Fostering Economic Growth through a “European” Debt

Economic growth in the EU area is one of the European Union's tasks and the Union's budget should be used to finance actions aimed at development. It is hard to imagine that an increase in budget revenues or a significant reduction in spending in other areas can provide the resources for this purpose. The proposal put forward is to allow for debt financing of investment spending and to downgrade the current constitutional status of the rule regarding a balanced budget. A “European” debt, it is suggested, could strengthen the international role of the euro. If such a reform were not to find consensus within the Union as a whole, it could, alternatively, be adopted in the Eurogroup.     

印度应对气候变化战略和清洁发展机制项目的实践

本文介绍了印度应对气候变化战略和在开发清洁发展机制项目中的实践，包括印度国家气候变化行动计划的主要内容、气候变化的主要协调部门和有关机构。印度开发清洁发展机制（CDM）项目的进程，CDM项目的协调机构，CDM项目的背景、开发潜力预测，分析了已经注册的印度CDM项目的类型和地区分布，最后给出了印度应对气候变化战略和开发CDM项目实践对中国的几点启示。     

Against All Odds? Russia’s Financial Crisis and Global Geopolitics

Over the past 15 years, Russia’s model of political-economy has evolved around three main channels of global economic integration: 1) export of natural resources and a national system of redistribution of export revenues; 2) financialisation, acting as a boost for domestic consumption/demand; and 3) the offshore integration of Russian capital into global capital markets. The current crisis is affecting all three channels of Russia’s global political economy. Together, reduced export revenues, the deepening financial crisis and the dominance of offshore-sourced investments into Russia, serve as crisis transmission mechanisms, and thus constitute three sets of (inter-related) dilemmas for the Russian authorities. Four scenarios of possible development of the current situation are provided.     

At the receiving end—Irish perspectives and response to the banking and sovereign debt crises

Having enjoyed nearly two decades of economic recovery and rapid development as one of the most successful member-states of the European Union, Ireland was shocked and chastened by the global financial crisis of 2007–2008 and its traumatic impact on the country. A threefold crisis assailed its economic and political elites and citizens when the property bubble built up since 2002 exploded 6?years later. Its banking system collapsed through over-exposure to loans built up from the cheap credit made available after the euro was introduced. There was an immediate impact on state revenues when property-related windfall taxes collapsed under this pressure, exposing a yawning gap between current expenditure and revenues. And the country’s economic competitiveness suffered from a runaway cost base. The paper puts these events in the context of Ireland’s overall experience of European integration and its economic development. It goes on to explain how Ireland got into trouble in 2008 and tracks the major events over the next 3?years and how they were handled. Three major axes of argument about the EU/IMF rescue packages are discussed, highlighting the views of political leaders and public opinion dealing with the intensified euro zone crisis in autumn 2011. The paper goes on to assess their attitudes to EU decision-making, the role of the European Central Bank, the prospects of treaty change and Ireland’s emerging position in a reconfigured Europe coming to terms with a more multi-polar world.     

Climate business for poverty reduction? The role of the World Bank

The World Bank is increasingly active in the area of climate change mitigation. While it justifies this engagement with its poverty reduction objective and its capacity to pave the way for new business activities in developing countries, critics blame the World Bank as a ??climate profiteer?? and as an unfair competitor in private markets. Our econometric analysis of over 2,000 projects registered until May 2010 under the Clean Development Mechanism (CDM) of the Kyoto Protocol allows us to compare the activities of the Bank with those of other, primarily private actors. The results indicate that hardly any of the CDM projects can be considered as strongly pro-poor. Nevertheless, in comparison to the rest of the CDM projects, the Bank??s portfolio shows a relatively clearer orientation towards poor countries. Within these countries, however, the Bank does not show any particular pro-poor focus, and tends to implement those projects that are commercially most attractive. Moreover, there is no evidence of the Bank phasing out its activities once the market becomes fully operational, which goes against its professed pioneering and catalytic role in carbon markets.     

