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In Defense of Economic Populism by Dani Rodrik - Project Syndicate
The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.
This is a dangerous approach to politics, because it allows a majority to ride roughshod over the rights of minorities. Without separation of powers, an independent judiciary, or free media – which all populist autocrats, from Vladimir Putin and Recep Tayyip Erdoğan to Viktor Orbán and Donald Trump detest – democracy degenerates into the tyranny of whoever happens to be in power.

Periodic elections under populist rule become a smokescreen. In the absence of the rule of law and basic civil liberties, populist regimes can prolong their rule by manipulating the media and the judiciary at will.

Populists’ aversion to institutional restraints extends to the economy, where exercising full control “in the people’s interest” implies that no obstacles should be placed in their way by autonomous regulatory agencies, independent central banks, or global trade rules. But while populism in the political domain is almost always harmful, economic populism can sometimes be justified.

Start with why restraints on economic policy may be desirable in the first place. Economists tend to have a soft spot for such restraints, because policymaking that is fully responsive to the push and pull of domestic politics can generate highly inefficient outcomes. In particular, economic policy is often subject to the problem of what economists call time-inconsistency: short-term interests frequently undermine the pursuit of policies that are far more desirable in the long term.

A canonical example is discretionary monetary policy. Politicians who have the power to print money at will may generate “surprise inflation” to boost output and employment in the short run – say, before an election. But this backfires, because firms and households adjust their inflation expectations. In the end, discretionary monetary policy results only in higher inflation without yielding any output or employment gains. The solution is an independent central bank, insulated from politics, operating solely on its mandate to maintain price stability.

Jan 6, 2018 ELIZABETH DREW sees in the feud between Donald Trump and his former chief strategist an ideal political distraction.

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The costs of macroeconomic populism are familiar from Latin America. As Jeffrey D. Sachs, Sebastián Edwards, and Rüdiger Dornbusch argued years ago, unsustainable monetary
global_governance  globalization 
january 2018 by henryfarrell
Duncan Bell - The Anglosphere: new enthusiasm for an old dream | Prospect Magazine
The Anglosphere: new enthusiasm for an old dream
Having cut Britain adrift of Europe, Brexiters are indulging in an old fantasy about a new national role in the world—as the hub of a far-flung Anglosphere

by Duncan Bell / January 19, 2017 / Leave a comment

Published in February 2017 issue of Prospect Magazine
great_powers  British_foreign_policy  diplomacy  trade-agreements  Anglo-sphere  EU  global_system  trade-policy  British_Empire  global_governance  Europe  Brexit 
january 2017 by dunnettreader
Dewatripont, M. and Rochet, J., Tirole, J. - Balancing the Banks: Global Lessons from the Financial Crisis (orig 2010) - Princeton University Press
The financial crisis that began in 2007 in the United States swept the world, producing substantial bank failures and forcing unprecedented state aid for the crippled global financial system. Bringing together three leading financial economists to provide an international perspective, Balancing the Banks draws critical lessons from the causes of the crisis and proposes important regulatory reforms, including sound guidelines for the ways in which distressed banks might be dealt with in the future.

While some recent policy moves go in the right direction, others, the book argues, are not sufficient to prevent another crisis. The authors show the necessity of an adaptive prudential regulatory system that can better address financial innovation. Stressing the numerous and complex challenges faced by politicians, finance professionals, and regulators, and calling for reinforced international coordination (for example, in the treatment of distressed banks), the authors put forth a number of principles to deal with issues regarding the economic incentives of financial institutions, the impact of economic shocks, and the role of political constraints.

Offering a global perspective, Balancing the Banks should be read by anyone concerned with solving the current crisis and preventing another such calamity in the future.
Downloaded Chapters 1 & 2 to Tab S2
books  kindle-available  downloaded  financial_system  financial_regulation  financial_crisis  banking  bank_runs  shadow_banking  capital_markets  capital_flows  capital_adequacy  liquidity  risk_management  incentives-distortions  incentives  international_finance  global_governance  regulatory_arbitrage  regulatory_avoidance  regulation-costs  regulation-enforcement  regulation-harmonization  regulation 
august 2016 by dunnettreader
Jean Tirole - Financial Crises, Liquidity, and the International Monetary System (eBook, Paperback 2016 and Hardcover 2002) - Princeton University Press
Written post Asia crisis but eternally applicable - he was focusing on capital flows when it still was heterodoxy -- Once upon a time, economists saw capital account liberalization--the free and unrestricted flow of capital in and out of countries--as unambiguously good. Good for debtor states, good for the world economy. No longer. Spectacular banking and currency crises in recent decades have shattered the consensus. In this remarkably clear and pithy volume, one of Europe's leading economists examines these crises, the reforms being undertaken to prevent them, and how global financial institutions might be restructured to this end. Jean Tirole first analyzes the current views on the crises and on the reform of the international financial architecture. Reform proposals often treat the symptoms rather than the fundamentals, he argues, and sometimes fail to reconcile the objectives of setting effective financing conditions while ensuring that a country "owns" its reform program. A proper identification of market failures is essential to reformulating the mission of an institution such as the IMF, he emphasizes. Next he adapts the basic principles of corporate governance, liquidity provision, and risk management of corporations to the particulars of country borrowing. Building on a "dual- and common-agency perspective," he revisits commonly advocated policies and considers how multilateral organizations can help debtor countries reap enhanced benefits while liberalizing their capital accounts.

