Sovereign wealth funds are state-controlled pools of capital that hold financial and real assets, including shares of state enterprises, and manage them to grow the nation’s base of sovereign wealth. The dramatic rise of sovereign wealth funds (SWFs) in both number and size—this group is now larger than the size of global private equity and hedge funds, combined—and the fact that most are located in non-OECD countries, has raised concern about the direction of capitalism. Yet SWFs are not a homogenous group of actors. Why do some countries with large current account surpluses, notably China, create SWFs while others, such as Switzerland and Germany, do not? Why do other countries with no macroeconomic justification, such as Senegal and Turkey, create SWFs? And why do countries with similar macroeconomic features, such as Kuwait and Qatar or Singapore and Hong Kong, choose different types of SWFs?
Capital Choices analyzes the creation of different SWFs from a comparative political economy perspective, arguing that different state-society structures at the sectoral level are the drivers for SWF variation. Juergen Braunstein focuses on the early formation period of SWFs, a critical but little understood area given the high levels of political sensitivity and lack of transparency that surround SWF creation. Braunstein’s novel analytical framework provides practical lessons for the business and finance organizations and policymakers of countries that have created, or are planning to create, SWFs.
Sovereign wealth funds are state-controlled pools of capital that hold financial and real assets, including shares of state enterprises, and manage them to grow the nation’s base of sovereign wealth. The dramatic rise of sovereign wealth funds (SWFs) in both number and size—this group is now larger than the size of global private equity and hedge funds, combined—and the fact that most are located in non-OECD countries, has raised concern about the direction of capitalism. Yet SWFs are not a homogenous group of actors. Why do some countries with large current account surpluses, notably China, create SWFs while others, such as Switzerland and Germany, do not? Why do other countries with no macroeconomic justification, such as Senegal and Turkey, create SWFs? And why do countries with similar macroeconomic features, such as Kuwait and Qatar or Singapore and Hong Kong, choose different types of SWFs?
Capital Choices analyzes the creation of different SWFs from a comparative political economy perspective, arguing that different state-society structures at the sectoral level are the drivers for SWF variation. Juergen Braunstein focuses on the early formation period of SWFs, a critical but little understood area given the high levels of political sensitivity and lack of transparency that surround SWF creation. Braunstein’s novel analytical framework provides practical lessons for the business and finance organizations and policymakers of countries that have created, or are planning to create, SWFs.
Vasili Rukhadze examines the factors that contributed to post-uprising leadership durability in the Ukraine, Kyrgyzstan, and Georgia in 2004–12, after these countries underwent their so-called “Color Revolutions.” Using structured, focused comparison and process tracing, he argues that the key independent variable influencing post-mobilization leadership durability is ruling coalition size and cohesion. He demonstrates that if the ruling coalitions are large and fragmented, as in the Ukraine and Kyrgyzstan, the coalitions disintegrate, thus facilitating the downfall of the governments. Alternatively, if the ruling coalition is small and cohesive, as in Georgia, the coalition maintains unity, hence helping the government to stay in power.
This study advances the debate on regime changes. By drawing a clear distinction between political leaderships that come to power as a result of popular uprisings and governments that take power through normal democratic processes, military coup, or any other means, the research offers one of the first studies on post-mobilization leadership. Rukhadze helps scholars differentiate between the factors that affect durability of post-uprising leadership from those factors that impact durability of all other political leadership, in turn equipping researchers with new tools to study power politics.
In the post-Soviet era, democracy has made little progress in Central Asia. In Chaos, Violence, Dynasty, Eric McGlinchey presents a compelling comparative study of the divergent political courses taken by Kyrgyzstan, Uzbekistan, and Kazakhstan in the wake of Soviet rule. McGlinchey examines economics, religion, political legacies, foreign investment, and the ethnicity of these countries to evaluate the relative success of political structures in each nation.
McGlinchey explains the impact of Soviet policy on the region, from Lenin to Gorbachev. Ruling from a distance, a minimally invasive system of patronage proved the most successful over time, but planted the seeds for current “neo-patrimonial” governments. The level of direct Soviet involvement during perestroika was the major determinant in the stability of ensuing governments. Soviet manipulations of the politics of Uzbekistan and Kazakhstan in the late 1980s solidified the role of elites, while in Kyrgyzstan the Soviets looked away as leadership crumbled during the ethnic riots of 1990. Today, Kyrgyzstan is the poorest and most politically unstable country in the region, thanks to a small, corrupt, and fractured political elite. In Uzbekistan, Islam Karimov maintains power through the brutal suppression of disaffected Muslims, who are nevertheless rising in numbers and influence. In Kazakhstan, a political machine fueled by oil wealth and patronage underlies the greatest economic equity in the region, and far less political violence.
McGlinchey’s timely study calls for a more realistic and flexible view of the successful aspects of authoritarian systems in the region that will be needed if there is to be any potential benefit from foreign engagement with the nations of Central Asia, and similar political systems globally.
Most parents care deeply about their children. If that were enough, we would not see the inequalities we currently do in children’s opportunities and healthy development—children out of school, children laboring, children living in poverty. While the scale of the problems can seem overwhelming, history has shown that massive progress is possible on problems that once seemed unsolvable. Within the span of less than twenty-five years, the proportion of people living in extreme poverty has been cut in half, the number of children under age five that die each day has dropped by over 12,000, and the percentage of girls attending school has climbed from just three in four to over 90 percent.
National action, laws, and public policies fundamentally shape children’s opportunities. Children’s Chances urges a transformational shift from focusing solely on survival to targeting children’s full and healthy development. Drawing on never-before-available comparative data on laws and public policies in 190 countries, Jody Heymann and Kristen McNeill tell the story of what works and what countries around the world are doing to ensure equal opportunities for all children. Covering poverty, discrimination, education, health, child labor, child marriage, and parental care, Children’s Chances identifies the leaders and the laggards, highlights successes and setbacks, and provides a guide for what needs to be done to make equal chances for all children a reality.
