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May 5, 2008
| Author: | Sebastian Mallaby, Director of the Maurice R. Greenberg Center for Geoeconomic Studies and Paul A. Volcker Senior Fellow for International Economics |
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Op-Ed
Washington Post
Of all the strange features of this presidential race, the tarnishing of Barack Obama has got to be the most ridiculous. In this Washington Post op-ed, Sebastian Mallaby writes that the Obama-Wright "revelations" are really a revelation about our political culture: About its failure to distinguish the important from the trivial and about the inevitability that the race card will eventually be played against a black candidate.
See more in U.S. Election 2008
May 2, 2008
| Authors: | Peter B. Kenen, Adjunct Senior Fellow for International Economics Ellen E. Meade, Associate Professor of Economics, American University |
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Academic Module
This module features teaching notes by Peter B. Kenen and Ellen E. Meade, coauthors of Regional Monetary Integration, along with other resources to supplement the text. In the book, the authors seek to explain why governments contemplate regional monetary integration and why some country groups are more likely than others to exercise that option, and to be successful at doing so.
See more in Economics
May 2, 2008
| Author: | Amity Shlaes, Senior Fellow for Economic History |
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Op-Ed
Bloomberg
“Jimmy Carter’s in the news again. The former president wants a windfall-profits tax. No wait, he wants America to recognize Hamas. Hillary Clinton is the one who wants a windfall-profits tax,” says Amity Shlaes.
See more in U.S. Election 2008
April 23, 2008
| Author: | Benn Steil, Senior Fellow and Director of International Economics |
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Op-Ed
Financial Times
In this Financial Times op-ed, Benn Steil argues that the Fed's aggressive monetary expansion threatens to undermine its unique powers among central banks, and, if continued, will have damaging consequences for America's future prosperity and global political influence.
See more in United States, Economics, Economic Development, Geoeconomics
April 22, 2008
| Author: | Amity Shlaes, Senior Fellow for Economic History |
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Op-Ed
Bloomberg.com
While Pennsylvania happens to be the physical location of the latest contest between Senators Hillary Clinton and Barack Obama, in terms of political culture, their duel is situated in Chicago. Amity Shlaes writes that the battle can be viewed as one between two neighborhoods on the Windy City's South Side—the “Daleyesque clout” of Bridgeport and the “liberalism at its best” of Hyde Park. Yet, the Hyde Parker eventually morphs into a Bridgeporter.
See more in U.S. Strategy and Politics, U.S. Election 2008
April 21, 2008
| Author: | Roger M. Kubarych, Henry Kaufman Adjunct Senior Fellow for International Economics and Finance |
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Op-Ed
Nikkei Financial Daily
In this Nikkei article, Roger Kubarych outlines the lessons learned in the past few weeks that will be of lasting importance to global investors. He finds that "too complex to fail" is the prevailing U.S. economic doctrine—with the Bear Stearns bail-out as case in point. Kubarych also argues that banks are capitalists until they need government hand-outs but will revert to type once the crisis fades.
See more in United States, Geoeconomics
April 21, 2008
| Author: | Sebastian Mallaby, Director of the Maurice R. Greenberg Center for Geoeconomic Studies and Paul A. Volcker Senior Fellow for International Economics |
|---|
Op-Ed
Washington Post
In this Washington Post op-ed, Sebastian Mallaby argues that while the people falling behind on their mortgages do not deserve government assistance, the threat of a negative spiral in homes prices warrants federal measures to reduce foreclosures. And despite the political candidates who routinely denonuce Washington, the proposals in the House and Senate are by and large sound.
See more in Economic Development, Congress, U.S. Election 2008
April 17, 2008
| Author: | Amity Shlaes, Senior Fellow for Economic History |
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Op-Ed
New York Sun
Amity Shlaes explains why “this economy is to the Great Depression what an April drizzle is to Hurricane Katrina.”
