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161. Capitalism at Work: Business, Government, and Energy; Book 1 of Political Capitalism (A Trilogy)

Author:
Robert L. Bradley Jr.
Publication Date:
01-2009
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
Robert L. Bradley Jr., for many years had to balance loyalty to his employer, Enron, with his belief in Austrian economics. With the collapse of Enron came the opportunity to resolve the conflict in favor of Austrian economics. Bradley chose to undertake the slow development that would produce a definitive study rather than an instant bestseller. He ultimately decided to produce a three-volume treatment. The first of these, the book under review here, deals with two overriding conceptual issues relevant to the Enron collapse and their implications to Enron and earlier debacles. The first is what is the essence of free-market economics and whether the Enron experience undermines the case for free markets. The other is the invalidity of resource pessimism. Later volumes will deal with similar problems such as the Insull holding-company collapse in the Great Depression and then a concluding volume on Enron itself.
Topic:
Democratization, Economics, International Trade and Finance, Markets, and Privatization
Political Geography:
United States

162. On the Contrary: Leading the Opposition in a Democratic South Africa

Author:
Tony Leon
Publication Date:
01-2009
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
On the Contrary is a seamless combination of a memoir of an influential South African politician and a well-researched modern history of his country. The author was the leader of the liberal Democratic Alliance, the leader of the opposition in Parliament.
Topic:
Democratization, Economics, International Trade and Finance, Markets, and Privatization
Political Geography:
United States and South Africa

163. Health-Status Insurance: How Markets Can Provide Health Security

Author:
John H. Cochrane
Publication Date:
02-2009
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
None of us has health insurance, really. If you develop a long-term condition such as heart disease or cancer, and if you then lose your job or are divorced, you can lose your health insurance. You now have a preexisting condition, and insurance will be enormously expensive—if it's available at all. Free markets can solve this problem, and provide life-long, portable health security, while enhancing consumer choice and competition. “Heath-status insurance” is the key. If you are diagnosed with a long-term, expensive condition, a health-status insurance policy will give you the resources to pay higher medical insurance premiums. Health-status insurance covers the risk of premium reclassification, just as medical insurance covers the risk of medical expenses. With health-status insurance, you can always obtain medical insurance, no matter how sick you get, with no change in out-of-pocket costs.
Topic:
Economics, Health, Markets, and Privatization
Political Geography:
United States

164. Financial Crisis and Public Policy

Author:
Jagadeesh Gokhale
Publication Date:
03-2009
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
This Policy Analysis explains the antecedents of the current global financial crisis and critically examines the reasoning behind the U.S. Treasury and Federal Reserve's actions to prop up the financial sector. It argues that recovery from the financial crisis is likely to be slow with or without the government's bailout actions. An oil price spike and a wealth shock in housing initiated the financial crisis. Declines in stock values are intensifying that shock, threatening to deepen the current recession as U.S. consumers and investors cut their expenditures. An offsetting wealth injection from additional risk-bearing investors could initiate a quicker recovery. Thus, supporters of government intervention justify the bailout's debt-financed fund injections—in essence, they want to compel future taxpayers to join the group of today's risk bearing investors.
Topic:
Economics, Globalization, International Trade and Finance, and Markets
Political Geography:
United States

165. The Outlook for Tokyo: New Opportunities or Long-term Decline for Japan's Financial Sector?

Author:
Vanessa Rossi
Publication Date:
03-2009
Content Type:
Working Paper
Institution:
Chatham House
Abstract:
Japan's economy has suffered exceptional damage because of its high level of exposure to the massive downturn in world trade and investment, notably impacting on demand for cars, consumer electronics and investment equipment. The depth of Japan's recession looks set to be far worse than that of the US and the EU. However, the recession has also radically reshaped the global financial environment in ways that suggest unexpected opportunities for Japanese financial institutions and markets. This report reviews the outlook for Tokyo as a financial centre and the role of Japan's financial sector in the light of domestic targets as well as international trends and competition.
Topic:
Globalization, International Trade and Finance, and Markets
Political Geography:
United States, Japan, Europe, Israel, Asia, and Tokyo

