REFERENCE UPDATE

Reference Update Apr/May 2008

ECONOMIC SECURITY AND TRADE

1. The Coming Financial Pandemic
Nouriel Roubini. Foreign Policy, March/April 2008, 5 pages.
The recent financial crisis in the U.S. has raised many questions.  Will a weak dollar make matters worse?  Will housing bubbles burst worldwide?  Will financial confidence falter?  Since the United States is such a huge part of the global economy, there is real reason to worry that an American financial crisis could mark the beginning of a global economic recession.  The author examines the effect of U.S. economic slowdown to other countries.

2. How Bad is Bad?
John Maggs. National Journal, February 23, 2008, 7 pages.
According to economist Martin Feldstein, current problems in the housing and credit markets pose the threat of a deeper and longer recession than those in the past.  The perception that a recession is under way has a huge impact on government, business and consumers.  The article discusses the impact of recent recessions in the U.S. and looks at how to prevent a recession as deep and punishing as the one in 1981-82.

3. Growth Dynamics: The Myth of Economic Recovery
Valerie Cerra and Sweta Chaman Saxena. The American Economic Review, March 2008, 19 pages.
Although researchers have documented the link between financial crises and severe recessions, very little attention has been paid to whether countries fully recover from such large negative shocks, particularly where output is concerned.  The paper analyzes the impact and the behavior of output following financial and political crises in a large set of 190 countries, particularly whether output losses are recovered.  The economic impact of deterioration in a country’s political governance or institutional quality is also examined.

4. Is the Gold Standard Still the Gold Standard among Monetary Systems?
Lawrence H. White. CATO Institute Briefing Paper #100, February 8, 2008, 8 pages.
The gold standard is not a flawless monetary system, but neither is the fiat money alternative.  However, in light of historical evidence about the comparative magnitude of these flaws, the gold standard is a policy option that deserves serious consideration.  Historical comparison shows that the gold standard has provided more moderate and steadier money growth in practice than the present-day alternative, politically empowering a central banking committee to determine growth in the stock of fiat money.  In this study, the leading criticisms of the gold standard are addressed.

5. Black is the New Green
Flynt Leverett. The National Interest, January/February 2008, 9 pages.
The author posits that the expansion of economic linkages between Asian manufacturers and energy exporters in the Middle East and Russia is adding important monetary and financial dimensions to the axis of oil, strengthening its capacity to act as a counterweight to the United States. The article discusses changes in international energy and global financial markets, combined with a declining U.S. dollar and U.S. dependence on foreign oil, that make the U.S. vulnerable to pressure from major energy exporters.

6. Global Risks 2008: A Global Risk Network Report
World Economic Forum. January 2008, 54 pages.
Over the last year, a series of risk issues – from the liquidity crisis in the financial markets to the emerging concerns over the long-term security of food supply – have focused global attention on the fragility of the global system. This report examines global risks from a range of different perspectives and also the role of financial markets as tools of risk transfer and risk mitigation for an increasingly broad range of global risks.

REGIONAL SECURITY

7. Using American Power Smartly: Advice to the Next U.S. President
Joseph S. Nye. Issues & Insights, February 2008, 21 pages.
A successful foreign policy vision is one that combines inspiration with feasibility.  However, it is not clear that the U.S. has got that combination right.  The author argues that a key skill for the next president -- whether it will be a Democrat or a Republican --will be contextual intelligence, or rather, an ability to understand the current context of American foreign policy and where America stands in the world.   The author opines that the next president should learn from past lessons and exercise smart power -- a combination of American soft and hard policies. 

8. What Should the World Expect from America after Bush?
Thomas Carothers and Robert Kagan. Carnegie Endowment, March 04, 2008, 24 pages.
With a new occupant coming to the White House in January 2009, expectations are running high across the world for a major shift in U.S. foreign policy and a renewal of the transatlantic partnership.  But how much change is likely?  On what foreign policy choices can a politically divided America agree and what significant divergences will remain?   The authors discuss what post-Bush U.S. foreign policy will likely mean for the world and where the presidential candidates differ with regard to their policies on the Middle East, climate change, trade, the war on terror, and the U.S. role in the world.

9. Trouble Ahead for the Next U.S. President
Strobe Talbott. Financial Times Magazine, January 4, 2008, 5 pages.
Upon taking the oath of office on January 20, 2009, the next President of the United States will be assuming responsibility for the most difficult, dangerous and complex set of foreign policy challenges ever to face a newcomer to the White House. The author examines the challenges, all of which are President George W. Bush’s legacies, and advises on how to tackle them.

