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21. Friedman and Samuelson on the Business Cycle

Author:
J. Daniel Hammond
Publication Date:
09-2011
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
Chicago School economists have come in for criticism since the financial crisis and so-called Great Recession began in 2007. Commentators have blamed recent problems on a laissez-faire faith in the efficacy of markets and simple rules for business-cycle policy—ideas associated with economics as taught and practiced at the University of Chicago. Events over the past four years, we are told, demonstrate the need for a restoration of Keynesian thinking about business cycles and activist government policies to keep markets from failing. However, there is another aspect of Chicago School economics that is commonly overlooked. This is the conviction that economists' understanding of the business cycle is meager in light of the knowledge necessary for activist countercyclical policy to be effective. From this comes the Chicago School concern that economists and policymakers not attempt to do something beyond their capability. Overreaching can make the problems worse.
Topic:
Economics and Financial Crisis
Political Geography:
Chicago

22. Waking the Nuclear Dragon? NATO's Defence and Deterrence Posture Review

Author:
Trine Flockhart
Publication Date:
11-2011
Content Type:
Policy Brief
Institution:
Danish Institute for International Studies
Abstract:
NATO is currently busy with preparations for a comprehensive Defence and Deterrence Posture Review (DDPR) to be ready for the NATO Chicago Summit in May 2012. Yet despite the hectic activity and despite the importance of the review, almost nothing is being said in public. NATO is well aware of the potential for a damaging nuclear decision crisis in NATO and the outcome of the process seems likely to stay close to the current status quo.
Topic:
Defense Policy, Cold War, Nuclear Weapons, Peace Studies, and Treaties and Agreements
Political Geography:
Chicago

23. Learning from Libya: The Right Lessons for NATO

Author:
Damon M. Wilson
Publication Date:
09-2011
Content Type:
Policy Brief
Institution:
Atlantic Council
Abstract:
As Qaddafi's regime crumbles and Libyan rebels assume the mantle of governance, many are bemoaning rather than celebrating the role of NATO in the Libyan revolution. As the Alliance winds down its military campaign and contemplates next steps, now is the time to draw lessons from what worked and what did not, and to prepare to act on these lessons in time for NATO's next summit in Chicago in May 2012.
Topic:
Defense Policy, NATO, Diplomacy, and Treaties and Agreements
Political Geography:
Africa, Libya, North Africa, and Chicago

24. NATO Agency Reform, Done Right

Author:
Marshall Billingslea and Gary Winterberger
Publication Date:
12-2011
Content Type:
Policy Brief
Institution:
Atlantic Council
Abstract:
NATO's forthcoming 2012 Summit in Chicago gives the Alliance's senior decision-makers the opportunity to assess the health of transatlantic relations and to tackle a set of overdue internal issues that have been long postponed due to more pressing operational issues in Afghanistan, Iraq, and then Libya. Chief among these issues is the matter of reforming NATO's own headquarters and its many and varied agencies. A careful reform effort, with a special focus on shared services, restructuring and integration, NATO's human capital, and the procurement and capabilities development structure and process, could pay significant dividends for the Alliance and ensure the more efficient use of already limited resources. While not a panacea, this would go a long way towards preparing the Alliance for future challenges.
Topic:
NATO, Diplomacy, Economics, International Cooperation, Science and Technology, and Reform
Political Geography:
Afghanistan, Iraq, Libya, and Chicago

25. North Korea-South Korea Relations: A New Era?

Author:
Aidan Foster-Carter
Publication Date:
09-2011
Content Type:
Journal Article
Journal:
Comparative Connections
Institution:
Center for Strategic and International Studies
Abstract:
No reader of Comparative Connections needs telling that Kim Jong Il, North Korea's leader since 1994, died of a heart attack on Dec. 17. (The wider public is something else. The young woman who looks after this writer's baby had never heard of Korea, much less North Korea, or that anything had happened there. We specialists should never assume too much.)
Political Geography:
South Korea, North Korea, and Chicago

