Economics Commons^™

Escaping The Snowstorm: Legal Rights And Economics In The Developing World, Zane Tolchinsky

CMC Senior Theses

In this thesis, I seek to provide a framework for developing nations making policy-decisions about legal rights, as in the realm of Rawlsian ideal theory, prescriptions for governments not living in conditions of moderate scarcity is lacking. I first springboard off Stephen Holmes and Cass R. Sunstein’s conclusion that “all legal rights are positive,” from their book, The Cost of Rights, to argue for the value of considering the economic implications of rights protections. I then propose that Holmes and Sunstein’s conclusion means that we can think of legal rights as goods to be purchased by governments. Next, I …

The Road To Human Emancipation - The Moral And Political Foundations Of Markets, William Shi

CMC Senior Theses

The thesis aims to provide both a real public ideology and the legal and socioeconomic structures to realize Karl Marx’s ideal of human emancipation. Marx argues that in capitalist society, the legal and political superstructure forces the ruling class to represent its interest as the public interest, which legitimizes the massive inequality in resources and social power. To demonstrate how to realize the substantive public interest, the two parts of the thesis have two goals. The first part aims to formulate a rightful candidate to the public ideology of human emancipation, which represents the substantive public interest rather than the …

Healthy And Unhealthy Responses To American Democratic Institutional Failure, Thomas D'Anieri

CMC Senior Theses

I have set out on the hunch that politics in America “feels different,” that we are frustrated both with our institutions as well as with one another. First, I will seek to empirically verify this claim beyond mere “feelings.” If it can be shown that these kinds of discontent genuinely exist to the extent that I believe they do, I will then explain why people feel this way and why things are different this time from the economic, political, and social points of view. Next, I will examine two potential responses, what I will call the populist and the institutional …

Policies And Politics Of Reform : The Governmentality Of Structural Adjustment In Urban And Rural Egypt, Gabriel Gluskin-Braun

CMC Senior Theses

This analysis explores the unique and tumultuous approach to reform in Egypt and addresses

the effects of the implementation of neoliberal policy tools. These tools included privatization, price

liberalization, deregulation, and land reform in both urban and rural areas. Based on these effects, this

analysis will argue that the benefits accrued by the political-economic elite created opportunities for

new patronage networks that upheld elite economic privilege through the process of liberalization

while a wide swath of Egyptians suffered the loss of limited privileges and protections from the state

established by Nasr and upheld by his successors. Consequently, the socialist-statist ‘social …

The Political Economy Of State Minimum Wage Laws And Legislator Voting Behavior, Sophia Helland

CMC Senior Theses

The Median Voter Theorem is a key concept in political economy, one that has been tested numerous times in the literature. However, it remains unclear the extent to which legislators respond to the needs of their district on a bill-by-bill basis. This paper seeks to understand the role of ideology and of local economic pressures that a state legislator faces when deciding how to vote on minimum wage legislation. Although some papers have examined legislator voting behavior on specific issues, this paper uses state legislatures and minimum wage bills to innovate on this existing literature in two key ways. First, …

Buying Influence? An Analysis Of The Political And Economic Impacts Of Chinese Foreign Direct Investment In The European Union, Ethan Kable

CMC Senior Theses

This thesis analyzes the economic and political impacts of the recent influx of Chinese outward foreign direct investment (OFDI) into the European Union (EU). I consider the ways in which EU perceptions of Chinese OFDI have evolved over the course of the past decade as well as what attempts the EU has made at an institutional level to address challenges posed by Chinese investment. I contend that despite institutional efforts to respond to these perceived challenges – namely losing a technological edge, security concerns, and unreciprocated market access – Chinese OFDI in the EU has had a divisive effect. Not …

Community Development Financial Institutions (Cdfis): An Analysis Within The Political And Economic Context Of Neoliberalism, Tracie Victoria Wynand

