REGULATORY RED TAPE AND PRIVATE FIRM PERFORMANCE

Regulation may obstruct dynamic adaptation, innovative power, and entrepreneurial activity. On the other hand, regulation could be interpreted as a phenomenon which society just has to learn to live with, and which otherwise does no real economic harm. This article explores both of these hypotheses. We study the impact of three dimensions of regulatory red tape on the performance of private companies: regulation cost, regulation change, and regulation inconsistency. We analyse unique survey data from 530 Dutch private companies. The results show that regulation cost, inconsistency, and change limit sales turnover growth, and that regulation change hampers market competition performance.     

China's Diplomacy Promotes a Human Community with a Shared Future

THIS year China celebrates the centenary anni-versary of the founding of the Communist Party of China (CPC).Leading up to the commemora-tion,many international analysts have already started to debate Chinas new foreign policy and its impact on the international order.This debate has two motivating factors.The first and most important is the prediction that the Chinese economy will surpass the American economy before 2030.The other factor is the role of Chinese diplomacy in combating the pandemic,through which China has helped more than 100 coun-tries in COVID-19 prevention,control,and vaccination,in contrast to the U.S'.lackluster responses to the pan-demic.This is not a discussion about the world's lead-ership profiles but a global governance model for the     

The “End of History” 20 Years Later

Going through a protracted period of transition since the end of the Cold War, the world order in the making is neither what was nor what it is yet to become. It is in “the middle of the future.” To get our bearings in this uncertain transition, we explore the two grand post‐Cold War narratives—“The End of History” as posited by Francis Fukuyama and “The Clash of Civilizations” posited by the late Samuel Huntington. Mikhail Gorbachev looks back at his policies that brought the old order to collapse. The British philosopher John Gray critiques the supposed “universality” of liberalism and, with Homi Bhabha, sees a world of hybrid identities and localized cultures. The Singaporean theorist Kishore Mahbubani peels away the “veneer” of Western dominance. Amartya Sen, the economist and Nobel laureate, assesses whether democratic India or autocratic China is better at building “human capacity” in their societies.