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251. CoronaShock: A Virus and the World

Author:
Tricontinental: Institute for Social Research
Publication Date:
05-2020
Content Type:
Working Paper
Institution:
Tricontinental: Institute for Social Research
Abstract:
This dossier on the global pandemic focuses on three main elements: the structural features that resulted in our present crisis (from policies of austerity to the increasing wave of financialization), the most dire and immediate needs for the global working class, and a brief introduction to the idea of the Universal Basic Income (UBI) – including some critiques of the concept and some ways to sharpen the way we think about it.
Topic:
Economics, Universal Basic Income, Pandemic, and COVID-19
Political Geography:
Global Focus

252. Scaling Up Alternatives to Capitalism: A Social Movement Approach to Alternative Organizing (in) the Economy

Author:
Simone Schiller-Merkens
Publication Date:
09-2020
Content Type:
Working Paper
Institution:
Max Planck Sciences Po Center on Coping with Instability in Market Societies (MaxPo)
Abstract:
In these times of crises, capitalism and the far-reaching marketization of our societies has again become a subject of contestation and critique. Alternative organizing is one response to the critique of capitalism. As an embodied and constructive form of critique it takes place in prefigurative organizations and communities on the ground that experiment with alternative forms of organizing economic exchanges and lives. These prefigurative initiatives are seen as central actors in a social transformation toward an alternative economy. However, they oftentimes remain autonomous and disconnected, questioning their potential to contribute to a broader social change. This paper sets out to explore how and when alternative organizing as practiced in communities and organizations can scale upwards to lead to a more profound social transformation of our societies. Building on insights from scholarship on social movement outcomes, I discuss the collective actions, contextual conditions, and social mechanisms that are likely to allow an upward scale shift of alternative organizing.
Topic:
Economics, Social Movement, Capitalism, Marketization, Policy Diffusion, Post-Capitalism, and Prefiguration
Political Geography:
Global Focus

253. Making Basel III Work for Emerging Markets and Developing Economies

Author:
Thorsten Beck and Liliana Rojas-Suarez
Publication Date:
04-2019
Content Type:
Working Paper
Institution:
Center for Global Development (CGD)
Abstract:
A sound financial regulatory framework is critical for minimizing the risk imposed by financial system fra­gility. In the world’s emerging markets and developing economies (EMDEs), such regulation is also essential to support economic development and poverty reduc­tion. Meanwhile, it is increasingly recognized that global financial stability is a global public good: recent decades have seen the development of new inter­national financial regulatory standards, to serve as benchmarks for gauging regulation across countries, facilitate cooperation among financial supervisors from different countries, and create a level playing field for financial institutions wherever they operate. For the worldwide banking industry, the international regulatory standards promulgated by the Basel Com­mittee on Banking Supervision (BCBS) stand out for their wide-ranging scope and detail. Even though the latest Basel recommendations, adopted in late 2017 and known as Basel III, are, like their predecessors, calibrated primarily for advanced countries, many EMDEs are in the process of adopting and adapting them, and many others are considering it. They do so because they see it as in their long-term interest, but at the same time the new standards pose for them new risks and challenges. This report assesses the implica­tions of Basel III for EMDEs and provides recommen­dations for both international and local policymakers to make Basel III work for these economies.
Topic:
Development, Economics, Emerging Markets, and Markets
Political Geography:
Global Focus

254. Strengthening the Economic Arsenal: Bolstering the Deterrent and Signaling Effects of Sanctions

Author:
Elizabeth Rosenberg and Jordan Tama
Publication Date:
12-2019
Content Type:
Special Report
Institution:
Center for a New American Security (CNAS)
Abstract:
Economic sanctions have become the tool of choice for U.S. policymakers to influence international affairs. On issues ranging from nuclear nonproliferation to human rights, the United States typically imposes sanctions with the goal of inducing a government to change its behavior. Yet sanctions often have more potential to deter unwanted actions than to compel policy reversals, and the greatest impact of sanctions sometimes involves the signals they convey about likely future U.S. steps. Maximizing the overall effectiveness of U.S. economic pressure therefore requires concerted efforts by policymakers in the executive branch and Congress to make sanctions more effective instruments of deterrence and signaling. Doing this will also have positive knock-on effects, helping to limit the unintentional escalation of international competition and preserve the utility of sanctions as a vehicle for addressing security challenges and protecting universal norms. This report highlights several areas for action by U.S. policymakers: Make U.S. sanctions-removal assurances more credible: U.S. offers to lift sanctions on a country if it makes certain concessions send an effective signal only if the United States has a track record of backing up its commitments. In recent years, this signal has been severely weakened by U.S. failures to follow through on some significant sanctions-removal agreements, notably with Iran and Cuba.
Topic:
Economics, National Security, and Sanctions
Political Geography:
Iran, Global Focus, and United States of America

