New Pragmatism: Economics and Economic Policy for the Future

New Pragmatism: Economics and Economic Policy for the Future

  New pragmatism is an original, paradigmatic and heterodox theoretical concept within the field of economic science, which attempts to address current civilizational challenges and factors that will determine the future functioning of economic systems. It strives to advance economic theory in a direction that allows a more in-depth and accurate cognition of the economic […]

Crises and Coordination

Crises and Coordination

photo: Neil Cummings Policy coordination often receives the same type of response as St. Augustine gave chastity: “Lord, grant me chastity and continence, but not yet.” A new volume from the IMF, edited by Atish R. Ghosh and Mahvash S. Qureshi, includes the papers from a 2015 symposium devoted to this subject. Policymakers in an open economy who […]

India, China face trade choices

India, China face trade choices

photo: Dirk Dallas In the coming years, China and India must decide whether their bilateral ties will be based on economic cooperation, political facilitation and strategic trust – or economic walls, political barriers and strategic containment. In early October, militants attacked an Indian army camp in Indian-administered Kashmir, killing a soldier. In this contested region, the […]

Italy: Can Reforms Lift Growth Prospects?

Italy: Can Reforms Lift Growth Prospects?

Key takeaway – The Italian economy is large, relatively diversified and sturdy. Historically, growth has been driven by external factors (e.g.: the “economic miracle” after World War II) or political efforts (e.g.: competitive devaluations and fiscal spending between the 1970s and the 1990s). For decades, innovation and international competitiveness lagged most peers. After joining the […]

Russia And Saudi Arabia Playing A Risky Game Ahead Of OPEC’s Meeting

Russia And Saudi Arabia Playing A Risky Game Ahead Of OPEC’s Meeting

Having suffered massive oil revenue shortages and budget deficits since the oil price collapse in 2014, Russia and Saudi Arabia have now agreed to cooperate on stabilizing the oil market. What this “cooperation” will actually mean – freezing production levels, cutting them, ramping them up or keeping the status quo, remains to be seen. The […]

Time for Bold Economic Moves and Tough Security in Nigeria

Time for Bold Economic Moves and Tough Security in Nigeria

  photo: Global Panorama As Nigeria’s economy is contracting, domestic and global headwinds ensure that downside risks will escalate. Without aggressive economic moves and harsh security measures, the economy could face a disastrous free fall. In 2015, government deficit soared to almost 4 percent of GDP and exports fell 40 percent, which led to a current […]

The Market for Climate Resilience: Hidden in Plain Sight?

The Market for Climate Resilience: Hidden in Plain Sight?

Households, businesses, and communities everywhere are vulnerable to a growing array of risks related to climate change. These risks arise as a result of climate variability, caused primarily by the long-term emission of greenhouse gases, including carbon dioxide. Climate risks are manifold: floods, drought, extreme winds, heat waves, sea level rise, invasive pests, and wildfires, […]

Ensuring Water Access in the Face of Climate Change

Ensuring Water Access in the Face of Climate Change

Actors across a watershed often have very different needs, with upstream landowners trying to exploit natural resources, such as forests and grasslands, without necessarily taking into account how their actions might impact downstream water users. Incentive-based conservation mechanisms, such as Reciprocal Watershed Agreements (RWAs) or Payment for Environmental Services (PES), attempt to align incentives across […]

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