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71. Striking a Balance: Straight Talk on the Global Economy

Author:
Michelle Nicholasen
Publication Date:
02-2018
Content Type:
Working Paper
Institution:
Weatherhead Center for International Affairs, Harvard University
Abstract:
or more than two decades, economist Dani Rodrik has warned about the dangers of what he has called “hyperglobalization.” He has long argued that national economies and domestic policies should have priority amidst a rising tide of unfettered globalization and open markets. Today we have some evidence that he was right. Our race toward “one world economy” has produced consequences in the form of global social inequality and populist or extremist political movements, for example. Rodrik envisions a way to keep bringing down trade barriers while maintaining the integrity of the nation-state. His latest book, Straight Talk on Trade, is a synthesis of his monthly columns for Project Syndicate, and functions as a roadmap of Rodrik’s prolific analyses. The Weatherhead Center spoke to him about his long view on world economies.
Topic:
Globalization, Science and Technology, and Global Political Economy
Political Geography:
Global Focus

72. The Development of U.S.-China Trade and the Result of Conflict

Author:
Ma Tao
Publication Date:
06-2018
Content Type:
Working Paper
Abstract:
The very success of globalization has flourished since World War II. The benefits of economic globalization are not evenly distributed among countries, especially among different groups within a country. Before the financial crisis in 2008, as the major promotors of globalization, developed countries intensified their internal contradictions. So populism, protectionism and isolationism are rising in many developed countries, which are the main features of anti-globalization. Brexit happened against the polls in 2016, in large part, because of the migrant crisis tipping the British towards protection of its borders. In the beginning of his presidency, Donald Trump declared to withdraw from TPP, build Mexican border wall, renegotiate NAFTA and so on. Trump’s protectionism policies may be gradually implemented in 2017. Going on like these, the tide of anti-globalization may be further strengthened in the future.
Topic:
Globalization, Bilateral Relations, Foreign Direct Investment, Trade Wars, and Trade
Political Geography:
China, Asia, North America, and United States of America

73. U.S.-China Trade Imbalance and the Results of Trade Conflict

Author:
Ma Tao
Publication Date:
04-2018
Content Type:
Working Paper
Abstract:
The very success of globalization has flourished since World War II. The benefits of economic globalization are not evenly distributed among countries, especially among different groups within a country. Before the financial crisis in 2008, as the major promotors of globalization, developed countries intensified their internal contradictions. So populism, protectionism and isolationism are rising in many developed countries, which are the main features of anti-globalization. Brexit happened against the polls in 2016, in large part, because of the migrant crisis tipping the British towards protection of its borders. In the beginning of his presidency, Donald Trump declared to withdraw from TPP, build Mexican border wall, renegotiate NAFTA and so on. Trump’s protectionism policies may be gradually implemented in 2017. Going on like these, the tide of anti-globalization may be further strengthened in the future.
Topic:
Globalization, Economy, Trade, and Protectionism
Political Geography:
China, Asia, United States of America, and North America

