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.

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.

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.

States have long worried that their dependence on oil gives producers a means of coercion. The oil market, however, is far larger and more integrated than it used to be. The potential for coercion differs across a series of distinct market segments. In this varied market, the United States remains the dominant force.

Through structured interviews and a literature review, we assess which approaches to protection against insider thefts in the casino and pharmaceutical industries could be usefully applied to strengthen protections against insider theft in the nuclear industry, where insider thefts could have very high consequences.

"...[W]hile the traditional form of balance of power between Iran and Iraq provided security for the Arab states of the Persian Gulf, it favored the interests of foreign actors, especially the United States. Proponents of such a view hold that following the overthrow of the Baathist regime in Iraq and the growth of Iran's role and influence in the region, the international community ought to establish a new kind of balance of power to restrain the Islamic Republic of Iran, and thereby preserve the security of the region. Following its failure to redefine the position of the new Iraq in terms of a new balance of power, the United States has itself tried to play such a role in the region. U.S. efforts to minimize Iran's role within the context of the new balance of power have consequently created another security dilemma in the Persian Gulf."

"Regime sustainability despite different internal crises and foreign threats underlines the fact that Iran enjoys a relatively rational decision-making process. The central slogan of the Iranian Revolution was "Independence, Freedom, and Islamic Republic." Today, Iran is an independent state, as it does not belong to an Eastern or a Western bloc. Although the country has not realized its ambition of economic independence, the revolution has provided economic welfare. Rural development has improved people's lives by providing villages with water, electricity, and infrastructure. The essence of independence also
referred to the specific relations between the Iranian monarchy and the United States. The US-sponsored 1953 coup against the popular Muhammad Mosaddeq government made Iran an American client state, leading to Iranian dependence in all aspects."

BEIRUT -- This week’s sixth anniversary of the September 11, 2001 attack on the United States sees the top American military and diplomatic officials in Iraq speaking to the US Congress about American strategy in Iraq. The juxtaposition is noteworthy: Six years ago, a small band of Al-Qaeda militants attacked the United States and killed some 3000 people. Today, an army of over 160,000 American troops wages a war in Iraq that has seen tens of thousands of people killed since 2003. Neither policy makes much sense to anyone in the world, other than to those fanatics on both sides who decided to pursue these actions.