Working with street children

In September 1990 we became involved with the Centre for the Defence of the Child (CDM) in Brazil, hoping to participate in a survey of the lives of street children that was being conducted by the group. The CDM, a branch of its parent organisation The Young Street Vendors' Association, takes on individual cases of street children, providing crisis management with social, psychological, and legal support. It was decided to start a project of regularly taking a team of staff on to the streets and into the areas where the street children were, with the aim of providing a programme of support and self-esteem building, principally for the street girls. This project proved a success with the street children and remains so following our departure from Brazil.     

Pledges not kept: JICA's project challenges in Ghana

Japan's project aid initiatives for capacity development still occupy a large part of the aid discourse of the country's development cooperation programme. Over the years, Japan's development rhetoric has been significantly adapted to the wider policy shifts of Western donor countries and has introduced in its programme and project documents such terms as ‘ownership’, ‘needs-based approach’, and ‘participatory’ initiatives in order to achieve more ‘sustainable’ results. Furthermore, the importance of ‘institutional memory’ has been repeatedly highlighted by Japan as an important element for greater project effectiveness. This article investigates how this development rhetoric translates in Japan International Cooperation Agency's (JICA) project practice in a three-year community-based initiative in rural Ghana. The results illustrate that despite the short-term benefits the project has brought to the targeted communities, the development practice of JICA falls short of its discursive representation and more effort is needed by JICA toward a more committed and inclusive project practice.     

Learning geoeconomics: China’s experimental financial and monetary initiatives

China’s rise is increasingly impacting on the global financial and monetary order. To manage its growing centrality in global financial flows and its new relevance for patterns of currency usage, Beijing has been creating a set of new institutional arrangements in three crucial fields: the provision of crisis liquidity, development financing, and a global infrastructure to internationalize its currency. In contrast to the dominant power political interpretation of such developments, this article highlights the strong linkages of Beijing’s new initiatives with the changes in China’s capitalist development path and stresses their experimental character that serves to manage the economic and political risks of China’s accelerating financial internationalization. With a distinct learning attitude regarding its rising geoeconomic prominence and engagement, Beijing’s risk-averse strategy involves a very careful linking, layering, and nesting of new arrangements.     

Human rights and the Clean Development Mechanism

The 2010 UN climate conference in Cancún emphasized that ‘Parties should, in all climate change related actions, fully respect human rights’. However, so far there is no further guidance. This article discusses the relevant legal human rights norms and two case studies from the Kyoto Protocol's Clean Development Mechanism (CDM). The first case (Bajo Aguán, Honduras) shows that the current absence of any international safeguards can lead to registration of highly problematic projects. The second case (Olkaria, Kenya) suggests that safeguards, introduced here as a side effect of World Bank involvement, can have a positive impact, but that it is necessary to have them based on human rights. It therefore seems recommendable that the UN climate regime develop mandatory human rights safeguards. In addition or alternatively, individual buyer countries or groups of countries, such as the European Union, could introduce their own additional requirements for CDM projects.     

Being Nuclear on a Budget: Churchill,Britain and “Atoms for Peace,” 1953–1955

This analysis critiques the impact of President Dwight Eisenhower’s 1953 “Atoms for Peace” initiative on Washington’s alliance with Britain, itself a newly crowned nuclear state. Prime Minister Winston Churchill’s taste for personal diplomacy led him to support his friend’s proposal without real consideration for how the contributions of fissionable materials and manpower demanded by the scheme would damage Britain’s overstretched domestic nuclear project. Membership of an international atomic agency allowed Britain to reaffirm its global status whilst depleting the resources needed to develop its native technology. In turn, the article discusses the commercial challenge posed by American nuclear firms and highlights how reactor exports quickly became a contest between the quality of British research and the quantity of American subsidies. In this way, it establishes how “Atoms for Peace” prejudiced both Britain’s domestic nuclear effort and export potential, in turn shedding light on Washington’s relations with an ailing Great Power.     

