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Inequality and Globalization
As normally measured, “global inequality” is the relative inequality of incomes found among all people in the world no matter where they live. Francois Bourguignon and Branko Milanovic have written insightful and timely books on global inequality, emphasizing the role of globalization. The books are complementary: Milanovic provides an ambitious broad-brush picture, with some intriguing hypotheses on the processes at work; Bourguignon provides a deep and suitably qualified economic analysis. This paper questions the thesis of both books—that globalization has been a major driving force of inequality between or within countries. The paper also questions the robustness of the evidence for declining global inequality, and notes some conceptual limitations of standard measures in capturing the concerns of many observers in the ongoing debates about globalization and the policy responses.
Journal Article
Global assessment of environment, health and economic impact of the novel coronavirus (COVID-19)
The institution of social distancing and punitive measures to contain the spread of COVID-19 through human-to-human transmission has environmental, health and economic impact. While the global pandemic has led to the enhancement of the health system and decline of emissions, economic development appears deteriorating. Here, we present the global environmental, health and economic dimension of the effect of COVID-19 using qualitative and empirical assessments. We report the health system policies, environmental sustainability issues, and fiscal, monetary and exchange rate measures introduced during lockdown across countries. While air pollution is reported to have declined, municipal and medical waste is increasing. The COVID-19 global pandemic uncertainty ranks the UK as the country with the highest uncertainty level among 143 countries. The USA has introduced 100% of pre-COVID-19 crisis level GDP, the highest policy cut-rate among 162 countries. Science, innovation, research and development underpin COVID-19 containment measures implemented across countries. Our study demonstrates the need for future research to focus on environment-health-economic nexus—a trilemma that has a potential trade-off.
Journal Article
Fiscal policies for development and climate action
This report provides actionable advice on how to design and implement fiscal policies for both development and climate action. Building on more than two decades of research in development and environmental economics, it argues that well-designed environmental tax reforms are especially valuable in developing countries, where they can reduce emissions, increase domestic revenues, and generate positive welfare effects such as cleaner water, safer roads, and improvements in human health. Moreover, these reforms need not harm competitiveness. New empirical evidence from Indonesia and Mexico suggests that under certain conditions, raising fuel prices can actually increase firm productivity. Finally, the report discusses the role of fiscal policy in strengthening resilience to climate change. It provides evidence that preventive public investments and measures to build fiscal buffers can help safeguard stability and growth in the face of rising climate risks. In this way, environmental tax reforms and climate risk-management strategies can lay the much-needed fiscal foundation for development and climate action.
Book
Global socio-economic losses and environmental gains from the Coronavirus pandemic
On 3 April 2020, the Director-General of the WHO stated: \"[COVID-19] is much more than a health crisis. We are all aware of the profound social and economic consequences of the pandemic (WHO, 2020)\". Such consequences are the result of counter-measures such as lockdowns, and world-wide reductions in production and consumption, amplified by cascading impacts through international supply chains. Using a global multi-regional macro-economic model, we capture direct and indirect spill-over effects in terms of social and economic losses, as well as environmental effects of the pandemic. Based on information as of May 2020, we show that global consumption losses amount to 3.8$tr, triggering significant job (147 million full-time equivalent) and income (2.1$tr) losses. Global atmospheric emissions are reduced by 2.5Gt of greenhouse gases, 0.6Mt of PM2.5, and 5.1Mt of SO2 and NOx. While Asia, Europe and the USA have been the most directly impacted regions, and transport and tourism the immediately hit sectors, the indirect effects transmitted along international supply chains are being felt across the entire world economy. These ripple effects highlight the intrinsic link between socio-economic and environmental dimensions, and emphasise the challenge of addressing unsustainable global patterns. How humanity reacts to this crisis will define the post-pandemic world.
Journal Article
High-risers : Cabrini-Green and the fate of American public housing
Braids personal narratives, city politics, and national history to tell the timely and epic story of Chicago's Cabrini-Green, America's most iconic public housing project. Built in the 1940s atop an infamous Italian slum, Cabrini-Green grew to twenty-three towers and a population of 20,000--all of it packed onto just seventy acres a few blocks from Chicago's ritzy Gold Coast. Cabrini-Green became synonymous with crime, squalor, and the failure of government. For the many who lived there, it was also a much-needed resource--it was home. By 2011, every high-rise had been razed, the island of black poverty engulfed by the white affluence around it, the families dispersed. In this novelistic and eye-opening narrative, Ben Austen tells the story of America's public housing experiment and the changing fortunes of American cities. It is an account told movingly through the lives of residents who struggled to make a home for their families as powerful forces converged to accelerate the housing complex's demise. Beautifully written, rich in detail, and full of moving portraits, High-Risers is a sweeping exploration of race, class, popular culture, and politics in modern America that brilliantly considers what went wrong in our nation's effort to provide affordable housing to the poor--and what we can learn from those mistakes.
