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Knowledge-based societies rely to a large extent on intangible assets and digital technologies, and these are having an increasing impact on information systems, power, governance and citizenship, driven by a proliferation of stakeholders and networks at multiple levels (states, international organisations, private companies, civil society and citizens. There is a clear need for international regulation in this area. This paper takes a multidisciplinary approach, combining an examination of theoretical, conceptual and methodological frameworks with an analysis of relevant public and private archives, with a threefold objective: 1) to outline issues and challenges in terms of human rights, freedom and democracy; 2) to identify the regulatory provisions adopted at European and international level to promote accountability, civic engagement and digital literacy through new forms of (mediated) democracy; and 3) to identify future prospects, risks and uncertainties in the era of artificial intelligence.

The Luxembourg international financial centre developed considerably during the 1960s, propelled by several factors including concerted government policy, flexible regulation and a willingness to harness opportunities at international level (such as the 1963 US interest equalisation tax and the Bundesbank provisions introduced in 1968 and 1974). The decision to establish various Community institutions (the ECSC High Authority in 1952) and European funding institutions (the European Investment Bank in 1968) in the country also had a decisive impact. The currency union with Belgium (BLEU, 1921) and the absence of a Luxembourg Central Bank made these developments all the more significant. Drawing on archives and oral history sources, this paper aims to illustrate the complexity and originality that characterised the development of the conceptual, political and regulatory context in Luxembourg in the 1960s-1990s, in what can be seen as a sui generis experiment and preparation for EMU. It will explore the changing financial ecosystem in Luxembourg and the collaborative efforts by its main stakeholders (banks, regulatory authorities, individuals, networks) - with a focus on KBL, LuxSE and EIB - to encourage financial and monetary innovation (via the EUA, ECU, and Eurco) before the introduction of the European single currency and to pave the way for the establishment and consolidation of the euro

This paper aims to investigate the concept, context and socio-economic consequences of fiscal competition in the integrated economic space of EMU in completion, to pinpoint the positive and negative factors at work via a case study of the Benelux countries – both founder members of the EU and pioneers of EMU – and to examine the impact on European and international regulations in the field. In particular, it will endeavour to provide a comprehensive interpretation of fiscal policy in the Benelux countries via a comparative approach and from a historical perspective. It will look at the development of respective domestic fiscal policies, driven by national interests and by membership of a Community that is subject to requirements in terms of harmonisation and taxation, but also by constant contact (and frequent clashes) with the multilateral international environment.

