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701. What Made the Financial Crisis Systemic?

Author:
Patric H. Hendershott and Kevin Villani
Publication Date:
03-2012
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
The current narrative regarding the 2008 systemic financial system collapse is that numerous seemingly unrelated events occurred in unregulated or underregulated markets, requiring widespread bailouts of actors across the financial spectrum, from mortgage borrowers to investors in money market funds. The Financial Crisis Inquiry Commission, created by the U.S. Congress to investigate the causes of the crisis, promotes this politically convenient narrative, and the 2010 Dodd-Frank Act operationalizes it by completing the progressive extension of federal protection and regulation of banking and finance that began in the 1930s so that it now covers virtually all financial activities, including hedge funds and proprietary trading. The Dodd-Frank Act further charges the newly created Financial Stability Oversight Council, made up of politicians, bureaucrats, and university professors, with preventing a subsequent systemic crisis.
Topic:
Economics, Government, Markets, Global Recession, and Financial Crisis
Political Geography:
United States

702. The War on Terror from Bush to Obama: On Power and Path Dependency

Author:
Hilde Eliassen Restad
Publication Date:
04-2012
Content Type:
Working Paper
Institution:
Norwegian Institute of International Affairs
Abstract:
James Madison famously stated in 1793: “War is in fact the true nurse of executive aggrandizement.” By this, Madison meant that, when confronted with a grave threat to national security, the instinct of a state is to concentrate power at the very top. This can lead – and has led – to abuse of power. For instance, President Franklin D. Roosevelt's signing of Executive Order 9066 on February 19, 1942 resulted in the forcible internment of Japanese Americans (two thirds of whom were U.S. citizens), an episode widely seen as regrettable later, after history had removed Americans from the anxiety of war. But by no means do we have to look as far back as to World War II. We can note Cold War incidents such as the Iran-Contra scandal (1985–87), when the Reagan administration took it upon itself to bypass Congress – and specific laws – in order to support the controversial Nicaraguan Contras with money acquired by selling arms to Iran.
Topic:
Foreign Policy, Defense Policy, Government, Terrorism, and Counterinsurgency
Political Geography:
United States and Iran

703. Biometrics as security technology: Expansion amidst fallibility

Author:
Katja Lindskov Jacobsen
Publication Date:
07-2012
Content Type:
Working Paper
Institution:
Danish Institute for International Studies
Abstract:
Biometric technology has been afforded a central role in the security architecture that Western governments have forged since the events of 9/11 2001. With biometrics the body becomes the anchor of identification. In a security architecture centred on identification of persons of interest and determination of their status as friend or foe, biometrics has come to be praised for its supposedly exceptional capacity to identify reliably.
Topic:
Security, Government, Science and Technology, and Biosecurity

704. Myanmar: The Politics of Economic Reform

Publication Date:
07-2012
Content Type:
Working Paper
Institution:
International Crisis Group
Abstract:
Myanmar has embarked on an ambitious program of sweeping reforms to end its isolation and integrate its economy with the global system. Closely entwined with its dramatic political transition, the end of longstanding Western sanctions is supporting this reconfiguration. If the reforms are done well, many across the country stand to benefit, but those who profited most from the old regime's restrictions and privileges will lose access to windfall profits and guaranteed monopolies. The crony businessmen, military and party elite will still do well but will need to play by new rules, meet domestic and foreign competition and even pay taxes. Perhaps recognising the opportunities a more vibrant economy in a fast-growing region will bring for all, there is no major pushback to these changes, rather attempts to adapt to the new economy. The challenges and risks are numerous for a government with little experience juggling the many changes required, but it cannot resist the pent-up political pressure for change it has already unleashed.
Topic:
Democratization, Economics, Globalization, Government, International Trade and Finance, and Politics
Political Geography:
Southeast Asia and Myanmar

705. Contract Spending by the Department of State and the U.S. Agency for International Development

Author:
David J. Berteau, Guy Ben-Ari, Gregory Sanders, Priscilla Hermann, and David Morrow
Publication Date:
07-2012
Content Type:
Working Paper
Institution:
Center for Strategic and International Studies
Abstract:
This report examines the budgetary trends and trends in contract spending in the Department of State (DoS) and the U.S. Agency for International Development (USAID). The report is divided into six sections, including the introduction and an appendix. Unless Otherwise noted, all dollar figures are in constant 2010 dollars and all years are fiscal years.
Topic:
Development, Government, and Foreign Aid
Political Geography:
United States