City in Sight presents recent scholarship on the various issues facing today’s Dutch metropolitan areas, including immigration and the growing diversity among the urban population, urban restructuring and neighborhood renewal, shifts in urban governance, and the promotion of active citizenship. With its wealth of information and up-to-date research, this text will appeal to scholars of urban politics and social history from all over the globe.
Over the last two decades, right-wing populist parties in Western Europe have gained sizable vote shares and power, much to the fascination and consternation of political observers. Meshing traditionalism and communitarian ideals, right-wing populist parties have come to represent a polar normative ideal to the New Left in Western Europe. In his dynamic study Cleavage Politics and the Populist Right, Simon Bornschier applies a cultural as well as political dimension to analyze the parties of both the right and left in six countries. He develops a theory that integrates the role of political conflict around both established cleavages and party strategies regarding new divisions to explain the varying fortunes of the populist right.
Why does the United States need European allies, and why is it getting more difficult for those allies to partner with Washington in standing up to China, pushing back against Russia, and pursuing other common interests around the world? This book addresses the economic, demographic, political, and military trends that are fundamentally upending the ability and willingness of European allies to work with Washington. Brexit and its impact on Britain’s economy and its military, Germany’s seemingly relentless economic and political rise, France’s continuing economic malaise, Italy’s aging population and its withdrawal from major overseas operations, and Poland’s demographic decline and single-minded obsession with Russia will combine to make partnership with Washington nearly impossible. In short, the constellation of allies and partners the United States has relied on since 9/11 will look very different a decade from now. How should Washington respond? It doesn’t hold all the cards, but this book offers an array of practical recommendations for American leaders. By leveraging these proposals, U.S. policy-makers can avoid the worst-case scenarios and make the most of limited opportunities.
This volume is intended as a contribution to the study of administration. The contributors represent several branches of social and behavioral sciences, including anthropology, economics, industrial management, sociology, and social psychology. The data for the empirical studies were gathered in the United States, Germany, Great Britain, Norway, West Africa, and the Fox Indian society, and from different types of organizations, including manufacturing, mining, shipping, higher education, hospitals, the military, and social welfare agencies.
Contributors: Frederick L. Bates; Warren G. Bennis; Frank A. Cassell; Rose Laub Coser; William R. Dill; Frederick H. Harbison; Ernst Köchling; Walter B. Miller; Stephen A. Richardson; Heinrich C. Ruebmann; Edward J. Thomas; and the editors.
With nuclear proliferation essentially eliminating full-scale warfare, governments have increasingly turned to what Richard W. Cottam calls competitive interference. This type of policy invokes counter-insurgency, political, economic, and psychological manipulations, and often involves looking deeply into the internal affairs of a country, often secretly. Cottam describes and defines competitive interference, explores the United States' institutional adjustment to it, and provides a theoretical framework for projection and evaluation of foreign policy in this changing diplomatic arena. He uses case studies of international relationships involving the United States, India, China, Vietnam, Iran, and the former USSR and East Germany to evaluate his theoretical stance, and proposes long-term institutionalization of policy, rather than covert operations.
Debra Sabia describes and analyzes the rise, growth, and fragmentation of the popular church and assesses the effect of the Christian base communities on religion, politics, and the nation's social revolutionary experiment.
This book contrasts experiences of mainland China and Hong Kong to explore the pressing question of how governments can transform a culture of widespread corruption to one of clean government. Melanie Manion examines Hong Kong as the best example of the possibility of reform. Within a few years it achieved a spectacularly successful conversion to clean government. Mainland China illustrates the difficulty of reform. Despite more than two decades of anticorruption reform, corruption in China continues to spread essentially unabated.
The book argues that where corruption is already commonplace, the context in which officials and ordinary citizens make choices to transact corruptly (or not) is crucially different from that in which corrupt practices are uncommon. A central feature of this difference is the role of beliefs about the prevalence of corruption and the reliability of government as an enforcer of rules ostensibly constraining official venality. Anticorruption reform in a setting of widespread corruption is a problem not only of reducing corrupt payoffs, but also of changing broadly shared expectations of venality. The book explores differences in institutional design choices about anticorruption agencies, appropriate incentive structures, and underlying constitutional designs that contribute to the disparate outcomes in Hong Kong and mainland China.
Culling the Masses questions the widely held view that in the long run democracy and racism cannot coexist. David Scott FitzGerald and David Cook-Martín show that democracies were the first countries in the Americas to select immigrants by race, and undemocratic states the first to outlaw discrimination. Through analysis of legal records from twenty-two countries between 1790 and 2010, the authors present a history of the rise and fall of racial selection in the Western Hemisphere.
The United States led the way in using legal means to exclude “inferior” ethnic groups. Starting in 1790, Congress began passing nationality and immigration laws that prevented Africans and Asians from becoming citizens, on the grounds that they were inherently incapable of self-government. Similar policies were soon adopted by the self-governing colonies and dominions of the British Empire, eventually spreading across Latin America as well.
Undemocratic regimes in Chile, Uruguay, Paraguay, and Cuba reversed their discriminatory laws in the 1930s and 1940s, decades ahead of the United States and Canada. The conventional claim that racism and democracy are antithetical—because democracy depends on ideals of equality and fairness, which are incompatible with the notion of racial inferiority—cannot explain why liberal democracies were leaders in promoting racist policies and laggards in eliminating them. Ultimately, the authors argue, the changed racial geopolitics of World War II and the Cold War was necessary to convince North American countries to reform their immigration and citizenship laws.
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