Cal Poly Humboldt theses and projects

This thesis explores Community Development Financial Institutions (CDFIs) business models by examining the organizational structures, procedural operations, services, and geography. It aims to understand its overall behavior as a financial institution providing low-income communities financial services and ultimately the role it plays within the neoliberal context. The research identifies that CDFIs ultimately hold a mission that promotes economic prosperity from within the neoliberal project by expanding free-market capitalist beliefs and practices when servicing low-income communities. Additionally, the findings suggest that CDFIs take on the role of the neoliberal state by operating in tandem with the Nonprofit Industrial Complex (NPIC), which …

Three Essays In Public Economics, Perry Ferrell

Graduate Theses, Dissertations, and Problem Reports (ETD)

This dissertation investigates policy-relevant topics in public economics and law and economics. The first chapter applies the transitional gains trap to legal land title enfranchisement in developing countries. The second chapter examines the role of US Forest Service avalanche forecasting operations in preventing human-involved backcountry avalanche accidents. The final chapter explores what extent local newspaper coverage has on traffic stop behavior by local law enforcement. In the first chapter “Titles For Me But Not For Thee: Transitional Gains Trap of Property Rights Extension in Colombia” I apply Tullock’s “transitional gains trap” to the formalization of property titles in Latin America …

Essays On The Political Economy Of Governance, Yang Zhou

Graduate Theses, Dissertations, and Problem Reports (ETD)

This dissertation studies the governance structure and its economic impacts in the Chinese context. Specifically, I use a public choice framework to analyze how institutions influence economic and political activities of both public officials and private sectors. Chapter 1 employs the synthetic control method to investigate the effects of institutions to regional economic development. Chongqing Municipality, a province-level region in China, had a unique leader from late 2007 to early 2012 who conducted red ideology movements and legal intervention. The empirical results reveal that although the economic policies promoted the Chongqing economy, the Maoist political policies partially undermined its economic …

The State And War On Poverty: British Welfare Development And Its Legacies For Malawi, 1930s-1983, Gift Wasambo Kayira

Graduate Theses, Dissertations, and Problem Reports (ETD)

This dissertation documents the struggles and dilemmas that the Malawian state endured as it attempted to achieve its developmental goals from the 1930s to 1983. It contributes to histories of development by focusing on the interventions both the colonial and postcolonial states made to improve the living standards of African rural communities, the ideas which shaped state programs, and the behavior of the state which such interventions reveal. Scholars typically argue that state policy in Malawi was necessarily destructive and limited the economic progress of the local communities. The state deliberately pursued land, market, and other agricultural policies that constrained …

Travel To Cuba: A Case Study Of Media Branding In A Politicized Context, Yaneisis Infante

Student Theses and Dissertations

The purpose of this research is to detail a case study of U.S. tourism to Cuba in a politicized context; specifically, to compare and contrast the Obama and Trump administrations. This study seeks to examine how the Cuban “brand” and the island’s overall tourism strategy is formulated, circulated, shaped and reshaped by various actors and the public in the changing context of the newly antagonistic bilateral U.S.-Cuba political relationship. The research questions explore issues of how diplomatic relations impact Cuban tourism and advertising messaging. This paper also discusses the changes in the U.S. news media coverage of Cuba as a …

Analyzing The Necessity And Feasibility Of The Freedom Dividend, Patrick Hodson

Theses/Capstones/Creative Projects

Job displacement stemming from automation has already taken away millions of jobs in the United States. Andrew Yang fears that future advancements could replace further jobs and exacerbate the wealth inequality already prevalent in our country. This has motivated his plan for change, the Freedom Dividend. This paper was designed to begin with an analysis of the motives for Yang’s plan. It then goes on to cover the details of his plan and assess the economic and administrative feasibility. The paper is concluded by looking at the potential outcomes of the plan and identifying major problem areas that need to …

Contrasting And Synthesizing Perspectives On Late Stage Capitalism And The French Revolution, Alyssa Allen

Jessie O'Kelly Freshman Essay Award

The modern-day American wealth inequality epidemic coupled with the effective silencing of the masses through superdelegates and the Electoral College fosters conditions akin to Pre-Revolutionary France with the bourgeoisie being oppressed through wealth inequality and the Estate System.

