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31. Currencies Aren't the Problem

Author:
Raguram G. Rajan
Publication Date:
03-2011
Content Type:
Journal Article
Journal:
Foreign Affairs
Institution:
Council on Foreign Relations
Abstract:
The current debate over quantitative easing overlooks the important question of domestic economic strategy in both the developed and developing world. Put simply, consumers in industrial economies buy too much, and those in developing ones, too little.
Topic:
Emerging Markets
Political Geography:
United States and China

32. The Post-Washington Consensus: Development after the Crisis

Author:
Francis Fukuyama and Nancy Birdsall
Publication Date:
03-2011
Content Type:
Working Paper
Institution:
Center for Global Development
Abstract:
A clear shift in the development agenda is underway. Traditionally, an agenda generated in the developed world was implemented in—and, indeed, often imposed on—the developing world. The United States, Europe, and Japan will continue to be significant sources of economic resources and ideas, but the emerging markets will become significant players. Countries such as Brazil, China, India, and South Africa will be both donors and recipients of resources for development and of best practices for how to use them. In fact, development has never been something that the rich bestowed on the poor but rather something the poor achieved for themselves. It appears that the Western powers are finally waking up to this truth in light of a financial crisis that, for them, is by no means over.
Topic:
Development, Economics, Emerging Markets, Poverty, and Foreign Aid
Political Geography:
United States, Japan, China, Europe, India, South Africa, and Brazil

33. Status, Identity, and Rising Powers

Author:
Deborah Welch Larson and Alexei Shevchenko
Publication Date:
10-2010
Content Type:
Working Paper
Institution:
Centre for International Peace and Security Studies
Abstract:
In the current era, the most striking development is the appearance of rising powers. These include Brazil, Russia, India, and China but also South Africa, Mexico, and South Korea. No longer can a small group of advanced states, the Group of Seven (G-7), manage the world economy. The G-7 has for all practical purposes been replaced by the G-20, which includes China, India, South Korea, Indonesia, and Australia. The emerging powers in Asia account for a growing share of the world's global domestic product. These powers are spending more on their military—India already has an aircraft carrier and plans to procure two more. China's growing navy is a major concern to the United States military.
Topic:
Emerging Markets, Globalization, International Trade and Finance, and Power Politics
Political Geography:
Russia, United States, China, India, South Korea, South Africa, Brazil, and Mexico

34. Security in the Indo-Pacific Commons

Author:
Michael Auslin
Publication Date:
12-2010
Content Type:
Working Paper
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
Ensuring security in the Indo-Pacific region will be the primary foreign policy challenge for the United States and liberal nations over the next generation. Doing so successfully will provide the greatest economic and political opportunities for the next quarter century. Conversely, a failure to maintain stability, support liberal regimes, create cooperative regional relations, and uphold norms and standards of international behavior will lead to a region, and world, of greater uncertainty, insecurity, and instability. Due to its economic strength, military power, and political dynamism, the Indo-Pacific will be the world's most important region in coming decades, and its significance will be felt throughout the globe. Since the end of World War II, it has transformed itself into the world's economic powerhouse, yet has also witnessed a struggle between tides of liberalism, authoritarianism, and even totalitarianism. It remains riven by distrust, territorial disputes, ethnic tensions, and painful historical memories. The Indo-Pacific's unique geography makes the balance of regional security most vulnerable in its "commons": the open seas, air lanes, and cyber networks that link the region together and to the world.
Topic:
Security, Development, Emerging Markets, and Governance
Political Geography:
United States, China, India, and Australia/Pacific

35. Deter and Assure: Charting a Course for America's Asian Alliances in a New Nuclear Age

Author:
Tim Sullivan
Publication Date:
11-2010
Content Type:
Working Paper
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
As home to a number of the world's most dynamic economies, two rising powers, and six nuclear states, Asia is a region of enormous strategic importance to the United States. For over six decades, America has functioned as the preeminent power in Asia, playing a vital role in providing security and ensuring a stable balance of power that has allowed the region's states to flourish politically and economically. The U.S. security framework in the region has rested historically upon a series of bilateral alliances and strategic partnerships. The arrangement has impressively stood the test of time despite concerns that the lack of an overarching, multilateral security architecture would lead to inefficiencies in the United States' pursuit of regional stability.
Topic:
Defense Policy, Arms Control and Proliferation, Emerging Markets, and Nuclear Weapons
Political Geography:
United States and Asia