10. Three Years and You're Out
Steven Metz. The National Interest, January/February 2008, 4 pages.
The article discusses the changing nature of insurgency and counterinsurgency in the 21st century and looks at how U.S. policy should adapt in response. The political, social, and cultural underpinnings of modern insurgencies are discussed, along with their composition and funding sources.

GLOBAL ISSUES AND ENVIRONMENT

11. The Growing Food Cost Crisis
Kent Garber. U.S. News & World Report, March 17, 2008, 2 pages.
According to the article, the combination of high food prices and social unrest is bound to stir up edgy memories of the early 1970s, when food prices were being pushed up by high energy costs and decreased supplies.  The current wave of food troubles is the most significant since then, and arguably more troublesome too.  The article examines the sharp rise in the cost of food, how it is hurting the poor, and how it has become the cause of violence and political instability around the world.

12. Trends Shaping Tomorrow's World: Forecasts and Implications for Business, Government, and Consumers (Part One)
Marvin J. Cetron and Owen Davies. The Futurist, March/April 2008, 18 pages.
The article presents information about the Forecasting International's (FI) periodic trend report that features the economics and society, values, concerns and lifestyles, and environment in the world. The report aims to anticipate specific developments in fields ranging from terrorist studies to the future of commercial laundries.

MEDIA, COMMUNICATIONS AND INFORMATION TECHNOLOGY

13. Out of Print
Eric Alterman. The New Yorker, March 31, 2008, 11 pages.
As the evidence of diminishment in economic vitality, editorial quality, depth, personnel, and the over-all number of papers is everywhere, few believe that newspapers in their current printed form will survive.  Newspaper companies are losing advertisers, readers, and market value.  The article discusses the life and death of the American newspaper and the influence of the internet and technology on printed media. 

14. The 51st State: The State of Online
Laura Gordon-Murnane. Searcher, February 2008, 11 pages.
What do you want to know about congressional representatives or senators?  Can you find biographical background, information on credentials, or professional experience and expertise for the candidates?  What positions do candidates take on the issues?  The article highlights different resources and tools that information professionals can use in order to make informed decisions on the 2008 presidential and congressional elections in the United States. 

15. In Your Facebook
Kelly Wilson. American Journalism Review, February/March 2008, 2 pages.
Social websites provide a way for people around the world to interact as they never could before.  Journalists use them as means to contact others for ideas and support on tough assignments or connect with editors for advice and job opportunities.  The author surveys the views of various journalists to understand why more and more journalists are signing up for Facebook, a popular online social networking site.

16. To Blog or Not to Blog: That is not the Question
Kathy Cassidy. Connect, March/April 2008, 3 pages.
With the plethora of online tools available, primary students need to be taught -- in a safe and controlled environment -- what constitutes appropriate behavior on the Internet.  The author discusses the use of blogs as a tool for learning and examines why blogging is an excellent way for children to connect and share their thoughts with the entire world.

17. The Wired Bunch: Ranking the E-Candidates
Michael Baumann. Information Today, February 2008, 4 pages.
While politicians once were removed from the unwashed masses, waving from the back of moving trains along the campaign trail, the Internet has made the electoral process more intimate. Now, a few clicks can tell you that Rudy Giuliani, Barack Obama, and Mike Huckabee share a love for The Godfather film, as well as the desire to assume the presidency. The article rates the 13 remaining major party candidates on how well they are using the web to campaign and how each of them might affect the Internet from the White House.

18. Use and Users of Digital Resources
Diane Harley. Educause Quarterly, Number 4, 2007, 9 pages.
The author states that it is generally agreed that humanists and social scientists will depend on complex media tools to realize the full potential of digital resources in their teaching and research, but this shift has not yet been fully realized. She explores scholars’ attitudes about educational technology environments in the humanities. The article draws on an in-depth study of humanities and social science (H/SS) faculty and their attitudes about use and nonuse of digital resources in teaching undergraduates.