Identity And The Self-Reinforcing Effects Of Norm Compliance, Mark A. Pickup, Erik O. Kimbrough, Eline A. Rooij

Economics Faculty Articles and Research

When making political and economic decisions (e.g., voting, donating money to a cause), individuals consider the expectations of groups with which they identify. These expectations are injunctive norms, shared beliefs about appropriate behavior for identity group members, and individuals' choices reflect trade‐offs between adherence to these norms and other preferences. We show that when those who identify moderately/strongly with the group pay a cost as a consequence of avoiding a norm violation, they subsequently view the norms as stronger than those that paid no cost. This is evident in their greater willingness to pay an additional cost to punish/reward other …

Morocco’S Makhzen And The Challenge Of National Development, Zakaria Fatih

Journal of Global Initiatives: Policy, Pedagogy, Perspective

This article explores the question of national development in Morocco considering the institution of the makhzen. It asserts that to adequately assess Morocco’s national development as a post-colonial country, it is necessary to rely on an economic model based in politics rather than in theories exclusively informed by classical and neoclassical economics. Among the key economists called upon to investigate the validity of politics in discussions of national development and income inequality are the following: Simon Kuznets, Thomas Piketty, W. A. Lewis, and the duo Daron Acemoglu and James A. Robinson, all of whom continue a long tradition of economic …

European Banking Union D: Cross-Border Resolution—Dexia Group, Rosalind Z. Wiggins, Natalia Tente, Andrew Metrick

Journal of Financial Crises

In September 2008, Dexia Group, SA, the world’s largest provider of public finance, experienced a sudden liquidity crisis. In response, the governments of Belgium, France, and Luxembourg provided the company a capital infusion and credit support. In February 2010, the company adopted a European Union (EU)-approved restructuring plan that required it to scale back its businesses and cease proprietary trading. In June 2011, Dexia withdrew from the government-sponsored credit support program before its expiration date, and in July, the company announced that it had passed an EU stress test. However, just three months later, Dexia wrote down its substantial position …

European Banking Union C: Cross-Border Resolution–Fortis Group, Rosalind Z. Wiggins, Natalia Tente, Andrew Metrick

Journal of Financial Crises

In August 2007, Fortis Group, Belgium’s largest bank, acquired the Dutch operations of ABN AMRO, becoming the fifth largest bank in Europe. Despite its size and its significant operations in the Benelux countries, Fortis struggled to integrate ABN AMRO. Fortis’s situation worsened with the crash of the US subprime market, which impacted its subprime mortgage portfolio. By July 2008, Fortis’s CEO had stepped down, its stock had lost 70% of its value, and it was on the verge of collapse due to a severe liquidity crisis. The governments of Belgium, Luxembourg, and the Netherlands quickly came together and agreed to …

European Banking Union B: The Single Resolution Mechanism, Rosalind Z. Wiggins, Michael Wedow, Andrew Metrick

Journal of Financial Crises

The options available to European governments to respond to a multinational bank in financial trouble have been severely limited since each country has its own unique laws and authority applicable to banks operating within its borders. The Bank Recovery & Resolution Directive (BRRD), which was adopted in 2013 and scheduled to go into effect January 2015, harmonizes rules across EU countries for how to restructure and resolve failing banks. However, the directive would maintain the existing system of individual national resolution authorities and resolution funds. To better secure the Eurozone banks and to compliment the Single Supervisory Mechanism, which was …

European Banking Union A: The Single Supervisory Mechanism, Rosalind Z. Wiggins, Michael Wedow, Andrew Metrick