Based on the Paolo Baffi Lecture the author delivered at the Bank of Italy, this refreshingly accessible book is teeming with rich insights that researchers, policymakers, and students at all levels will find indispensable. -- downloaded excerpt to Tab S2
books  kindle-available  downloaded  financial_system  financial_regulation  financial_crisis  banking  capital_adequacy  contagion  sovereign_debt  international_monetary_system  international_finance  international_political_economy  IMF  emerging_markets  globalization  global_governance  global_system 
august 2016 by dunnettreader
Poul F. Kjaer - The Function of Justification in Transnational Governance (2015) |
WZB Berlin Social Science Center Discussion Papers, SP IV 2015-808, 2015 - Developing a sociological informed social theory perspective, this article asks the question why social praxis’ of justification has moved to the centre-stage within the debate on transnational ordering. In contrast to perspectives which see the relationship between national and transnational forms or ordering as characterised by a zero-sum game, the coevolutionary and mutually reinforcing relationship between national and transnational forms of ordering is emphasised. It is, moreover, argued that this complementarity can be traced back to the fundamentally different function and position of national and transnational forms of ordering in world society. The widespread attempt to analyse transnational developments on the basis of concepts of law and the political which emerged in national contexts are therefore seen as problematic. Instead context adequate concepts of transnational law and politics are needed. It is on this background, that a discourse on justification has emerged in relation to transnational settings. Transnational justificatory praxis’ can be understood as functional equivalents to democracy in transnational settings in so far as both can be understood as reflexivity increasing instruments. The central difference is, however, that democratic frameworks implies an ex ante form of the political in contrast to the ex post emphasis of justificatory praxis’. In addition, law gains a central role as the framework through which justificatory praxis’ are structured in transnational settings. - downloaded pdf to Note
paper  downloaded  sociology_of_law  political_sociology  nation-state  transnational_power  transnational_law  nation-state_decline  state-transnatiinal_relations  supranational_institutions  legitimacy  legitimacy-international  justice  democracy_deficit  political_participation  IR_theory  IR-domestic_politics  global_governance  regulation-harmonization  regulatory_avoidance  civil_society  NGOs  government-forms  government-roles  international_law  international_political_economy  MNCs 
may 2016 by dunnettreader
Les usages de la peur dans la mondialisation: Entretien avec Zygmunt Bauman - Desaunay, Fœssel and Padis | JSTOR - Esprit 2005
Les usages de la peur dans la mondialisation: Entretien avec Zygmunt Bauman -- Zygmunt Bauman, Cécile Desaunay, Michaël Fœssel and Marc-Olivier Padis, Esprit, No. 316 (7) (Juillet 2005), pp. 71-98 -- Loin d'uniformiser la planète, la mondialisation provoque un morcellement des espaces et une montée de la peur. Comment, dans ces conditions, penser une mondialisation positive qui ne signifierait pas l'abandon de la politique sociale, pensée jusqu'ici dans le cadre de l'État-nation? -- downloaded pdf to Note
interview  jstor  political_economy  globalization  French_intellectuals  French_language  EU_governance  European_integration  global_governance  universalism  fragmentation  competition  status  hierarchy  inequality  inequality-global  nation-state  imagined_communities  welfare_state  neoliberalism  solidarity  social_theory  economic_sociology  economic_culture  social_order  social_democracy  downloaded 
march 2016 by dunnettreader
Jan Wouter - Investment Treaties: A Renewed Plea for Multilateralism | OECD Insights - Sept 2015
Jan Wouters, Professor of International Law, Director of the Leuven Centre for Global Governance Studies, University of Leuven -- We are living in interesting times for investment treaties, whether bilateral treaties or investment chapters in free trade agreements. Never before have they aroused such an interest from parliaments. People and politicians alike are concerned about their impact on international and domestic affairs. Their scope is expanding dramatically: just think of mega deals like the Trans-Pacific Partnership (TPP) or the Transatlantic Trade and Investment Partnership (TTIP), and the rise of intra-regional investment agreements. Debates on investment agreements have intensified recently within the EU because of the European Commission’s newly-acquired exclusive powers in this arena.
trade-agreements  ISDS  capital_flows  emerging_markets  FDI  OECD  multilateralism  Pocket  arbitration  global_governance  G-20  investment-bilateral_treaties  from pocket
september 2015 by dunnettreader
Norbert Lenoir, review - Catherine Colliot-Thélène, La Démocratie sans « Demos » ( 2011) | Books & ideas - July 2015
Reviewed : C. Colliot-Thélène, La Démocratie sans « Demos » [Democracy Without ‘Demos‘], PUF, 2011, 256 pages, 27 euros -- French version January 2012 -- translated by Michael C. Behrent -- Democracy is not the government of the people, by the people. Rather, it is a permanent process of conquering new rights. This is the argument of Catherine Colliot-Thélène’s book, which examines the tension, found throughout democracy’s history, between individual emancipation and political affiliation. -- downloaded pdf to Note
