We assess the effect of tighter monetary policy in the U.S. and emerging market economies (EMEs) on EMEs using a panel factor-augmented VAR model. We find that a U.S. policy rate hike outstrips an equivalent domestic rate hike in its impacts on EMEs. In addition, EMEs show divergent policy responses and their macro-financial responses differ depending upon their economic fundamentals in the face of tighter U.S. policy. In particular, we find that high-inflation than low-inflation EMEs are more susceptible to the shock stemming from a U.S. federal funds rate hike.
{"title":"Divergent EME Responses to Global and Domestic Monetary Policy Shocks","authors":"W. Choi, Byongju Lee, T. Kang, Geun-young Kim","doi":"10.2139/ssrn.2868864","DOIUrl":"https://doi.org/10.2139/ssrn.2868864","url":null,"abstract":"We assess the effect of tighter monetary policy in the U.S. and emerging market economies (EMEs) on EMEs using a panel factor-augmented VAR model. We find that a U.S. policy rate hike outstrips an equivalent domestic rate hike in its impacts on EMEs. In addition, EMEs show divergent policy responses and their macro-financial responses differ depending upon their economic fundamentals in the face of tighter U.S. policy. In particular, we find that high-inflation than low-inflation EMEs are more susceptible to the shock stemming from a U.S. federal funds rate hike.","PeriodicalId":107878,"journal":{"name":"SRPN: Globalization (Sustainability) (Topic)","volume":"93 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122810587","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper studies the catching up process in per capita income of the so-called Asian Dragons and Tigers. It contributes to the literature in several ways. First, it tests the catching up hypothesis using the longest time span ever considered, from 1870 to 2014. Second, it documents the experiences of these two groups of countries and provides potential explanations for them. Third, by using the Kejriwal and Perron (2010) algorithm, we are able to endogenously estimate multiple structural breaks in the level and the trend of the series without prior knowledge of their integration level. This surpasses technical concerns of previous empirical studies. Fourth, it inquiries into how the Asian financial crisis affected the catching up process among the Dragons and Tigers economies.
{"title":"Are Dragons and Tigers Catching Up?","authors":"O. Kozlova, J. Noguera","doi":"10.2139/ssrn.2861285","DOIUrl":"https://doi.org/10.2139/ssrn.2861285","url":null,"abstract":"This paper studies the catching up process in per capita income of the so-called Asian Dragons and Tigers. It contributes to the literature in several ways. First, it tests the catching up hypothesis using the longest time span ever considered, from 1870 to 2014. Second, it documents the experiences of these two groups of countries and provides potential explanations for them. Third, by using the Kejriwal and Perron (2010) algorithm, we are able to endogenously estimate multiple structural breaks in the level and the trend of the series without prior knowledge of their integration level. This surpasses technical concerns of previous empirical studies. Fourth, it inquiries into how the Asian financial crisis affected the catching up process among the Dragons and Tigers economies.","PeriodicalId":107878,"journal":{"name":"SRPN: Globalization (Sustainability) (Topic)","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123831609","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
While scholars have conducted ample studies of sanctions’ policy effectiveness, there has been a limited effort so far in determining their economic and trade costs to target countries. By focusing on sanctions imposed by the United Nations Security Council on 11 states between the end of the Cold War in 1990 and 2014, this analysis seeks to determine whether UN sanctions are associated with a decrease in target state goods imports and whether there are differential relationships for imports from advanced as opposed to emerging economies. Using a panel data regression methodology and controlling for socioeconomic, political, sanctions-related, financial, and governance factors, this study finds no link between UN sanctions and decreased imports by target states and contrasting evidence for different trade patterns with advanced and emerging economies for other sanction types. These findings, coupled with the costs and externalities sanctions have on both senders and targets, suggest that sanctions yield unclear results in target states and that policymakers should weigh these considerations seriously before using this tool.
