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162. The Rise of Petroyuan
- Author:
- Dan Steinbock
- Publication Date:
- 01-2018
- Content Type:
- Special Report
- Institution:
- Georgetown Journal of International Affairs
- Abstract:
- In the late 20th century, U.S. petrodollar dominated the world economy. In the 21st century, we are witnessing the rise of the Chinese petroyuan. This ascent could speed up the erosion of the dollar’s dominance after a century of power. The U.S. dollar still accounts for 39% of international payments – more than the euro (33%), English pound (7%), Japanese yen (3%) and Chinese yuan (28%) – but times are changing.
- Topic:
- Oil, History, Natural Resources, Economy, and Currency
- Political Geography:
- China, Asia, North America, and United States of America
163. Where Do Profits and Jobs Come From? Employment and Distribution in the US Economy
- Author:
- Lance Taylor and Özlem Ömer
- Publication Date:
- 04-2018
- Content Type:
- Working Paper
- Institution:
- Institute for New Economic Thinking (INET)
- Abstract:
- “Meso” level analysis of 16 producing sectors sheds light on broad forces shaping growth of employment and profits. In a growth decomposition from 1990 through 2016, employment responds positively to output increases and negatively to rising productivity. The macro profit share responds positively to sectoral productivity and demand shifts, and negatively to real wage increases. The decomposition weights suggest that wage repression raises profits in business services, education and health, wholesale and retail trade, and parts of manufacturing. Observed profit growth was robust in manufacturing, trade, finance and insurance, and information. The latter two (and wholesale trade) benefitted from favorable demand shifts. However, they generate less than a quarter of total profits. Owners of real estate receive more than a quarter but their share is not increasing. Growth of the remaining one-half of profits has been due to demand shifts and productivity growth which exceeded real wage increases. Market power matters in all sectors. The strongest effects may act against employment and real wages in labor markets.
- Topic:
- Inequality, Income Inequality, Economy, Monopoly, Rent, Minimum Wage, and Wealth
- Political Geography:
- North America and United States of America
164. The Power of Rapid-Response Public Diplomacy: The IVLP On Demand
- Author:
- Monica Damberg-Ott
- Publication Date:
- 03-2017
- Content Type:
- Journal Article
- Journal:
- The Ambassadors Review
- Institution:
- Council of American Ambassadors
- Abstract:
- The U.S. Department of State’s International Visitor Leadership Program, or IVLP, is often referred to as the “gold standard” of exchange programs within the public diplomacy community. The program celebrated its 75th anniversary in 2015, and more than 200,000 International Visitors have engaged with Americans through the IVLP, including more than 505 current or former Chiefs of State or Heads of Government,[1] since its inception in 1940. Margaret Thatcher, Hamid Karzai, and Indira Gandhi, to name just a few, are alumni. But with recent budget constraints and the need to demonstrate immediate, results-driven programming, the State Department’s Bureau of Educational and Cultural Affairs (ECA) is placing greater emphasis on its most flexible rapid-response exchanges. Among those programs is the highly adaptable and policy-responsive option: the IVLP On Demand. So how does it differ from the original model, how does it compare, and how might it help show results more quickly? Each year, nearly 5,000 exchange participants come to the United States on the IVLP,[2] a foreign policy tool that helps strengthen U.S. engagement with countries around the world and cultivates lasting relationships. The program connects current and emerging foreign policy leaders with their American counterparts through short-term visits to the United States. Ambassadors often chair the rigorous, annual selection committees that embassies overseas use to nominate key contacts viewed as leaders in their respective fields to participate in the program. Each embassy fills its “IVLP slate” with nominees whose participation in the program helps to advance the mission’s key bilateral or multilateral goals. The majority of IVLP exchanges include visits to four U.S. communities over three weeks, although projects vary based on themes, embassy requests and other factors. From D.C. to St. Louis, from Kalamazoo to Seattle, and everywhere in between, participants meet with professional counterparts, visit U.S. public- and private-sector organizations related to the project theme and participate in cultural and social activities. (Baseball games are usually a big hit!) The program benefits the U.S. economy as well—a large portion of the funding goes back to the states in the form of visitors’ hotels, restaurants, transportation and tourism. The success of the program is in its diversity—regional, political, religious and thematic. As the Exchanges Coordinator for the Bureau of East Asian and Pacific Affairs, I had the opportunity to meet and brief nearly 2,000 International Visitors from 2014-2016. Government officials, teachers, judges, law enforcement officers, human rights activists and other leaders from all over Asia participated in programs exploring topics ranging from judicial reform to cyber-security, from disability rights to maritime security, from food safety to trade regulation. For most participants, the program is transformational. I saw it firsthand in their excitement and gratitude in being selected. I witnessed it in the questions they asked and the discussions that ensued. I read it in the emails I received months later from participants who said the program changed their lives and inspired them to start a project, set up a conference or draft legislation.
