The lack of democracy in the Arab world results from an unholy alliance between Western interests and local autocrats, justified by what both sides claim to be the region’s “cultural specificity.” It has been much easier for the West to do business with un-democratic regimes, which have found Western support and recognition useful in marginalizing local democratic forces.
CAMBRIDGE – The lack of democracy in the Arab world results from an unholy alliance between Western interests and local autocrats, justified by what both sides claim to be the region’s “cultural specificity.” In a nutshell, it has been much easier for the West to do business in the post-colonial Middle East with un-democratic regimes, which have found Western support and recognition useful in marginalizing local liberal and democratic forces, even as it paved the way for the rise of Islamist radicalization.
Sticks as well as carrots have been used – by both sides – to maintain this alliance. For example, the Western emphasis on reform and democracy in recent years has been used more often than not as a threat, a typical message being: “Help us in Iraq or we will press for democracy and human rights in your own country.” And the Arab reply is equally threatening: “Stop pressing us on the reform issue or we won’t cooperate in the ‘war on terror’!”
Two other major issues have sustained the trade-off: Israel and the rise of the Islamist movements. The Arab public overwhelmingly regards Israel as an alien and illegitimate entity imposed by force on Palestinian land with Western support. If this perception was channeled democratically and allowed to shape Arab countries’ policies toward Israel, any peace negotiations would be even more complicated than they are now.
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If the US Federal Reserve raises its policy interest rate by as much as is necessary to rein in inflation, it will most likely further depress the market value of the long-duration securities parked on many banks' balance sheets. So be it.
thinks central banks can achieve both, despite the occurrence of a liquidity crisis amid high inflation.
Although Silicon Valley Bank was not deemed to be systemically important, its insolvency forced the US Federal Reserve to head off systemic contagion and exposed the inadequacy of the FDIC’s partial deposit insurance regime. The financial-stability framework adopted after the 2008 crisis obviously needs another overhaul.
considers what the bank’s failure should mean for the current financial-stability framework.
CAMBRIDGE – The lack of democracy in the Arab world results from an unholy alliance between Western interests and local autocrats, justified by what both sides claim to be the region’s “cultural specificity.” In a nutshell, it has been much easier for the West to do business in the post-colonial Middle East with un-democratic regimes, which have found Western support and recognition useful in marginalizing local liberal and democratic forces, even as it paved the way for the rise of Islamist radicalization.
Sticks as well as carrots have been used – by both sides – to maintain this alliance. For example, the Western emphasis on reform and democracy in recent years has been used more often than not as a threat, a typical message being: “Help us in Iraq or we will press for democracy and human rights in your own country.” And the Arab reply is equally threatening: “Stop pressing us on the reform issue or we won’t cooperate in the ‘war on terror’!”
Two other major issues have sustained the trade-off: Israel and the rise of the Islamist movements. The Arab public overwhelmingly regards Israel as an alien and illegitimate entity imposed by force on Palestinian land with Western support. If this perception was channeled democratically and allowed to shape Arab countries’ policies toward Israel, any peace negotiations would be even more complicated than they are now.
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