Editor’s note: This is the second of a two-part series on the unlikelihood of a Chinese contribution to a financial bailout of Europe. Part I examined the domestic obstacles to a Chinese contribution. Part II examines the European obstacles to a Chinese contribution. SHANGHAI — Due to multiple ideological and practical obstacles, major Chinese participation in any European rescue plan would require significant material concessions from European leaders to gain any traction among Chinese policymakers and citizens. So far, proposed concessions have been largely symbolic, such as promises to recognize China’s market economy status. Moreover, China prefers to deal either […]

Global Insider: Vietnam-Philippines Relations

Philippine President Benigno Aquino and Vietnamese President Truong Tan Sang signed an agreement last month to allow the two countries’ navies and coast guards to better monitor foreign incursions in the waters around the disputed Spratly Islands. In an email interview, Carlyle A. Thayer, an emeritus professor at the University of New South Wales at the Australian Defense Force Academy, discussed Vietnam-Philippines relations. WPR: What is the recent trajectory of Vietnam-Philippines diplomatic and trade relations? Carlyle A. Thayer: Vietnam and the Philippines were on opposing sides during the Vietnam War. They exchanged diplomatic relations in July 1976, but political and […]

During a time of turmoil in many of the world’s regions, one corner of the globe is receiving little attention — a sign that things are going rather well there despite the audible commotion elsewhere. South America, a continent that for decades made unwelcome news, has settled into a steady, if not exactly sedate pace of progress. To be sure, the Southern Cone is not free of problems — far from it. But compared to the atmosphere of crisis stalking the developed West, or the political upheaval battering the Middle East, it looks downright placid and, dare we say, promisingly […]

Editor’s note: This is the first of a two-part series on the unlikelihood of a Chinese contribution to a financial bailout of Europe. Part I examines the domestic obstacles to a Chinese contribution. Part II will examine the European obstacles to a Chinese contribution. SHANGHAI — Recent optimism regarding possible Chinese involvement in addressing the European debt crisis is misplaced given China’s domestic political and economic conditions, resistance within the European Union itself and the growing international perception that Europe’s leaders simply do not have the capacity to design a sustainable solution for the continent’s economic woes. The disappointing outcome […]

South Korean President Lee Myung-bak arrived for a state visit to Washington in October in time to celebrate the passage by the U.S. Congress of the U.S.-South Korea Free Trade Agreement with U.S. President Barack Obama. But back home in South Korea, the bill continues to face spirited opposition, with the current debate revealing potential cracks lurking beneath apparently healthy U.S.-South Korea relations. In fact, due to political changes in South Korea, the friction over the FTA could be just the first sign of deteriorating relations between the two countries. South Korean opposition parties have come together to vigorously oppose […]

IMF: Dangerous Phase for World Economy

The International Monetary Fund’s Christine Lagarde says the global economy is in a dangerous and uncertain phase, and that it is up to most developed economies to shoulder the burden of restoring growth and confidence.

To many observers, with its agonizing lurch toward default accompanied by crippling street protests, Greece in 2011 begs comparison to Argentina in 2001. Facing insolvency and 20 percent unemployment a decade ago, Argentina has mounted a strong recovery since defaulting on its international loans, leading some to think it can offer lessons for Greece’s turnaround. The comparison is misleading, however, for a variety of reasons. More importantly, prescribing policy based on Argentina’s recovery would be disastrous for Greece. Argentina’s economy rebounded from its 2001 collapse primarily thanks to demand for goods that were devalued by 70 percent when Argentina was […]

In the wake of last week’s G-20 Summit in Cannes, France, a number of commentators have weighed in on the U.S. response — or lack thereof — to Europe’s ongoing financial crisis. Most notably, articles in the New York Times and the Los Angeles Times suggested that the lack of a U.S. contribution to Europe’s bailout fund is a clear sign of American decline. As further support for the “decline narrative,” both trot out examples from the 1990s, when the U.S. led the way in bailing out Mexico and East Asian countries as financial crises gripped their economies. Yet, on […]

“Onslaught” of Cyber Espionage From China and Russia

A report to U.S. Congress says cyber espionage from China and Russia is happening on a massive scale. The report comes in response to growing complaints from the business community that their networks are coming under regular attack.

Greek Wait for New Leader Continues

As Greece teeters on the edge of bankruptcy without a state leader, citizens are living in a vacuum of political posturing. The European Union is turning the screw and from the White House a veiled warning for the country to, “move as quickly as possible to fulfil its commitments.”

Power is the ability to affect others to obtain preferred outcomes, and that can be done through coercion and payment or attraction and persuasion. Generally, people associate coercion with military power resources, but that is too reductive. After all, economic power resources can also be used for coercion. Even in terms of what is considered “normal” economic behavior, the boundaries are not always so clear. As Thomas Schelling has argued, “The difference between a threat and a promise, between coercion and compensation, sometimes depends on where the baseline is located.” After all, once compensation becomes an expectation, withholding it for […]

For the past eight months, Western nations at the United Nations Security Council have unsuccessfully sought to impose sanctions on the government of Syrian President Bashar al-Assad for its violent repression of a pro-reform revolt across the country. The effort follows their success last February in getting the council to impose muscular penalties on the now-defunct government of former Libyan leader Moammar Gadhafi. Meanwhile, U.N. sanctions are currently in place against North Korea and Iran as a response to these countries’ violations of international nonproliferation obligations. Despite the diverging motivations behind each of these efforts to penalize the targeted countries, […]

No credible international affairs specialist would contend that the 2012 presidential election will hinge on U.S. foreign policy, given the state of the U.S. economy and the widespread social anger that one sees bubbling up across the country. What’s more, Americans — if not Beltway partisan pundits — have achieved a certain sense of consensus on foreign policy under President Barack Obama, whose leadership has displayed a palpable “give them what they want” dynamic that reflects his desire to keep overseas issues on the back burner while he focuses on domestic ones. That last part should not be mistaken for […]

Who Will Take the Reins in Greece?

The leaders of Greece’s two biggest parties are due to resume talks to agree on who should be the country’s new prime minister, after reaching a historic power-sharing deal to push through a massive financial rescue deal to prevent imminent bankruptcy.

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