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Beyond the Water's Edge

by George Weigel, Malcolm Wallop, James M. Inhofe, Thomas Gale Moore, Elaine Donnelly, Paula J. Dobriansky, Elliott Abrams, Seth Cropseyvia Policy Review
Friday, September 1, 1995

Military and foreign policy issues for the '96 campaign

Has China Lost Its Way?: Getting Stuck in Transition

via Analysis
Saturday, July 1, 1995

If China is to become an economic superpower in the next century, financial markets will be essential to arbitrage risk. Such markets may fail to develop because of uncertainty over the role of government. Efficient financial markets will require that the Chinese Communist Party reduce its political leverage over economic decisions and decision makers.

Not every newly industrializing country has well-functioning liquid financial markets in which investors can diversify their risks. Nor do all developing countries have efficient legal systems in which a broad range of property rights can be enforced. China, for example, has experienced considerable growth without either liquid financial markets or an efficient legal system by using intermediaries--officeholders who construct broad exchange networks that are based on relationships rather than on formal institutions. The reputation of individual power brokers and the strength of their connection to party power centers provide the system's coherence. The capital requirements for future growth, however, may surpass the capability of these intermediaries, putting the system under severe strain. To overcome this strain, alternative methods of contracting agency relations that will require considerable elaboration of the legal system are needed. A rule- compliant, constitutionally grounded society and economy must be established so that contracts can be maintained independent of the personal authority of power holders. The danger of not acting is a liquidity crisis, intensified by the absence of institutions to reduce risks.

Causes of Continuing Conflict in Nicaragua-A View from the Radical Middle

by Timothy Charles Brownvia Analysis
Saturday, April 1, 1995

World attention has wandered but neither the Contra war nor the Sandinista Revolution in Nicaragua has ended. Promises to former Nicaraguan Democratic Resistance combatants, better known as Contras, of protection and help with restarting their lives have been systematically broken. A second breath granted to the Sandinistas by President Violeta Chamorro has resulted in continuing threats to U.S. interests. Nicaragua, which has often generated political problems for this country, continues to do so because we failed to seize the moment in 1990. Since then $2.1 billion in foreign aid, including more than $1.5 billion in U.S. taxpayer dollars, has bankrolled Nicaraguan retrogression toward a patriarchal, nondemocratic political system. The primary aid beneficiaries, in an uneasy but symbiotic alliance, have been the pro-Chamorro elite and and the Sandinista senior cadre. The resultant political system fits an analytic model centered on identity and ethnicity. The core is dominated by a postcolonial Europeanate global tribe with political values that favor self, family, and private fortune over the nation and the poor. From this perspective recent Nicaraguan history, including the Sandinista Revolution, becomes simply a variant on traditional intraelite rivalries for power, with the peripheral masses, including the United States' erstwhile allies, the big losers. Current U.S. policies reinforce this nondemocratic process. New ones are needed. In addition to real, not minimal, democratization, these should include demilitarization, disarmament, and aggressive observation of the 1996 elections. Current political biases built into U.S. aid should also be reversed, and the Organization of American States' protection for our former allies should be reinforced. It is not too late to recover from the mistakes of 1990.

The Readiness Trap

by Loren B. Thompsonvia Policy Review
Saturday, April 1, 1995

The U.S. Military Is Failing to Prepare for the Next Big War

We Aren't the World

by Charles M. Lichensteinvia Policy Review
Saturday, April 1, 1995

An Exit Strategy from U.N. Peacekeeping.
SIDEBAR: The High Cost of U.N. Membership.
SIDEBAR: The U.N.'s Waste, Fraud, and Abuse.

China's Transition to Markets-Market Preserving Federalism, Chinese Style

by Barry R. Weingastvia Analysis
Wednesday, February 1, 1995

This essay studies the relationship between decentralization and the success of economic reform in China. It begins with a theory about the relationship between the types of decentralization and economic performance. We argue that a particular form of decentralization, called market-preserving federlism, Chinese style, provides a critical component of the political foundations for market success in China.

After discussing the evolution of federalism, Chinese style, during the first fifteen years of reform (1979-1993), we turn to the political foundation of economic reform. We argue that economic success hinges in part on an important aspect of decentralization, notably, that it provides for the political security of the reforms. By creating alternative centers of power at local levels, decentralization established forces that could help resist attempts by the central government to compromise the reforms.

China's form of decentralization has served the critical purpose of creating markets at time when political resistance to economic reform remained strong and when the durability of the reforms was important. Nonetheless, federalism, Chinese style, remains incomplete, accounting for some of the anomalies surrounding China's success. It lacks some national public goods such as enforcement of a common market and a unified monetary system, and the system needs to be institutionalized via a set of rules underpinning the market. We also observed that aspects of the problems facing modern China are not unique but have historical precedents in the economic development of the West. To this end, we highlight some important parallels between the economic and political problems facing the early United States under the Articles of Confederation (1781-1787) and those of modern China.


One Korea?: Challenges and Prospects for Reunification

via Hoover Institution Press
Monday, August 1, 1994

A distinguished panel of scholars from around the world convened at the Hoover Institution in June 1993 to assess prospects for a reunited Korea. Scenarios for reunification identified at that conference are presented in this volume.


Shaping a New Economic Relationship: The Republic of Korea and the United States

via Hoover Institution Press
Wednesday, September 1, 1993

This volume evaluates the complex developments between the United States and Korea and offers policy recommendations for how both countries in the future might avoid the bitter politiczation of trade disputes of the recent past and expand their economic relations.


Research Teams