Journal of Financial Crises

At the peak of the Global Financial Crisis in fall 2008, each of the 27 member states in the European Union (EU) set many of its own banking rules and had its own bank regulators and supervisors. The crisis made the shortcomings of this decentralized approach obvious, and since its formation in January 2011, the European Banking Authority (EBA) has been developing a “Single Rulebook” that will harmonize banking rules across the EU countries. In June 2012, European leaders went even further, committing to a banking union that would better coordinate supervision of banks in the then 18-country Eurozone. A …

European Central Bank Tools And Policy Actions B: Asset Purchase Programs, Chase P. Ross, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

Beginning in August 2007, the European Central Bank (ECB) used standard and non-standard monetary policies as the global financial markets progressed from initial turmoil to a widespread sovereign debt crisis. This case describes the key features of the ECB’s asset purchase programs throughout the Global Financial Crisis and subsequent European sovereign debt crisis. These programs include the Covered Bond Purchase Programs (CBPP1, CBPP2, CBPP3), Securities Markets Program (SMP), Outright Monetary Transactions (OMT), Asset-backed Securities Purchase Program (ABSPP) and the Public Sector Purchase Program (PSPP).

In combating the crises, the ECB designed various innovative programs which it successively employed as the …

European Central Bank Tools And Policy Actions A: Open Market Operations, Collateral Expansion And Standing Facilities, Chase P. Ross, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

Beginning in August 2007, the European Central Bank (ECB) responded to market turmoil with a variety of standard and non-standard monetary policy tools. This case discusses the operational framework of the ECB’s open market operation tools and standing facilities before and during the financial crisis. Specifically, this case describes the ECB’s use of its main refinancing and longer-term refinancing operations, the expansion of collateral eligible for use in Eurosystem credit operations, and the ECB’s standing facilities, including its marginal lending and deposit facilities.

Ireland And Iceland In Crisis D: Similarities And Differences, Arwin G. Zeissler, Daisuke Ikeda, Andrew Metrick

Journal of Financial Crises

On September 29, 2008—two weeks after the collapse of Lehman Brothers—the government of Ireland took the bold step of guaranteeing almost all liabilities of the country’s major banks. The total amount guaranteed by the government was more than double Ireland’s gross domestic product, but none of the banks were immediately nationalized. The Icelandic banking system also collapsed in 2008, just one week after the Irish government issued its comprehensive guarantee. In contrast to the Irish response, the Icelandic government did not guarantee all bank debt. Instead, the Icelandic government controversially split each of the three major banks into a new …

Ireland And Iceland In Crisis C: Iceland’S Landsbanki Icesave, Arwin G. Zeissler, Thomas Piontek, Andrew Metrick

Journal of Financial Crises

At year-end 2005, almost all of the total assets of Iceland’s banking system were concentrated in just three banks (Glitnir, Kaupthing, and Landsbanki). These banks were criticized by certain financial analysts in early 2006 for being overly dependent on wholesale funding, much of it short-term, that could easily disappear if creditors’ confidence in these banks faltered for any reason. Landsbanki, followed later by Kaupthing and then Glitnir, responded to this criticism and replaced part of their wholesale funding by using online accounts to gather deposits from individuals across Europe. In Landsbanki’s case, these new deposits were marketed under the name …

Ireland And Iceland In Crisis A: Increasing Risk In Ireland, Arwin G. Zeissler, Karen Braun-Munzinger, Andrew Metrick

Journal of Financial Crises

Ireland went from being the poorest member of the European Economic Community in 1973 to enjoying the second highest per-capita income among European countries by 2007. Healthy growth in the 1990s eventually gave way to a concentrated boom in property-related lending in the 2000s. The growth in the aggregate loan balances of Ireland’s six major banks greatly exceeded the growth in gross domestic product (GDP); as a result, bank loan balances grew from 1.1 times GDP in 2000 to over 2.0 times GDP by 2007. Given the small size of the domestic retail depositor base, the Irish banks increasingly funded …

Mutant Neoliberalism: Market Rule And Political Rupture [Table Of Contents], William Callison, Zachary Manfredi

Sociology

Tales of neoliberalism’s death are serially overstated. Following the financial crisis of 2008, neoliberalism was proclaimed a “zombie,” a disgraced ideology that staggered on like an undead monster. After the political ruptures of 2016, commentators were quick to announce “the end” of neoliberalism yet again, pointing to both the global rise of far-right forces and the reinvigoration of democratic socialist politics. But do new political forces sound neoliberalism’s death knell or will they instead catalyze new mutations in its dynamic development?

