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91. The Transatlantic Economy 2009

Author:
Daniel S. Hamilton and Joseph P. Quinlan
Publication Date:
01-2009
Content Type:
Working Paper
Institution:
Center for Transatlantic Relations
Abstract:
After a five-year boom in prosperity, the transatlantic economy has fallen into what could be perhaps its deepest recession since World War II. Although the U.S. was the epicenter of the financial crisis, many European banks have exposure to U.S. subprime loans and embraced the risky lending practices of their American counterparts. The financial crisis and attendant recession underscore the deep integration of the transatlantic economy. Notions of “decoupling” are mistaken and are likely to lead to serious policy errors. Never before have Europeans and Americans had a greater stake in each other's economic success. Each has a substantial interest in the other's ability to weather current difficulties and to emerge in sound shape from the crisis.
Topic:
International Relations, Economics, Globalization, International Political Economy, and International Trade and Finance
Political Geography:
United States and Europe

92. The Outlook for Tokyo: New Opportunities or Long-term Decline for Japan's Financial Sector?

Author:
Vanessa Rossi
Publication Date:
03-2009
Content Type:
Working Paper
Institution:
Chatham House
Abstract:
Japan's economy has suffered exceptional damage because of its high level of exposure to the massive downturn in world trade and investment, notably impacting on demand for cars, consumer electronics and investment equipment. The depth of Japan's recession looks set to be far worse than that of the US and the EU. However, the recession has also radically reshaped the global financial environment in ways that suggest unexpected opportunities for Japanese financial institutions and markets. This report reviews the outlook for Tokyo as a financial centre and the role of Japan's financial sector in the light of domestic targets as well as international trends and competition.
Topic:
Globalization, International Trade and Finance, and Markets
Political Geography:
United States, Japan, Europe, Israel, Asia, and Tokyo

93. Immigration in Europe at a Time of Economic Hardship

Author:
Toby Archer
Publication Date:
02-2009
Content Type:
Policy Brief
Institution:
Finnish Institute of International Affairs
Abstract:
The global recession is resetting the context of the immigration debate across Europe. Immigration is one of the most visible manifestations of globalization for large numbers of Europeans. Globalization is a disruptive process challenging long held social assumptions and beliefs. It creates resistance, and concern over immigration is part of this. The recession is amplifying this effect significantly. The costs and benefits of globalization have never been equally shared, either within states or amongst them. Certain social groups fear immigration more than others, particularly in labour competition. The recession is leading to national or nationalist priorities becoming more popular and xenophobia can result. Political leaders understand this and even those who actively try to explain the advantages of immigration still tend to discuss it unhelpfully as a security issue. Immigration is a legally complex set of interrelated but different issues. The public discourse tends to not separate them, leading to all immigration issues being politically loaded. The EU plays an important role, but because borders and who can cross them is so closely linked to notions of sovereignty, the Union takes a secondary position to national policies.
Topic:
Globalization, Migration, and International Affairs
Political Geography:
Europe

94. Travel Restrictions Not a Cure for Swine Flu Outbreak

Author:
Michael T. Osterholm
Publication Date:
04-2009
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
The outbreak of a new strain of deadly swine flu, which has killed more than one hundred people in Mexico and spread to the United States and Europe, has global health experts considering whether this may be the start of a long-feared pandemic. Michael T. Osterholm, director of the Center for Infectious Disease Research and Policy at the University of Minnesota, says there are a lot of unknowns about the new flu strain but so far it presents "a very different picture" from that of recent avian flu outbreaks and the 2003 sudden acute respiratory syndrome (SARS) outbreak. "Osterholm says it may be a matter of months before experts understand the disease. He cautions against international policy overreactions, citing some countries' travel warnings and bans on some imported foods from the United States and Mexico as "hysterical." He says the best way to deal with panics is to keep people informed and not create false expectations.
Topic:
International Relations, Globalization, Health, Human Welfare, and International Cooperation
Political Geography:
United States, Europe, and Canada

95. Close to Home: UK poverty and the economic downturn

Publication Date:
04-2009
Content Type:
Policy Brief
Institution:
Oxfam Publishing
Abstract:
The major social policy challenge of the current economic recession is how to prevent a precipitous rise in poverty in the UK. In addition to limiting the numbers of people plunged into poverty because of the recession, government must also mitigate the impact on people already living below the poverty line. But, this paper will argue, response s to the recession present an opportunity to make a step-change, ensuring that actions taken also help build a fairer, more sustainable society in which poverty is ended in the long-term.
Topic:
Economics, Globalization, Poverty, and Labor Issues
Political Geography:
Europe

