ISSN 2047-8747 (Print) ISSN 2047-8755 (Online) Volume 10 Issue 1 2021

Volume 10 Issue 1
Impact of Global Warming on Forestry Investments
Erhun Kula
Up until recently afforestation projects had been looked at from the viewpoint of timber production. Efforts to combat climate change have added a new dimension to investment in forestry which has been encouraged by the Kyoto, Marrakech and Cancun Deals. As trees grow overtime, they capture CO2 from the atmosphere which moderates the problem of global warming. The article 3.3 of the Kyoto Protocol states that “the net changes in greenhouse gas emissions by source and removal by sinks resulting from human induced land use change and forestry activities limited to afforestation, reforestation and deforestation activities since 1990 measured as verifiable changes in carbon stock in early commitment period, shall be used to meet commitments in the Protocol.” In this respect Kyoto granted carbon credits to newly created forests. Such credits can now be used directly by firms with greenhouse gas emissions or could be traded into a future emissions scheme at prevailing prices. The rules for the implementation of the Kyoto Protocol were agreed at the Marrakech Conference in 2001 which placed limits on the amount of credits which can be obtained from forest management.
Protecting the Health, and Wealth, of Nations
Frances Newton Stacy, Director of Portfolio Strategy at Optimal Capital
International policymakers are focused on the threat of COVID-19. The pandemic threatens not just our health, however, but also our wealth. Countries have spent incredible sums of money fighting the virus. This is especially true of the United States (US). But there is a downside to this profligacy. At the end of July, Fitch Ratings questioned the country’s long-term financial viability by moving the AAA-rated country’s credit outlook from ‘stable’ to ‘negative’ (Fitch Ratings, 2020). And yet we cannot allow the virus to run its course without significant countercyclical stimulus (Brookings, 2020). Economic policymakers must therefore do the seemingly impossible: avoid the deflationary risks of today without adding to the inflationary risks of tomorrow. This article proposes a solution.
Book Review
Unelected Power - The Quest for Legitimacy in Central Banking and the Regulatory State,
Paul Tucker, Princeton University Press, 2018.

ISBN 978-0-691-17673-4.

In his book Unelected Power - The Quest for Legitimacy in Central Banking and the Regulatory State, Paul Tucker asks one of the more important questions of our age: is the administration of a complex, mass democracy compatible with its own principles? Specifically, Tucker asks this question with regard to arguably the most technocratic, and important, of all modern-day institutions: the central bank.

Edward Price

Volume 9 Issue 4
Regional Marketing Building: Institutional Strategies
Maurizio Mistri and Gabriele Orcalli

The basic idea behind this article is that the construction of an internal market under an RIA necessarily requires a new constitution, namely, a focal point around which the countries concerned can agree on a system of shared rules. The possibility of implementing a new constitution is linked to:
* The existence of a shared ideology, understood as a connector capable of stabilizing a system of institutions in a new international regime.
* The choice of a strategy that over time enables stabilizing the expectations of the States and economic operators, and that in some way “forces” the national institutions to converge on compatible models.

Comment Article:
Making it in Australia
Roy Green
If the past is another country, the future of Australia’s economy after Covid-19 will be a different universe. Every crisis provides an opportunity, but few have the far-reaching impact and implications of a global pandemic. This crisis challenges us to reshape our economic and social direction for years, possibly generations, to come. Not only has it exposed the gaps in Australia’s manufacturing supply chains, but it has also more broadly demonstrated the vulnerability of a commodity-based economy to external shocks and the need to reverse the hollowing out of our manufacturing capability. Referring to Covid-19 as a battle for the nation’s ‘economic sovereignty’.
Book Review
A Review Article of The Seasons of Trouble: Life Amid the Ruins of Sri Lanka’s Civil War
Rohini Mohan

“[N]othing can be expressed in a form which is entirely exempt from misunderstanding.”
Goodstein, 1962, p. 148.