36. Capital flows, the carry trade and 'sand in the wheels'

Author:
Stephen Grenville
Publication Date:
02-2010
Content Type:
Policy Brief
Institution:
Lowy Institute for International Policy
Abstract:
The 'carry trade', in which capital shifts from countries with low interest rates to countries with significantly higher rates, has become an important element of international capital flows over the past decade. With low interest rates in the United States, Japan, the UK and much of the rest of Europe expected to persist for some time, these flows seem likely to become larger in the aftermath of the Global Financial Crisis. Particularly for the emerging countries with shallow financial markets, interest-sensitive inflows have the potential to be disruptive. Exchange rates will tend to be overvalued for sustained periods, punctuated by sharp depreciations. These distorted and varying price signals will be unhelpful for good policy-making and steady economic growth.
Topic:
Emerging Markets, Globalization, International Trade and Finance, Foreign Direct Investment, and Financial Crisis
Political Geography:
United States, Japan, United Kingdom, and Europe

37. A New Strategy to Leverage Business for International Development

Author:
Robert Mosbacher, Jr.
Publication Date:
05-2010
Content Type:
Working Paper
Institution:
The Brookings Institution
Abstract:
To tackle global poverty, it is essential to craft a new and dynamic approach to economic development that refl ects the realities of a 21st century global economy and incorporates the participation of a wide variety of new players, particularly from the private sector. While investment, trade and innovation all represent basic components of building healthy economies, this paper focuses primarily on strategies to increase both in-country and international private capital investment in order to create jobs. To that end, it concentrates on two areas: strengthening and reforming the existing structures, coordinating mechanisms and policies that support U. S. economic development efforts; and improving public-private partnership models to promote broader fi nancing to local businesses, greater human capital support and technical assistance and improved physical and ICT infrastructure.
Topic:
Foreign Policy, Development, Economics, Emerging Markets, Poverty, and Third World
Political Geography:
United States

38. Millennium Challenge Corporation: Can the Experiment Survive?

Author:
John Hewko
Publication Date:
03-2010
Content Type:
Working Paper
Institution:
Carnegie Endowment for International Peace
Abstract:
The Millennium Challenge Corporation (MCC) was established in 2004 to provide grants to a select group of developing countries that demonstrate a commitment to good governance by investing in the health and education of their people and adopting sound economic policies. The MCC has performed admirably in the face of a number of challenges and unrealistic expectations, but its future success depends on its ability to address important philosophical and operational issues, and on Congress reforming the mechanisms by which it funds and judges foreign aid programs.
Topic:
Foreign Policy, Development, Emerging Markets, and Foreign Aid
Political Geography:
United States

39. The United States and Mexico: More Than Neighbors

Author:
Andrew Selee, Katie Putnam, and Christopher Wilson
Publication Date:
05-2010
Content Type:
Working Paper
Institution:
The Wilson Center
Abstract:
No country in the world affects daily life in the United States more than Mexico. The two countries are deeply intertwined, and what happens on one side of the border necessarily has consequences on the other side. Almost one in ten Americans is of Mexican descent, and a third of all immigrants in the United States today are from Mexico, while well over a half-million Americans live in Mexico. Mexico remains the second destination for U.S. exports after Canada, and millions of American jobs depend on this trade. From south to north the linkages are even greater: over three quarters of Mexico's exports go to the United States and one in ten Mexicans lives in the United States.
Topic:
Economics, Emerging Markets, Politics, Regional Cooperation, Bilateral Relations, Immigration, and Law Enforcement
Political Geography:
United States, Canada, Central America, and Mexico

40. Do Developed and Developing Countries Compete Head to Head in High Tech?

Author:
Robert Z. Lawrence and Lawrence Edwards
Publication Date:
06-2010
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
Concerns that growth in developing countries could worsen the US terms of trade and that increased US trade with developing countries will increase US wage inequality both implicitly reflect the assumption that goods produced in the United States and developing countries are close substitutes and that specialization is incomplete. In this paper we show on the contrary that there are distinctive patterns of international specialization and that developed and developing countries export fundamentally different products, especially those classified as high tech. Judged by export shares, the United States and developing countries specialize in quite different product categories that, for the most part, do not overlap. Moreover, even when exports are classified in the same category, there are large and systematic differences in unit values that suggest the products made by developed and developing countries are not very close substitutes—developed country products are far more sophisticated.
Topic:
Development, Emerging Markets, International Trade and Finance, Markets, Science and Technology, and Labor Issues
Political Geography:
United States