After a decade of rapid economic growth, the Dominican Republic entered a downward spiral in 2003. The economy shrank for the first time since 1990, the inflation rate quadrupled, the Dominican peso collapsed, government debt more than doubled, interest rates soared, and the central bank incurred large losses.
Topic:
Economics, International Trade and Finance, and Political Economy
The Bush administration has gone from one extreme to the other with regard to U.S. policy on Taiwan. During the early months of his administration, the president gave a seemingly unconditional pledge to defend Taiwan from attack by mainland China—going significantly further than his predecessors had. He followed that assurance by approving the largest arms sales package to Taiwan in nearly a decade. In marked contrast to the Clinton years, high-profile visits by Taiwanese leaders to the United States have been encouraged, despite Beijing's protests.
Electric utility restructuring was initiated in the 1990s to remedy the problem of relatively high electricity costs in the Northeast and California. While politicians hoped that reform would allow low-cost electricity to flow to highcost states and that competition would reduce prices, economists wanted reform to eliminate regulatory incentives to overbuild generating capacity and spur the introduction of real-time prices for electricity.
Topic:
Economics, Energy Policy, Government, and Politics
In 1996 the Personal Responsibility and Work Opportunity Reconciliation Act was signed into law, and the nation waited to see if welfare reform would truly “end welfare as we know it.” Block grant funding and administrative devolution gave the states a chance to move beyond pilot programs and prove that they could transition people off welfare more efficiently and effectively than the federal government. As a result, caseloads have dropped by more than half.
The Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) are the two dominant entities in the secondary residential mortgage markets of the United States. They are an important and prominent part of a larger mosaic of extensive efforts by governments at all levels to encourage the production and consumption of housing.
Students of regulation have known for decades that the burden of regulation on the U.S. economy is sizable, with the latest figures suggesting this cost may approach $1 trillion in 2004. Surprisingly, given that the health industry is often viewed as among the most heavily regulated sectors of the U.S. economy, previous estimates generally have ignored the cost of regulating health care services.
Most debts created by Saddam Hussein in the name of the Iraqi people would qualify as “odious” according to the international Doctrine of Odious Debts. This legal doctrine holds that debts not used in the public interest are not legally enforceable.
Democracy demands an informed electorate. Voters who lack adequate knowledge about politics will find it difficult to control public policy. Inadequate voter knowledge prevents government from reflecting the will of the people in any meaningful way. Such ignorance also raises doubts about democracy as a means of serving the interests of a majority. Voters who lack sufficient knowledge may be manipulated by elites. They may also demand policies that contravene their own interests.
Critics of American politics and elections often focus on low voter turnout in the United States. They argue that voter turnout is steadily declining largely because of voter cynicism caused by big money campaigns and negative political advertising. Voter turnout is lower than it was in the 1960s, but almost the entire decline happened between 1968 and 1974. Sophisticated and detailed studies of both public trust in government and the consequences of political advertising show that neither factor has a negative effect on voter turnout.
Properly defined, privacy is the subjective condition people experience when they have power to control information about themselves. Because privacy is subjective, government regulation in the name of privacy can only create confidentiality or secrecy rules based on politicians' and bureaucrats' guesses about what "privacy" should look like. The most important, but elusive, part of true privacy protection is consumers' exercise of power over information about themselves. Ultimately, privacy is a product of personal responsibility and autonomy.