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1842. Fiscal Federalism: US History for Architects of Europe's Fiscal Union
- Author:
- C. Randall Henning and Martin Kessler
- Publication Date:
- 01-2012
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- European debates over reform of the fiscal governance of the euro area frequently reference fiscal federalism in the United States. The “fiscal compact” agreed by the European Council during 2011 provided for the introduction of, among other things, constitutional rules or framework laws known as “debt brakes” in the member states of the euro area. In light of the compact and proposals for deeper fiscal union, we review US fiscal federalism from Alexander Hamilton to the present. We note that within the US system the states are “sovereign”: The federal government does not mandate balanced budgets nor, since the 1840s, does it bail out states in fiscal trouble. States adopted balanced budget rules of varying strength during the nineteenth century and these rules limit debt accumulation. Before introducing debt brakes for euro area member states, however, Europeans should consider three important caveats. First, debt brakes are likely to be more durable and effective when “owned” locally rather than mandated centrally. Second, maintaining a capacity for countercyclical macroeconomic stabilization is essential. Balanced budget rules have been viable in the US states because the federal government has a broad set of fiscal powers, including countercyclical fiscal action. Finally, because debt brakes threaten to collide with bank rescues, the euro area should unify bank regulation and create a common fiscal pool for restructuring the banking system.
- Topic:
- Debt, Financial Crisis, and Governance
- Political Geography:
- United States and Europe
1843. Strategizing aid: US–China food aid relations to North Korea in the 1990s
- Author:
- Taekyoon Kim
- Publication Date:
- 01-2012
- Content Type:
- Journal Article
- Journal:
- International Relations of the Asia-Pacific
- Institution:
- Japan Association of International Relations
- Abstract:
- This study sets out to analyze strategic relations of two major donors – the United States and China – in delivering food aid to North Korea in the 1990s. By reviewing the historical evolution of US–China strategic relations in line with food aid and adopting a game model to verify historical findings, it addresses two significant observations. First, the North Korean food aid dynamics were constructed and crystallized by donors' strategic interactions, rather than humanitarian intention to save the famine-stricken North Korea. Both donors first took into account strategic interests in aid dynamics, and then utilized food aid as a strategic instrument for their own purposes. Second, any multilateral cooperation for delivering food aid to North Korea dooms to failure, despite the potential of aid coordination among donor states. Donors' competition for the primacy in the region of Northeast Asia hampered policy coordination for institutionalizing aid networks. It is concluded that the two donors were bound to strategize food aid as a logical outgrowth of their own interests in the wake of North Korea's humanitarian disasters.
- Political Geography:
- United States, China, North Korea, and Northeast Asia
1844. Diplomacy in an asymmetric alliance: reconciling Sino-Australian relations with ANZUS, 1971–2007
- Author:
- Shannon Tow
- Publication Date:
- 01-2012
- Content Type:
- Journal Article
- Journal:
- International Relations of the Asia-Pacific
- Institution:
- Japan Association of International Relations
- Abstract:
- There is an assumption in international relations literature that junior allies must choose between supporting a dominant global alliance partner and engaging with a rising power. Yet, Australian policy-makers have paradoxically managed to deepen Sino-Australian relations despite their bilateral alliance with the United States. They have developed a discrete China policy on the assumption that they could persuade Washington to accept it over time. They reasoned that this outcome was more likely if Australia used diplomacy to facilitate Sino-American cooperation and to develop an Australian China policy non-prejudicial to ANZUS. This article explores how this 'diplomatic formula' supported expansion of Sino-Australian relations under the Whitlam, Hawke, and Howard Governments. It explains Australia's intra-alliance influence and paradoxical foreign policy behavior and contributes to understanding the dynamics of asymmetric alliances during power transition.
- Political Geography:
- United States, China, Washington, and Australia
1845. Rising States, Rising Institutions: Challenges for Global Governance
- Author:
- Isao Miyaoka
- Publication Date:
- 01-2012
- Content Type:
- Journal Article
- Journal:
- International Relations of the Asia-Pacific
- Institution:
- Japan Association of International Relations
- Abstract:
- The global financial crisis of 2008 has strengthened the general impression that the decline of the United States and the rise of new powers such as China and India are simultaneously in progress. A shift in the balance of power must significantly affect the way of global governance. This is a subject of great importance in world politics. In the words of Robert Gilpin, 'the fundamental problem of international relations in the contemporary world is the problem of peaceful adjustment to the consequences of the uneven growth of power among states'. Since around 2010, scholarly attention has been paid to the impact of emerging new powers on global governance. One of the very first books is the volume under this review, Rising States, Rising Institutions: Challenges for Global Governance. This edited volume is the second book that was produced by the collaborative work between the Center for International Governance Innovation (CIGI) – a Canadian think tank based in Waterloo, Ontario – and the Woodrow Wilson School of Public and International Affairs, Princeton University. (The first book from this partnership is Can the World Be Governed? Possibilities for Effective Multilateralism.)
