
Trevon Logan and Peter Temin
Publication Date:
01-2020
Content Type:
Working Paper
Institution:
Institute for New Economic Thinking (INET)
Abstract:
This paper records the path by which African Americans were transformed from enslaved persons in the American economy to partial participants in the progress of the economy. The path was not monotonic, and we organize our tale by periods in which inclusiveness rose and fell. The history we recount demonstrates the staying power of the myth of black inferiority held by a changing white majority as the economy expanded dramatically. Slavery was outlawed after the Civil War, and blacks began to participate in American politics en masse for the first time during Reconstruction. This process met with white resistance, and black inclusion in the growing economy fell as the Gilded Age followed and white political will for black political participation faded. The Second World War also was followed by prosperity in which blacks were included more fully into the white economy, but still not completely. The Civil Rights Movement proved no more durable than Reconstruction, and blacks lost ground as the 20th century ended in the growth of a New Gilded Age. Resources that could be used to improve the welfare of whites and blacks continue to be spent on the continued repressions of blacks.
Topic:
Economics, Race, History, Capitalism, and Slavery
Political Geography:
United States and Global Focus

233. Restraining Ourselves: Helping by Not Hurting

Author:
Nathan Nunn
Publication Date:
01-2020
Content Type:
Policy Brief
Institution:
Economics for Inclusive Prosperity (EfIP)
Abstract:
In this brief, I discuss the current state of economic development policy, which tends to focus on interventions, usually funded with foreign aid, that are aimed at fixing deficiencies in developing countries. The general perception is that there are inherent problems with less-developed countries that can be fixed by with the help of the Western world. I discuss evidence that shows that the effects of such ‘help’ can be mixed. While foreign aid can improve things, it can also make things worse. In addition, at the same time that this ‘help’ is being offered, the developed West regularly undertakes actions that are harmful to developing countries. Examples include tariffs, antidumping duties, restrictions on international labor mobility, the use of international power and coercion, and tied-aid used for export promotion. Overall, it is unclear whether interactions with the West are, on the whole, helpful or detrimental to developing countries. We may have our largest and most positive effects on alleviating global poverty if we focus on restraining ourselves from actively harming less-developed countries rather than focusing our efforts on fixing them.
Topic:
Development, Economics, International Political Economy, Developing World, and Economic Development
Political Geography:
United States and Global Focus

234. Big Tech, Antitrust, and Breakup

Author:
Michael A. Carrier
Publication Date:
01-2020
Content Type:
Special Report
Institution:
Georgetown Journal of International Affairs
Abstract:
Big Tech is in the news. At the center of our political and economic dialogue is the effect that Amazon, Apple, Facebook, and Google have on our lives and what, if anything, governments should do about it. In this article, I explain how Big Tech has come under scrutiny, the antitrust implications of the industry’s behavior, and the potential remedy of breaking up the companies.
Topic:
Economics, Government, Science and Technology, Regulation, Internet, Social Media, and Business
Political Geography:
Global Focus and United States of America

235. Global Governance in 2030: Prospective Scenarios on the Future of Politics

Author:
Julia Pomares and María Belén Abdala
Publication Date:
01-2020
Content Type:
Special Report
Institution:
Center for the Implementation of Public Policies for Equity and Growth (CIPPEC)
Abstract:
We are living in an era of unprecedented changes. Mature democracies, emerging polities and the least electorally competitive countries are now facing new challenges in a globalized world. They are all dealing with technological breakthroughs, changes in global economic power, ageing populations and urbanization of their territories. Today’s picture shows that social inclusion seems to be an unfulfilled promise, and social cohesion is weakening. Some citizens are disenchanted, and political systems are having trouble adapting and responding to new demands. According to Edelman’s Trust Barometer (2017), one in every two countries does not have faith in the system, and we still do not know how this picture is going to evolve. In democracies, pro-democracy attitudes coexist with openness to nondemocratic forms of governance, such as rule by experts (49 per cent), strong leaders (26 per cent) or the military (24 per cent). This picture might be part of a transition period or indicating that polities are not being able to cope with some of the new challenges. It is why we need to think about the future of politics and how these trends will shape global governance in the next 10 to 20 years. Are political systems ready to govern a digital economy? How should political leaders evolve to address radical changes in an automated world? What will the consequences be for global governance and for the role of G20? This paper analyzes current global trends in domestic politics and the prospective scenarios on the future of politics. To do so, the paper presents a brief description on three forces we know will forge the future: technological breakthroughs, demographic changes and shifts in global economic power. Later, it turns to the uncertainty of the future. We live in nation states, so we first attempt to devise how these forces will shape domestic politics. We then look at global governance and the way these trends will impact upon it. The final stop of this journey is an analysis of the implications of these scenarios for the role of the G20.
Topic:
Economics, International Cooperation, Governance, Democracy, and Geopolitics
Political Geography:
Global Focus