The book being reviewed here, The Seasons of Trouble: Life Amid the Ruins of Sri Lanka’s Civil War, by Rohini Mohan, is made up of three parts, in addition to a Preface, an Acknowledgement and a three-page ‘chapter’ titled A Brief History of the Sri Lankan Civil War. Part I, unseen , consists of 12 chapters, divided into chronicles dating events from June, 2008 till March, 2009 (chapter 2 is for June 1980) – a period amounting to ten months, since it is not consecutive months, some are missing and others are ‘doubled’. The 52 pages of Part II, claustrophobia, is divided into four chapters, from April, 2009 to June, 2010 and Part III, refuge, consisting of 152 pages and 14 chapters from August, 2010 to April, 2013, a period of 33 months, therefore some of the chapters double (triple and overlap).

K. Vela Velupillai

Volume 9 Issue 3
Entrepreneurial Intentions: Case of Indian Women Microentrepreneurs
Priyanka Kumari and Surender Mor

The paper examines the association between the entrepreneurial traits and the sources of entrepreneurial intention of 569 women microentrepreneurs in India for the year 2017. The study showcases that schooling; family type and family size significantly affects the sources of entrepreneurial intentions. The inferences reveal that microentrepreneurs up to matric level of education rely more on their ideas, as compared to the respondents possessing higher education. The findings further reflect that the respondents are equally self-motivated in joint as well as nuclear families. Moreover, the family size of the entrepreneur has a significant association with the sources of entrepreneurial intentions reflecting the fact that more entrepreneurial orientation is noticed in the large families. The study recommends that general education, as well as the entrepreneurial or skill-oriented education level, may be raised to enhance the entrepreneurial intention rate in India. Further, the findings necessitate that specific programme(s) may be initiated for promoting entrepreneurship from the larger families, specifically for raising the level of entrepreneurial intentions.

The Meaning and Allocation of Taxing Powers in Nigeria: Lessons from Ethiopia
Oyesola Animashaun and Howard Chitimira
Various taxing power-related challenges have negatively affected the governance of state and federal governments of Nigeria since1999 to date. For instance, the poor drafting of the Nigerian constitution of 1999 and the failure on the part of the policy makers to adequately distinguish and delineate the taxing powers of the state and federal governments has given rise to sharp divisions and jurisdictional conflict-related litigation. Accordingly, the article examines these and other related flaws in the Nigerian and Ethiopian tax laws. Moreover, the relevant constitutional provisions in these countries are comparatively discussed to, inter alia, recommend possible measures that could be employed to remedy such flaws in Nigeria and Ethiopia. In this regard, it is submitted that the Nigerian tax laws and the Nigerian constitution of 1999 should be amended to provide a clear position on the taxing powers for both state and federal governments. Lastly, the authors submit that the Nigerian policy makers should consider adopting the Ethiopian model for the allocation of taxing power.
Book Reviews
Review Article
Sitopia: How Food Can Save the World, Carolyn Steel. Chatto&Windus, 5 March 2020
ISBN: 9780701188719

Cheap Food? Too High a Price?
Sitopia has important implications and suggested solutions during a time of global turbulence because of the current devastating pandemic which is directly linked to cheap food production based on meat eating whether through intensive farming or the often illegal taking of wildlife for consumption/medicinal uses based on spurious ‘tradition’.
One major aspect of the COVID-19 pandemic that is a harbinger of change concerns the food choices that we make in the future will ultimately determine the survival of both humans and wildlife. Cheap food becomes very costly if it destroys people, animals and planet earth.

Ruth Taplin

Arguing with Zombies: Economics, Politics, and the Fight for a Better Future
Paul Krugman
W. W. Norton: New York and London, 2020 460 pp.
ISBN: 9781324005018

This is an often nasty (if wickedly fun) book by a conspiracy theorist – and Nobel Laureate in economics. It is a collection of short op-ed pieces Krugman had written for The New York Times along with more extensive articles for the excellent journal, The American Prospect. The essays are grouped by topic, and Krugman provides a short summary before each of the groups.

Ken Friedman