255. Automation and a Changing Economy: The Case for Action

Author:
Alastair Fitzpayne, Conor Mckay, and Ethan Pollack
Publication Date:
04-2019
Content Type:
Working Paper
Institution:
Aspen Institute
Abstract:
Technology fuels our economy, captures our collective imaginations, and promises extraordinary possibilities. It permeates almost all aspects of our lives. From electrification and the internal combustion engine, to search engines and smartphones, technology has changed how we travel, access information, buy products, and communicate with each other. As technology changes our personal lives, it also changes work. For generations, economic change has replaced products, jobs, and industries with innovative new models. The American economy has transitioned from agrarian to industrial, service to digital, and with each evolution, America has prospered even as it grappled with the profound challenges of change. The American ideal embraces the promise that economic progress can create an inclusive society in which prosperity is broadly shared. Work is more than simply a way to earn a living. It gives structure, dignity, and purpose to our lives. For this reason, workers should not be treated as a cost of doing business but recognized for their productivity and creativity. For too many Americans, the promise of work is not being kept. New technologies are creating great wealth for some, but we are simultaneously experiencing historic income and wealth inequality. Without robust policies and strong institutions, new innovations risk exacerbating the economic insecurity and political and civil divides that we are experiencing today. Emerging technologies, including artificial intelligence, machine learning, and advanced robotics, have the potential to automate many tasks currently performed by workers. Historically, automation has been an important ingredient driving economic growth and progress. Automation has enabled us to feed a growing population while allowing workers to transition from subsistence farming to new forms of work. Automation helped move us from a craft system to mass production, from blue-collar to white-collar to “new-collar” work—with better work, higher wages, more jobs, and better living standards. Similar to past innovations, these new technologies offer the potential to help us meet human needs while supporting new jobs and industries never before imagined. However, automation can also have negative effects on individuals and communities. Those who lose their jobs suffer economic, social, and psychological hardship. Communities that relied on single industries that have been automated have struggled to recover. New jobs are being created, but their geographic distribution and skill requirements often make them inaccessible to the individuals and the communities where those whose jobs were lost. This dislocation has played a role in exacerbating America’s economic, political, geographic, and social divides. The answer to the dislocations that can result from automation should not be to stifle innovation. Policies and reforms should encourage both the development of new technologies and the promise of work. Workers need access to the opportunities technology creates. Policymakers and employers can help by providing access to skills training, ensuring the availability of good jobs, and improving the systems that are in place to help those who will transition from declining to growing occupations. While there are many unanswered questions about what the future holds, this report attempts to explain how automation impacts the labor market and how to better prepare American workers to benefit from the changes to come.
Topic:
Economics, Science and Technology, Labor Issues, Automation, and Job Creation
Political Geography:
Global Focus

256. Building a Sustainable Socioeconomic System and Restructuring Economic Global Governance

Author:
Japan Institute of International Affairs (JIIA)
Publication Date:
12-2019
Content Type:
Special Report
Institution:
Japan Institute Of International Affairs (JIIA)
Abstract:
Globalization has brought enormous wealth to the world as a whole, and the economic gap between developed and emerging countries has narrowed rapidly. On the other hand, the shift of the center of economic gravity to emerging economies has become more apparent since the global financial crisis, and dissatisfaction over intensifying competition with emerging economies, including the relocation of production bases overseas, has increased. In addition, the income gap has been widening in many countries due to the shock caused by the financial crisis in 2008 and the disparity of wage levels between skilled and unskilled workers driven by technological progress. Today, due in part to the negative aspects of globalization, we witness unprecedented distrust in politics and increasingly eroding social cohesion, leading to the rise of populism, protectionism and unilateralism as global trends. In particular, the United States is changing its long-established role in supporting the post-World War II liberal international order, and this has disrupted global governance and multilateralism. Furthermore, the rise of China and other emerging countries as well as the development of the digital economy require reforms to existing frameworks for economic global governance such as the WTO to address new issues.
Topic:
Economics, Globalization, Governance, and Socioeconomics
Political Geography:
Global Focus