- Topic:
- Diplomacy, International Cooperation, and Economy
- Political Geography:
- United States and North America
165. The Global Exchange (Fall 2017)
- Author:
- Colin Robertson, David J. Bercuson, Julian Lindley-French, Yves Brodeur, Ian Brodie, Andrea Charron, Andrew Rasilius, Richard Cohen, Rolf Holmboe, Lindsay Rodman, and Ariel Shapiro
- Publication Date:
- 09-2017
- Content Type:
- Journal Article
- Journal:
- The Global Exchange
- Institution:
- Canadian Global Affairs Institute (CGAI)
- Abstract:
- The Global Exchange is the Canadian Global Affairs Institute’s quarterly magazine featuring topical articles written by our fellows and other contributing experts. Each issue contains approximately a dozen articles exploring political and strategic challenges in international affairs and Canadian foreign and defence policy. This Fall 2017 issue focuses on NATO.
- Topic:
- Defense Policy, NATO, Treaties and Agreements, Military Affairs, Economy, and Alliance
- Political Geography:
- Afghanistan, Canada, North America, Arctic, and United States of America
166. A U.S. Perspective on Bilateral Economic Relations
- Author:
- Mark Manyin and Brock Williams
- Publication Date:
- 08-2017
- Content Type:
- Journal Article
- Journal:
- Joint U.S.-Korea Academic Studies
- Institution:
- Korea Economic Institute of America (KEI)
- Abstract:
- The past several years have been an era of relative calm in U.S.-South Korean trade and economic relations. The Trump administration, however, has signaled two potential paradigm shifts that could lead to greater tension in the bilateral economic relationship. The first is the president’s relatively negative view of existing U.S. trade policy and willingness to at least threaten the use of measures that historically have been infrequently deployed to correct what he views as its failures. This may affect the future course of the South Korea-U.S. Free Trade Agreement (KORUS FTA), which the administration presumably will scrutinize as part of its examination of relationships in which the United States runs a trade deficit. Second and intimately related, the president has signaled in his statements a willingness to use U.S. security relationships to influence economic relations and vice versa. On both fronts, uncertainty abounds, due in part to existing institutional structures that limit the president’s ability to take new policy directions without, for example, the consent of Congress. The administration’s own lack of clarity on its policy priorities and the possibility that stating seemingly extreme positions may represent a negotiating tactic rather than a policy shift, also cloud the outlook for how the United States will approach the bilateral economic relationship. The uncertainty also reflects the fact that key trade policy officials, including the United States Trade Representative (USTR), have yet to be confirmed.
