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132. The Constitutionalization of Money
- Author:
- James M. Buchanan
- Publication Date:
- 06-2010
- Content Type:
- Journal Article
- Journal:
- The Cato Journal
- Institution:
- The Cato Institute
- Abstract:
- The market will not work effectively with monetary anarchy. Politicization is not an effective alternative. We must commence meaningful dialogue with acceptance of these elementary verities. Far too much has been said and written in elaboration of the first statement, which too often is taken to be equivalent to the assertion that "capitalism" or "the market" has failed. Admittedly claims for market efficacy without qualifiers can be found. But economists should know that anarchy can only generate disorder rather than its opposite.
- Topic:
- Markets and Monetary Policy
- Political Geography:
- United States
133. The Danger of Divergence: Transatlantic Cooperation on Financial Reform
- Publication Date:
- 10-2010
- Content Type:
- Working Paper
- Institution:
- Atlantic Council
- Abstract:
- Two years after the collapse of Lehman Brothers sparked a meltdown of the global financial system, we are at a crucial point that calls for us to step back and examine our progress in the effort to redesign the rules governing global financial markets. The immediacy of the crisis has passed, allowing for clearer analysis of the manifold causes and an evaluation of how the reforms that have been put in place match up with those causes. At the same time, the urgency of the process has not yet entirely dissipated and it is not too late to fill in any holes or to resolve conflicts created by differing approaches around the world.
- Topic:
- Economics, International Cooperation, International Trade and Finance, and Markets
- Political Geography:
- United States and Europe
134. 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
135. Corruption in Logging Licenses Concessions
- Publication Date:
- 03-2010
- Content Type:
- Working Paper
- Institution:
- Transparency International
- Abstract:
- Corruption is one of the main drivers of illegal logging. It runs through the whole timber production and marketing chain. Corruption in logging is fuelled by a range of factors, such as the lack of institutional capacity to monitor and enforce existing legal and policy frameworks, low transparency and accountability, and overall weak governance.
- Topic:
- Corruption, Globalization, Markets, and Natural Resources
- Political Geography:
- United States
136. Trade Disputes Between China and the United States: Growing Pains so Far, Worse Ahead?
- Author:
- Gary Clyde Hufbauer and Jared C. Woollacott
- Publication Date:
- 12-2010
- Content Type:
- Working Paper
- Institution:
- Peterson Institute for International Economics
- Abstract:
- This study covers the history of Sino-US trade relations with a particular focus on the past decade, during which time each has been a member of the World Trade Organization (WTO). Providing a brief history of 19th and 20th century economic relations, this paper examines in detail the trade disputes that have arisen between China and the United States over the past decade, giving dollar estimates for the trade flows at issue. Each country has partaken in their share of protectionist measures, however, US measures have been characteristically defensive, protecting declining industries, while Chinese measures have been characteristically offensive, promoting nascent industries. We also cover administrative and legislation actions within each country that have yet to be the subject of formal complaint at the WTO. This includes an original and comprehensive quantitative summary of US Section 337 intellectual property rights cases. While we view the frictions in Sino-US trade a logical consequence of the rapid increase in flows between the two countries, we caution that each country work within the WTO framework and respect any adverse decisions it delivers so that a protracted protectionist conflict does not emerge. We see the current currency battle as one potential catalyst for such conflict if US and Chinese policymakers fail to manage it judiciously.
- Topic:
- Economics, International Trade and Finance, Markets, and Bilateral Relations
- Political Geography:
- United States and China
137. Russia's Oil Exports: Economic Rationale Versus Strategic Gains
- Author:
- Adnan Vatansever
- Publication Date:
- 12-2010
- Content Type:
- Working Paper
- Institution:
- Carnegie Endowment for International Peace
- Abstract:
- Russia, the world's largest oil producer, is vigorously promoting the development of new outlets for oil exports. While the recent launch of a long-awaited cross-border oil pipeline between Russia and China has received most of the publicity, it is a part of a much larger Russian initiative aimed at developing new oil export infrastructure in almost every possible direction: Asia, the Baltic Sea region, the Black Sea region, and the Arctic. This export strategy will have considerable policy and economic implications for Eastern and Central Europe and even the United States.
- Topic:
- Economics, Energy Policy, Markets, and Oil
- Political Geography:
- United States and Europe
138. Has the Fed Been a Failure?
- Author:
- George A. Selgin, Lawrence H. White, and William D. Lastrapes
- Publication Date:
- 11-2010
- Content Type:
- Working Paper
- Institution:
- The Cato Institute
- Abstract:
- As the one-hundredth anniversary of the 1913 Federal Reserve Act approaches, we assess whether the nation's experiment with the Federal Reserve has been a success or a failure. Drawing on a wide range of recent empirical research, we find the following: (1) The Fed's full history (1914 to present) has been characterized by more rather than fewer symptoms of monetary and macroeconomic instability than the decades leading to the Fed's establishment. (2) While the Fed's performance has undoubtedly improved since World War II, even its postwar performance has not clearly surpassed that of its undoubtedly flawed predecessor, the National Banking system, before World War I. (3) Some proposed alternative arrangements might plausibly do better than the Fed as presently constituted. We conclude that the need for a systematic exploration of alternatives to the established monetary system is as pressing today as it was a century ago.
- Topic:
- Civil Society, Government, and Markets
- Political Geography:
- United States
139. Do Vouchers and Tax Credits Increase Private School Regulation?
- Author:
- Andrew J. Coulson
- Publication Date:
- 10-2010
- Content Type:
- Working Paper
- Institution:
- The Cato Institute
- Abstract:
- School voucher and education tax credit programs have proliferated in the United States over the past two decades. Advocates have argued that they will enable families to become active consumers in a free and competitive education marketplace, but some fear that these programs may in fact bring with them a heavy regulatory burden that could stifle market forces. Until now, there has been no systematic, empirical investigation of that concern. The present paper aims to shed light on the issue by quantifying the regulations imposed on private schools both within and outside school choice programs, and then analyzing them with descriptive statistics and regression analyses. The results are tested for robustness to alternative ways of quantifying private school regulation, and to alternative regression models, and the question of causality is addressed. The study concludes that vouchers, but not tax credits, impose a substantial and statistically significant additional regulatory burden on participating private schools.
- Topic:
- Education, Government, and Markets
- Political Geography:
- United States
140. Why Fiscal Stimulus Is Unlikely to Work
- Author:
- Kevin A. Hassett
- Publication Date:
- 03-2009
- Content Type:
- Working Paper
- Institution:
- American Enterprise Institute for Public Policy Research
- Abstract:
- This paper reviews the empirical literature on countercyclical policy. It finds that three types of countercyclical policies have been studied in the literature: built in stabilizers, temporary policy changes, and more permanent policy changes. The literature is decidedly mixed on the effectiveness of temporary changes, but more hopeful concerning the other two.
- Topic:
- Debt, Economics, Markets, and Political Economy
- Political Geography:
- United States