reviews  books  French_language  political_philosophy  democracy  civil_liberties  citizens  citizenship  authority  national_ID  identity-multiple  globalization  global_governance  political_culture  political_participation  downloaded 
july 2015 by dunnettreader
Charles Kenny - Aiming High - setting the new Sustainable Development Goals -- Finance & Development, June 2015, Vol. 52, No. 2
2015 marks the deadline for the MDGs... And while it might come as a surprise to those in Japan, Europe, or North America, the past 15 years may have been the period of greatest progress in humanity’s quality of life. Not least, the available data suggest that we have seen the fastest declines in global child mortality and absolute poverty in recorded history. As a result, we have far surpassed the first MDG—to halve the number of people worldwide living on less than $1.25 a day. 2015 is also the starting date for the SDGs to be agreed at the UN this fall. These goals outline a vision of progress to 2030 covering poverty, health, education, security, the environment, governance, gender equality, and much more. Addis Ababa in July this year will try to finance that new agenda. ... at the UN Climate Change Conference in Paris in December, countries will pledge to cut greenhouse gas emissions, with the hope of setting us on a path away from catastrophic global warming. A strong agreement in Addis Ababa and progress toward the SDGs depend on advanced economies’ understanding that the issue is not altruism but naked self-interest. In 2002, when rich countries ... discussed global cooperation to meet the MDGs, these countries may have asked, “What can we do for them?” This time around the process can only be seen as “What can we do for each other?” Even though developing countries need global ties to make progress, at issue now is not persuading cash-strapped OECD finance ministers to be a little less skinflint but tackling a set of global problems that can be resolved only with the support of the developing world. -- in F&D issue downloaded as pdf to Note
article  sustainability  development  globalization  global_governance  global_system  climate  environment  trade  trade-policy  trade-agreements  global_value_chains  SDGs  poverty  aid  health  OECD_economies  public_finance  public_goods  cross-border  tax_collection  technical_assistance  technology_transfer  downloaded 
july 2015 by dunnettreader
Jürgen Habermas - Re Wolfgang Streeck - Freedom and Democracy: Democracy or Capitalism? | Reset Dialogues on Civilizations - 1 July 2013
1st of a back-and-forth with Streeck and others -- Freedom and Democracy: Democracy or Capitalism? On the Abject Spectacle of a Capitalistic World Society fragmented along National Lines -- In his book on the deferred crisis of democratic capitalism Wolfgang Streeck develops an unsparing analysis of the origins of the present banking and debt crisis that is spilling over into the real economy. This bold, empirically based study developed out of Adorno Lectures at the Institute of Social Research in Frankfurt. At its best—that is, whenever it combines political passion with the eye-opening force of critical factual analysis and telling arguments—it is reminiscent of The Eighteenth Brumaire of Louis Napoleon. It takes as its starting point a justified critique of the crisis theory developed by Claus Offe and me in the early 1970s. The Keynesian optimism concerning governance prevalent at the time had inspired our assumption that the economic crisis potential mastered at the political level would be diverted into conflicting demands on an overstrained governmental apparatus and into “cultural contradictions of capitalism” (as Daniel Bell put it a couple of years later) and would find expression in a legitimation crisis. Today we are not (yet?) experiencing a legitimation crisis but we are witnessing a palpable economic crisis.
political_economy  political_philosophy  international_political_economy  capitalism-systemic_crisis  capital_as_power  finance_capital  financialization  Great_Recession  democracy  democracy_deficit  legitimacy  nationalism  financial_crisis  sovereign_debt  social_theory  globalization  global_governance  political_culture  economic_culture  stagnation  economic_sociology  Habermas  post-secular  Eurozone  European_integration  monetary_union  EU_governance  EU  Europe-federalism  downloaded 
july 2015 by dunnettreader
Sustainable development: Report of UN Working Group on business and human rights - June 2015
Sustainable development: UN expert group calls for accountability of public and private sectors -- GENEVA (16 June 2015) – The United Nations Working Group on business and human rights today urged the UN system and all its member states to make globalization inclusive and aligned with human rights, and called for full accountability of public and private sectors’ activities in that regard. The expert’s call comes as a number of key international negotiations are taking place on sustainable development goals for the world, development financing and the climate change, as well as a number of policy talks on trade, finance and investment. -- downloaded pdf to Note
report  UN  human_rights  business_practices  business-norms  business-ethics  FDI  investment-socially_responsible  investor-State_disputes  investment-bilateral_treaties  supply_chains  sustainability  global_governance  global_economy  public_goods  public_health  public-private_partnerships  NGOs  civil_society  accountability  international_law  downloaded 
july 2015 by dunnettreader

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