236. Emerging Suppliers in the Global Arms Trade

Author:
Diego Lopes da Silva, Alexandra Kuimova, Pieter D. Wezeman, and Lucie béraud-Sudreau
Publication Date:
12-2020
Content Type:
Working Paper
Institution:
Stockholm International Peace Research Institute (SIPRI)
Abstract:
Even though the volumes of arms exported by emerging suppliers are lower than those of the established exporters, they can nonetheless have a direct impact on international and regional security. The diversification in global arms transfers caused by the emergence of new suppliers therefore deserves scrutiny. Brazil, South Korea, Turkey and the United Arab Emirates are examples of emerging suppliers. Despite a continuous reliance on foreign technologies, they have managed to establish themselves in several niche categories of armaments or, in the case of South Korea, to widen the types of arms that they export. Exports of these emerging suppliers tend to go primarily to Africa, Asia and the Middle East, where most active armed conflicts are located, and also to Latin America. However, the drivers of the four countries’ arms exports differ: some have supplied with the intent to gain political influence, while others have primarily focused on the economic benefits.
Topic:
Arms Control and Proliferation, Economics, Politics, Arms Trade, Disarmament, and Supply
Political Geography:
Global Focus

237. Research Report: Gender-Sensitive Provisions In Peace Agreements And Women’s Political And Economic Inclusion Post-Conflict

Author:
Mavic Cabrera-Balleza
Publication Date:
04-2020
Content Type:
Special Report
Institution:
Global Network of Women Peacebuilders (GNWP)
Abstract:
The Center for Global Affairs of the School of Professional Studies (CGA) at the New York University and the Global Network of Women Peacebuilders (GNWP) have partnered to create a research-based practicum project for NYU students. During the first practicum in the Fall of 2019, five students from the Master’s in Global Affairs program at CGA worked in teams to address research questions that emerged from GNWP’s work and research on current and past peace processes, and women’s roles in peacebuilding and sustaining peace. Using quantitative and qualitative analysis, the students examined the effect of women’s participation in peace negotiations and gender-sensitive provisions in peace agreements on women’s political representation and economic empowerment post-conflict.
Topic:
Economics, Politics, Peacekeeping, Women, and Gender
Political Geography:
Global Focus

238. Society 5.0 and the Future Economies

Author:
Hesham Dinana
Publication Date:
03-2020
Content Type:
Journal Article
Journal:
Cairo Review of Global Affairs
Institution:
School of Global Affairs and Public Policy, American University in Cairo
Abstract:
We’re better-connected today than ever before—but has modern innovation created a new society altogether?
Topic:
Economics, Globalization, International Cooperation, International Trade and Finance, and Innovation
Political Geography:
Global Focus

239. Ecological Threat Register: Understanding ecological threats, resilience and peace

Publication Date:
01-2020
Content Type:
Special Report
Institution:
Institute for Economics & Peace (IEP)
Abstract:
This is the inaugural edition of the Ecological Threat Register (ETR), which covers 157 independent states and territories. Produced by the Institute for Economics and Peace (IEP), the ETR measures ecological threats that countries are currently facing and provides projections to 2050. The ETR is unique in that it combines measures of resilience with the most comprehensive ecological data available to shed light on the countries least likely to cope with extreme ecological shocks, now and into the future. The ETR includes: population growth, water stress, food insecurity, droughts, floods, cyclones and rising temperature and sea levels. In addition, the report uses IEP’s Positive Peace framework to identify areas where resilience is unlikely to be strong enough to adapt or cope with these future shocks. The ETR clusters threats into two major domains: resource scarcity and natural disasters. The resource scarcity domain includes food insecurity, water scarcity and high population growth. The natural disaster domain measures the threat of floods, droughts, cyclones, sea level rise and rising temperatures.
Topic:
Climate Change, Economics, Environment, Global Security, Peace, and Ecology
Political Geography:
Global Focus

240. Global Terrorism Index 2020: Measuring the impact of terrorism

Publication Date:
11-2020
Content Type:
Special Report
Institution:
Institute for Economics & Peace (IEP)
Abstract:
The GTI report is produced by the Institute for Economics & Peace (IEP) using data from the Global Terrorism Database (GTD) and other sources. Data for the GTD is collected and collated by the National Consortium for the Study of Terrorism and Responses to Terrorism (START) at the University of Maryland. The GTD contains over 170,000 terrorist incidents for the period 1970 to 2019. In 2019, deaths from terrorism fell for the fifth consecutive year, after peaking in 2014. The total number of deaths fell by 15.5 per cent to 13,826. The fall in deaths was mirrored by a reduction in the impact of terrorism, with 103 countries recording an improvement on their GTI score, compared to 35 that recorded a deterioration. The full GTI score takes into account not only deaths, but also incidents, injuries, and property damage from terrorism, over a five-year period. The largest fall in the impact of terrorism occurred in Afghanistan, which recorded 1,654 fewer deaths from terrorism in 2018, a 22.4 per cent decrease from the prior year. However, Afghanistan remains the country most impacted by terrorism, after overtaking Iraq in 2018.
Topic:
Political Violence, Economics, Terrorism, Counter-terrorism, and Peace
Political Geography:
Afghanistan and Global Focus