- Topic:
- Financial Crisis
- Political Geography:
- United States, China, and India
1846. American Image in Turkey: U.S. Foreign Policy Dimensions
- Author:
- Masaki Kakizaki
- Publication Date:
- 01-2012
- Content Type:
- Journal Article
- Journal:
- Insight Turkey
- Institution:
- SETA Foundation for Political, Economic and Social Research
- Abstract:
- The US-Turkish relationship has faced trouble since the Iraq War. On the one hand, the current Justice and Development Party government has pursued new foreign policy initiatives toward its neighbors in the Middle East. Turkey's approach toward Iran, for instance, has caused policy makers and commentators in Washington to wonder "did the United States lose Turkey?" On the other hand, we have observed a rise of anti-Americanism in Turkey. During the Cold War era, anti-Americanism in Turkey was not so widespread; it was contained to leftist circles. Since 2003, in contrast, anti-American attitudes have become widespread among citizens regardless of their political and ideological positions. What accounts for this rise of Turkish public opinion unfavorable to the United States? Under what conditions could the image of America in Turkey improve? Giray Sadik's American Image in Turkey addresses these interesting and important questions. He considers how American foreign policy has affected Turkish public opinion toward the United States between 2000 and 2006.
- Political Geography:
- United States, Iraq, America, Washington, and Turkey
1847. A Companion to the Muslim World
- Author:
- Brannon Wheeler
- Publication Date:
- 01-2012
- Content Type:
- Journal Article
- Journal:
- Insight Turkey
- Institution:
- SETA Foundation for Political, Economic and Social Research
- Abstract:
- This first book in a new series from the Institute of Ismaili Studies includes a dozen essays on various aspects of the Islamic world, cutting across geographical and temporal lines, from a wide-range of scholars working in the UK, US, and Australia. The introduction to the volume, by its editor Amyn Sajoo, provides an original and broad overview of the major issues facing the study of the Muslim world today, including the events and aftermath of September 11, globalization and the so-called “clash of civilizations” model, the foundations of Islam, modes of expression within Islamic civilization, the role of women and liberal thought in Islam, and the increasing importance of “networks” on the conceptualization of what constitutes the Muslim world.
- Political Geography:
- United States, United Kingdom, and Australia
1848. The Unfamiliar Abode: Islamic Law in the United States and Britain
- Author:
- Mark E. Hanshaw
- Publication Date:
- 01-2012
- Content Type:
- Journal Article
- Journal:
- Insight Turkey
- Institution:
- SETA Foundation for Political, Economic and Social Research
- Abstract:
- Scholarship devoted to the examination of the Muslim faith has matured in recent decades. No longer is Islam seen as a monolithic institution, but its greatdiver-sityand the varied histories and experiences of the community's members have been the focus of considerable scholarly attention. Yet, beyond the scholarly arena, the diversity of the Muslim community is not widely recognized.
- Political Geography:
- Britain and United States
1849. Muslim Marriage in Western Courts: Lost in Transplantation
- Author:
- Ann Stewart
- Publication Date:
- 01-2012
- Content Type:
- Journal Article
- Journal:
- Insight Turkey
- Institution:
- SETA Foundation for Political, Economic and Social Research
- Abstract:
- Pascale Fournier's book addresses the highly contentious and complex relationship between multiculturalism, gender relations, and family law in liberal states. It adds to the rapidly growing body of legal scholarship that grapples with the legal consequences of cultural diversity within states that once may have contributed through colonialism to the creation of pluralist legal systems 'elsewhere.' Unfortunately, this scholarship tends to replicate the historical divide with too little attention paid to the rich analyses of 'law' by those working on and within legal systems in what can now be described as the 'global south.' Hopefully the series in which Fournier's book is published (Cultural Diversity and Law edited by Prakash Shah) will bridge this gap.
- Political Geography:
- United States, France, and Germany
1850. Another Shot at Protection by Stealth: Using the Tax Law to Penalize Foreign Insurance Companies
- Author:
- Gary Clyde Hufbauer
- Publication Date:
- 01-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The United States suffers from a severe self-inflicted wound. Together, federal and state governments impose almost the highest corporate tax rate found among advanced countries, 39 percent. Only Japan is fractionally higher. The high US rate has adverse consequences—lost investment, lost jobs, and less innovation—and goes a long way to explain slipping US competitiveness in the world economy.
- Topic:
- Economics, Industrial Policy, International Trade and Finance, and Markets
- Political Geography:
- United States and Japan