257. Yellow Cards and Suspension by Choice: Determinants and Asymmetries

Author:
Wolfgang Maennig and Franziska K. Kruse
Publication Date:
05-2019
Content Type:
Working Paper
Institution:
Chair for Economic Policy, University of Hamburg
Abstract:
This study demonstrates that psycho-economic determinants are significant in the awarding of yellow cards in a soccer match. This is the first multivariate analysis of the number of yellow cards given to a team in a match, and the study concludes that the characteristics of the referee, a home match effect, a derby match effect, and whether a team wins are crucial. The absolute point difference in relation to the current opponent can play a role as well. This is also the first work to analyze the probability of a team’s player collecting his fifth yellow card. We find that the probability is not determined by the characteristics of the referee but by whether a team wins, by whether a team plays at its home pitch and by the quality of the teams participating in the subsequent matches. Soccer players tend to collect their fifth yellow card and their suspension by choice when playing against a better opponent in the next match. For teams in the lower range, the opponent after next plays a role as well.
Topic:
Economics, Sports, and Psychology
Political Geography:
Global Focus

258. Volume 69 Issue 1

Author:
Muhittin Kaplan
Publication Date:
01-2019
Content Type:
Journal Article
Journal:
Istanbul Journal of Economics
Institution:
Istanbul University Faculty of Economics
Abstract:
Istanbul Journal of Economics-İstanbul İktisat Dergisi is an open access, peer-reviewed, scholarly journal published two times a year in June and December. It has been an official publication of Istanbul University Faculty of Economics since 1939. The manuscripts submitted for publication in the journal must be scientific and original work in Turkish or English. Being one of the earliest peer-reviewed academic journals in Turkey in the area of economics, Istanbul Journal of Economics-İstanbul İktisat Dergisi aims to provide a forum for exploring issues in basicly economics and publish both disciplinary and multidisciplinary articles. Economics is the main scope of the journal. However, multidisciplinary and comparative approaches are encouraged as well and articles from various social science areas such as sociology of economics, history, social policy, international relations, financial studies are welcomed in this regard. The target group of the journal consists of academicians, researchers, professionals, students, related professional and academic bodies and institutions.
Topic:
Economics, International Political Economy, Economic Growth, Political Science, and Capital Flows
Political Geography:
Russia, Turkey, and Global Focus

259. Volume 69 Issue 2

Author:
Muhittin Kaplan
Publication Date:
06-2019
Content Type:
Journal Article
Journal:
Istanbul Journal of Economics
Institution:
Istanbul University Faculty of Economics
Abstract:
Istanbul Journal of Economics-İstanbul İktisat Dergisi is an open access, peer-reviewed, scholarly journal published two times a year in June and December. It has been an official publication of Istanbul University Faculty of Economics since 1939. The manuscripts submitted for publication in the journal must be scientific and original work in Turkish or English. Being one of the earliest peer-reviewed academic journals in Turkey in the area of economics, Istanbul Journal of Economics-İstanbul İktisat Dergisi aims to provide a forum for exploring issues in basicly economics and publish both disciplinary and multidisciplinary articles. Economics is the main scope of the journal. However, multidisciplinary and comparative approaches are encouraged as well and articles from various social science areas such as sociology of economics, history, social policy, international relations, financial studies are welcomed in this regard. The target group of the journal consists of academicians, researchers, professionals, students, related professional and academic bodies and institutions.
Topic:
Economics, Monetary Policy, Political Science, Economic Inequality, and Cryptocurrencies
Political Geography:
Turkey and Global Focus

260. Product-Level Trade Elasticities

Author:
Lionel Fontagné, Houssein Guimbard, and Gianluca Orefice
Publication Date:
12-2019
Content Type:
Working Paper
Institution:
Centre d'Etudes Prospectives et d'Informations Internationales (CEPII)
Abstract:
Trade elasticity is a crucial parameter in evaluating the welfare impacts of trade liberalization. We estimate trade elasticities at the product level (6-digit of the Harmonized System comprising more than 5,000 product categories) by exploiting the variation in bilateral applied tariffs for each product category for the universe of available country pairs. This is done by constructing a panel of bilateral applied tariffs and bilateral trade covering the period 2001 to 2016. We address potential endogeneity issues as well as heteroskedasticity and selection bias due to zero flows. The obtained trade elasticities are centered around -5. We finally highlight the differences in the gains from trade arising from considering heterogeneous rather than average trade elasticities. All product level elasticities are made publicly available for sake of scrutiny and use by other researchers.
Topic:
Economics, International Political Economy, Bilateral Relations, Tariffs, Trade Liberalization, and Trade
Political Geography:
Global Focus