Articles

Sovereign wealth funds (SWFs) have traditionally been created to recycle excess reserves from natural resource or non‐commodity revenues. However, in recent years funds are being established under conditions of capital scarcity with objectives to contribute domestic economic development, often through the buildout of national infrastructure programs. Such trends in new fund creation represent a fundamental shift in the sovereign wealth fund paradigm and raise serious questions about how these entities are to be capitalized and also the implications of capitalization models on their sustainability. This study examines the recent evolution of SWF models focused on economic development. Its analytic focus is drawn, in particular, to countries that are neither endowed with oil wealth, nor otherwise enjoy export surpluses to be used to capitalize a development‐oriented SWF. While this study is relevant to and expands the scope of the broad literature on SWFs, its specific contribution is as a focused analysis of how SWF funding sources impact achieving long‐term financial and socio‐economic development objectives.

The defining question about global order for this generation is whether China and the United States can escape Thucydides’s Trap. The Greek historian’s metaphor reminds us of the attendant dangers when a rising power rivals a ruling power—as Athens challenged Sparta in ancient Greece, or as Germany did Britain a century ago. Most such contests have ended badly, often for both nations, a team of mine at the Harvard Belfer Center for Science and International Affairs has concluded after analyzing the historical record. In 12 of 16 cases over the past 500 years, the result was war. When the parties avoided war, it required huge, painful adjustments in attitudes and actions on the part not just of the challenger but also the challenged.

Africa is yet to adopt full scale technology-led development. Steve Mbogo spoke to the Director of the Belfer Center's Science, Technology, and Globalisation Project and professor at Harvard University Calestous Juma on the opportunities that await the continent as a late comer.

Using the Public Value Mapping framework, the author addresses the values successes and failures of chemistry as compared to the emerging field of green chemistry, in which the promoters attempt to incorporate new and expanded values, such as health, safety, and environmental sustainability, to the processes of prioritizing and conducting chemistry research.

Several years of economic growth before the 2008-09 economic crisis allowed the Russian government to steadily increase its defense expenditures, extending their conventional forces' reach, while Russia's foreign policy ambitions also grew in scope and scale.  Just as important as the boom-driven rise in defense spending was the fact that, as the economy grew, so did Russian companies and individuals' activities abroad, including both shipping and fishing. Thanks to the expansion of the media industry's reach, and the globalization of news in general, the Russian public's awareness of piracy incidents in general, and particularly those involving Russian citizens, grew as well.

After World War II, "trading states" seemed to be charting a new path forward. But small was not beautiful. Even great powers found themselves negotiating larger markets through economic associations with others. It's time the United States became such a power.

"Military experts talk as if the president's decision about whether to send an additional 40,000 troops to Afghanistan is a make-or-break moment. In reality, his indecision about the deficit could matter much more for the country's long-term national security. Call the United States what you like-superpower, hegemon, or empire-but its ability to manage its finances is closely tied to its ability to remain the predominant global military power."