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20851. The IMF and Its Barbarous Relic

Author:
Judy Shelton
Publication Date:
09-2010
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
The International Monetary Fund has a wonderful heritage, a priceless legacy. It was created for the loftiest of economic purposes—to provide a stable monetary foundation to facilitate free trade and international capital flows—and to provide hope to a world beset by vicious and destructive war. Its architects, Harry Dexter White and John Maynard Keynes, surmounted personality clashes and political strains to carry out the mission that garnered their mutual respect: to establish optimal conditions for achieving world prosperity and world peace.
Topic:
Economics and International Monetary Fund

20852. Down with Stability

Author:
James Grant
Publication Date:
09-2010
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
It's a contentious speaker who sets out begging to disagree with the theme of the program on which he is honored to appear. But really, “Restoring Global Financial Stability”? Stability, so-called, was the false god of the bubble years. Instability is the way of the world. Honest turmoil is my topic for today. I'm all for it.

20853. A Constant Unit of Account

Author:
Richard W. Rahn
Publication Date:
09-2010
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
Over the past several decades, I have been a professional economist, government advisor, financial regulator, and have also engaged in international business. After this variety of experience, I am now more than ever convinced that Hayek was absolutely correct in how the government monopoly of the issuance of money leads to a never-ending cycle of economic crises. A decade ago, I was hopeful that the ability of private parties to create their own digital currency might be our salvation, and that led me to write a book, The End of Money and the Struggle for Financial Privacy (Rahn 1999). At the time, Milton Friedman told me that I was much too optimistic about how long it would take. Friedman was right, as usual, and we still seem decades away from this ideal.
Topic:
Government

20854. A Market-Based Regulatory Policy to Avoid Financial Crises

Author:
Luigi Zingales
Publication Date:
09-2010
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
When it comes to “saving capitalism,” dealing with the “too big to fail” doctrine is a top priority. This doctrine has increasingly become the government policy on this issue, and it is probably the most dangerous policy for capitalism we can imagine. It under- mines capitalism in many ways: not only does it make the system less stable, but it also undermines the moral basis of capitalism. If you have a sector or a set of institutions where losses are socialized but where gains are privatized, then you destroy the economic and moral supremacy of capitalism. Either we deal with the perverse incentives created by this doctrine or we undermine the long-term sustainability of capitalism. So it is really important to think what we can do against this too-big-to-fail policy.
Topic:
Economics

20855. Jimmy Stewart Is Dead: Ending the World's Ongoing Financial Plague with Limited Purpose Banking

Author:
Gerald P. O'Driscoll Jr.
Publication Date:
09-2010
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
Chapter 1 of the book is titled “It's a Horrible Mess,” and in it Laurence Kotlikoff, a professor of economics at Boston University, reminds the reader of the breadth, depth, and horror of the global financial crisis. It is a cure for the dispassionate observer of events, an indictment that would send all but those with ice water in their veins to sign up for the Tea Party Express. The book is a particularly well-written account of the crisis that begins in housing finance, spreads throughout the financial system, and then throughout the real economy. The crisis hit in tsunami-like waves beginning in 2007 and continued into 2009.
Topic:
Financial Crisis

20856. The New Holy Wars: Economic Religion vs. Environmental Religion in Contemporary America

Author:
Richard L. Gordon
Publication Date:
09-2010
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
Robert H. Nelson, one of the world's leading natural resource economists, long has argued that the ideologies in economics are secularizations of traditional religion and that this concealment is ill advised. Less convincingly, he advocates linking these new ideologies to their religious roots. He now also brands environmentalism as a secular religion whose roots need examination. This book postulates a war between that religion and the economic religion that he previously criticized.
Topic:
Disaster Relief
Political Geography:
America

20857. The Rational Optimist: How Prosperity Evolves

Author:
Aaron Ross Powell
Publication Date:
09-2010
Content Type:
Journal Article
Journal:
The Cato Journal
Institution:
The Cato Institute
Abstract:
Science writer Matt Ridley is, as the title of his new book suggests, optimistic about humanity's future—and not just at the prospect of even better lives for those lucky enough to have excellent lives already, but at the possibility of radically transforming, for the better, the lives of those today suffering near the bottom. The key, he thinks, is economic growth, that boogeyman of naysayers and concerned citizens everywhere. “It is precisely because there is still so much further to go that those who offer counsels of despair or calls to slow down in the face of looming environmental disaster may be not only factually but morally wrong,” he argues. The path to that better world 100 years from now will not be smooth. Mankind is likely to experience traumas both of a natural sort and of its own creation. Most troubling, “The wrong kind of chiefs, priests and thieves could yet snuff out future prosperity on earth.” Ridley doesn't let this possibility get him down. Humans are too driven to trade, exchange their ideas, and imagine new ones for a few bad apples to ruin the future.
Topic:
Disaster Relief

20858. EU Democracy Promotion through Conditionality in its Neighbourhood: The Temptation of Membership Perspective or Flexible Integration?

