the need of the sovereign state model. It is undeniable that globalization has transformed the nature of the state and that there is a growing trend of cooperation and interdependence. Nonetheless‚ the sovereign state model still has an important role to play even in the face of globalization. The notion of the sovereign state began with the signings of the treaties of Westphalia. The Westphalian state system is what now is considered the modern political structure. The Sovereign state system has
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Sovereign Wealth Fund The purpose of this report is to analyze the myths associated with Sovereign Wealth Funds (SWFs) and provide a more balanced view of SWFs. The common misconceptions regarding SWFs that have been identified by David Murray are: 1. Homogeneity of SWFs: It is believed that SWFs are a homogenous entity‚ which requires uniform standards and benchmarks. However this has been negated by scholars like Barbary‚ who are of the opinion that though SWFs can be said to comprise of a distinct
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Mary Political Economy January 10‚ 2010 Do Sovereign Wealth Funds Pose a Security Threat to Western States? Sovereign wealth funds have been on the international economic scene since the middle of the 20th century. The Kuwait Investment Authority‚ for example‚ was created in 1953. (Lyons‚ p.25) However‚ until lately they had gone either unnoticed or ignored by the majority of political commentators. Several factors have brought them to the center of attention in economic and political
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1. The Underlying Likeness among the Concepts of Legitimacy‚ Sovereignty‚ and Authority. Legitimacy: The original meaning of legitimacy is the rightful king or queen was on the throne by reason of “legitimate” birth. Legitimacy now refers to an attitude in people’s minds – in some countries strong‚ in others weak – that the government’s rule is rightful (Roskin‚ 1974). Legitimacy itself is the lawful condition or quality of an act or person. When a whole range of behavior is legitimate‚ it may
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BRIEFING PAPER Should India Establish a Sovereign Wealth Fund? New Delhi will soon take a final call on the issue of setting up of a sovereign wealth fund (SWF). The idea of setting up an Indian SWF has been going around since 2007 when China established its major sovereign wealth fund‚ China Investment Corporation (CIC)‚ with an initial capital fund of $200 billion. However‚ this time the proposal has received strong support from India’s corporate leaders who recently suggested the
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Sovereign According to Thomas Hobbes in order for people to “defend them from the invasion of foreigners‚ and the injuries of one another‚ is to confer all their power and strength upon one man” (Bailey 199). This statement means that in order for the people to be safe there needs to be an authority to look after them. Hobbes explains that this authority is a sovereign which has supreme rank and can carry the commonwealth. The commonwealth according to Hobbes is “one person of whose
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NBER WORKING PAPER SERIES HOLDOUTS IN SOVEREIGN DEBT RESTRUCTURING: A THEORY OF NEGOTIATION IN A WEAK CONTRACTUAL ENVIRONMENT Rohan Pitchford Mark L. J. Wright Working Paper 16632 http://www.nber.org/papers/w16632 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge‚ MA 02138 December 2010 While all errors are our own‚ we thank Rui Esteves‚ Daniel Klerman‚ Lee Ohanian‚ Christoph Trebesch‚ the editor‚ three anonymous referees‚ and numerous seminar participants for comments
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The Knower and the Ways of Knowing For thousands of years‚ knowledge‚ and the creation of new knowledge‚ has been essential to the growth and advancement of human society. Whether it was the introduction of democracy or a new‚ more improved version of technology‚ “justified true beliefs‚” are‚ and have been a prominent factor in the development of civilization. But where does new knowledge come from? Historically‚ some of the greatest and most influential discoveries have originated from human
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Sovereign Immunity is a principle of public International Law as per which a state and its instrumentalities ( its officials‚ organs or agents) cannot be sued before courts of a foreign state‚ in other words‚ court of one state cannot sit in judgment on another state. This immunity was granted to the State to enable it to carry out its public functions effectively and maintain international relations. Under the principles of International Law all states are equal and sovereign‚ thus a need was felt
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Research Question: Country/Sovereign and Risk Assessments have evolved to become an integral part of international lending. Explain the factors to consider in determining the overall Sovereign/Country risk and why these factors are critical. What is the Bahamas’ experience in its Risk Assessments? Financial institutions increasingly conduct business abroad in order to diversify and expand their sources of revenue and profitability. This strategy of international lending exposes the bank to country
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