74. Global and Local Challenges in Argentina and Brazil

Author:
Guillermo Calvo
Publication Date:
12-2018
Content Type:
Working Paper
Institution:
Center for Global Development
Abstract:
The last presidential elections in Argentina (2015) and in Brazil (2018), represent a change from populism towards more orthodox economic policies in two important countries in the region. This shift is not only economic but also reflects other fundamental changes in the electorate, in particular the growing dissatisfaction of the population with issues such as weak security and growing corruption in political institutions. In both countries, there are significant fiscal problems and adjustment is needed. But in modern democracies, the success or failure of economic policy is closely tied to political developments. Notably, both countries face their macroeconomic challenges under a parliamentary minority; a situation that is common to many countries in the region at present. Economies highly integrated into the international capital markets, with macroeconomic imbalances inherited from populist governments, face a particularly difficult challenge. On the one hand, the required fiscal tightening entails the execution of policies that may result in greater social unrest, thus encouraging a gradual approach. On the other hand, a gradual approach requires a greater funding stream of financial funds thus exposing the economy to higher financial risk. The dilemma of choosing between a shock adjustment and a gradual approach has been central to understanding what has happened in Argentina and is essential to assessing the options available to the next government in Brazil. The dilemma about the optimal speed of fiscal adjustment has been faced by other countries in the region in the past. In some successful cases of gradualism, the presence of a clear commitment mechanism over the fiscal path, including the implementation of goals agreed with the IMF, has played a decisive role in mitigating the credibility gap typically linked to gradual approaches. One question that the Committee puts forward throughout this statement is to what extent does Argentina's experience entail relevant lessons for Brazil? In order to thoroughly understand these possible lessons and the challenges that both countries face, it is important to consider the similarities and differences between Argentina and Brazil. There is no doubt that both countries are dealing with formidable fiscal challenges. In both countries, there is a primary fiscal deficit and public debt levels are high in relation to GDP. Also, both economies face low or negative growth rates, partly because of cyclical or temporary factors and partly because of low productivity levels due to complex regulatory regimes and tax systems that hinder investment. On the other hand, the realities of Argentina and Brazil are very different in some important aspects. Brazil has not had to cope with a currency crisis and external financing problems such as those of Argentina; the latter has had to reduce its hefty deficit in the current account of the balance of payments. In contrast, Brazil’s external public debt and external financing needs of the public sector are low. However, while the private sector’s foreign indebtedness is quite moderate in Argentina, it is relatively high in the case of Brazil. As regards to monetary policy and inflation, the situation in both countries is also very different. Whereas the inflation rate in Argentina has suffered a substantial increase throughout this year in the context of low credibility in its monetary policy, Brazil has kept a low and stable inflation rate and has significantly improved its central bank’s credibility. These similarities and differences require a differentiated discussion of each country, even if some challenges facing Argentina and Brazil are shared, and whether their experiences provide lessons for each other. The international context plays a fundamental role for both economies in determining the results of economic policy. Before embarking on a more detailed analysis of the challenges facing Argentina and Brazil during the next year, we will analyze how the international context has recently changed, in the next section.
Topic:
Economics, Globalization, Populism, and Local
Political Geography:
Brazil, Argentina, and South America

75. Chinese Economy under Mao Zedong and Deng Xiaoping

Author:
Khalid Manzoor Butt and Sarah Sajid
Publication Date:
01-2018
Content Type:
Journal Article
Journal:
Journal of Political Studies
Institution:
Department of Political Science, University of the Punjab
Abstract:
Economic development aims at building a healthy community which in turn strengthens institutions of a state. Economic Development can also be reflected through soft power, which is not only a diplomatic tool but also a booster for a state's economy. Chinese economic development is a synthesis of two ideologies: attributed to Mao Zedong and the other to Deng Xiaoping. Mao and Deng have contributed to Chinese economic development by initiating compatible economic policies in their respective eras. Their economic policies are influenced by Karl Marx and Adam Smith respectively. Mao, a staunch supporter of centralization of economy, opted for the theory of Marxism; ic level. On the other hand, Deng Xiaoping is associated with liberalizing of Chinese economy. The ideas of free trade and facilitation of foreign investors is the mainstay of Deng’s economic policy. In the process of liberalizing the Chinese economy, Deng initiated a paradigm shift from curtailed to liberal approach; he followed the footsteps of Adam Smith, the pioneer of free market economy. Privatization, establishment of exclusive economic zones, introduction of new flexible economic policies are the reforms introduced by Deng under the theory of free market economy. Hence, the modern China we see today is a product of the economic policies envisioned by these two great Chinese leaders. This descriptive research looks into the contribution and implication of these economic policies on the Chinese economic system.
Topic:
Development, Globalization, History, Famine, Economy, and Mao Zedong
Political Geography:
China and Asia