Mutant Neoliberalism brings together leading scholars of neoliberalism—political theorists, historians, philosophers, anthropologists and sociologists—to rethink transformations in market rule …

Behind Quality, There Is Equality: An Analysis Of Scientific Capital Accumulation In Social-Democratic Welfare Regimes, Olivier Bégin-Caouette

Comparative and International Education / Éducation Comparée et Internationale

ABSTRACT

Trade-offs between quality and equality are at the forefront of multiple debates in higher education, and one conceptual tool to approach societies’ adjustment in resolving these trade-offs is the welfare regime typology. Relying on the theory of academic capitalism and using research production as a proxy for quality in higher education, this study analyses how social-democratic welfare regimes resolve the trade-off between comparatively high levels of academic research production, access to higher education and equal citizens’ living conditions. Interviews with 56 system actors suggest that equality is perceived to contribute to academic freedom, public investments in research and the …

Perpetual Affordability Covenants: Can These Land Use Tools Solve The Affordable Housing Crisis?, Elizabeth Elia

Faculty Scholarship

Approximately 3.8 million privately-owned residential housing units in America today contain affordability covenants recorded in their chains of title. State and local agencies and the District of Columbia use these covenants to ensure that publicly-subsidized properties are actually used to provide affordable housing. With rents at all-time highs and stagnant wages, the affordable housing crisis has reached a fever pitch. House Democrats are proposing billions more in housing subsidy. To the extent those funds subsidize privately-owned housing development they, too, will be secured by affordability covenants. In response to this crisis, a new trend in high cost markets is to …

The Shifting Dynamics Of International Reserve Currencies, Robert J. Righi

Undergraduate Economic Review

With the recognition by the IMF of the Chinese renminbi as an international reserve currency in 2015, it is important to understand the modern influence of reserve currencies. We use currency exchange rate data and apply modified workhorse regression models to assign each country’s gross domestic product at purchasing power parity to a reserve currency bloc in order to obtain a global sphere of influence for each reserve currency. We find that the United States retains its dominance but faces challenges from the renminbi and the euro in recent years as the international monetary system becomes tri-polar.

Exiting The Fragility Trap : Rethinking Our Approach To The World’S Most Fragile States, David Carment, Yiagadeesen Samy

Ohio University Press Open Access Books

State fragility is a much-debated yet underinvestigated concept in the development and international security worlds. Based on years of research as part of the Country Indicators for Foreign Policy project at Carleton University, Exiting the Fragility Trap marks a major step toward remedying the lack of research into the so-called fragility trap. In examining the nature and dynamics of state transitions in fragile contexts, with a special emphasis on states that are trapped in fragility, David Carment and Yiagadeesen Samy ask three questions: Why do some states remain stuck in a fragility trap? What lessons can we learn from those …

Community Forest In Liberia: The Interface Between Sustainable Charcoal Production And Deforestation, Amavie Clement

Capstone Collection

The available data establishes a direct correlation between charcoal production and forest degradation and deforestation in Liberia. Charcoal is the primary energy source for Liberians, especially in urban areas where the bulk of the population lives. It is expected to be the mainstay energy source for years to come because it is affordable, accessible, and convenient to use compared to other forms of energy (i.e. electricity and petroleum gas). However, the current model of charcoal production, based on indiscriminate felling of trees, poses a danger to the environment as it results in widespread forest degradation and deforestation. Therefore, any successful …