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31. The New Geo-Economic Environment and the EU’s Capacity to Act

Author:
Claudia Schmucker
Publication Date:
06-2021
Content Type:
Special Report
Institution:
German Council on Foreign Relations (DGAP)
Abstract:
The European Union must position itself in a new geo-economic environment in which the United States and China are increasingly using their economies to shape international relations, as well as regional and global regulatory structures. Although the EU has a good grasp of the challenges that this new environment poses, it does have vulnerabilities in its bilateral and multilateral channels that require attention.
Topic:
International Relations, Economics, Environment, Bilateral Relations, European Union, Geopolitics, Regulation, and Multilateralism
Political Geography:
China and United States of America

32. Building Infrastructure in Real Time: Avoiding Regulatory Paralysis

Author:
Committee for Economic Development of the Conference Board
Publication Date:
09-2021
Content Type:
Policy Brief
Institution:
The Conference Board
Abstract:
The physical infrastructure base of the US economy, once an advantage in global competition, has become a liability. This problem has multiple causes, several of which CED has addressed in recent policy statements, and our nation’s elected policymakers are now taking up the need for additional funding. But the nation needs not only adequate funding but also a more-efficient regulatory process for our infrastructure investment—choosing the right projects, with the minimum delay, and executing them at the least possible cost. Regulatory paralysis is one of the causes of our infrastructure shortfall. It needs attention if we are going to spend our tax dollars on infrastructure wisely and efficiently so that the US economy remains globally competitive. Streamlining regulatory procedures, promoting competition, and cutting red tape across federal, state, and local governments are key to increasing investment, decreasing cost, and maximizing efficiency. Business as usual will not suffice. It takes too long and costs too much to deliver infrastructure projects, preventing us from achieving the advancements and improvements that a future-focused, competitive economy requires. CED has consistently advocated “smart regulation,” subjecting new regulations to rigorous cost-benefit analysis and reviewing existing regulations for continuing cost effectiveness to enhance efficiency and achieve quicker execution, greater benefits, and lower costs. With long delays between project conception and execution, and often multiple layers of jurisdiction and review, a smart regulation approach could ensure that the rules governing review and permitting of projects address all important concerns and ensure that net benefits are maximized over time at all levels of government on a comprehensive and timely basis.
Topic:
Economics, Infrastructure, Governance, Regulation, Business, Economic Policy, and Strategic Competition
Political Geography:
North America and United States of America

33. Do US firms have an incentive to comply with the FLSA and the NLRA?

Author:
Anna Stansbury
Publication Date:
06-2021
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics (PIIE)
Abstract:
To what extent do US firms have an incentive to comply with the Fair Labor Standards Act (FLSA) and the National Labor Relations Act (NLRA)? Stansbury examines this question through a simple comparison of the expected costs of noncompliance (in terms of legal sanctions) to the profits firms can earn through noncompliance. In the case of the FLSA minimum wage and overtime provisions, typical willful violators are required to pay back wages owed and in some cases additional penalties, if detected by the Department of Labor (DOL). Based on available data on the penalties levied, a typical firm would need to expect a chance of at least 78-88 percent that its violation would be detected in order to have an incentive to comply with the FLSA. In practice, the probability of detection many firms can expect to face is likely much lower than this. In the case of the NLRA, a firm that fires a worker illegally is required to reinstate the worker with back pay if the violation is detected. Based on empirical estimates of the effect of unionization on firm profits, a typical firm may have an incentive to fire a worker illegally for union activities if this illegal firing would reduce the likelihood of unionization at the firm by as little as 0.15-2 percent. These analyses illustrate that neither the FLSA nor the NLRA penalty and enforcement regimes create sufficient incentive to comply for many firms. In this context, the substantial evidence of minimum wage and overtime violations, and of illegal employer behavior toward unions, is not surprising.
Topic:
Labor Issues, Regulation, and Economy
Political Geography:
North America and United States of America