{"title":"Assessing United Nations Economic Sanctions: The Relationship between Sanctions and Imports in Eleven Targeted States from 1990 to 2014","authors":"G. Bagarella","doi":"10.18003/AJPA.201605","DOIUrl":"https://doi.org/10.18003/AJPA.201605","url":null,"abstract":"While scholars have conducted ample studies of sanctions’ policy effectiveness, there has been a limited effort so far in determining their economic and trade costs to target countries. By focusing on sanctions imposed by the United Nations Security Council on 11 states between the end of the Cold War in 1990 and 2014, this analysis seeks to determine whether UN sanctions are associated with a decrease in target state goods imports and whether there are differential relationships for imports from advanced as opposed to emerging economies. Using a panel data regression methodology and controlling for socioeconomic, political, sanctions-related, financial, and governance factors, this study finds no link between UN sanctions and decreased imports by target states and contrasting evidence for different trade patterns with advanced and emerging economies for other sanction types. These findings, coupled with the costs and externalities sanctions have on both senders and targets, suggest that sanctions yield unclear results in target states and that policymakers should weigh these considerations seriously before using this tool.","PeriodicalId":107878,"journal":{"name":"SRPN: Globalization (Sustainability) (Topic)","volume":"76 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126870943","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The U.K.’s decision to leave the EU and the voting in of the protectionist Donald Trump to the US presidency has drawn both the UK and the USA into the Nash Trap. U.S. mathematician John Nash (the movie ‘A Beautiful Mind’) postulated that Adam Smith’s declaration that ‘In competition, individual ambition serves the common good’ (the leave approach and Trump’s ‘America First’ proposition) was incomplete. Instead Nash postulated that the best result is for everyone in the group doing what’s best for himself AND the group (the remain in the EU and the international free trade approach). This variation of Adam Smith’s dictum has became known as the Nash Equilibrium and won Nash a share of the Nobel Prize for Economic Sciences. Nash postulated that this trap was lying in wait for every situation of competition and conflict in which parties are unwilling or unable to communicate and collaborate. Any action to escape the Nash trap must involve some consideration of the other party. The point of the Nash Equilibrium is that the choices you make should depend on what everyone else does. Thus, each strategy in a Nash Equilibrium is a best response to all other strategies in that equilibrium. Trust is at the heart of the Nash equilibrium. It underpins the incentive for all parties to be transparent in their strategies to the point that no party will want to change their strategy in response to what the others are doing. The Nash equilibrium could well be called the trust equilibrium. The Nash Equilibrium has helped economists and social scientists understand how decisions that are good for the individual can be terrible for the group. This is because the benefit that people gain in society depends on people cooperating and implicitly trusting one another to act in a manner corresponding with cooperation. The Nash Equilibrium is, in its essence, the general formulation of this assumption.
{"title":"Brexit, Trump and the Nash Trap. A Loss of Trust.","authors":"Greg Rooney","doi":"10.2139/SSRN.2948140","DOIUrl":"https://doi.org/10.2139/SSRN.2948140","url":null,"abstract":"The U.K.’s decision to leave the EU and the voting in of the protectionist Donald Trump to the US presidency has drawn both the UK and the USA into the Nash Trap. \u0000U.S. mathematician John Nash (the movie ‘A Beautiful Mind’) postulated that Adam Smith’s declaration that ‘In competition, individual ambition serves the common good’ (the leave approach and Trump’s ‘America First’ proposition) was incomplete. \u0000Instead Nash postulated that the best result is for everyone in the group doing what’s best for himself AND the group (the remain in the EU and the international free trade approach). This variation of Adam Smith’s dictum has became known as the Nash Equilibrium and won Nash a share of the Nobel Prize for Economic Sciences. \u0000Nash postulated that this trap was lying in wait for every situation of competition and conflict in which parties are unwilling or unable to communicate and collaborate. Any action to escape the Nash trap must involve some consideration of the other party. \u0000The point of the Nash Equilibrium is that the choices you make should depend on what everyone else does. Thus, each strategy in a Nash Equilibrium is a best response to all other strategies in that equilibrium. \u0000Trust is at the heart of the Nash equilibrium. It underpins the incentive for all parties to be transparent in their strategies to the point that no party will want to change their strategy in response to what the others are doing. The Nash equilibrium could well be called the trust equilibrium. \u0000The Nash Equilibrium has helped economists and social scientists understand how decisions that are good for the individual can be terrible for the group. This is because the benefit that people gain in society depends on people cooperating and implicitly trusting one another to act in a manner corresponding with cooperation. The Nash Equilibrium is, in its essence, the general formulation of this assumption.","PeriodicalId":107878,"journal":{"name":"SRPN: Globalization (Sustainability) (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129738707","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper tests the weak-form efficient market hypothesis for Korean industry-sorted portfolios. Based on a panel variance ratio approach, we find significant mean reversion of stock returns over long horizons in the pre Asian currency crisis period but little evidence in the post-crisis period. Our empirical findings are consistent with the fact that Korea accelerated its integration with international financial market by implementing extensive capital liberalization since the crisis.
