Search

Begin New Search Topic Markets Publication Year within 3 Years

31. Pax Economica: An Interview with Marc-William Palen

Author:
Seokju Oh and Marc-William Palen
Publication Date:
03-2024
Content Type:
Commentary and Analysis
Institution:
The Toynbee Prize Foundation
Abstract:
In his new book Pax Economica: Left-Wing Visions of a Free Trade World (Princeton University Press, 2024), historian Marc-William Palen offers a counter-history of free trade as an ideology and policy. In the nineteenth century, before it became a cherished possession of the Right, free trade was proudly claimed as their own by Left-wing activists, intellectuals, and politicians, those who were unswervingly committed to equality for all and peace among nations. Palen recovers this forgotten history of the “Left-wing free traders” of the late-nineteenth century, showing how liberal radicals, socialists, feminists, and Christian pacifists all viewed free trade as the key antidote to the social problems they encountered. Palen also upends the conventional understanding of the world of the late nineteenth and the early-twentieth centuries and argues that the fin-de-siècle was not the “Golden Age’ of the First Globalization, but actually the “Iron Age” of market enclosures and imperial competition. In February 2024, I had a great pleasure to discuss Pax Economica with Palen. Below is an edited version of the conversation.
Topic:
Economics, Globalization, Markets, History, Free Trade, and Interview
Political Geography:
Global Focus

32. Citizenship Hierarchies: Talent Programs, Commodification Debates and Citizenship at the Nexus of Market and Desirability Logics

Author:
Özlem Altan Olcay and Evren Balta
Publication Date:
12-2024
Content Type:
Journal Article
Journal:
Uluslararasi Iliskiler
Institution:
International Relations Council of Turkey (UİK-IRCT)
Abstract:
In recent years, an increasing number of nations have developed and institutionalized immigration programs aimed at attracting high-net-worth individuals, promising expedited residency and, in many cases, a streamlined path to citizenship. These initiatives target individuals expected to contribute economically, whether through immediate financial investments, capital transfers, or desirable professional skills deemed essential for national economic competitiveness. This article critically examines the rise of talent programs against the backdrop of scholarship studying investment-based citizenship schemes. While there is a developed literature studying investment-based citizenship programs and criticizing the imposition of neoliberal rationalities on state-induced meanings and practices of citizenship, there is less attention paid to the implications of these so-called merit-based citizenship programs. We argue that both sets of schemes follow a neoliberal market logic, prioritizing immigrants based on their perceived economic value. We explore how these programs disembed potential immigrants from their social contexts and perpetuate market-based inequalities. Thus, we propose that despite the distinctions often made between talent programs and investment schemes, both contribute to the reinforcement of a global citizenship hierarchy. Drawing on examples from Organization for Economic Co-operation and Development (OECD) countries’ skilled migration initiatives, we demonstrate how these programs shape discourses of selectivity and “deservingness” for future citizenship. Through a comprehensive analysis of legal frameworks and policy databases, the study highlights the complex interplay between migration policies, commodification of citizenship, and global hierarchies. Ultimately, it calls for a deeper understanding of the continuities and transformations in citizenship logics enabled by the infusion of market dynamics into migration policies.
Topic:
Markets, Migration, Inequality, Citizenship, Hierarchy, and Immigration Policy
Political Geography:
Global Focus

33. VIP Pass to Markets: When Customs Certification Helps Firms to Face NTMs

Author:
Charlotte Emlinger and Houssein Guimbard
Publication Date:
10-2024
Content Type:
Working Paper
Institution:
Centre d'Etudes Prospectives et d'Informations Internationales (CEPII)
Abstract:
This paper aims to assess how trade facilitation measures reduce the costs induced by non-tariff measures (NTMs). It focuses on the Authorized Economic Operator (AEO) certification, a firm-level trade facilitation measure defined by the World Customs Organization. This status allows firms to benefit from customs simplifications at the border, reduced physical and document-based controls, and priority treatment. We use an original and exhaustive dataset of French firms certified as AEO by the European Customs, merged with firm level trade from the French Customs. Our empirical strategy is to compare the export structure of firms before and after their certification to see whether the impact of NTMs on trade can be reduced by trade facilitation measures. Our results show that the AEO status enhances trade, but only when facing NTMs in the destination market. This confirms that some of the trade costs generated by NTMs are administrative in nature and can be reduced by pre-certifying firms. Our conclusion is informative about the kind of trade cost reductions that could be achieved by trade agreements that go beyond tariff reductions, without hindering the level of actual regulation.
Topic:
Markets, Economy, Tariffs, Trade, and Customs
Political Geography:
Europe and France