26. Does Profit-Seeking Rule Out Love? Evidence (or Not) from Economics and Law

Author:
Julie A. Nelson
Publication Date:
09-2010
Content Type:
Working Paper
Institution:
Global Development and Environment Institute at Tufts University
Abstract:
Many believe that firms are driven to maximize profits, and therefore are not allowed to take actions that would benefit their workers, communities, or the environment if these actions would reduce profits even slightly. This essay shows that this belief is supported neither by sound economic evidence and arguments, nor by United States statutory and case law. The roots of this belief are, instead, to be found in a centuries-old desire of economists to make our discipline look like Newtonian physics. Among scholars of law, both misinformation and the use of University of Chicago-style economics have contributed to the belief's popularity. Among scholars and the public alike, the dualistic "love or money" view is appealing because of its simplicity and congruence with cultural gender norms. Reexamining the evidence, rather than adhering to common ideologies, this essay offers an unconventional analysis of corporate behavior and commodification.
Topic:
Economics, Environment, International Trade and Finance, Markets, and Law
Political Geography:
United States and Chicago

27. Chicago's Preparedness for Terrorism

Author:
Clark Kent Ervin
Publication Date:
06-2010
Content Type:
Working Paper
Institution:
Aspen Institute
Abstract:
This is the third in a series of reports about various cities' preparedness for terrorism and/or natural disasters. It is the outgrowth of a series of discussions in 2007-2008 in New York, Los Angeles, Houston, New Orleans, and Chicago among key federal, state, and local government officials in each such city, as well as private sector stakeholders, and think tank/academic experts on homeland security and counterterrorism. The series was underwritten by a generous lead grant from the Ford Foundation, supplemented by additional grants from the Rockefeller Foundation, the McCormick Foundation, and the Houston Endowment. The goal in each city was to identify best practices that can be replicated around the country; to identify any gaps in preparedness; and to recommend to policymakers ways and means of closing any such gaps.
Topic:
Security, Terrorism, and Counterinsurgency
Political Geography:
United States, New York, and Chicago

28. Houston's Preparedness for Terrorism

Author:
Clark Kent Ervin
Publication Date:
12-2010
Content Type:
Working Paper
Institution:
Aspen Institute
Abstract:
This is the fourth in a series of reports, underwritten principally by the Ford Foundation, and, in this particular case, additionally, the Houston Endowment, as to various cities' (namely, New York, Los Angeles, Chicago, New Orleans, and Houston) preparedness for terrorism and catastrophic natural disasters. Our goal in each city was to identify best practices that can be replicated in other cities around the nation; to identify any gaps in preparedness; and to make recommendations to close any such gaps. We conducted these assessments primarily through roundtable discussions in each city in 2007-2009 with key local, state, and federal government officials, corporate and non-profit stakeholders, and academic and think tank experts, with some supplemental research and follow-up interviews. The audience for each roundtable consisted of representatives of funding organizations, congressional staff, policy experts, and students, all of whom were helpful in engaging the speakers in dialogue following their formal presentations.
Topic:
Security, Government, Terrorism, Natural Disasters, and Counterinsurgency
Political Geography:
United States, New York, and Chicago