{"title":"Are Korean Industry-Sorted Portfolios Mean Reverting?","authors":"Seongman Moon","doi":"10.2139/ssrn.2804906","DOIUrl":"https://doi.org/10.2139/ssrn.2804906","url":null,"abstract":"This paper tests the weak-form efficient market hypothesis for Korean industry-sorted portfolios. Based on a panel variance ratio approach, we find significant mean reversion of stock returns over long horizons in the pre Asian currency crisis period but little evidence in the post-crisis period. Our empirical findings are consistent with the fact that Korea accelerated its integration with international financial market by implementing extensive capital liberalization since the crisis.","PeriodicalId":107878,"journal":{"name":"SRPN: Globalization (Sustainability) (Topic)","volume":"539-543 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131730571","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper we investigate the relation between trade credit provision and national culture as captured by Hofstede's four cultural dimensions (collectivism/individualism, power distance, uncertainty avoidance, and masculinity/femininity). Consistent with our predictions based on several theories of trade credit, we find that after controlling for firm- and country-level factors as well as industry effects, trade credit provision is higher in countries with higher collectivism, power distance, uncertainty avoidance, and masculinity scores. These results are robust to using alternative measures of culture and trade credit, alternative sample compositions, and alternative estimation methods, as well as to addressing potential endogeneity concerns. International trade openness, however, mitigates the relation between trade credit provision and our proxies for national culture.
{"title":"Trade Credit Provision and National Culture","authors":"Sadok El Ghoul, Xiaolan Zheng","doi":"10.2139/ssrn.2792460","DOIUrl":"https://doi.org/10.2139/ssrn.2792460","url":null,"abstract":"In this paper we investigate the relation between trade credit provision and national culture as captured by Hofstede's four cultural dimensions (collectivism/individualism, power distance, uncertainty avoidance, and masculinity/femininity). Consistent with our predictions based on several theories of trade credit, we find that after controlling for firm- and country-level factors as well as industry effects, trade credit provision is higher in countries with higher collectivism, power distance, uncertainty avoidance, and masculinity scores. These results are robust to using alternative measures of culture and trade credit, alternative sample compositions, and alternative estimation methods, as well as to addressing potential endogeneity concerns. International trade openness, however, mitigates the relation between trade credit provision and our proxies for national culture.","PeriodicalId":107878,"journal":{"name":"SRPN: Globalization (Sustainability) (Topic)","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128150471","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
During globalization scientists of the whole world more and more attention given to researches of the Arctic. It is caused by climatic changes, new technologies, and detection of considerable potential reserves of minerals. Such attention dictates need formation of an adequate state policy in the region on the basis of geopolitical and geo-economics factors. Thus, it is important to define, than the Arctic for Russia is, what approach is optimum for management of the Arctic zone of the country how it is necessary to build the relations with neighbors in the Arctic taking into account national economic and political interests.