706. The FY2013 Defense Budget, Sequestration, and the Growing Strategy-Reality Gap

Author:
Anthony H. Cordesman
Publication Date:
07-2012
Content Type:
Working Paper
Institution:
Center for Strategic and International Studies
Abstract:
The US may not face peer threats in the near to mid term, but it faces a wide variety of lesser threats that make maintaining effective military forces, foreign aid, and other national security programs a vital national security interest. The US does need to reshape its national security planning and strategy to do a far better job of allocating resources to meet these threats. It needs to abandon theoretical and conceptual exercises in strategy that do not focus on detailed force plans, manpower plans, procurement plans, and budgets; and use its resources more wisely. The US still dominates world military spending, but it must recognize that maintaining the US economy is a vital national security interest in a world where the growth and development of other nations and regions means that the relative share the US has in the global economy will decline steadily over time, even under the best circumstances. At the same time, US dependence on the security and stability of the global economy will continue to grow indefinitely in the future. Talk of any form of “independence,” including freedom from energy imports, is a dangerous myth. The US cannot maintain and grow its economy without strong military forces and effective diplomatic and aid efforts. US military and national security spending already places a far lower burden on the US economy than during the peaceful periods of the Cold War, and existing spending plans will lower that burden in the future. National security spending is now averaging between 4% and 5% of the GDP -- in spite of the fact the US has been fighting two wars in Iraq and Afghanistan -- versus 6 - 7% during the Cold War.
Topic:
Security, Defense Policy, Economics, and Government
Political Geography:
Afghanistan and Middle East

707. The Best Scenario: Japan's Political Crisis as a Reform Driver

Author:
Kiyoaki Aburaki
Publication Date:
07-2012
Content Type:
Policy Brief
Institution:
Center for Strategic and International Studies
Abstract:
“Decide when it is time to decide, draw a conclusion, don't postpone; this is the type of politics I want to create.” Prime Minister Yoshihiko Noda made this declaration in a press conference on June 26 immediately after the passage of the consumption tax-hike bill in the Lower House of the Diet. Noda's conviction to pass a tax increase had a political cost: 57 lawmakers of the ruling Democratic Party of Japan (DPJ) voted against the bill, while 15 DPJ members abstained. Former DPJ president Ichiro Ozawa, who leads the anti-tax-hike movement, and his followers created a deep rift within the ruling party over the tax legislation and subsequently damaged Noda's political power base by defecting from the party on July 2.
Topic:
Democratization, Government, and Politics
Political Geography:
Japan and Israel

708. Chinese Overseas Investment in the European Union

Author:
Kerry Brown
Publication Date:
06-2012
Content Type:
Journal Article
Journal:
The International Spectator
Institution:
Istituto Affari Internazionali
Abstract:
Chinese overseas investment is a new, and growing phenomenon. In the last decade, there have been exponential increases in how much direct investment is flowing from China, particularly into the resource sector. As the eurozone crisis has deepened since 2008, there has been continuing talk by political and business leaders of investment in Europe being a key target for Chinese companies. And yet, the amounts invested so far come to less than 5 percent of China's global overseas foreign direct investment (FDI) total. In the crucial determinants of Chinese FDI, the EU ranks low. There is therefore a good structural reason why, despite the ambitious talk of the Chinese coming to invest more in vital sectors in the EU, this is not happening at the moment and is not likely to happen until China develops into a middle income, more developed economy.
Topic:
Government
Political Geography:
United States, China, and Europe

709. Beyond the 'Cognitive Iron Curtain'. China's White Paper on Peaceful Development

Author:
Simone Dossi
Publication Date:
06-2012
Content Type:
Journal Article
Journal:
The International Spectator
Institution:
Istituto Affari Internazionali
Abstract:
China's Peaceful Development joins the growing number of white papers that the Chinese government has published over the past two decades on a variety of issues. The aim of the document is to explain the basic features of China's development strategy to foreign audiences, and for this reason it was released in both Chinese and English.
Topic:
Government
Political Geography:
China

710. Seeking a New Devil in Damascus

Author:
Oren Kessler
Publication Date:
06-2012
Content Type:
Journal Article
Journal:
The Journal of International Security Affairs
Institution:
Jewish Institute for National Security Affairs
Abstract:
TEL AVIV–“Better the devil you know than the one you don't.” It's a 500-year old Irish proverb, but to Mideast policy wonks the phrase is instantly identifiable as Israel's decades-long policy toward its nettlesome neighbor Syria. Nearly four decades have passed since the Yom Kippur War, the last conventional conflict between the two states. During that time, Syrian Presidents Hafez and later Bashar Assad kept their frontier with Israel largely quiet, continuing the fight against it via their proxies Hezbollah in Lebanon and Hamas in the Palestinian territories. In Israel's never-ending search for regional stability—and amid uncertainty over who might replace the Assads—that arrangement seemed good enough. When in 2005 President George W. Bush asked Ariel Sharon his thoughts about toppling Assad, the Israeli premier responded with a question of his own: “Are you crazy?” Likewise, when Syrians first rose up against their regime last spring, Israeli officials remained cagey. Asked last March for comment, Prime Minister Benjamin Netanyahu replied laconically, “Any answer I'll give you wouldn't be a good one.” Shlomo Brom, a former head of IDF strategic planning and an Israeli negotiator with Syria in the 1990s, described Bashar Assad as a “known quantity,” while veteran diplomat Dore Gold urged caution given the volatility caused by anti-government dissent spreading “from the Turkish border down to the Suez Canal.”
Topic:
Government
Political Geography:
Israel, Lebanon, and Syria