See more in Economics, U.S. Election 2008
April 17, 2008
| Author: | David G. Victor, Adjunct Senior Fellow for Science and Technology |
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Op-Ed
Newsweek
In this Newsweek article, David Victor writes that a large fraction of the world's oil patch is struggling with the same problem that bedevils Mexican President Felipe Calderon: how to make state-owned oil companies—which control about three quarters of the world's oil reserve—more effective at finding and producing oil. With oil output increasing only sluggishly, and demand still strong, oil prices are set to stay high for some time.
See more in Mexico, Economics, Energy
April 16, 2008
| Author: | Amity Shlaes, Senior Fellow for Economic History |
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Op-Ed
Bloomberg
The current economic slowdown has recently been compared to the Great Depression of the 1930s. In this Bloomberg column, Amity Shlaes argues that this analogy is absurd; stocks have not declined nearly as substantially, unemployment is nowhere near 1930s levels, and only one big bank has collapsed. The U.S. simply can’t afford to luxuriate in a Depression image; doing so takes away time from devising policies that would really make the economy more competitive.
See more in Economics, U.S. Election 2008
April 9, 2008
| Author: | Sebastian Mallaby, Director of the Maurice R. Greenberg Center for Geoeconomic Studies and Paul A. Volcker Senior Fellow for International Economics |
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Foreign Affairs Article — Summary
Sebastian Mallaby's update to his January/February 2007 essay "Hands Off Hedge Funds."
See more in United States, Business & Foreign Policy
April 9, 2008
| Author: | Amity Shlaes, Senior Fellow for Economic History |
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Op-Ed
Bloomberg
“These days, nobody seems to doubt that the U.S. dollar will lose its status as the world’s reserve currency. To watch the financial news channels you would think that the dollar-yuan relationship is so unstable that the only question is whether it will be Ben Bernanke or Chinese monetary authorities who will determine the details of the breakdown. Perhaps the dollar won’t be surrender its anchor role so soon. And perhaps that loss, if it comes, will happen because of events that take place nowhere near men in suits at a central bank. Maybe the answer to the dollar’s riddle can be found in the cellphone photo image of a Tibetan monk in crimson and orange squaring off with a Chinese soldier.” Amity Shlaes looks at the role of China in the future of the US dollar.
See more in United States, China, East Asia, Economics
April 8, 2008
| Author: | Roger M. Kubarych, Henry Kaufman Adjunct Senior Fellow for International Economics and Finance |
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Op-Ed
Financial World
Economics wasn’t supposed to be the central theme of this year’s campaign, yet the high probability that the U.S. economy will either be in or just emerging from a mild recession on election day has brought economic issues to the forefront of the race. In this Financial World article, Roger Kubarych looks at the candidates stances on taxes, healthcare, trade, and the housing and associated credit markets. He argues that, in the end, it’s not “the economy, stupid” but “the economy, naturally.”
See more in U.S. Election 2008
April 2008
| Authors: | Amity Shlaes, Senior Fellow for Economic History Gaurav Tiwari, Research Associate |
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Other Report
Intuition tells us that oil-rich countries are not friendly to the United States, and that entreprenurial—or “smart”—countries are not endowed with oil. In this Center for Geoeconomic Studies Working Paper, the authors find a triangular relationship between oil wealth, entrepreneurial spirit, and friendliness to the United States. They confirm the idea that “oily” countries are not U.S.-friendly, in contrast to smart countries, which are friendly to the United States and do not have oil. The authors conclude that it is in the U.S. interest to support education and economic diversification in petro-states so those states can become more entrepreneurial and friendly.
See more in Geoeconomics
April 7, 2008
| Author: | Sebastian Mallaby, Director of the Maurice R. Greenberg Center for Geoeconomic Studies and Paul A. Volcker Senior Fellow for International Economics |
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Op-Ed
Washington Post
In this Washington Post op-ed, Sebastian Mallaby explores the double-bubble theory of the current financial crisis—not only do we face the bursting of a real estate bubble, but we also face the bursting of a second bubble which is the product of a quarter-century expansion in borrowing, excessive confidence in the dollar and an overblown faith in markets. In order to deal with this double-bubble, Mallaby advocates two reforms: bringing complex, “over the counter” securities onto exchanges and requiring lenders to increase capital cushions during market upswings.