{"title":"Arctic: Realities and Challenges","authors":"V. Bagdasaryan","doi":"10.2139/ssrn.2740950","DOIUrl":"https://doi.org/10.2139/ssrn.2740950","url":null,"abstract":"During globalization scientists of the whole world more and more attention given to researches of the Arctic. It is caused by climatic changes, new technologies, and detection of considerable potential reserves of minerals. Such attention dictates need formation of an adequate state policy in the region on the basis of geopolitical and geo-economics factors. Thus, it is important to define, than the Arctic for Russia is, what approach is optimum for management of the Arctic zone of the country how it is necessary to build the relations with neighbors in the Arctic taking into account national economic and political interests.","PeriodicalId":107878,"journal":{"name":"SRPN: Globalization (Sustainability) (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126651169","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
China’s ‘Go Global’ strategy has encouraged Chinese companies to seek to enhance China’s resource security through acquisitions in foreign markets. Under the influence of this policy, Chinese companies have greatly increased outbound investment in recent years, and one consequence of this increased activity has been the generation of a range of commercial disputes. The choice of different methods of dispute settlement is in part influenced by the national legal cultures that have shaped the mind-sets of parties to these commercial disputes. Recent Chinese investment abroad has grown significantly and increasing economic engagement between China and other countries will inevitably involve some degree of conflict as different legal cultures interact. In understanding points of tension in the Sino-Australian investment relationship questions are raised concerning legal pluralism and the impact of legal culture on Chinese controlled companies operating in Australia. This paper discusses approaches taken in a number of recent commercial disputes involving Chinese companies in Australia and the slow movement that these cases reveal towards a more globalized commercial law.
{"title":"Globalization, Legal Culture and the Handling of Sino-Australian Commercial Disputes","authors":"R. Tomasic, Ping Xiong","doi":"10.1093/CJCL/CXW002","DOIUrl":"https://doi.org/10.1093/CJCL/CXW002","url":null,"abstract":"China’s ‘Go Global’ strategy has encouraged Chinese companies to seek to enhance China’s resource security through acquisitions in foreign markets. Under the influence of this policy, Chinese companies have greatly increased outbound investment in recent years, and one consequence of this increased activity has been the generation of a range of commercial disputes. The choice of different methods of dispute settlement is in part influenced by the national legal cultures that have shaped the mind-sets of parties to these commercial disputes. Recent Chinese investment abroad has grown significantly and increasing economic engagement between China and other countries will inevitably involve some degree of conflict as different legal cultures interact. In understanding points of tension in the Sino-Australian investment relationship questions are raised concerning legal pluralism and the impact of legal culture on Chinese controlled companies operating in Australia. This paper discusses approaches taken in a number of recent commercial disputes involving Chinese companies in Australia and the slow movement that these cases reveal towards a more globalized commercial law.","PeriodicalId":107878,"journal":{"name":"SRPN: Globalization (Sustainability) (Topic)","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129654907","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This policy brief discusses the risks of deflation for the European economy. It critically evaluates the European economic governance for not having averted this risk and discusses how a more coordinated approach to both fiscal policy and collective wage bargaining, both aiming at national inflation targets in the context of macroeconomic dialogue, could help stimulate aggregate demand and move the European economy away from the brink of deflation.
{"title":"How to Avert the Risk of Deflation in Europe: Rethinking the Policy Mix and European Economic Governance","authors":"S. Theodoropoulou","doi":"10.2139/SSRN.2701835","DOIUrl":"https://doi.org/10.2139/SSRN.2701835","url":null,"abstract":"This policy brief discusses the risks of deflation for the European economy. It critically evaluates the European economic governance for not having averted this risk and discusses how a more coordinated approach to both fiscal policy and collective wage bargaining, both aiming at national inflation targets in the context of macroeconomic dialogue, could help stimulate aggregate demand and move the European economy away from the brink of deflation.","PeriodicalId":107878,"journal":{"name":"SRPN: Globalization (Sustainability) (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-12-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133523100","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Despite the mythology that the global economy with its trade rules creates a 'level playing field,' international trade has never involved 'level players.' The inequalities in outcomes generated by the more powerful winning more frequently has led to innovative ideas for ex post redistribution to make the matches between the players both fairer, and in the analogy to basketball used by the authors, more interesting and even more competitive. The proposal for a Global Social Protection Fund, financed by a small tax on the winners to enhance social protection spending for the losers, presumably increasing the latter's capabilities to compete more effectively in the global market game, is one such idea. It has much to commend it. Several problems, however, stand in its way, apart from those inherent within nations themselves and to which the authors give some attention. First, much global trade is now intra-firm rather than international, making calculations of which nations win or lose exceedingly difficult. Second, tax havens persist without the transparency and global regulatory oversights that would allow a better rendering of where winnings are stashed. Third, pre-distribution inequalities (those arising from market activities before government tax and transfer measures apply) are still increasing as labour's power to wrestle global capital into some ameliorative social contract diminishes. Fourth, there are finite limits to a planet on the cusp of multiple environmental crises. These problems do not diminish the necessity of alternative policy playbooks such as the proposed Fund, but point to the need to embrace the new Sustainable Development Goals (SDGs) as a single set, such that economic growth for the bottom half of humanity includes deep structural reforms to both pre-distribution and redistribution, if the targets for environmental survival are to be met.