Europe’s financial security and Chinese economic statecraft: the case of the Belt and Road Initiative

The core of the Belt and Road Initiative (BRI) involves trillions of US$ in investment to increase and improve connectivity between China and different parts of the world. This includes tens of billions of US$ to build or upgrade roads, rail lines, ports, pipelines and other infrastructure to connect China with Europe. With the European continent still feeling the effects of the Global Financial and Eurozone Sovereign Debt crises, this is an opportunity to strengthen its financial security by gaining access to a new source of financing. This new source, however, is linked to Chinese economic statecraft. Thus, cash-starved Europe can tap on the recently launched Silk Road Fund, Maritime Silk Road Fund and other initiatives from the Chinese government. Concurrently, however, political divisions within Europe derived from Chinese investment, as well as normative differences in terms of standards and practices present a challenge to the continent. This article thus analyses the effects of BRI, presented as a tool of Chinese economic statecraft, on Europe’s financial security. It argues that in spite of the latent challenges to said security, the potential benefits have already led many European countries to seek to tap on BRI’s investment as a means to strengthen their financing position.     

Sustainable development at the sharp end

This paper takes an actor-oriented approach to understanding the significance for policy and practice of field-worker experience at the interface between project and people. It is set in the context of an Indian project which aims to reduce poverty through sustainable, participatory agricultural change, based on low-cost inputs, catalysed by village-based project staff. Diaries kept by such staff are analysed to reveal how the social position of field-workers enables and constrains their interactions within and without the project, and the ways in which ‘street level bureaucrats’ shape projects through their discretionary actions. They show the Village Motivators struggling to communicate project objectives, to establish their roles and distinguish themselves fromother village-level bureaucrats, to negotiate participation, to overcome hostility to Participatory Rural Appraisal, to arbitrate access to consultants and seniors, to interpret project objectives and lobby for changes in these without admission of failure, and finally to develop a shared vocabulary of participation and belief in success. Some of the implications for participatory approaches are that there may be significant contradictions between sustainability and participatory development.     

Good countries or good projects? Comparing macro and micro correlates of World Bank and Asian Development Bank project performance

This paper examines the micro and macro correlates of aid project outcomes in a sample of 3797 World Bank projects and 1322 Asian Development Bank projects. We find that project outcomes vary much more within countries than between countries: only 10–25 % of the variation in project outcomes is between countries, and the rest is within countries. Among country-level macro variables, GDP growth and the policy environment are significantly positively correlated with project outcomes. Among project-level micro variables, shorter project duration and the presence of additional financing are significantly correlated with better project outcomes. In addition, the track record of the project manager in delivering successful projects is highly significantly correlated with project outcomes. We find few significant differences between the two institutions in the relationship between these variables and project outcomes.     

Hit the Core or Weaken the Periphery? Comparing Strategies to Break the Circle of Violence with an Embryonic Terrorist Group: The Case of Galician Resistance

This article studies whether the action-reaction model holds on an “embryonic” terrorist group like Galician Resistance (REGA). After presenting an overview of REGA’s history, structure, financing, terrorist campaigns, and the police measures adopted against them, the text empirically contrasts whether deterrence is an efficient measure in reducing an incipient terrorist group’s actions. Our results show that deterrence does in fact reduce the number of attacks when aimed at the group’s periphery. However, it causes a backlash of new attacks when aimed at the group’s core. In addition, we prove that an increase in the number of attacks also causes a reaction by police forces and a higher number of detentions of core members. Our results give some meaningful insights into the design of counter-terrorism strategies aimed against “embryonic” groups.     

The amateur revolutionaries: A reassessment of the FLQ

Although Canada has experienced a wide variety of forms of political terrorism, only the FLQ's attack on federalism has earned a lasting place in Canadian historical memory, a place achieved without attaining its goal of an independent Quebec. Using new sources, this article explains this conundrum by reassessing the effectiveness of the FLQ's campaign. It will demonstrate that the very thing that constituted the FLQ's only success ‐ its ability to project an illusion of strength sufficient to convince the federal government that a popular insurrection was developing in Quebec ‐ masked its singular failure: organizational weakness and poor strategic judgment. These prevented the FLQ from achieving its goals and were the hallmarks of its status as ‘amateur revolutionaries’.     

Getting India Back to the Growth Turnpike: What Will It Take?

