A thought-provoking retrospective that culls the views of economists, international financial institutions, Wall Street, organized labor, and various public-interest organizations on how to fortify the U.S. global financial infrastructure. The effort is the culmination of an eighteen-month study that sought to encourage the evolution of middle-class-oriented economic development in emerging-market countries.
This paper situates the recent problems in Indonesia in a more general framework that is called the paradox of free-market democracy. The basic thesis advanced is as follows. In Indonesia, as in many developing countries, class and ethnicity overlap in a distinctive and potentially explosive way: namely, in the form of a starkly economically dominant ethnic minority--here, the Sino-Indonesians.
Six years ago, Korea was in trouble. Its banking system, inadequately supervised,collapsed. Industry,lac king financial discipline,expanded unproductively with its "too big to fail" private firms crowding out smaller rivals. Labor market rigidity weakened the competitive position of Korean industry. The financial crisis that resulted gave rise to hopes that significant reform would address all three dimensions of Korea's vulnerability.
The export-led growth model for emerging economies is driven by their need to service external debt and build foreign exchange reserves. It has foundered in the aftermath of financial crises characterized by collapsing currency and asset values, widespread bankruptcies in real and financial sectors, rising unemployment, and negative growth rates. This report addresses the issue of building the financial infrastructure for emerging middle-class economies.
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This report suggests that the control of capital in the developed world continues to shift away from private and state-owned institutions and toward public markets. Thereore, small and medium-sized firms with the best prospects for innovation and income/wealth generation need to be liberated from their dependence upon bank-based financial systems. They must also have the ability to turn to market-based systems with access to institutional capital providers at home and abroad.
Please join Steven A. Cook, Marcus Noland, and Mitchell Orenstein for a discussion about the new emerging markets of Poland, South Korea, and Turkey.
**Please note the special timing**
On the eve of this year’s U.S.-India Strategic Dialogue, please join Undersecretary Burns to discuss the state of the bilateral relationship and its importance for meeting the global challenges of the twenty-first century.
Join Nicky Oppenheimer as he discusses some of the lessons and opportunities for Africa that have arisen from the global economic crisis, including how business contributes to sustainable development, the importance of international trade and flows of real investment in building diversified and sustainable economies, and the importance of effective African participation in international and multilateral institutions.
China’s economic boom has dazzled investors and captivated the world. But beyond the new high-rises and churning factories lie rampant corruption, vast waste, and an elite with little interest in making things better. Forget political reform. China’s future will be decay, not democracy.
In No One's World: The West, the Rising Rest, and the Coming Global Turn, Charles A. Kupchan argues that the world is headed for political and ideological diversity. The twenty-first century will not belong to America, China, Asia, or anyone else. It will be no one's world. Kupchan provides a detailed strategy for striking a bargain between the West and the rising rest by fashioning a new consensus on issues of legitimacy, sovereignty, and governance.
No One's World: The West, the Rising Rest, and the Coming Global Turn, by Charles A. Kupchan
"The West's Comeback: Renewal Starts at Home," by Charles A. Kupchan
Bio of Charles A. Kupchan
Reason's Tim Harford uses the example of a school library in Cameroon to explain why institutions are so vital to explaining variations in economic growth and development.
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Join Joyce Chang, Richard Clarida, and Peter Henry for a discussion of how emerging markets have responded to the global recession of 2008-2009 and potential lessons for developed countries.
Inaugurated in 2002 in memory of Council member John B. Hurford, this annual lecture features individuals who represent critical new thinking in foreign policy and international affairs.
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Campbell evaluates the implications of the Boko Haram insurgency and recommends that the United States support Nigerian efforts to address the drivers of Boko Haram, such as poverty and corruption, and to foster stronger ties with Nigerian civil society.
Koblentz argues that the United States should work with other nuclear-armed states to manage threats to nuclear stability in the near term and establish processes for multilateral arms control efforts over the longer term.
The authors argue that it is essential to begin working now to expand and establish rules and norms governing armed drones, thereby creating standards of behavior that other countries will be more likely to follow.
Maximalist finds lessons in the past that anticipate and clarify our chaotic present, revealing the history of U.S. foreign policy in an unexpected new light. More
This clear and authoritative book presents a sweeping account of China's global resource quest and the unrivaled expansion of its economy. More
The story of the tragic and often tormented relationship between the United States and Pakistan, and a call to prepare for the worst, aim for the best, and avoid past mistakes. More
Learn more about CFR’s mission and its work over the past year in the 2014 Annual Report. The Annual Report spotlights new initiatives, high-profile events, and authoritative scholarship from CFR experts, and includes a message from CFR President Richard N. Haass.
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