Articles

The small open economies of the Gulf and Southeast Asia are pioneers in the establishment of

Sovereign Wealth Funds (SWFs). The SWFs of countries like Qatar and Singapore are among the

world’s largest in terms of total asset size relative to Gross Domestic Product. This article looks

at the different compulsions behind the setting up of SWFs by small open economies.

This study investigates whether, as part of a broader “Asian Energy Pivot,” Russia’s energy giant Gazprom refashioned its export strategy away from Europe, and what impact such a reorientation might have on the EU–Russia gas relationship. It uses four empirical cases to emphasize the domestic movers underlying Russia’s eastward shift in energy trade, developing a constructivist theory rooted in the dynamics of Russia’s dominant public narrative and the contours of domestic politics. It argues that Russia’s national interests changed as a result of how Russian policy-makers interpreted and reacted to the stand-off with Europe, in response to what they perceived as Europe’s attempt to isolate it economically and geopolitically. 

Indian Prime Minister Narendra Modi traveled to Washington last week, making his fourth trip to the United States since taking office just two years ago. India and South Asia Program Fellow, Ronak Desai examines the strategic approach to India's relations with the United States.

Realist scholars have long debated the question of how much power states need to feel secure. Offensive realists claim that states should constantly seek to increase their power. Defensive realists argue that accumulating too much power can be self-defeating. Proponents of hegemonic stability theory contend that the accumulation of capabilities in one state can exert a stabilizing effect on the system. The three schools describe different points along the power con­tinuum. When a state is weak, accumulating power increases its security. This is approximately the situation described by offensive realists. A state that con­tinues to accumulate capabilities will eventually triggers a balancing reaction that puts its security at risk. This scenario accords with defensive realist as­sumptions. Finally, when the state becomes too powerful to balance, its oppo­nents bandwagon with it, and the state’s security begins to increase again. This is the situation described by hegemonic stability theory. These three stages delineate a modified parabolic relationship between power and secu­rity. As a state moves along the power continuum, its security increases up to a point, then decreases, and finally increases again. This modified parabolic re­lationship allows scholars to synthesize previous realist theories into a single framework.

"...Asia has its own internal balance of powers, and in that context, many states continue to welcome an American presence in the region. Chinese leaders have to contend with the reactions of other countries, as well as the constraints created by their own objectives of economic growth and the need for external markets and resources. Too aggressive a Chinese military posture could produce a countervailing coalition among its neighbors that would weaken both its hard and soft power. A poll of 16 countries around the world found a positive attitude toward China’s economic rise, but not its military rise."

"All of these pathologies were evident in the failure to prevent or appropriately respond to the Mumbai attacks. There was in fact significant intelligence suggesting a seaborne terrorist attack was likely, and even that prominent sites such as the Taj Hotel would be targeted. This information, however, was ignored by several key bureaucratic actors—including the Coast Guard and the Maharashtra state director-general of police—because it was deemed unactionable. Others, such as the Maharashtra Anti-Terrorism Squad, at least attempted some kind of preparation. The differences in readiness highlight the extent of fragmentation among the security apparatus. Even when Mumbai police tried to take preventive action, they lacked the manpower to sustain increased security at the hotels. Once the attack occurred, the security forces did not have sufficient night-vision equipment, heavy weaponry, or information about the attack sites, leading to a long response time and the emergence of a disastrous siege...."

In order to create a truly strategic relationship, the Obama administration will need to go beyond the civil nuclear cooperation, drawing on areas of common concern and interest.

"As the American political system hurtles toward its quadrennial encounter with the oracle of democracy, it is worth our while to take stock of the country's place in a world beset by bewilderingly rapid change. (Heaven knows none of the candidates will bother to do this.) I want to suggest that an old yet generally neglected subject remains particularly relevant: the relationship between the size of political units and the effective scale of systems of economic production and exchange. Another way to describe this relationship is by recourse to the hoary scholarly phrase "political economy", a term of art that has unfortunately gone out of style...."

"He again has demonstrators on the streets. And, he has lost the one principal opposition leader with whom he appeared to be able to work," said Xenia Dormandy, director of the Project on India and the subcontinent at Harvard University's Belfer Center for Science and International Affairs. "It is unclear whether whoever replaces Benazir will hold the same accommodative views as she did."