尽管全球经济及其贸易规则创造了一个“公平竞争的环境”，但国际贸易从未涉及“公平的参与者”。更强大的胜利更频繁地产生结果的不平等，导致了事后再分配的创新想法，使球员之间的比赛更公平，并且在作者使用的篮球类比中，更有趣，甚至更具竞争性。建立全球社会保护基金(Global Social Protection Fund)的提议就是这样一个想法。该基金的资金来源是向赢家征收少量税收，以增加对输家的社会保护支出，这可能会提高后者在全球市场游戏中更有效竞争的能力。它有许多值得赞扬的地方。然而，除了这些国家本身固有的问题之外，还有几个问题阻碍了它的发展，作者对此给予了一些关注。首先，现在很多全球贸易都是在公司内部进行的，而不是在国际间进行的，这使得计算哪个国家赢哪个国家输变得极其困难。其次，在缺乏透明度和全球监管监督的情况下，避税天堂依然存在，这将使人们更好地了解奖金的藏匿地点。第三，分配前不平等(在政府税收和转移措施生效之前由市场活动产生的不平等)仍在加剧，因为劳动力将全球资本纳入某种改良社会契约的能力正在减弱。第四，对一个处于多重环境危机边缘的星球来说，限制是有限的。这些问题并没有减少其他政策手册的必要性，比如拟议中的基金，而是指出有必要将新的可持续发展目标(sdg)作为一套单一的目标来接受，这样，如果要实现环境生存的目标，人类底层一半的经济增长就包括对预分配和再分配进行深层次的结构性改革。
{"title":"From the Myth of Level Playing Fields to the Reality of a Finite Planet; Comment on 'A Global Social Support System: What the International Community Could Learn from the United States' National Basketball Association's Scheme for Redistribution of New Talent'","authors":"R. Labonté","doi":"10.15171/ijhpm.2015.202","DOIUrl":"https://doi.org/10.15171/ijhpm.2015.202","url":null,"abstract":"Despite the mythology that the global economy with its trade rules creates a 'level playing field,' international trade has never involved 'level players.' The inequalities in outcomes generated by the more powerful winning more frequently has led to innovative ideas for ex post redistribution to make the matches between the players both fairer, and in the analogy to basketball used by the authors, more interesting and even more competitive. The proposal for a Global Social Protection Fund, financed by a small tax on the winners to enhance social protection spending for the losers, presumably increasing the latter's capabilities to compete more effectively in the global market game, is one such idea. It has much to commend it. Several problems, however, stand in its way, apart from those inherent within nations themselves and to which the authors give some attention. First, much global trade is now intra-firm rather than international, making calculations of which nations win or lose exceedingly difficult. Second, tax havens persist without the transparency and global regulatory oversights that would allow a better rendering of where winnings are stashed. Third, pre-distribution inequalities (those arising from market activities before government tax and transfer measures apply) are still increasing as labour's power to wrestle global capital into some ameliorative social contract diminishes. Fourth, there are finite limits to a planet on the cusp of multiple environmental crises. These problems do not diminish the necessity of alternative policy playbooks such as the proposed Fund, but point to the need to embrace the new Sustainable Development Goals (SDGs) as a single set, such that economic growth for the bottom half of humanity includes deep structural reforms to both pre-distribution and redistribution, if the targets for environmental survival are to be met.","PeriodicalId":107878,"journal":{"name":"SRPN: Globalization (Sustainability) (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123066602","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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