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41. Why China's housing policies have failed

Author:
Tianlei Huang
Publication Date:
06-2023
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics (PIIE)
Abstract:
This working paper reviews the current housing crisis in China and explores the roles of supply-demand imbalances and local governments in the real estate sector. To prevent the housing downturn from further dragging down economic growth, Beijing suspended the financing restrictions on developers imposed in August 2020. These restrictions, known as the "three red lines" that limited new borrowing by developers, led Chinese property developers to default on a record number of debt obligations and triggered the most serious housing slump China has seen since 1998. The property sector saw its value added decline by more than 5 percent in 2022, even as the overall economy grew at 3 percent. But the current dynamics in the housing market reflect a repeated pattern: Loosening financing restrictions on developers and using housing as a macroeconomic stabilization tool risk reinforcing the boom-bust housing cycle. China's real estate sector is a systemic problem. Without serious reforms to address concerns such as supply-demand imbalances and local governments' deep connections with real estate, housing slumps like the one in 2022 may recur.
Topic:
Government, Real Estate, Supply and Demand, and Housing Crisis
Political Geography:
China and Asia

42. National Science Foundation Technology Innovation Partnership Evaluation

Author:
Barry Bozeman, Nick Hart, Randolph Lyon, Theresa Pardo, and Janet Weiss
Publication Date:
11-2023
Content Type:
Special Report
Institution:
The National Academy of Public Administration (NAPA)
Abstract:
The National Science Foundation (NSF) is an independent federal agency established in 1950 by Congress "to promote the progress of science; to advance the national health, prosperity, and welfare; to secure the national defense." NSF supports research and the fields of fundamental science and engineering, except for medical sciences, and helps the United States drive leading discoveries. In March 2022, NSF established the Directorate for Technology, Innovation, and Partnerships (TIP). TIP was created to focus on significant challenges and opportunities across the entire science and engineering enterprise and to strengthen and scale the critical research that will drive future technologies and solutions. The NSF required an assessment of the organizational and management structure of the NSF's Directorate for Technology, Innovation and Partnerships. The Academy: Evaluated and made recommendations to efficiently and effectively implement the Directorate for Technology, Innovation, and Partnerships; and Evaluated and made recommendations to ensure coordination of the Directorate for Technology, Innovation, and Partnerships with other directorates and offices of the Foundation and other Federal agencies.
Topic:
Government, Science and Technology, Innovation, Management, Performance Evaluation, and Public Administration
Political Geography:
North America and United States of America

43. Governing in Hard Times: Urgent Questions for the Centre-Left

Author:
Colm Murphy and Farah Hussain
Publication Date:
10-2023
Content Type:
Special Report
Institution:
Mile End Institute, Queen Mary University of London
Abstract:
Leading speakers from politics, policymaking, and academia provide Starmer and his team with not only questions that they must address ahead of next year’s likely election, but also some potential answers.
Topic:
Government, Public Policy, Labour Party, and Keir Starmer
Political Geography:
Britain, United Kingdom, and Europe

44. Governing in Hard Times Conference: The Climate Emergency and the Green Transition

Author:
Karl Pike, James Meadway, Holly Rowden, and Ryan Jude
Publication Date:
06-2023
Content Type:
Video
Institution:
Mile End Institute, Queen Mary University of London
Abstract:
In light of the IPCC's recent warning that the 1.5 degree target for global warming will be breached by 2028, this panel explored how a centre-left government would tackle the ongoing Climate Emergency. The panellists considered how it might minimise the political and economic blowback to the disruptions of the Green Transition, recent changes to the Labour Party's Green Prosperity Pledge to spend £28bn a year on the transition, and the role that the private sector should - or be encouraged - to play. Chair: Dr Karl Pike (Deputy Director of the Mile End Institute) Panel: Dr James Meadway (Former Director of the Progressive Economy Forum) Holly Rowden (Policy Advisor at Green Alliance UK) Councillor Ryan Jude (Programme Director for the Green Finance Institute and Cabinet Member for Climate Action and Biodiversity at the City of Westminster Council)
Topic:
Climate Change, Government, Domestic Politics, and Green Transition
Political Geography:
United Kingdom and Europe

