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151. How an Economy Grows and Why It Crashes

Author:
Daniel Wahl
Publication Date:
09-2010
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
Very few economists predicted an economic catastrophe in 2007. Even following the crash, many continued to claim that our present economic course was fine. As for today? “Three years into the mess, economists now offer remedies that strike most people as frankly ridiculous. We are told that we must go deeper into debt to fix our debt crisis, and that we must spend in order [to] prosper” (pp. xi–xii). The source of such seeming obliviousness, according to Peter and Andrew Schiff, is the early-20th-century economist John Maynard Keynes. According to the Schiffs, Keynes taught that governments could smooth market volatility, increase employment, boost growth, and raise living standards simply by going into more debt and printing more money. Although they grant that Keynes was smart, the Schiffs say he developed some very stupid economic ideas—ideas that are false, dangerous, and causing the collapse of America's economy. The Schiffs set out to counter these harmful ideas in How an Economy Grows and Why It Crashes. The book is an extended allegory of U.S. economic history, with supplementary discussions and illustrations. It begins with three men living on a tropical island, each subsisting on one fish per day, which he catches with his bare hands. One of the men, Able, devises a better way to catch fish: a net. Thus equipped, he hopes to catch more fish, and faster, leaving himself spare time to make new clothes. . . .
Topic:
Economics and Government
Political Geography:
United States

152. Ivoirian Citizenship Issues and the Price of M's® in a Global Economy

Author:
Wanda L. Nesbitt
Publication Date:
09-2010
Content Type:
Journal Article
Institution:
Council of American Ambassadors
Abstract:
Côte d'Ivoire supplies 40 percent of the world's cocoa, and due to its unique climactic conditions, industry experts see no viable alternative to this critical source of raw material. The quality and quantity of the country's cocoa production have declined in recent years, raising concern among international cocoa and chocolate companies about the potential negative effect on the world cocoa market. Political uncertainties have compounded the problem. Reforms needed to reinvigorate the sector are unlikely to be taken until after elections, currently scheduled for October 31, 2010. Major improvements are not expected in the short term. The good news, however, is that production and quality could turn around rapidly if appropriate reforms are implemented after the election and a concerted effort is ma de by the new government to remove barriers to fresh investment.
Topic:
Government
Political Geography:
United States

153. The Responsibility to Protect—Five Years On

Author:
Alex J. Bellamy
Publication Date:
06-2010
Content Type:
Journal Article
Institution:
Carnegie Council
Abstract:
The Responsibility to Protect (RtoP) has become a prominent feature in international debates about preventing genocide and mass atrocities and about protecting potential victims. Adopted unanimously by heads of state and government at the 2005 UN World Summit and reaffirmed twice since by the UN Security Council, the principle of RtoP rests on three equally weighted and nonsequential pillars: (1) the primary responsibility of states to protect their own populations from the four crimes of genocide, war crimes, ethnic cleansing, and crimes against humanity, as well as from their incitement; (2) the international community's responsibility to assist a state to fulfill its RtoP; and (3) the international community's responsibility to take timely and decisive action, in accordance with the UN Charter, in cases where the state has manifestly failed to protect its population from one or more of the four crimes. The principle differed from the older concept of humanitarian intervention by placing emphasis on the primary responsibility of the state to protect its own population, introducing the novel idea that the international community should assist states in this endeavor, and situating armed intervention within a broader continuum of measures that the international community might take to respond to genocide and mass atrocities. As agreed to by states, the principle also differed from the proposals brought forward by the International Commission on Intervention and State Sovereignty by (among other things) emphasizing international assistance to states (pillar two), downplaying the role of armed intervention, and rejecting criteria to guide decision-making on the use of force and the prospect of intervention not authorized by the UN Security Council. Five years on from its adoption, RtoP boasts a Global Centre and a network of regional affiliates dedicated to advocacy and research, an international coalition of nongovernmental organizations (NGOs), a journal and book series, and a research fund sponsored by the Australian government. More important, RtoP has made its way onto the international diplomatic agenda. In 2008, UN Secretary-General Ban Ki-moon challenged the UN membership to translate its 2005 commitment from ''words to deeds.'' This challenge was taken up by the General Assembly in 2009, when it agreed to give further consideration to the secretary-general's proposals. RtoP has also become part of the diplomatic language of humanitarian emergencies, used by governments, international organizations, NGOs, and independent commissions to justify behavior, cajole compliance, and demand international action.
Topic:
Security, Crime, Genocide, Government, and War
Political Geography:
United States and Australia

154. Congress Should Account for the Excess Burden of Taxation

Author:
Christopher J. Conover
Publication Date:
10-2010
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
A well-established principle of public finance holds that taxes impose costs on society beyond the amount of revenue government collects. Estimates vary depending on the type of tax, but the “marginal excess burden” of federal taxes most likely ranges from 14 to 52 cents per dollar of tax revenue, averaging about 44 cents for all federal taxes.
Topic:
Economics, Government, and Markets
Political Geography:
United States

