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.

Iran’s top nuclear negotiator was heading back to Tehran on Sunday to consult with his nation’s leadership, as negotiators remained divided over how to limit and monitor Tehran’s nuclear program and even on how to interpret the preliminary agreement they reached two months ago.

The role of innovation and entrepreneurship is increasingly getting policy attention in emerging countries. A growing body of literature is deriving its inspiration from the work of Joseph Schumpeter. His seminal 1911 book, The Theory of Economic Development, outlined a general framework for understanding the role of innovation and entrepreneurship in economic transformation. Despite Schumpeter's influence on economic policies in industrialized countries, there has been little application of his work in emerging countries.

A study of the 2011 controversy surrounding publication of Ron Fouchier and Yoshihiro Kawaoka's H5N1 avian influenza experiments reveals that U.S. intelligence analysts do not have adequate resources to evaluate dual-use scientific experiments, or to navigate the politics that characterize the use of technical expertise in biosecurity issues.

Cell phone use has grown faster in Africa than in any other region of the world since 2003....Of course, South Africa—the most developed nation—still has the highest penetration, but across Africa, countries have leapfrogged technology, bringing innovation and connectivity even to remote parts of the continent, opening up mobile banking and changing the way business is done.

"...[T]he rivalry between models of socio-economic development did not begin with the cold war. During the Depression, liberals sought to show that planned economic and social development was possible without the use of autocratic methods. Liberal internationalists, aware that their totalitarian ideological competitors offered their own attractive modernization programmes needed a liberal champion. In the TVA they found a global model that became nearly synonymous with liberal development because of its claim to harmonize potentially destabilizing forces. At a time when development models were features of the international discourse, the TVA distinguished itself by offering proof that large-scale, socially transformative, planning-based development was viable in a liberal democracy. The ease with which these ideas supplied an ideological strategy during the cold war illustrated the degree to which modernization had already proved its effectiveness as a weapon against ideological challenges to liberalism."

"Leaders are those who help groups create and achieve shared goals. Traditionally, the leaders in international politics have been the most powerful states. However, while hard military power counts for more in the context of international politics than it does in democratic domestic politics, even in international relations conquest, or pure coercion, is not leadership, but mere dictation. Disproportionate power, sometimes called 'hegemony', has been associated with leadership, but appeals to values and ideology also matter, even for a hegemon...."