45. Growth Stories: the 'Knowledge Economy' and alternative economic narratives for a future government

Author:
Nick O'Donovan and Vicky Pryce
Publication Date:
03-2023
Content Type:
Video
Institution:
Mile End Institute, Queen Mary University of London
Abstract:
Since the early 1990s, successive UK governments have emphasised social investment in education and research, coupled with pro-market reforms, to foster high-productivity 'knowledge work' in industries such as computing and life sciences. At this seminar at the Mile End Institute, held on Tuesday 23 March 2023, Dr Nick O'Donovan (Head of the Future Economies Centre at Manchester Metropolitan University) explored how the 'Knowledge Economy' became received wisdom in economic policy circles. After presenting his recent book, Pursuing the Knowledge Economy, Nick discussed how it endured multiple crises and a decade-long slump with Vicky Pryce (former Head of the Government Economic Service) and Lord Wood of Anfield (Special Adviser to Gordon Brown). They concluded by discussing whether today's political leaders are willing to break free of the Knowledge Economy narrative and what alternative 'growth stories' they might tell in its place after the next general election.
Topic:
Government, Reform, Economic Growth, and Knowledge Economy
Political Geography:
United Kingdom and North America

46. In Conversation with the Shadow Foreign Secretary, David Lammy MP

Author:
David Lammy and Marie Le Conte
Publication Date:
03-2023
Content Type:
Video
Institution:
Mile End Institute, Queen Mary University of London
Abstract:
On Thursday 9 March, the Mile End Institute welcomed the Shadow Foreign Secretary, David Lammy MP, to ‪@QMUL‬. In a wide-ranging conversation with Marie Le Conte, David reflected on his early life, becoming the first black Briton to graduate from Harvard Law School and over two decades as the MP for Tottenham. He also took stock of the ongoing war in Ukraine, outlined his vision for the UK's foreign policy if the Labour Party win the next election, and reflected on being one of the few members of the Shadow Cabinet to have served in government before.
Topic:
Foreign Policy, Government, Elections, Domestic Politics, and Labour Party
Political Geography:
United Kingdom and Europe

47. The Horizontal Merger Efficiency Fallacy

Author:
Mark Glick, Gabriel A. Lozada, Pavitra Govindan, and Darren Bush
Publication Date:
08-2023
Content Type:
Working Paper
Institution:
Institute for New Economic Thinking (INET)
Abstract:
The Department of Justice and Federal Trade Commission Merger Guidelines (the “Merger Guidelines”), including the much improved latest revision in 2023 (the “New Merger Guidelines”), have continued to perpetrate what we call in this paper the horizontal merger efficiency fallacy. The fallacy arises because in the Guidelines the term “efficiencies” has become unmoored from its foundations in economic theory and has been reduced to the business school construct of cost savings. We show that cost savings can only be considered universally socially beneficial by acceptance of what is termed “the Consumer Welfare Standard” (antitrust) or “the surplus theory of welfare” (economics), a theory that has been discredited and abandoned by welfare economists. In economic theory, efficiency means Pareto Efficiency. We explore the various attempts to tether the cost savings definition of efficiency to Pareto Efficiency and explain why these attempts have failed. We conclude that there is no sound way to theoretically reconcile cost savings with the economic meaning of efficiencies. We then move beyond the efficiency fallacy and show how modern welfare economics can be used to integrate Congressional antitrust goals into the New Merger Guidelines. This requires abandoning the unsupported “standard deduction” for efficiencies and replacing it with an evidence-based assessment of how a specific merger under review potentially impacts Congressional antitrust goals. This change renders the present efficiency rebuttal section of the New Merger Guidelines superfluous, and we provide specific reasons why this section as currently drafted is flawed and should be jettisoned.
Topic:
Economics, Government, Markets, Business, and Efficiency
Political Geography:
Global Focus