166. Options for a Democratic Taiwan

Author:
Kerry Brown
Publication Date:
03-2009
Content Type:
Policy Brief
Institution:
Chatham House
Abstract:
Over the last two decades, as Mainland China has been developing and liberalizing its economy, Taiwan has been undergoing an equally remarkable but very different political transformation, from martial law in 1987 to its current status as one of the most vibrant, stable democracies in Asia. Despite its eventful experience of the democratization process, the parliamentary and presidential elections in 2008 proved that Taiwan is now a mature, and stable, democracy. It has passed the ultimate test, seeing the successful transition of rule from one party to another and back again, without social turmoil. Economic performance over the same period has been less striking. Once among the fastestgrowing economies, Taiwan is now afflicted by a relatively low growth rate, and problems over the outflow of capital and investment to the Mainland. The potential for conflict over cross-straits relations remains but it has been significantly reduced under President Ma and by the Mainland Chinese government's greater accommodation with a democratic Taiwan in the last decade. The risk of a military conflict between the two sides, which could drag in the US, and therefore the rest of the world, cannot be entirely discounted, however. Taiwan's greatest challenges in the next decade remain the same as in the last – to maintain its identity, to develop its democratic system, and to handle relations with the Mainland in a way that preserves its interests while avoiding conflict. Taiwan's system, which has so far proved itself robust and effective, faces a new challenge too: how to benefit from the increase in Mainland investment abroad.
Topic:
Democratization, Economics, and Markets
Political Geography:
United States, China, Israel, Taiwan, and Asia

167. The Internationalization of Chinese and Indian Firms: Trends, Motivations and Policy Implications

Author:
Sandeep Kapur and Suma Athreye
Publication Date:
01-2009
Content Type:
Policy Brief
Institution:
United Nations University
Abstract:
The last two decades have seen a significant rise in the internationalization of firms from developing economies. In addition to their growing participation in international trade, a number of leading emerging economies are contributing to growing outflows of foreign direct investment (FDI) and cross-border mergers and acquisitions. According to the 2008 World Investment Report, outward flows of FDI from developing countries rose from about US$6 billion between 1989 and 1991 to US$225 billion in 2007. As a percentage of total global outflows, the share of developing countries grew from 2.7% to nearly 13.0% during this period.
Topic:
International Relations, Economics, Globalization, International Political Economy, Markets, Foreign Direct Investment, and Financial Crisis
Political Geography:
United States, China, and India

168. Credit Default Swaps, Clearinghouses, and Exchanges

Publication Date:
07-2009
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
As its name suggests, the payoff on a credit default swap (CDS) depends on the default of a specific borrower, such as a corporation, or of a specific security, such as a bond. The value of these instruments is especially sensitive to the state of the overall economy. If the economy moves toward a recession, for example, the likelihood of defaults increases and the expected payoff on credit default swaps can rise quickly. The Depository Trust and Clearing Corporation (DTC C) estimates that in April 2009, the notional amount of credit default swaps outstanding was about $28 trillion. As a result of the overall size of the CDS market and the sensitivity of CDS payoffs to economic conditions, large exposures to credit default swaps can create substantial systemic risk.
Topic:
Economics, Markets, and Financial Crisis
Political Geography:
United States

169. Expanding Study Abroad Capacity at U.S. Colleges and Universities

Author:
Peggy Blumenthal(ed.) and Robert Gutierrez(ed.)
Publication Date:
05-2009
Content Type:
Working Paper
Institution:
Institute of International Education (IIE)
Abstract:
In order to explore the capacity of U.S. institutions to send more students abroad, IIE, in collaboration with the Forum on Education Abroad, administered an online snapshot survey in September 2008 among the IIE Network and Forum membership groups, two institutional membership associations that represent a large cohort of U.S. institutions deeply involved and committed to expanding study abroad and other international educational opportunities for their students. Typical members include: U.S. higher education institutions, study abroad program provider organizations, overseas institutions, and other organizations involved in international education.
Topic:
Economics, Globalization, International Cooperation, and Markets
Political Geography:
United States

170. The global financial crisis: will state emergency measures trigger international investment disputes?

Author:
Anne Van Aaken and Jürgen Kurtz
Publication Date:
03-2009
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
Several developed countries have introduced emergency measures to mitigate the effects of the Global Financial Crisis, including Australia, Germany, Ireland, the United Kingdom, and the United States. Although the measures taken are still undergoing changes by the executive branch and are thus a “moving target”, our survey reveals early evidence of differentiation between foreign and domestic actors in the emergency plans adopted by this sample grouping. It is this differentiation that may give rise to liability as breaching guarantees against discrimination of foreign investors under international investment law.
Topic:
Economics, International Trade and Finance, Markets, International Affairs, Foreign Direct Investment, and Financial Crisis
Political Geography:
United States, United Kingdom, Germany, Australia, and Ireland