76. The Developmental State in the 21st Century: Calling for a New Social Contract

Author:
Giulio Regeni and Georgeta Vidican Auktor
Publication Date:
01-2017
Content Type:
Special Report
Institution:
German Development Institute (DIE)
Abstract:
The ‘developmental state’ is a highly debated notion in development literature, having evolved from the extraordinary experience of late industrialising countries in East Asia. In this Discussion Paper we join a growing number of scholars to argue that changing global conditions call for a revitalisation of the debate on the role of the state in social and economic transformation in the 21st century. We focus on three main global challenges for economic development in the 21st century: climate change and environmental degradation; increased digitalisation (the increasingly ‘bit-driven’ economy); and changed policy space for individual states as a result of globalisation. These evolve simultaneously and reinforce each other. We argue that the global context calls for a change in the social contract that underpins structural economic transformation, by placing a stronger emphasis on cultivating inclusive state-society relations oriented towards promoting economic growth within planetary boundaries. Such emphasis is, in our view, currently under-represented in the emerging literature on a developmental state in the 21st century. For this reason, we consider it relevant not only to elaborate on the historical conditions that shaped the role of the state in industrial policy in late industrialising countries, but also on current challenges that call for a changing perspective on the role of the state in emerging and developing countries.
Topic:
Climate Change, Development, Environment, Globalization, State, and Economic Development
Political Geography:
Global Focus

77. China’s Belt and Road Initiative Security Needs: The Evolution of Chinese Private Security Companies

Author:
Alessandro Arduino
Publication Date:
08-2017
Content Type:
Working Paper
Institution:
Centre for Non-Traditional Security Studies (NTS)
Abstract:
The unprecedented amount of Chinese funds funnelled into the Belt and Road Initiative and Beijing’s vision of global connectivity will face a harsh reality that encompasses a wide spectrum of threats. Chinese corporations have just started to acknowledge that the risks associated with outbound foreign direct investments carry higher failure rates due to intertwined factors such as economic crisis, conflict, civil unrest, nationalisation, and currency devaluation, to name a few. In several cases, the Chinese state-owned enterprises’ infrastructural projects add stress to the already unstable socio-political environments because of their size and speed of implementation. Understanding and managing this stress is a challenge that cannot be ignored if benefits of these projects are to be realised. The solution to political and criminal violence requests a broader participation that encompasses the insurance and private security sectors.
Topic:
Globalization, Nationalism, Conflict, Violence, and Private Sector
Political Geography:
China, Beijing, and Asia

78. Building Links between Latin America and Asia in an Uncertain World

Author:
Vivian Balakrishnan
Publication Date:
04-2017
Content Type:
Commentary and Analysis
Institution:
Argentine Council for International Relations (CARI)
Abstract:
A talk on the links between governments of Asia and Latin America.
Topic:
Globalization, International Cooperation, International Trade and Finance, Partnerships, Alliance, and Economic Cooperation
Political Geography:
Asia and Latin America

79. Sovereignty or "Globalization"? Reflections on an Apparent Antagonism

Author:
Diego Pautasso and Marcelo Pereira Fernandes
Publication Date:
06-2017
Content Type:
Journal Article
Journal:
AUSTRAL: Brazilian Journal of Strategy International Relations
Institution:
Postgraduate Program in International Strategic Studies, Universidade Federal do Rio Grande do Sul
Abstract:
The article intends to problematize the alleged antagonism between, on the one hand, state capacity and sovereignty and, on the other hand, the integration of markets at a global level. The current manichaeism that tends to reduce approaches to "globalists" or "skeptics" does not contribute to the understanding of the contemporary international system. It is necessary to overcome the supposed antagonism between state-centric and transnational visions, in favor of critical approaches that understand the interlacements between the State and the internationalization of capital, which are crossed by the process of expansion of capitalism in contemporary times.
Topic:
Globalization, Sovereignty, Capitalism, and State
Political Geography:
Global Focus

80. Doris Leuthard, President of Switzerland

Author:
Doris Leuthard
Publication Date:
09-2017
Content Type:
Video
Institution:
Columbia University World Leaders Forum
Abstract:
Her Excellency Doris Leuthard, President of the Swiss Confederation, addresses the Columbia University World Leaders Forum in Low Library.
Topic:
Conflict Resolution, Development, Globalization, Human Rights, International Law, and Peacekeeping
Political Geography:
Europe and Switzerland