155. Making Choices: Prospects for a Canada-EU Free Trade Agreement.

Author:
Joseph Blomeley
Publication Date:
05-2010
Content Type:
Journal Article
Journal:
Woodrow Wilson School Journal of Public and International Affairs
Institution:
Woodrow Wilson School of Public and International Affairs, Princeton University
Abstract:
With a population of over 500 million, the European Union (EU) is Canada's second-largest trading partner. In 2006, two-way merchandise trade between Canada and the EU was approximately $78 billion and two-way investment reached $263 billion. While these figures are far from marginal, they pale in comparison to the $626 billion in two-way merchandise trade and $497 billion in two-way investment with the United States. In light of these numbers, analysts have argued that there is room for improvement in the economic relationship between Canada and the EU. They believe that the relationship has been significantly under-traded and under-valued. In an attempt to bolster this claim, a Canada-EU Joint Trade Study commissioned by the European Commission and the Government of Canada (GoC) recently noted that Canada is the EU's 11th-largest merchandise trading partner, with only 1.8 percent of external EU trade in this category (GoC, 2008). In light of the financial crisis in the United States, discussions to revive talks of a Canada-EU Free Trade Agreement (FTA) have begun to garner attention.
Topic:
Economics, Government, and Financial Crisis
Political Geography:
United States, Europe, and Canada

156. State-controlled entities as claimants in international investment arbitration: an early assessment

Author:
Michael D. Nolan and Frédéric Sourgens
Publication Date:
12-2010
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
State-controlled entities (SCEs) are increasingly important participants in international investment flows and international trade. Cumulative FDI by sovereign wealth funds (SWFs) has reportedly reached US$100 billion. SWFs are significant equity investors in, and provide significant debt financing to, every kind of company, from professional sports franchises to container ports. In addition to the role of these funds, national oil companies are growing in regional and international importance. In many countries, other industries are also increasingly government-owned.
Topic:
Development, Government, Industrial Policy, International Trade and Finance, Political Economy, and Foreign Direct Investment
Political Geography:
United States

157. Russia's Financial Crisis: Economic Setbacks and Policy Responses

Author:
Padma Desai
Publication Date:
06-2010
Content Type:
Journal Article
Journal:
Journal of International Affairs
Institution:
School of International and Public Affairs, Columbia University
Abstract:
The financial turmoil originating from the U.S. subprime mortgage crisis hit Russia by early September 2008, prompting the Russian government and the Central Bank of Russia to undertake a set of speedy and concerted measures to soften the impact of the crisis. These initial measures supported the value of the ruble as ruble holders, domestic and foreign, switched to dollars. They also provided hard currency to major Russian banks and Russian big business (the so-called oligarchs) which had borrowed heavily from foreign banks for their expanding operations from 2000 to 2007.
Topic:
Government and Financial Crisis
Political Geography:
Russia and United States

158. Yemen: state fragility, piety, and the problems with intervention

Author:
Lisa Wedeen
Publication Date:
03-2010
Content Type:
Working Paper
Institution:
Norwegian Centre for Conflict Resolution
Abstract:
The issue of state fragility and the presence of radical religious movements in Yemen have occasioned misperceptions and confusions in recent debates about the country. This report argues that the language of “failed states” arises nearly exclusively in relation to countries deemed threatening to US security interests. Moreover, this language obscures rather than reveals how regime incentives to build state institutions can be incompatible with regime interests in survival. The result is that a seemingly neutral analytical category misrepresents local realities even while it is used as a warrant for policy initiatives that are likely to be counterproductive.
Topic:
Government, Islam, Terrorism, and Fragile/Failed State
Political Geography:
United States, Middle East, Yemen, and Arabia

159. India's Rise, America's Interest: The Fate of the U.S.-Indian Partnership

Author:
Evan A. Feigenbaum
Publication Date:
03-2010
Content Type:
Journal Article
Journal:
Foreign Affairs
Institution:
Council on Foreign Relations
Abstract:
Until the late 1990s, the United States often ignored India, treating it as a regional power in South Asia with little global weight. India's weak and protected economy gave it little influence in global markets, and its nonaligned foreign policy caused periodic tension with Washington. When the United States did concentrate on India, it too often fixated on India's military rivalry with Pakistan. Today, however, India is dynamic and transforming. Starting in 1991, leaders in New Delhi -- including Manmohan Singh, then India's finance minister and now its prime minister -- pursued policies of economic liberalization that opened the country to foreign investment and yielded rapid growth. India is now an important economic power, on track (according to Goldman Sachs and others) to become a top-five global economy by 2030. It is a player in global economic decisions as part of both the G-20 and the G-8 + 5 (the G-8 plus the five leading emerging economies) and may ultimately attain a permanent seat on the United Nations Security Council. India's trajectory has diverged sharply from that of Pakistan. With economic growth, India acquired the capacity to act on issues of primary strategic and economic concern to the United States. The United States, in turn, has developed a growing stake in continued Indian reform and success -- especially as they contribute to global growth, promote market-based economic policies, help secure the global commons, and maintain a mutually favorable balance of power in Asia. For its part, New Delhi seeks a United States that will help facilitate India's rise as a major power. Two successive Indian governments have pursued a strategic partnership with the United States that would have been unthinkable in the era of the Cold War and nonalignment. This turnaround in relations culminated in 2008, when the two countries signed a civil nuclear agreement. That deal helped end India's nuclear isolation by permitting the conduct of civil nuclear trade with New Delhi, even though India is not a party to the Nuclear Nonproliferation Treaty. Important as the agreement was, however, the U.S.-Indian relationship remains constrained. For example, although U.S. officials hold standing dialogues about nearly every region of the world with their counterparts from Beijing, Brussels, and Tokyo, no such arrangements exist with New Delhi.
Topic:
Government
Political Geography:
United States, Washington, India, and New Delhi

160. Letters and Replies

Publication Date:
04-2010
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
Thank you for publishing Paul Beard's excellent article regarding the California Coastal Commission. Perhaps it was intended to be implied, but nowhere in the article was it stated that Pacific Legal Foundation, whose Coastal Land Rights Project Mr. Beard now heads, has represented the property owners in all of the cases he described.
Topic:
Government
Political Geography:
United States