48. Laying Foundations for Civic Engagement and Government Accountability in Guinea (2011-2020)

Author:
Natural Resource Governance Institute
Publication Date:
05-2022
Content Type:
Policy Brief
Institution:
Natural Resource Governance Institute
Abstract:
When President Alpha Condé took office after Guinea’s first democratic election in 2010, he promised to reform the country’s mining sector. Following decades of sector mismanagement and corruption, Guinea introduced a new mining code in 2011 (later amended in 2013) and, in 2012, the government committed to implementing the Extractive Industries Transparency Initiative (EITI) Standard and reviewed 19 mining contracts signed by previous administrations. This reform effort precipitated a significant expansion of the industry: investments picked up and bauxite exports rose, and mining revenues grew. Despite progress, and because of the speed of mining expansion, communities in mining areas experienced increasingly negative impacts from the industry. Their interests went unaddressed; the government had been slow to implement key regulations aimed at protecting them. As a result, 2016 saw uprisings in key bauxite-producing areas. In addition, civil society engagement on extractive issues was weak and fragmented; citizens, activists and journalists lacked crucial information and were ill-equipped to engage on key governance issues.
Topic:
Government, Natural Resources, Governance, Accountability, and Civic Engagement
Political Geography:
Africa and Guinea

49. The Indonesian Government´S Intervention in the Management Of Indonesian Migrant Workers´ Remittances: Natural, Technical and Ultimate Restrictions

Author:
Annisa Ayuningtyas and Mailinda Eka Yuniza
Publication Date:
05-2022
Content Type:
Journal Article
Journal:
Revista UNISCI/UNISCI Journal
Institution:
Unidad de investigación sobre seguridad y cooperación (UNISCI)
Abstract:
The constitutionally groundless intervention of Indonesian government towards remittances-the financial outputs categorized as private transaction generated from Indonesian Migrant Workers (IMWs) abroad-has occurred since 1983 until the enactment of Law No. 18 Year 2017 on the protection of IMWs. This Law imposes obligations for local and central governments to conduct financial protection through remittance management by involving domestic and IMW`s placement state`s banks or non-bank financial institution. Given to the limited constitutional basis, private nature of remittances and conditional impact of IWM`s state of origin, this article discusses the limits of Indonesian government intervention in the management of migrants' remittances. This doctrinal legal research found that due to natural and technical restrictions, the government intervention is extremely limited.
Topic:
Government, Migrant Workers, Remittances, and Intervention
Political Geography:
Indonesia and Southeast Asia

50. Jawboning against Speech: How Government Bullying Shapes the Rules of Social Media

Author:
Will Duffield
Publication Date:
09-2022
Content Type:
Policy Brief
Institution:
The Cato Institute
Abstract:
Over the past two decades, social media has drastically reduced the cost of speaking, allowing users the world over to publish with the push of a button. This amazing capability is limited by the fact that speakers do not own the platforms they increasingly rely on. If access to the platforms is withdrawn, speakers lose the reach that social media grants. In America, government censorship is limited by the First Amendment. Nevertheless, seizing upon the relationship between platforms and speakers, government officials increasingly demand that platforms refrain from publishing disfavored speech. They threaten platforms with punitive legislation, antitrust investigations, and prosecution. Government officials can use informal pressure — bullying, threatening, and cajoling — to sway the decisions of private platforms and limit the publication of disfavored speech. The use of this informal pressure, known as jawboning, is growing. Left unchecked, it threatens to become normalized as an extraconstitutional method of speech regulation. While courts have censured jawboning in other contexts, existing judicial remedies struggle to address social media jawboning. Amid the opacity and scale of social media moderation, government influence is difficult to detect or prevent. Ultimately, congressional rulemaking and the people’s selection of liberal, temperate officials remain the only reliable checks on this novel threat to free speech.
Topic:
Government, Regulation, Social Media, Censorship, and Free Speech
Political Geography:
Global Focus and United States of America