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931. Postponing Global Adjustment: An Analysis of the Pending Adjustment of Global Imbalances

Author:
Edwin M. Truman
Publication Date:
07-2005
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics (PIIE)
Abstract:
Halving the US current account deficit as a share of GDP is likely to impose a burden of $2,350 per capita on the United States, which explains why US policymakers want to postpone adjustment. The rest of the world relies on the economic stimulus of a widening US external deficit, which explains why they are not eager to see global adjustment. The paper examines three scenarios of exchange rate adjustments, calls on the Federal Reserve to take more account of the external deficit in its words and policy actions, and familiarly notes the need for US fiscal adjustment as part of an efficient adjustment process. Complementary policies are required in the rest of the world. The paper discusses the pattern of recent international capital flows and proposes an international reserve diversification standard to remove some of the uncertainty about the management of foreign exchange reserves.
Topic:
Debt, Development, and Globalization
Political Geography:
United States

932. The Payoff from Globalization

Author:
Gary Clyde Hufbauer and Paul L. E. Grieco
Publication Date:
05-2005
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics (PIIE)
Abstract:
The battle over the Central American Free Trade Agreement (CAFTA) promises a reprise of familiar themes. While contemporary commentators may connect their arguments to NAFTA, in fact the "modern" debate over trade barriers can be traced back to British Corn Laws. Enacted to protect land barons, the Corn Laws were finally repealed in 1846 to make way for what Martin Wolf has called the "first age of globalization."
Topic:
International Relations, Economics, Globalization, and International Trade and Finance
Political Geography:
Central America

933. Will Globalization Survive?

Author:
Martin Wolf
Publication Date:
04-2005
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics (PIIE)
Abstract:
Ours is not the first age of globalization. The decades before the First World War were remarkably similar to our own era. Under the aegis of the United Kingdom and stimulated by a host of technological advances, the world enjoyed an era of liberal trade, remarkably free movement of people, and almost entirely free movement of capital. The world also enjoyed an unprecedented rise in prosperity. According to the economic historian, Angus Maddison, real GDP per head rose at a rate of 1.3 percent a year in the world as a whole between 1870 and 1913. This is not far short of the improvement of the past three decades. As table 1 shows, only Asia and Africa, both victims of colonialism, failed to share in the rising prosperity.
Topic:
International Relations, Economics, Globalization, and War
Political Geography:
Africa, United Kingdom, and Asia

934. This is Bangalore Calling: Hang Up or Speed Dial? What Technology-Enable International Trade in Services Means for the US Economy

Author:
Catherine L. Mann
Publication Date:
01-2005
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics (PIIE)
Abstract:
Globalization, always a contentious issue, has become even more so with media reports of U.S. service-sector jobs being outsourced to emerging-market economies, such as call center operations to Ireland or programming jobs to India. Traditionally, these jobs have been considered “nontradable” and therefore safe from the competitive forces of international trade and investment. But increasingly, technological advances are making it easier to buy services from other companies, even those in developing countries, where savings in the cost of labor or the opportunity to use the 24- hour clock to speed product develop- ment can be irresistible.
Topic:
Economics, Globalization, International Trade and Finance, and Science and Technology
Political Geography:
United States and Ireland

935. China and the World Economy Workshop. Conference Summary

Author:
Robert Kapp
Publication Date:
12-2005
Content Type:
Policy Brief
Institution:
Atlantic Council
Abstract:
Peter Bottelier, the principal presenter of this topic, opened by noting that much discussion now surrounds the evolving “new line” embodied in China's economic plans for the next five years. The three agricultural questions, self-innovation, regional adjustment, opening up of a win-win “harmonious society,” and economizing on energy use: what do these and other much-discussed new terms really mean?
Topic:
Economics, Globalization, and International Trade and Finance
Political Geography:
China and Asia