- Topic:
- Security, Bilateral Relations, Economy, and Trade Policy
- Political Geography:
- Asia, South Korea, North America, and United States of America
167. The Trump Administration, U.S.-Korean Economic Relations, and Asian Regionalism
- Author:
- Claude Barfield
- Publication Date:
- 08-2017
- Content Type:
- Journal Article
- Journal:
- Joint U.S.-Korea Academic Studies
- Institution:
- Korea Economic Institute of America (KEI)
- Abstract:
- This analysis written “in medias res” (in the midst of things) covers trade policy under President Donald Trump. The basic outline was prefigured during the presidential campaign, but this did not preclude surprising policy twists and turns (even contradictions) during the first months of the administration. In part, these tergiversations can be explained by the shakedown cruise for any new regime, but in this case, this fairly standard phenomenon has been complicated by the highly personal, idiosyncratic “Trump brand” of policymaking. In many areas of domestic and foreign policy, Trump had little or no experience or fixed opinions. Not so with trade: well back in the 1980s, Trump, as a private corporate leader, had railed against the “unfair” trade practices of Japan and other U.S. trade partners, as well as mounting U.S. trade deficits.1 These themes defined his presidential campaign and have been carried through in actions since he took office in January. The trade priorities have included: “America First” and the vigorous assertion of U.S. sovereignty, with the undisguised threat of unilateral action in defiance of the World Trade Organization; trade negotiations and renegotiation of existing trade agreements with the primary goal of reducing U.S. trade deficits; stepped up use of trade remedy (anti-dumping and countervailing duties) actions, as well as the threat to retaliate against U.S.-defined “unfair” trade practices; and tying trade restrictions directly to alleged national security imperatives. Yet, what seems a sure fact one day may be outdated the next, complicating preparation of this chapter.
- Topic:
- International Relations, Economy, Trade Policy, Donald Trump, and Regional Politics
- Political Geography:
- Asia, South Korea, North America, and United States of America
168. Subnational Economic Freedom and Performance in the United States and Canada
- Author:
- Daniel L. Bennett
- Publication Date:
- 01-2016
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- During his illustrious career spanning more than half a century, Richard Vedder has tirelessly advocated for limited government and free enterprise. Much of his scholarship has focused on examining how fiscal and labor market policies consistent with the principles of economic freedom are associated with economic and social benefits such as stronger economic performance (Vedder 1981, 1990), lower unemployment (Vedder and Gallaway 1996, 1997), and poverty alleviation (Vedder and Gallaway 2002). Vedder has also examined the impact of government policy on income inequality (Vedder 2006; Vedder and Gallaway 1986, 1999; Vedder, Gallaway, and Sollars 1988), an area that he and I have collaborated to study (Bennett and Vedder 2013, 2015). Thus, Vedder’s scholarship has contributed to our understanding of the impact that economic freedom exerts on economic outcomes.
- Topic:
- Government, Income Inequality, Economy, and Free Trade
- Political Geography:
- Canada, North America, and United States of America
169. Bounding the Price Equivalent of Migration Barriers
- Author:
- Michael Clemens, Claudio E. Montenegro, and Lant Pritchett
- Publication Date:
- 03-2016
- Content Type:
- Working Paper
- Institution:
- The John F. Kennedy School of Government at Harvard University
- Abstract:
- Large international differences in the price of labor can be sustained by differences between workers, or by natural and policy barriers to worker mobility. We use migrant selection theory and evidence to place lower bounds on the ad valorem equivalent of labor mobility barriers to the United States, with unique nationally-representative microdata on both U.S. immigrant workers and workers in their 42 home countries. The average price equivalent of migration barriers in this setting, for low-skill males, is greater than $13,700 per worker per year. Natural and policy barriers may each create annual global losses of trillions of dollars.
- Topic:
- Labor Issues, Immigration, Economy, and Borders
- Political Geography:
- North America and United States of America
170. SITREP: What We Talk About When We Talk About Brazil
- Author:
- Dick Virden
- Publication Date:
- 05-2016
- Content Type:
- Journal Article
- Journal:
- American Diplomacy
- Institution:
- American Diplomacy
- Abstract:
- Just a few years ago Brazil was a feel good story. Its economy was soaring at a rate to rival China’s. Its charismatic president, Luiz Inacio “Lula” da Silva, was among the most popular leaders anywhere, a rags-to-riches phenomenon. In 2014, when the Council on Foreign Relations chose its “Great Decisions” topics for the next year, one was “Brazil in Metamorphosis.” Unfortunately, the country has slipped back into its cocoon. The Samba music has stopped. Instead of being on a roll, Brazil is mired in an awful slump. Or as Frank Sinatra put it, riding high in April, shot down in May. What sort of country is this anyway?
- Topic:
- Foreign Policy, Corruption, Government, Economy, and Domestic Politics
- Political Geography:
- Brazil, South America, North America, and United States of America