Concerning the Israeli war in Gaza, former President Donald J. Trump is making headlines again, telling Fox News that "you have to finish it up and do it quickly and get back to the world of peace. We need peace in the world…we need peace in the Middle East."Trump also continues to expose his long-standing grievances with Israeli Prime Minister Benjamin Netanyahu, saying, "He has been hurt very badly because of what's happened here. He was not prepared. He was not prepared, and Israel was not prepared."This is not the first time Trump has expressed open criticism of Netanyahu. In the aftermath of his loss to Joe Biden in 2020, Trump recounted Netanhayu's congratulatory call to Biden, grumbling that he "hadn't spoken to" the Israeli prime minister since leaving office, so "f**k him."This week, in an interview with the Israeli newspaper Israel Hayom, however, Trump seemed to go further on why he thought the war should end."We gotta get to peace, we can't have this going on. And I will say, Israel has to be very careful, because you're losing a lot of the world, you're losing a lot of support," he said.When asked about fears that anti-Semitism is on the rise across the globe, he referred back to the optics of civilian death and destruction."Well, that's because you fought back," he said. "And I think Israel made a very big mistake. I wanted to call [Israel] and say don't do it. These photos and shots. I mean, moving shots of bombs being dropped into buildings in Gaza. And I said, Oh, that's a terrible portrait. It's a very bad picture for the world. The world is seeing this … every night, I would watch buildings pour down on people."Even when asked about Hamas presence in the civilian buildings, Trump said, "Go and do what you have to do. But you don't do that."Does he mean Israel should stop bombing civilians, or allowing pictures that show the world they are doing it? The ambiguity is leading observers to read into it what they will. Maybe that's the point.Indeed, Trump has revealed little about his views on the Gaza war, from the possibility of a ceasefire to what might happen when the fighting eventually stops. It is difficult to suss out more, as he has offered little elaboration on the campaign trail.He does call progressive Democrats demanding a ceasefire "lunatics" who "hate Israel." He said recently that Jews who vote Democratic hate Israel and "hate their religion."On the Biden administration itself: "frankly, they got soft," he told Fox News in early March, adding that the Oct. 7 Hamas attacks would have never happened if he were still president — and nor would the Russian invasion of Ukraine. He doesn't explain why but insists that his maximum pressure campaign kept Iran "broke" so that it wouldn't have had the resources to give Hamas.So given these scattershot comments over the last several weeks, can we actually discern what a U.S. policy toward Israel and the Palestinians might look like if Trump won the November election and was installed as the 47th president in January 2025? Maybe it's best to go beyond his exhortations and take a look at the record instead.Clues, past and presentFirst, regarding Trump's recent comments, we would caution that any impatience with Netanyahu is bipartisan, widely shared, and growing, with Senate Majority Leader Chuck Schumer's recent remarks serving as a good gauge of the center-left establishment's feeling about the Israeli leader.So far Trump's comments, however, bear more resemblance to the rightwing establishment's feelings about Netanyahu: frustration that his government fell down in failing to anticipate the Oct. 7 attacks. But Trump and the pro-Israel right save most of their fire for Biden, who they accuse of not giving Netanyahu enough now that the fight against Hamas is on.Further, the idea that Trump might be cautioning restraint in the Israel-Gaza war when he makes comments about "peace" would seem to be belied by the people with which he has surrounded himself over the years. His son-in-law, Jared Kushner, for example, who served as a close foreign policy adviser on the Middle East during Trump's presidency, has long, personal ties with the Netanyahu family. Just recently, he gave an interview to Harvard University in which he suggested Palestinian refugees might be sheltered in the Israel desert outside of Gaza and may never come back. He also said that the Palestinians should not get their own state because that would be "rewarding" them for the terrorism of Hamas.And Trump's current coterie of foreign policy advisers, including former Secretary of State Mike Pompeo, retired General Keith Kellogg, campaign adviser Jason Miller, former U.N. ambassador Richard Grenell, and Fred Fleitz are not known to be doves on any foreign policy issues, least of all Israel-Palestine. Those currently being floated as potential 2024 running mates — among them Tulsi Gabbard, Tim Scott, Sarah Huckabee, Elise Stefanik, and Ron DeSantis — are all equally pro-Israel.And then there is the 45th president's record while in office. His actions with regard to Israel-Palestine could in no sense be construed as balanced, much less restrained. Trump's appointment of Israel Lobby figure David Friedman as U.S. ambassador to Israel, the decision to move (in violation of international law) the U.S. Embassy to Jerusalem, and his formal acknowledgment of Israel's territorial claims on the Golan Heights signaled a close alignment with the policy objectives of the Israeli hardline right and, in many ways, his top donors. Friedman, by the way, just posted on X. In response to Vice President Kamala Harris's comments that Gazans would have nowhere to go in the event of a Rafah invasion, he declared that "Egypt and other Arab countries" are an option.Friedman also opposes a two-state solution and is instead pushing a Future of Judea & Samaria plan, which claims that it is Israel's right to annex the territory of the West Bank. Trump told the aforementioned Israel Hayom newspaper that he planned to meet with Friedman to hear out his plan.Trump's biggest donors past and present support a hardline pro-Israel, anti-Iran posture, including Tim Dunn, Bernie Marcus, and of course the Adelson family, which gave over $424 million to Trump and Republican Party causes from 2016-2020 with a primary intent of shaping the U.S-Israel relationship in favor of the hardline political right. The Adelsons — Sheldon, who died in 2021, and his wife Miriam — were especially fired up against the Joint Comprehensive Plan of Action (JCPOA), also known as the Iran nuclear deal, which was signed by President Obama in 2015. Netanyahu by the way hated that deal so much he engaged in a one-man PR campaign against it, including telling a joint session of Congress in 2015 that it was an "historic mistake" and would "guarantee" that Iran gets nuclear weapons. When Trump took office he tore the JCPOA up and launched a years-long maximum pressure campaign against the Islamic republic. The Iranian nuclear program has only expanded since.Meanwhile, Miriam Adelson recently met with Trump at his Mar-a-Lago resort in Florida this month, and in Las Vegas last month. Still more, Trump's base of support in the election may very well hang on the enthusiastic buy-in of Christian evangelicals, over half of whom cite support of Israel as a critical issue. What kind of a seat at the policy table will donors and these other interested parties get in a second Trump administration is a fair question. Conservatives not minding 'the third rail'None of this proves that Trump is necessarily in full capture of the right's hardliners today. Major conservative voices that Trump ostensibly listens to have come out publicly for a more restrained policy in Gaza. Tucker Carlson has said the U.S. lost its "moral authority" because it has refused to call for a ceasefire between Israel and Hamas.Meanwhile tech billionaire David Sacks has said it is not in Israel's best interest to support it unconditionally. "Historically it has been the American role to encourage the Israelis, basically, not to go to the limit, but to kind of pull them back before they do something that is frankly not in their own interest, nevermind ours," he told Breaking Points host Saagar Enjeti. "And Biden kind of missed the opportunity to do that, to set some boundaries on what America is willing to support…It's pretty obvious that indiscriminately bombing a population is gonna backfire."And conservative bomb-thrower Candace Owens, who was fired from the Daily Wire last week, has been batting away charges of anti-Semitism, in part, she says, because she's questioned Israel's policy in Gaza and because she doesn't believe "that American taxpayers should have to pay for Israel's wars or the wars of any other country." Without mentioning Israel by name, Owens posted on X, "No government anywhere has a right to commit a genocide, ever. There is no justification for a genocide. I can't believe this even needs to be said or is even considered the least bit controversial to state."So, while the Israel issue remains a "third rail" in mainstream conservative circles, it may not be an entirely foregone conclusion, yet, in Trump world.In the end, Trump may just wait to see how the war in Gaza will affect his opponent, who, by most measures, is suffering every day it goes on, particularly with his own base. Trying to divine if the situation would be "better" or "worse" under Biden or Trump is a popular Washington parlor game right now, though reality is very much a hellscape for the people of Israel and in Gaza, no matter what our politicians are saying.