34. A Structural Equation Model Application For Global Innovation Input Dimension To Affect Output Dimension

Author:
Furkan Fahri Altıntaş
Publication Date:
05-2024
Content Type:
Journal Article
Journal:
Bilgi
Institution:
Sakarya University (SAU)
Abstract:
Purpose - The influence of the innovation input dimen-sion on the innovation output dimension has been meas-ured based on the values of the GII criteria of the coun-tries specified in the Global Innovation Index (GII) re-ports. Methodology/Approach/Design- The effects of the in-novation input dimension on the innovation output di-mension has been measured using a structural equation model with the relevant values indicated in the GII re-ports for the years 2008 to 2022 for each country. Findings Firstly, It has been ascertained that the input dimension of the innovation has a notable and construc-tive effect on the output dimension. Secondly, it has been observed that the criteria contributing the most to the relational structure are 'institutions', 'human capital and research', 'infrastructure', and 'market sophistica-tion'. Originality/Value- The assessment of this study sug-gests a potential contribution to the field of innovation. Additionally, significant revelations have been obtained regarding the augmentation of the global interplay be-tween the innovation input and output of various coun-tries, precisely determining the specific innovation input criteria that require refinement.
Topic:
Markets, Infrastructure, Human Capital, and Innovation
Political Geography:
Global Focus

35. Impacts of Trade Diversion from China in the United States Market on Wages in a Third Country: Evidence from Thailand

Author:
Kazunobu Hayakawa and Sasatra Sudsawasd
Publication Date:
09-2024
Content Type:
Working Paper
Institution:
Economic Research Institute for ASEAN and East Asia (ERIA)
Abstract:
Since the latter half of the 2010s, China’s exports to the United States (US) have gradually decreased due to the US-China trade war and other factors, such as lockdown measures in China to combat COVID-19. This decrease has resulted in increasing exports from third countries, including Thailand, to the US market by substituting China’s exports, i.e. trade diversion. Against this backdrop, this study empirically investigates how the changes in exports to the US driven by the change in China’s exports to the US affect wages in Thailand. Especially, we examine the heterogeneous effects according to workers’ characteristics. To this end, we conduct regression analyses using individual-level quarterly data from the first quarter of 2017 to the second quarter of 2023. Our main finding is that the wage gap between low- and middle-skilled workers decreased, whilst the gap between middle- and high-skilled workers increased. Namely, the increased exports to the US caused ‘wage polarisation’ in Thailand. We also find that the increase in exports to the US contributed to expanding the wage gap by age but narrowing it by gender.
Topic:
Markets, Trade Wars, Exports, and Wages
Political Geography:
China, Asia, Thailand, and United States of America

36. Risks and challenges to oil and gas markets in the current Middle East conflict

Author:
Colby Connelly, Emily Stromquist, Karen Young, Yesar Al-Maleki, and Nikolay Kozhanov
Publication Date:
03-2024
Content Type:
Video
Institution:
Middle East Institute (MEI)
Abstract:
The Middle East Institute’s (MEI) Program on Economics and Energy cordially invites you to a panel discussion of the war-time threats to energy transit along the Red Sea corridor and to regional production facilities, within the context of broader supply-and-demand dynamics. Since Hamas’ Oct. 7 terrorist attack on Israel and subsequent war in Gaza, hydrocarbon prices have held relatively stable, although attacks by Houthi militants on shipping in the Red Sea could cause long-term market shifts and geographic segmentation. Why have we seen such a low impact on oil prices to date despite profound regional instability? What explains natural gas prices staying at historic lows? Are Gulf oil facilities at risk? What is the outlook for gas production in the Eastern Mediterranean? And how is OPEC considering outside supply competition and near-term demand? To answer these and other questions, MEI has convened five top US and regional energy and geopolitical risk analysts, who include contributors to MEI’s new edited volume Energy Transitions in the Middle East. They will reflect on their assessments of oil and gas markets prior to Oct. 7 as well as share their views on the current risks and challenges for fossil fuel producers in the region.
Topic:
Economics, Markets, Oil, Energy, and Natural Gas
Political Geography:
Middle East, Yemen, Gaza, and Red Sea