936. Still Two Models of Capitalism? Economic Adjustment in Spain

Author:
Sebastián Royo
Publication Date:
04-2005
Content Type:
Working Paper
Institution:
Minda de Gunzburg Center for European Studies, Harvard University
Abstract:
The proponents of globalization contend that European countries are now converging on an Anglo-American model of capitalism. Contrary to this prediction, this paper will show that in Spain globalization and EMU have promoted rather than undermined coordination among economic actors. Unable to escape from economic interdependence the Spanish economic actors have developed coordinating capacities at the macro and micro levels to address and resolve tensions between economic interdependence and political sovereignty. In this paper I show that there is at least one more variety than the two–LME and CME–that Hall and Soskice cite and also that it is possible to develop coordination capacities in countries that lack a strong tradition of such capacities. In particular, this paper analyzes the resurgence of national-level social bargaining in Spain in the 1990s. This development was the result of the reorientation of the strategies of the social actors. In a new economic and political context, marked by a process of institutional learning, trade unions have supported social bargaining as a defensive strategy to retake the initiative and influence policy outcomes.
Topic:
Economics, Globalization, and Politics
Political Geography:
Europe

937. Selling off the "Family Silver": The Politics of Privatization in the OECD 1990-2000

Author:
Reimut Zohlnhöfer and Herbert Obinger
Publication Date:
03-2005
Content Type:
Working Paper
Institution:
Minda de Gunzburg Center for European Studies, Harvard University
Abstract:
The 1990s have witnessed unprecedented attempts at privatizing state owned enterprises in virtually all OECD democracies. This contribution analyzes the differences in the privatization proceeds raised by EU and OECD countries between 1990 and 2000. It turns out that privatizations are part of a process of economic liberalization in previously highly regulated economies, as well as a reaction to the fiscal policy challenges imposed by European integration and the globalization of financial markets. In addition, institutional pluralism and union militancy yield significant and negative effects on privatization proceeds. Partisan differences only emerge if economic problems are moderate, while intense economic, particularly fiscal, problems foreclose differing partisan strategies.
Topic:
Economics, Globalization, and Politics
Political Geography:
Europe

938. Global and National Trends Affecting the Protection of Human Rights: Discussion Document

Publication Date:
05-2005
Content Type:
Working Paper
Institution:
The Carter Center
Abstract:
This represents a summary of major issues discussed by participants in the Human Rights Defender Policy Forum organized by The Carter Center and Human Rights First in Atlanta. It is not an exhaustive review of the discussions, nor does it necessarily represent the views of any of the individual participants in the meeting or the organizations they represent. A full report of the meeting will be issued later this year.
Topic:
Conflict Resolution, International Relations, Globalization, and Human Rights

939. Democracy, History, and Migrant Labor in South Korea

Author:
Hyun Park
Publication Date:
01-2005
Content Type:
Working Paper
Institution:
Walter H. Shorenstein Asia-Pacific Research Center
Abstract:
This paper concerns the paradox of democratization in South Korea, whose progression has been entwined with neoliberal capitalism beginning in the 1990s. There have been critical moments of democratization since the military rulers gave in to popular pressure for democratization. These moments range from the recommencement of the popular electoral system in the Presidential election in 1987 to the transfer of the state power to civilian leaders, and the participation of former dissidents in the parliament and the administration. A particular form of democratization addressed in this paper is not electoral state politics but the broad-reaching initiatives to transform the relationship between the state and society. Specifically, I examine the initiative to rewrite colonial and cold-war history. This particular initiative is part of an effort to correct a longstanding tendency of previous military regimes that suppressed the resolution of colonial legacies and framed Korean national history within an ideological confrontation of capitalist South Korea and communist North Korea.
Topic:
International Relations and Globalization
Political Geography:
United States, Asia, South Korea, and North Korea

940. Information Technology and the New Global Economy: Tensions, Opportunities, and the Role of Public Policy

Author:
David Bollier
Publication Date:
03-2005
Content Type:
Working Paper
Institution:
Aspen Institute
Abstract:
Changes in technology have been transforming commerce, politics, and culture for centuries. Yet it is now becoming clear that the explosion of the Internet and assorted digital technologies is provoking epochal changes in the global economy. Finance capital now roams the world with unprecedented speed. Transportation and logistics have become radically more efficient. Work readily moves to wherever it can be most skillfully and cheaply performed. Innovation and productivity are forging ahead, sometimes at blinding speeds.
Topic:
Development, Economics, Globalization, Government, and Science and Technology