34. Will industrial and agricultural subsidies ever be reformed?

Author:
Gary Clyde Hufbauer
Publication Date:
03-2021
Content Type:
Policy Brief
Institution:
Peterson Institute for International Economics (PIIE)
Abstract:
Open Sub-navigation BackOpen Sub-navigation Publications Back Policy Briefs Working Papers Books PIIE Briefings Open Sub-navigation Commentary Back Op-Eds Testimonies Speeches and Papers Topics & Regions PIIE Charts What Is Globalization? Educational Resources Open Sub-navigation Back Senior Research Staff Research Analysts Trade Talks Open Sub-navigation Back RealTime Economic Issues Watch Trade & Investment Policy Watch China Economic Watch North Korea: Witness to Transformation 中文 Open Sub-navigation Back All Events Financial Statements Global Connections Global Economic Prospects Stavros Niarchos Foundation Lectures Trade Winds Open Sub-navigation Back News Releases Multimedia Media Center Open Sub-navigation Back Board of Directors Staff Employment Contact Annual Report Transparency Policy POLICY BRIEF VIEW SHARING OPTIONS Will industrial and agricultural subsidies ever be reformed? Gary Clyde Hufbauer (PIIE) Policy Brief21-5 March 2021 Photo Credit: REUTERS/Denis Balibouse One economic argument for government subsidies is that they are necessary to compensate firms and industries for benefits they provide to society at large but cannot capture in the prices they charge for goods or services. For example, subsidies to renewable energy are defended because renewable energy limits carbon emissions. When a major economy subsidizes extensively, however, its trading partners are drawn into the game, with losses all around. As the prisoner’s dilemma suggests, a better outcome would entail mutual restraint. But the goal of mutual restraint is no less difficult in international trade than it is in international arms control. Both the European Union and the US federal system try, in different ways, to regulate industrial subsidies. Hufbauer examines efforts to contain unjustifiable subsidies and proposes modest improvements, bearing in mind that as countries struggle to overcome the global economic downturn resulting from the COVID-19 pandemic, there is little appetite for restoring a free market economy—one in which firms compete with minimum government assistance or regulation. Selective upgrading of the rulebook may nevertheless be possible.
Topic:
Agriculture, Government, Reform, European Union, Regulation, Manufacturing, Industry, COVID-19, and Subsidies
Political Geography:
Europe, North America, and United States of America

35. U.S.-Thai Economic Prospects–Turning A New Page

Author:
Judy A. Benn
Publication Date:
11-2021
Content Type:
Special Report
Institution:
East-West Center
Abstract:
Judy A. Benn, Former Executive Director American Chamber of Commerce in Thailand, explains that “for Thailand to take full advantage of post-pandemic opportunities and reignite its economy to make-up for the last 18 months, the nation will need to capitalize on its centralized geographic location and position as one of Southeast Asia’s strongest manufacturing bases.”
Topic:
International Trade and Finance, Treaties and Agreements, Bilateral Relations, Regulation, and Economy
Political Geography:
North America, Thailand, Southeast Asia, and United States of America

36. In Harm’s Way: Smart Regulation of Digital & Network Technologies

Author:
Aspen Digital
Publication Date:
03-2020
Content Type:
Working Paper
Institution:
Aspen Institute
Abstract:
Misuse of personal information, manipulation of platforms to influence elections, and failure to extend broadband to underserved areas are a few of the problems facing governments at all levels. Increasingly, policymakers are taking up the challenge of shaping legal solutions to these problems, only to find they lack both the tools and technical expertise to regulate wisely, meaningfully and efficiently. Given the current technological environment, what goals are appropriate to assure that emerging technologies are used to benefit the populace and do not harm society? Participants of the 34th Aspen Institute Conference on Communications Policy, which took place in Aspen, Colorado in August 2019, examined regulatory frameworks that can provide a successful model for future problems as they inevitably appear. The report of the Conference explores approaches to impede harms from digital and network technologies that address user protection, promote consumer choice and competition, and foster access to essential services.
Topic:
Science and Technology, Communications, Regulation, and Digitization
Political Geography:
North America and United States of America

37. Technology Factsheet: Quantum Computing

Author:
Akhil Iyer
Publication Date:
01-2020
Content Type:
Policy Brief
Institution:
Belfer Center for Science and International Affairs, Harvard University
Abstract:
Quantum computing refers to the use of quantum properties—the properties of nature on an atomic scale—to solve complex problems much faster than conventional, or classical, computers. Quantum computers are not simply faster versions of conventional computers, though they are a fundamentally different computing paradigm due to their ability to leverage quantum mechanics. Harnessing quantum properties, namely the ability for the quantum computer bits (called “qubits”) to exist in multiple and interconnected states at one time, opens the door for highly parallel information processing with unprecedented new opportunities. Quantum computing could potentially be applied to solve important problems in fields such as cryptography, chemistry, medicine, material science, and machine learning that are computationally hard for conventional computers. Although it is still unclear which specific tasks can benefit from parallelized quantum processing, known as quantum parallelism, it is expected that solutions to a number of problems, especially those related to optimization, can be greatly accelerated by using a quantum computer. Though the field is still in its early stages, the anticipated opportunities offered by the unique computational power of quantum computers have attracted investment from not only research universities, but also startups, technology giants like Google, IBM and Microsoft, and directed investment by governments around the world. This cross-sectoral ecosystem has supported recent progress in underlying hardware, software, and algorithms necessary to make the computers work. The field has seen rapid advancement, however systems that can accomplish various kinds of computation, and especially those that can be commercially viable, are still likely to be decades away. There are expected to be some near- term applications on the horizon though, making quantum computing as relevant as ever. Currently, U.S. governance and regulation regarding quantum computing—a subset of the broader field of quantum information science, which also encompasses quantum communication and quantum sensing—focus on investments in the technical knowhow, collaborative research ecosystem, and human capital required to advance the technology. Given quantum computing’s potential for impact, especially in the fields of digital security, healthcare, energy, and machine learning and artificial intelligence, it is important for policymakers to understand the likely trajectories of the technology over the coming decades, as well as the pace of development both within the U.S. and abroad. Furthermore, policymakers must consider how to effectively promote the development, application and implementation of general-purpose quantum technologies to realize their larger economic and social benefits, while simultaneously mitigating foreseeable risks to privacy, safety, security, and inclusion.
Topic:
Security, Science and Technology, Governance, Regulation, Privacy, and Quantum Computers
Political Geography:
United States of America