Author:
Janine Reinhard
Publication Date:
06-2010
Content Type:
Journal Article
Journal:
The Caucasian Review of International Affairs
Institution:
The Caucasian Review of International Affairs
Abstract:
This paper examines the EU's usage of conditionality for democracy promotion within the European Neighbourhood Policy and its conditions, possibilities and limitations. In doing so, I will first develop a theoretical framework for analysing mechanisms of democracy promotion in general and conditionality as a state-centred, rational-choice mechanism in particular. I will show that, apart from the attractiveness of the incentives, there are other variables crucial for a successful use of conditionality. Furthermore, conditionality might be used as a promising strategy for the formal implementation of democratic institutions. However, in completing the consolidation of democracy, conditionality is highly limited. The empirical part of the paper will focus on EU democracy promotion in Ukraine and the incentives the EU offers to Ukraine instead of a membership perspective. With the help of this case study it will be discussed whether these elements of flexible integration are suitable for promoting democracy. Examples of such incentives are a visa-free regime, a new enhanced agreement, or a free trade area.
Topic:
Democratization
Political Geography:
Europe and Ukraine

20859. EU Engagement in Conflict Resolution in Georgia: Towards a More Proactive Role

Author:
Dr. Mehmet Bardakçı
Publication Date:
06-2010
Content Type:
Journal Article
Journal:
The Caucasian Review of International Affairs
Institution:
The Caucasian Review of International Affairs
Abstract:
The EU's role in conflict resolution and peace building has evolved in response to the changes in the international system, the EU's own internal political dynamics, and the EU's capacity and willingness to play a major role in regional and international conflicts. During the 1990s, the EU approached the South Caucasian region the same way it approached the other former Soviet republics. In spite of the enhanced profile of Georgia in EU foreign policy after the Rose Revolution in 2003, the EU was content with providing technical and economic aid to Tbilisi and supporting the negotiations between Tbilisi and its breakaway regions, South Ossetia and Abkhazia. Despite its failure to preclude the outbreak of the conflict, the EU's role in conflict resolution in Georgia has paradoxically been enhanced in the aftermath of the August 2008 Russian-Georgian War. It is, however, important to note that in spite of these positive developments in the EU's role in conflict resolution, Brussels' efforts to promote its visibility in the region is to some extent constrained by the lack of a coherent conflict resolution strategy for the Eastern Neighbourhood, the “capacityexpectations” gap, and an increasingly self-confident Russia.
Political Geography:
Russia, Soviet Union, Georgia, Tbilisi, South Ossetia, and Abkhazia

20860. Religion and its Importance in International Politics: A Case Study of 2008 Russian-Georgian War

Author:
Ines-Jacqueline Werkner
Publication Date:
06-2010
Content Type:
Journal Article
Journal:
The Caucasian Review of International Affairs
Institution:
The Caucasian Review of International Affairs
Abstract:
War is "contrary to the will of God", according to a 1948 statement from the World Council of Churches in Amsterdam. However, are religious communities able to prevent wars? Despite the lack of importance placed on religion, partially due to the secularisation thesis, religions' potential for violence has become increasingly important in the social sciences since the end of the Cold War and particularly since the attacks of September 11, 2001. However, a question about the peace-making potential of religions increasingly arises in international politics and peace and conflict studies. In this contribution, the role of the Orthodox Churches in the 2008 Russian-Georgian war will be empirically examined. My findings show that the Russian and Georgian Orthodox Churches acted as "double players" during this military conflict whereby they could not release their peace-making potential. I argue that the churches were perceived not only as religious players with a religious peace message but also as political players that supported national claims. As a consequence, the status of religion as an intervening variable – such as assumed in the constructivist approach – is called into question.
Political Geography:
Russia and Georgia