29. An Interview with a "Capitalist Pig" Jonathan Hoenig on Hedge Funds, the Economic Crisis, and the Future of America

Publication Date:
06-2009
Content Type:
Journal Article
Journal:
The Objective Standard
Institution:
The Objective Standard
Abstract:
I recently spoke with Jonathan Hoenig, manager of the Capitalistpig Hedge Fund and regular contributor to Fox News Channel's Cashin' In, Your World with Neil Cavuto, and Red Eye with Greg Gutfeld. Mr. Hoenig is also a columnist for Smartmoney.com and contributes economic commentary to WLS 890AM in Chicago. -Craig Biddle Craig Biddle: I must ask at the outset, why did you name your firm "Capitalistpig"? Is there a story behind that? Jonathan Hoenig: Yes, there is. From weeding yards as a young boy to working at Starbucks in high school, I have always been interested in money and actively hustling for dollars. Getting an "A" in school didn't mean much to me, but earning a few hundred dollars working in a local warehouse or passing out samples of Nutella (another summer job) always provided a tremendous sense of accomplishment and pride. One of my earliest memories is going with my dad to our local bank and opening my first passbook savings account. Even then, it was a real thrill to watch the balance slowly build. As a kid, while many of my contemporaries were either bullying (or being bullied), I was busy discovering the virtue of mutually beneficial exchange. My neighbor appreciated me cleaning out her basement, and, for a few bucks, I was more than happy to do an excellent job. Ever since I can remember, capitalism wasn't something I spurned, but embraced. Knowing I wanted to pursue a career in the financial markets, after college I traded futures at the Chicago Board of Trade for a few years before opening up my firm in 2000. The name Capitalistpig Asset Management was a punchy way of communicating the philosophy by which my operation is run. We also give all new clients a copy of [Ayn Rand's] Atlas Shrugged. The name Capitalistpig also helps to attract the right type of customer. I prefer to work with like-minded individuals who support capitalism and individual rights and are happy to be part of an operation that loudly promotes these ideals. CB: What exactly is a hedge fund? How is it different from a mutual fund? And what do you and other hedge fund managers do? JH: A hedge fund is simply a pool of money funded by profit-seeking investors and managed by a professional money manager. In that sense, it is similar to a mutual fund. But unlike a mutual fund, a hedge fund is not required to register with the Securities and Exchange Commission. This doesn't mean hedge funds are unregulated; far from it. The government places stringent restrictions on how hedge funds can operate. Most notably, we're prohibited from accepting investments from "nonaccredited" individuals-meaning, those who don't have a liquid net worth of at least $1 million or haven't earned an income of at least $200,000 for two consecutive years. This, incidentally, is the source of the notoriously "exclusive" and "elitist" nature of hedge funds: They're exclusive and elitist not by choice, but by government edict. While most people assume that hedge funds trade frequently and make big bets on financial esoterica, the truth is a hedge fund is a legal structure, not an investment technique. Some trade frequently and use leverage, others buy and hold stocks for months or years at a time. So while the media routinely characterize hedge funds as "risky" or "highly leveraged," the reality is that hedge-fund strategies, just like mutual-fund strategies, run the gamut from the ultraconservative to the highly volatile. Some managers employ complex spread trades, while others simply buy and sell stocks. Just knowing someone runs a hedge fund tells you absolutely nothing about how it's run. What matters are the strategies, positions, and discipline that the manager uses to maximize the money. My fund is focused on absolute return, ideally earning a profit regardless of the condition of the stock market or larger macroeconomic environment. To accomplish this, I use strategies such as selling short, trading options, commodities, currencies, and other instruments, some of which aren't directly correlated with the stock market. My fund functions as one part of an individual's portfolio, usually no more than 25 percent, and it has been profitable eight out of nine years, earning a total return of over 345 percent. The Dow Jones has lost 28 percent over the same period. CB: Hedge funds and their managers have been loudly and repeatedly condemned for having somehow caused or exacerbated the current financial crisis. Did hedge funds lead to or worsen the crisis? If so, how? If not, what do you make of such claims? JH: Such accusations are absurd. Hedge-fund managers have neither caused nor exacerbated the financial crisis, and they couldn't have done so even if they had tried. These managers simply invest money for their clients. If they make good investments, their clients make money; if they make bad investments, their clients lose money. Moreover, hedge funds-one of the few financial industries that has not asked for and will not receive a bailout-actually helped shoulder the burden of the credit collapse. In buying and selling risky mortgages, loans, and other instruments, hedge funds substantially mitigated the crisis by adding liquidity to the marketplace and facilitating trade. Wealth creation requires investment, and the savings needed in order to make loans, finance operations, start new companies, and invest in R come from investors, such as hedge-fund managers, who are seeking to profit. Far from fueling the financial crisis, hedge-fund managers reduced its severity, and continue to do so, by allocating capital in accordance with the principles of economics, long-range thinking, the profit motive, and market demand.
Topic:
Economics
Political Geography:
America and Chicago

30. Youth and Civic Engagement in the Americas Preliminary Findings From a Three-City Study: Rio De Janeiro, Chicago, and Mexico City

Author:
Irene Rizzini, María de Los Angeles Torres, and Norma Alicia Del Río Lugo
Publication Date:
05-2009
Content Type:
Working Paper
Institution:
Kellogg Institute for International Studies
Abstract:
This paper examines how civically engaged youth in three different cities and countries in the Americas became engaged in civic activity. The usual concern about youth is their lack of involvement. However, the authors have learned from their work in Rio de Janeiro, Chicago, and Mexico City that there are youth in each of these cities who care deeply about their communities and are active in diverse organizations and projects. This paper is part of a broader study that examines youth who are significantly engaged in civic activity. In this paper, the authors will focus particularly on the youths' initial process of engagement and what motivated them to get involved.
Topic:
Civil Society and Youth Culture
Political Geography:
America, Latin America, Mexico, and Chicago