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Modern Monetary Theory and Its Poisonous Implications
The Modern Monetary Theory (MMT) is often mentioned in the latest economic debates, especially in the USA, where it is supported by some (left-wing) candidates of the Democratic Party to the Presidential elections of 2020 and their economic advisers. Recently, a first edition of a macroeconomics manual with over 600 pages, where this theory is presented, was rapidly sold out. The explanation for this bookstore success resides in the fact that the new theory seems to provide governments with economic policy tools susceptible to be used when the interest rates are very low or even zero and will, probably, remain so in the near future. More
Was the Islamic State a Real State?
The self-proclaimed Islamic State, known to the international press under the ISIS moniker, became a true center of power in the Middle East in the period 2014-2017. Its success came with a background of instability generated by the Arab Spring, but is also due to the support from actors such as Turkey or a part of the Gulf states, as well as an unnatural alliance between Sunni jihadists in Iraq and the secular army of the Baath regime, marginalized after the downfall of Saddam Hussein’s regime. More
COVID-19’s Distributions and Balances of Power
Who would have thought that precisely the most powerful countries on the planet, which invested the most in their health systems, registered the most cases of contamination with the new coronavirus? Well, an analysis by Professor Cezar Mereuță, Ph.D., reveals this apparently counterintuitive correlation. And it comes with a novel perspective: the pandemic plays the part of a parallel world, which seems to push the countries of the globe into an “odd” competition as if they would contest in “getting” as many contaminations as possible. More
The Fight for the US Supreme Court and Its Political Ramifications
Impartiality is crucial to any judicial system, even more so when constitutional and supreme courts have to adjudicate conflicts between different state authorities, political actors, or certify election results in democratic polities. This impartiality has long been under siege in the United States Supreme Court, which has evolved to reflect the increasing polarization of American politics. Senate confirmation hearings of would-be Associate or Chief Justices are now the highest battleground of the culture wars between liberals and conservatives. The 9 Justices have become familiar faces to many average Americans, some reaching an almost hero-status among their respective supporters (the late Antonin Scalia and Ruth Bader Ginsburg easily come to mind). The recent passing of Bader Ginsburg and the subsequent vacancy on the Supreme Court, coupled with what is shaping out to be an unusual Presidential election that may well end up in the courts, has led many to draw uncomfortable parallels to the Bush v Gore debacle. Will the Court weather the storm and come out of it unscathed, avoiding a loss of credibility and legitimacy? And if the Court is forced to take a decision regarding the election, what will the best course of action for the future of judicial integrity be? The answers to these questions depend, like many others, on the results of the November 3rd election. More
China’s Belated Spring Cleaning
Historically, Chinese reform has been a byproduct of constraint. As James Kynge wrote in his book “China Shakes the World”, the country’s initial openness towards capitalism did not stem from a well-orchestrated strategy, but as a means to combat high unemployment and a payments crisis brought about by excessive spending in an attempt to jumpstart China’s manufacturing industry. Funding for the $12 billion investment was expected to be generated through an ambitious project – drilling in search of oil deposits – yet results were meager at best. As a result, part of the expenditure was postponed, yet the money already spent left behind a significant deficit. More
Excess Democracy?
Liberal democracy is under fire. Crucially, and most dangerously, it is under fire from both sides of the political divide. The lead-up to the election of Trump and Britain’s vote to leave the EU captured one side of this, whilst the aftermath captured the other. It is difficult to add much to the discussion around the rise of populism. The literature on populist opposition to liberal democracy is extensive. The narrative generally goes that working-class disillusionment with the status quo created fertile ground for the Trumps and Farages of the world. Globalisation and inequality polarised society, and those who felt without a voice seized the opportunity to make themselves heard. Though this over-simplifies the issue by treating the “white working class” as one homogenous group and drawing a few too many parallels between the US election and the UK’s referendum, it generally holds that those who felt marginalised by the status quo sought alternatives. More
The Romanian National Cathedral: The Voice of a People Freed
The recent dedication of the Romanian National Cathedral has been seen by many as the symbol of modern Romania’s centennial celebration. Having been designated as a goal by the authorities over a century ago, Romanian historical figures have referenced it in terms which imbue it with a special symbolism for the newly unified and hopeful country and as a symbol for the unity sought over the ages. More
Gazprom as Policy Instrument
A consistent challenge in international relations is the calculus of national power. Publications such as Military Balance have long made calculations based primarily on military considerations such as the numbers of tracked vehicles, infantry units, aircraft, naval vessels and other tangible assets. More
Interstellar Rights
The exploration of space is now shifting the paradigm as recent innovations put in light incredible discoveries. The space economy is undoubtedly the most captivating industry of the future. As it develops, dependence on satellite-based services considerably increases. Everything from weather forecasting, navigation and positioning application, the synchronization of transactions, of databases and financial markets, to telecommunications, television, and disaster management depends on satellite-based capabilities. New products and market segments are rapidly being developed, such as smaller, more affordable satellites. The competition between companies (and states) grows as well, as new opportunities emerge, such as global broadband, space tourism, colonization of planets, and asteroid mining. More
Some Thoughts on COVID-19 Pandemic Shock
On the nature of COVID-19 pandemic shockWe think the COVID-19 pandemic shock “verifies” the following features:the shock is atypical: it has the particularity that it bypasses the standard “path” – that is, it does not affect the nominal flows of the economy (especially the financing or re-financing mechanisms) – but directly affects the real economy:
the reduction/limitation of economic activities involving human agglomerations (in order to avoid the spread of the SARS-CoV-2 virus) has led to a decrease in the labour factor in the production function, thus to a decrease in domestic supply; More
The Rise of Islam and American Policy in South Asia
The challenge of Empire to traditional constitutional order occurs when the first response to acts of terror increases the powers of the State. The Patriot Act and the attack on Iraq by the Bush Administration empowered a "war faction" in the American President’s Party and millennial fundamentalists who saw these acts in term of the “Last Days”. That places President Donald Trump in a position to increase his Imperial powers when confronting a rising Islam. Thus far, President Trump has chosen to withdraw American troops in Afghanistan and Syria. The real test is in relation to the Islamic regime in Iran. More
Toward Understanding the Balkan Economic Thought (I)
The notes that follow are a preliminary summary of our observations and studies in the field of Balkan economies and economic thinking as well as of scholars engaged in the subject of economic traditions in the Balkan region. The main characteristics of economic thinking in the Balkans set forth below must not be regarded as established definitively but rather as the first approximation towards the elucidation of the Balkan type of economic thought (BET). More