96. The G20 Meetings: No Common Framework, No Consensus

Author:
Michael Pettis
Publication Date:
05-2009
Content Type:
Policy Brief
Institution:
Carnegie Endowment for International Peace
Abstract:
Participants in the recently completed G20 meeting in London agreed on a number of measures, some substantial and some merely symbolic, but they sidestepped the real issues dividing the major economic powers and, in so doing, failed to address the root causes of the global trade and investment imbalances. This was almost inevitable. China, Europe, and the United States have incompatible conceptual frameworks for understanding the causes of the global financial crisis; furthermore, their conflicting domestic political constraints make agreement on solutions hard to reach. Europeans believe that the root cause of the crisis was excessively deregulated financial systems, and they are skeptical about U.S. and Chinese calls for fiscal expansion, worrying that excessive spending would prolong the imbalances and make the ultimate adjustment more difficult. China also believes that the roots of the crisis lie within the structure of the global financial system, although Beijing insists that it was mainly the reserve status of the U.S. dollar that permitted imbalances to develop to unsustainable levels. China is particularly vulnerable to trade protection and seeks to maintain open markets for its continued export of domestic overcapacity. Like the United States, it is pushing for more aggressive, globally coordinated fiscal expansion. However, because of rigidities in its financial system and development model, its fiscal response to the crisis may exacerbate the difficult global adjustment and may, ironically, increase the chances of trade friction. In a time of contracting demand, the United States controls two-thirds of the most valuable resource in the world: net demand. Consequently, it is U.S. policies that will determine the pace and direction of the global recovery, along with the institutional framework that will govern trade and investment relationships for decades to come. The crisis puts the United States more firmly at the center of the emerging world order than ever. So far, the United States has not understood the need to consider the global outcomes of its recovery policies. Until the major powers can reach consensus about the roots of the imbalance and cooperate on policies to promote recovery, it is likely that the world economy will get worse before it gets better. The United States will drive the recovery process, but in order to do so effectively it will need to recognize its position of strength and negotiate the appropriate agreements with other major powers, especially China, on the pace and nature of the adjustment.
Topic:
Economics, Globalization, International Trade and Finance, and Monetary Policy
Political Geography:
United States, China, Europe, and London

97. Recovery: The Global Financial Crisis and Middle-Income Countries

Author:
Alejandro Foxley
Publication Date:
07-2009
Content Type:
Working Paper
Institution:
Carnegie Endowment for International Peace
Abstract:
No country has proved immune to the devastating effects of the current global financial crisis. But the middle-income countries of Eastern Europe, Latin America, and East Asia, which previously had achieved significant progress—economically and socially— have shown themselves to be particularly vulnerable. The crisis has high- lighted important lessons for these countries, which inhabit a twilight zone between the developed and developing worlds –and those that aspire to join their ranks – as they rebuild
Topic:
Economics, Globalization, Markets, and Financial Crisis
Political Geography:
Europe, East Asia, and Latin America

98. Tackling climate change, reducing poverty

Publication Date:
01-2009
Content Type:
Policy Brief
Institution:
Oxfam Publishing
Abstract:
Despite being a wealthy country, in the UK poverty is an ongoing problem. According to Oxfam GB today 1 in 5 people in the UK don't have enough to live on. There were 2.9 million children and 2.5 million pensioners living in poverty in the UK in 2006/2007. Children go to school hungry, or to bed without enough food. Poor communities are in poorer health and have shorter life expectancy.
Topic:
Climate Change, Energy Policy, Environment, Globalization, and Poverty
Political Geography:
United Kingdom and Europe

99. Towards a Sustainable Cocoa Chain: Power and possibilities within the cocoa and chocolate sector

Author:
Jan Cappelle
Publication Date:
01-2009
Content Type:
Policy Brief
Institution:
Oxfam Publishing
Abstract:
The cocoa tree is an important source of income for millions of farming families in equatorial regions. Cocoa originates in the river valleys of the Amazon and the Orinoco in South America. Its discoverers, the Maya people, gave it the name 'cocoa' (or 'God's food'). Cocoa was introduced to Europe in the fifteenth century. Cocoa imports were heavily taxed, and as a result it was consumed as a drink only by the wealthy. Investment from Great Britain and The Netherlands, combined with the launch of the chocolate bar in 1842 by Cadbury, resulted in a greater demand for chocolate. This led to the gradual expansion of cocoa production, spreading to Africa in 1870.
Topic:
Economics, Globalization, International Political Economy, International Trade and Finance, Markets, and Poverty
Political Geography:
Britain, Africa, Europe, South America, Netherlands, and Amazon Basin

100. The Making of a Mess: Who Broke Global Finance, and Who Should Pay for It?

Author:
Harold James
Publication Date:
01-2009
Content Type:
Journal Article
Journal:
Foreign Affairs
Institution:
Council on Foreign Relations
Abstract:
The current economic crisis may have one winner: the Chinese financial model, which -- together with the IMF -- holds the keys to fixing the problem.
Topic:
Economics and Globalization
Political Geography:
United States and Europe