India’s real GDP growth has slipped substantially since the onset of the North Atlantic financial crisis (NAFC). There are questions as to whether growth can be revived back to the high growth phase of 2003–2008 in an environment of macroeconomic and financial stability. This article argues that returning India to a high growth turnpike is quite feasible but it will need much more focused attention to the revival of manufacturing and to accelerate investment in transport and infrastructure. The immediate priority is to achieve the kind of fiscal quality and low inflation level that was exhibited during 2003–2008, with focused attention to increasing efficiency and compliance in tax revenue collection Higher tax revenues can facilitate increases in public investment for the delivery of public goods and services, which then crowd in private investment. However, the task ahead will be more difficult now in view of the protracted slow-down in global economic growth and in global trade.     

A Chinese movie mogul and the transformation of his movie empire—the Loke Wan Tho family and the Cathay Organisation in Southern China and Southeast Asia (1915–2000)*

The Cathay Organisation was a household name in the Chinese film industry. At its peak, it operated 75 cinemas and two movie studios, with a film distribution network spanning Malaysia, Burma, Thailand, Vietnam, Hong Kong, and Taiwan, as well as Europe and Latin America. In the public’s mind, Cathay was synonymous with its charismatic founder, Loke Wan Tho (1915–1964). Well versed in literature and ornithology, Loke appeared as a British gentleman, always meticulously dressed and elegantly mannered in his dealings with political leaders and movie celebrities. But underneath its gracious surface, Cathay was constantly struggling to sustain itself against problems that arose due to its rapid expansion. Although Cathay often produced impressive movies with graceful stars, high production costs could not be supported by the box-office revenues. By tracing the transformation of Cathay, this article will examine the dynamics of a Chinese family business in its attempt to survive amidst political chaos in Southeast Asia. Surviving generational succession, corporate consolidation and waves of political crises, Cathay’s story not only mirrors the transformation of an overseas Chinese family business over the past 100 years but also reflects a larger historical picture.     

The demand for transparency: An empirical note

By encouraging socially wasteful rent seeking and corruption, natural resources abundance might not be a blessing but a country’s curse. A recent attempt to impede these practices of corruption with theft is the Extractive Industries Transparency Initiative (EITI). The purpose of this organization is to verify and fully publish company payments and government revenues from oil, gas, and mining. Using a probit estimation technique the paper analyses empirically the political and socio-economic factors which determine a country’s participation in EITI, which can be interpreted as revealed willingness to reform.     

Juxtaposing handloom weaving and modernity: building theory through praxis

This article investigates the interaction between the processes of building development theory and development practice, arguing that theory must start with practice – and should not be top–down, starting with the ‘outside gaze’ of a supposedly detached academic or policy maker. The questions posed point to critiques of mainstream development narratives and notions of innovation through the diffusion of new technologies. The authors suggest that the assumptions embedded in mainstream development processes lead to unequal access to global and local markets, and that when they are imposed from the outside without a real understanding of the context, the development project is bound to fail. Parameters for assessing and evaluating outcomes also need to be based upon a close understanding of context – and this often comes through active involvement within it and not through being ‘detached’ and outside it. The assumption that an outside gaze is ‘objective’ is based in an implicitly colonial discourse, while building theory by being involved in the practice produces better methodologies for action and development.     

Making an Administrative Trustee Agent Accountable: Reason-Based Decision Making within the Kyoto Protocol's Clean Development Mechanism

Decisions within the Clean Development Mechanism (CDM) of the Kyoto Protocol are made by an expert body that acts as a trustee agent of the member states. Trustee agents help overcome the credible commitment problems of their principals and promise reason-based decisions. In contrast to traditional principal-agent settings, trusteeship relations are typically triadic. Beside the preferences of the principals and the trustee, decision criteria provide an external point of reference. They reflect the principals' long-term interest and define the trustee's decision rationale. The triadic structure helps protect the autonomy of trustees and allows for making them accountable for their decisions. Accountability mechanisms intend to ensure that a trustee's decisions are in line with established decision criteria. Against this backdrop, we explore the incentives created by the existing institutional arrangement for the making of CDM decisions and examine selected cases. We conclude that CDM arrangements provide a model for nonpartisan international regulation.