See more in United States, Economics
April 2, 2008
| Author: | Matthew J. Slaughter, Adjunct Senior Fellow for Business and Globalization |
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Op-Ed
Wall Street Journal
Matthew J. Slaughter argues that our immigration policy keeps out many of the world’s best workers, and as a result threatens America’s competitiveness. The solution? Eliminate the cap on H1-B visas.
See more in United States, Immigration
March 27, 2008
| Author: | Matthew J. Slaughter, Adjunct Senior Fellow for Business and Globalization |
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Op-Ed
Wall Street Journal
Ford Motor Company recently announced it will sell its Jaguar and Land Rover divisions to India's Tata Group. In this Wall Street Journal op-ed Matthew Slaughter argues that such foreign direct investment has long been a source of strength for the American economy. American policy makers should strive to make the U.S. a premier location for the dynamic, high-productivity activities of globally engaged companies—both insourcing companies and U.S. multinationals alike.
See more in United States, India, Economic Development, Technology Transfer
July 2008
| Author: | Jagdish N. Bhagwati, Senior Fellow for International Economics |
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Book
In this book, Jagdish Bhagwati reveals how preferential trade agreements have recreated the unhappy situation of the protectionist 1930s, when world trade was undermined by discriminatory practices, and argues that the world trading system is definitely at risk again.
See more in Economics, International Finance
March 26, 2008
| Author: | Amity Shlaes, Senior Fellow for Economic History |
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Op-Ed
Bloomberg
More government is the remedy that the U.S. Congress is reaching for as it moves to evaluate the Bear Stearns Cos. disaster. In this New York Sun article, Amity Shlaes recounts another banking catastrophe, the story of Bank of United States, to show that government involvement can also be a curse—especially when the role of public officials and institutions is unclear.
See more in Economics
March 26, 2008
| Authors: | Amity Shlaes, Senior Fellow for Economic History Gaurav Tiwari, Research Associate |
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Article
YaleGlobal
In this YaleGlobal piece, Amity Shlaes and Gaurav Tiwari examine entrepreneurship and oil wealth in various countries and how these factors relate to a country’s policy towards the U.S. They find that there is indeed a significant positive relationship between the pro-US votes and the level of enterprise in a country, and that countries with oil tend to be less entrepreneurial as well as less friendly to the US. It seems clear that the US would benefit not only from helping countries strengthen education, the rule of law and free trade, but also from supporting the entrepreneurial culture of any country where the US has an interest.
See more in Business & Foreign Policy, Energy, U.S. Strategy and Politics
Subscribe to "This Month in Geoeconomics" newsletter.
In Regional Monetary Integration, Peter B. Kenen poses an important question: Should various country groups follow the lead of the European Monetary Union and form similar full-fledged monetary unions?
In contrast to conventional wisdom, the growth in government spending and heightened regulation during the Great Depression may have done much to slow economic recovery.
This book explores the currency problems that developing countries face and offers sound, practical advice for policymakers on how to deal with them.
Over the past two decades, another form of economic exchange besides imports and exports has risen to a level of vastly greater significance and political concern: the purchase and sale of financial assets across borders.
Climate change poses threats to national security in a number of ways. In this report, sponsored by the Center for Geoeconomic Studies, Joshua W. Busby offers specific recommendations for confronting this important issue, including a list of "no-regrets" policies.
Existing government programs, which emphasize retraining and insurance for short-term job loss, don't assuage workers' fears about globalization, argues Robert LaLonde in this Council Report.
With IMF Managing Director Rodrigo de Rato resigning in October, a new report analyzes the reform measures that will be bequeathed to Mr. de Rato's successor, and argues that the reform measures deserve the support of the United States, including the U.S. Congress when it is asked to implement some of the key measures.
Gordon Hanson examines the economic logic of low skilled immigration and warns that a rigid temporary worker program will not discourage illegal entrants.
Copyright 2008 by the Council on Foreign Relations. All Rights Reserved.