U.S. SOCIETY AND CULTURE

19. Learning from the World: Achieving More by Doing Less
Lawrence Baines. The Education Digest, January 2008, 4 pages.
Throughout the United States, initiatives are being launched to extend the school day, increase homework, integrate technology, and add more high-stakes testing to today’s curriculum.  However, many countries around the world are employing radically different approaches by doing less.  The article focuses on the educational differences between the United States and other countries in terms of school day length, homework load, educational technology, and schools and social change.  Information about the cross-cultural differences in education systems and statistical information about the variances in test scores are provided.

20. Democracy and Education: Empowering Students to Make Sense of Their World
William H Garrison. Phi Delta Kappan, January 2008. 2 pages.
It is a fundamental belief under American system of governance that education is necessary for democracy.  Looking closely at the relationship between democracy and education reveals a common foundation in a learning mechanism that is as important for classroom practice as it is for a democratic society.  Less recognized is the equally important principle that democracy is necessary for education.  The author discusses the importance of a democratic approach to public education in the United States. 

21. Moving On
Christopher Clausen. The Wilson Quarterly, Winter 2008, 5 pages.
The article presents a reflection on the American desire for mobility with regard to housing in light of the subprime mortgage crisis of 2007, focusing on the American national characteristic and ability to relocate to a new city or town.  The westward movement in the 19th century is also highlighted as a defining national experience.

22. Conclusion: National Identity and Visual Culture in America
David M. Sokol. The Journal of American Culture, March 2008, 4 pages.
The concept of a U.S. national identity can be seen in the nation’s visual culture.  The author highlights some printed words and images, posters, broadsides, fine arts and popular arts that reflect the history and social conditions in the country from the American revolution to the present time.

23. 5 ‘Truths’ about Women Voters
Melinda Henneberger. Politics (Campaigns & Elections), January 2008, 4 pages.
Women may like the idea of a female president, but that does not mean support for a female candidate is a given. This article presents facts about women voters in the United States, based on a study of women across all ages, races, tax brackets and points of view in various states.

24. Separation Anxiety
Kirk Victor. National Journal, February 9, 2008, 7 pages.
This article examines the challenges Republican senators face in their 2008 congressional re-election bids. In 2002, at the height of President Bush’s popularity, Republican senators ran as strong Bush allies. Since then, the president’s approval rating has dropped and their states have favored Democrats in recent elections. The author examines the current state of their races and identifies strategies the Republican senators are using to highlight their independent nature, this at the same time that their Democratic opponents try to tie them to the President.

25. A Dime's Worth of Difference?
Kirk Victor. National Journal, February 23, 2008, 9 pages.
Barack Obama and Hillary Rodham Clinton have tried to highlight their differences on select issues, but an examination of their votes shows that they have strikingly similar records.  The author compares the similarities and differences between the two U.S. Democratic presidential candidates, noting that the most striking difference is their style.

TRANSLATED DOCUMENTS

The following articles are from “Principles of Entrepreneurship” – a publication of The Bureau of International Information Programs, U.S. State Department, November 2007.
26. What Is Entrepreneurship?
2 pages
What is meant by entrepreneurship? The concept of entrepreneurship was first established in the 1700s, and the meaning has evolved ever since. Many simply equate it with starting one's own business. Most economists believe it is more than that.

27. What Makes Someone an Entrepreneur?
2 pages
Who can become an entrepreneur? There is no one definitive profile. Successful entrepreneurs come in various ages, income levels, gender, and race. They differ in education and experience. But research indicates that most successful entrepreneurs share certain personal attributes, including: creativity, dedication, determination, flexibility, leadership, passion, self-confidence, and "smarts."

28. Why become an Entrepreneur?
2 pages
What leads a person to strike out on his own and start a business? Perhaps a person has been laid off once or more. Sometimes a person is frustrated with his or her current job and doesn't see any better career prospects on the horizon. Sometimes a person realizes that his or her job is in jeopardy. A firm may be contemplating cutbacks that could end a job or limit career or salary prospects. Perhaps a person already has been passed over for promotion. Perhaps a person sees no opportunities in existing businesses for someone with his or her interests and skills.

29. Decisions and Downfalls
2 pages
Entrepreneurship is an attractive career choice. But many decisions have to be made before launching and managing a new business, no matter its size.

30. Go It Alone or Team Up?
2 pages
One important choice that new entrepreneurs have to make is whether to start a business alone or with other entrepreneurs. They need to consider many factors, including each entrepreneur's personal qualities and skills and the nature of the planned business.

* New translated book: American Life and Institution. Douglas K. Stevenson (2nd ed.)