37. Virtual briefing: The risk of targeting regional energy assets in the ongoing Middle East conflict

Author:
Helima Croft, Colby Connelly, and Karen Young
Publication Date:
10-2024
Content Type:
Video
Institution:
Middle East Institute (MEI)
Abstract:
Helima Croft, Colby Connelly, and Karen Young, discuss the risk of retaliatory strikes on regional energy facilities; the possible impact on Israel’s natural gas production and on its importers, including Egypt and Jordan; the potential spillover to the Gulf’s energy sector; as well as the relative likelihood of the conflict leading to a major supply shock in the global energy market. Speakers: Helima Croft Head of Global Commodity Strategy and MENA Research, RBC Capital Markets Colby Connelly Director, Economics and Energy Program, MEI Karen Young Non-Resident Senior Fellow and Chair of the Economics and Energy Program Advisory Council, MEI
Topic:
Markets, Imports, Energy, and Natural Gas
Political Geography:
Middle East, Israel, Egypt, and Jordan

38. Asset Ownership, Rates of Return, and the U.S. Working Class

Author:
Leila Davis and Charalampos Konstantinidis
Publication Date:
12-2024
Content Type:
Working Paper
Institution:
Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:
In this paper, we analyze the intersection of asset market participation and inter-class wealth inequality in the United States by showing that working-class households earn lower rates of return on their assets than non-working-class households. We, first, operationalize an empirical definition of working-class status using the Survey of Consumer Finances for 1989-2022. Using this classification, we, second, document that inter-class income and wealth inequality have risen since 1989. Third, we show that, with the exception of business assets, working-class households hold similar asset classes as non-working-class households and receive financial income. However, working-class households receive a 2.5 percentage point lower average rate of return than non-working-class households, conditional on observable demographic and economic differences across classes. This gap reflects differential returns on businesses and real estate. These results suggest that expanded asset market access in the U.S. has conferred unequal benefits by class status and widened inequalities along class lines.
Topic:
Markets, Inequality, Assets, and Working Class
Political Geography:
North America and United States of America

39. The Growth of Private Financial Markets

Author:
Lenore Palladino and Harrison Karlewicz
Publication Date:
05-2024
Content Type:
Working Paper
Institution:
Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:
Over the past decade, “private” financial markets, which face little oversight by regulators, have grown to the point where they dominate financial activity. Private funds have approximately tripled in size in the last decade to $26 trillion in gross assets (compared to the $23 trillion in the U.S. commercial banking industry). Private markets raise more in equity than public markets: in 2021, new stock issuances resulted in $434.7 billion, while private markets raised $1.73 trillion in committed funds that same year–almost four times as much. Private markets are structured differently–organized into funds by asset managers as limited partnerships, which shields general managers from liability. The primary dealers in these private markets are venture capital, private equity, private credit funds, and private real asset managers. In this working paper, we examine four institutional shareholder types: public and private pension funders, endowment plans, and foundations. Institutional shareholders now allocate 28-35% of their assets under management to the “alternative” assets of private markets. Pension funds alone currently account for $2.7 trillion in committed funds to private financial markets, the latter of which has ballooned to $26 trillion in gross assets. This development potentially represents new systemic risks to the economy at large and for the institutional shareholders participating in these markets.
Topic:
Economics, Markets, Regulation, and Financial Markets
Political Geography:
Global Focus

40. Scramble for Green Technologies: Strategies of Major Players and Serbia’s Opportunities

Author:
Mikhail Korostikov
Publication Date:
09-2024
Content Type:
Commentary and Analysis
Institution:
Belgrade Centre for Security Policy (BCSP)
Abstract:
The struggle between the EU, the US and China for dominance in new technological niche markets has the potential to become the most important story of the next two to three decades, potentially overshadowing any ongoing military conflicts in the world. It is taking place on several fronts at once: artificial intelligence, new principles of industrial production (such as the use of robots or additive technologies), space exploration, and much more. This report explores the political and economic confrontation between the three sides regarding the green technology industry and draws certain conclusions regarding the implications of this confrontation for Serbia. The role of Serbia’s reserves of lithium and other minerals important for the latest high-tech industries could affect the country’s standing in the world in general, and its importance to the EU in particular. However, it is critical to ensure that Serbia maximises the opportunities associated with the exploitation of lithium and concentrates the maximum number of links in the value chain associated with the extraction, processing and utilisation of the valuable resource. It is equally important that the lithium mining process be carried out in accordance with the best environmental standards and, first and foremost, with the support of the environmental authorities of the European Union, potentially being the final beneficiaries of the project.
Topic:
Markets, European Union, Green Technology, Mining, Lithium, and Green Transition
Political Geography:
China, Eastern Europe, Serbia, and United States of America