Book
Economic costs of invasive bivalves in freshwater ecosystems
AimTo assess spatio-temporal and taxonomic patterns of available information on the costs of invasive freshwater bivalves, as well as to identify knowledge gaps.LocationGlobal.Time period1980–2020.Taxon studiedBivalvia.MethodsWe synthesize published global economic costs of impacts from freshwater bivalves using the InvaCost database and associated R package, explicitly considering the reliability of estimation methodologies, cost types, economic sectors and impacted regions.ResultsCumulative total global costs of invasive macrofouling bivalves were $ 63.7 billion (2017 US$) across all regions and socio-economic sectors between 1980 and 2020. Costs were heavily biased taxonomically and spatially, dominated by two families, Dreissenidae and Cyrenidae (Corbiculidae), and largely reported in North America. The greatest share of reported costs ($ 31.5 billion) did not make the distinction between damage and management. However, of those that did, damages and resource losses were one order of magnitude higher ($ 30.5 billion) than control or preventative measures ($ 1.7 billion). Moreover, although many impacted socio-economic sectors lacked specification, the largest shares of costs were incurred by authorities and stakeholders ($ 27.7 billion, e.g., public and private sector interventions) and through impacts on public and social welfare ($ 10.1 billion, e.g., via power/drinking water plant and irrigation system damage) in North America. Average cost estimates over the entire period amounted to approximately $ 1.6 billion per year, most of which was incurred in North America.Main conclusionsOur results highlight the burgeoning economic threat caused by invasive freshwater bivalves, offering a strong economic incentive to invest in preventative management such as biosecurity and rapid response eradications. Even if the damages and resource losses are severely understated because economic impacts are lacking for most invaded countries and invasive bivalve species, these impacts are substantial and likely growing.
Journal Article
Climate Change Policy: What Do the Models Tell Us?
Very little. A plethora of integrated assessment models (IAMs) have been constructed and used to estimate the social cost of carbon (SCC) and evaluate alternative abatement policies. These models have crucial flaws that make them close to useless as tools for policy analysis: certain inputs (e.g., the discount rate) are arbitrary, but have huge effects on the SCC estimates the models produce; the models' descriptions of the impact of climate change are completely ad hoc, with no theoretical or empirical foundation; and the models can tell us nothing about the most important driver of the SCC, the possibility of a catastrophic climate outcome. IAM-based analyses of climate policy create a perception of knowledge and precision, but that perception is illusory and misleading.
Journal Article
Comparing impacts of alien plants and animals in Europe using a standard scoring system
1. Alien species can change the recipient environment in various ways, and some of them cause considerable damage. Understanding such impacts is crucial to direct management actions. This study addresses the following questions: Is it possible to quantify impact across higher taxa in a comparative manner? Do impacts differ between taxonomic groups? How are environmental and socio-economic impacts related? Can impacts be predicted based on those in other regions? 2. To address these questions, we reviewed literature describing the impacts of 300 species from five major taxonomic groups: mammals, birds, fish, terrestrial arthropods and plants. To make very diverse impact measures comparable, we used the semi-quantitative generic impact scoring system (GISS) which describes environmental and socio-economic impacts using twelve categories. In each category, scores range from zero (no impact known or detectable) to five (the highest possible impact). 3. Using the same scoring system for taxa as diverse as invertebrates, vertebrates and plants, we found that overall, alien mammals in Europe have the highest impact, while fish have the lowest. Terrestrial arthropods were found to have the lowest environmental impact, while fish had relatively low socio-economic impact. 4. Overall, the magnitude of environmental and socio-economic impacts of individual alien species is highly correlated. However, at the species level, major deviations are found. 5. For mammals and birds, the impacts in invaded ranges outside of Europe are broadly similar to those recorded for alien species within Europe, indicating that a consideration of the known impacts of a species in other regions can be generally useful when predicting the impacts of an alien species. However, it should be noted that this pattern is not consistent across all mammal and bird orders, and thus, such information should be considered with caution. 6. Synthesis and applications. Comparing the impacts of alien species across taxa is necessary for prioritizing management efforts and effective allocation of resources. By applying the generic impact scoring system (GISS) to five major taxonomic groups, we provide the basis for a semiquantitative cross-taxa listing process (e.g. 'black lists' or 100-worst-lists). If more data are collated from different geographical regions and habitats using standard GISS protocols, risk assessments for alien species based on rigorous measures of impact could be improved by taking into account local variation, and context dependence of impacts. This would also allow studies at lower taxonomic levels, and within-taxon analyses of functional groups and guilds.
Journal Article