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Since the time of Adam
Smith, economists have understood that the wealth or poverty of nations hinge
on the quality of their institutions. Political, economic and social rules of
the game can be inclusive, offering opportunities for prosperity to all, or
extractive, protecting the rents of a few. But the international effort to
introduce one such rule – formal property rights – shows that even simple
changes can have complex and unwelcome effects in alien cultural settings.
Dr. Emmanuel Martin
Like other areas of public policy, development aid has had its recurrent fads. The pendulum has swung from socialist-style big-push schemes to pro-market reforms and their latest iteration, results-based aid. This micro-oriented approach has recently come under attack for neglecting the wider “macro” environment of states and institutions. Decades after the flaws of the traditional aid model were exposed, economists are still casting about for a better alternative.
About 90 percent of global
ocean fishing stocks are fully exploited or overfished. Competition to exploit
this declining resource has led to geopolitical conflicts and social ills such
as piracy and pollution, while regulation and subsidies only exacerbate the
problem. Economics offers some institutional solutions that give the fishing
industry incentives to manage stocks for the long term.
Nearly a year and a half after Hong Kong’s “umbrella revolution” (Sept.-Dec. 2014), the legacy of the seemingly unsuccessful protest still dominates Hong Kong’s political debate. This adds a new twist to the city’s already complicated relations with Beijing, writes GIS Guest Expert Joseph Dobbs. Perceived interference by...
As Russia sinks deeper into economic crisis, the political games being played in that country have become increasingly alarming and difficult to interpret. The latest is a series of pointed threats against the political opposition, issued by Ramzan Kadyrov, the hardline leader of Chechnya. What is Mr. Kadyrov playing at, what does he hope to gain, and why does the ...
Professor Stefan Hedlund