38. An Effect-Centric Approach to Assessing the Risks of Cyber Attacks Against the Digital Instrumentation and Control Systems at Nuclear Power Plants

Author:
Nancy Gallagher, Charles Harry, and Jor-Shan Choi
Publication Date:
02-2020
Content Type:
Working Paper
Institution:
Center for International and Security Studies at Maryland (CISSM)
Abstract:
Cyberattacks against the digital instrumentation and control (DI&C) systems in nuclear power plants (NPPs) are of grave security concern. The US Nuclear Regulatory Commission (NRC) requires all NPPs to protect critical digital assets that support safety, security, and emergency preparedness functions against cyberattacks.1 Other standards bodies like the International Society of Automation (ISA) and the International Electrotechnical Commission (IEC) have also developed standards that address cybersecurity for industrial control systems (ICS) including DI&C.2 Due to concerns for security, relevant stakeholders such as regulators, plant operators, information technology (IT) and operation technology (OT) staff, and equipment suppliers are sometimes reluctant to reveal in technical detail about vulnerabilities posed by DI&C systems. Yet, because some types of cyberattacks against an NPP may cause core damage or significant release of radioactivity, harming the plant, the public and the industry, the safety implications of potential cyberattacks should be evaluated. This divide between security and safety is a challenge for stakeholders focused in cyber security for NPPs. To bridge this security and safety divide, this study proposes and demonstrates a methodology for assessing and addressing the safety consequences of cyber events that disrupt one or more parts of the DI&C systems at NPPs. The methodology builds on the “effect-centric” cyber risk assessment framework developed by the Center for International and Security Studies at Maryland (CISSM). It is used to analyze two historical cyberattacks and one hypothetical attack scenario. As the focus is on plant safety, these assessment, evaluation, and analysis can be candidly and openly discussed with the goal of finding the best defense to thwart the specific cyberattack.
Topic:
Security, Governance, Nuclear Power, Cybersecurity, and Regulation
Political Geography:
North America and United States of America

39. Big Tech, Antitrust, and Breakup

Author:
Michael A. Carrier
Publication Date:
01-2020
Content Type:
Special Report
Institution:
Georgetown Journal of International Affairs
Abstract:
Big Tech is in the news. At the center of our political and economic dialogue is the effect that Amazon, Apple, Facebook, and Google have on our lives and what, if anything, governments should do about it. In this article, I explain how Big Tech has come under scrutiny, the antitrust implications of the industry’s behavior, and the potential remedy of breaking up the companies.
Topic:
Economics, Government, Science and Technology, Regulation, Internet, Social Media, and Business
Political Geography:
Global Focus and United States of America

40. Shadow Lobbyists

Author:
Rocco d'Este, Mirko Draca, and Christian Fons-Rosen
Publication Date:
10-2020
Content Type:
Working Paper
Institution:
Institute for New Economic Thinking (INET)
Abstract:
Special interest influence via lobbying is increasingly controversial and legislative efforts to deal with this issue have centered on the principle of transparency. In this paper we evaluate the effectiveness of the current regulatory framework provided by the US Lobbying Disclosure Act (LDA). Specifically, we study the role of ex-Congressional officials who join US lobbying firms in positions that could be related to lobbying activity but without officially registering as lobbyists themselves. We find that firm lobbying revenues increase significantly when these potential ‘shadow lobbyists’ join, with effects in the range of 10-20%. This shadow lobbyist revenue effect is comparable to the effect of a registered lobbyist at the median of the industry skill distribution. As such, it is challenging to reconcile the measured shadow lobbyist effect with the 20% working time threshold for registering as a lobbyist. Based on our estimates, the contribution of unregistered ex-Congressional officials could explain 4.9% of the increase in sectoral revenues, compared to 24.0% for the group of registered officials.
Topic:
Corruption, Government, Politics, Regulation, Money, Lobbying, and Revolving Door
Political Geography:
North America and United States of America