Amid the manufactured controversy over an expression
of the people's will in Bossier City to impose term limits on their elected
officials, several of its city councilors are trying to win a battle that likely
will cause them to lose a war where ultimately Republican Mayor Tommy Chandler picks
up the win.

Trying to thwart the wishes of the citizens who
organized and signed petitions are Republican Councilors Jeff Free,
Vince
Maggio, and David
Montgomery, Democrat Bubba
Williams, and no party Jeff
Darby. All except Maggio never again could serve as councilors if the
proposition installing a three-term limit succeeds. Along with that is a companion
that limits the mayor to lifetime three terms as well.

These five voted down a request to add an agenda
item to last week's Council meeting that could have fulfilled one of the two
compulsory Council actions in the wake of a successfully certified petition to
amend the charter: a vote whether to make such amendments. Chandler sponsored
that, but too late to make it on the agenda without a vote.

That his tardiness cost at least a vote on the
issue has been subjected to much analysis. It has raised doubts that he truly
backs term limits, as that would apply to him. Alternatively, others have
suggested that his submission came too late as a result of a hasty effort
to have the instrument drawn up by legal counsel outside of the city's.

The second scenario implies that his own
appointee, City Attorney Charles Jacobs, has worked against his own boss in
favor of the Council majority. Fueling this impression are statements
Jacobs made in public during Council meetings of Jul. 18 and Aug. 1 that
contradict each other and known facts, regarding the hiring of outside counsel
– using taxpayer dollars – in a deliberate attempt to provide political cover
for the Council majority on the issue.

If so, Chandler should use his
authority under the charter to fire Jacobs. That he hasn't suggests either
he hasn't the fortitude to do so, given the controversy and transition costs
that would ensue, or the first scenario applies. Regardless, Chandler is
trying again with some instrument, well before the deadline, for the next
Council meeting regarding term limits.

Yet to be made public, the instrument must be in
the form of an ordinance to place on the Nov. 18 statewide general election
runoff ballot the propositions to impose the three-term lifetime limit. It
would do no good if it were an ordinance to amend term limits into the charter,
the first option the charter presents, because that option has gone stale,
leaving only the second option of placing the matter on a ballot that, again,
the charter requires the Council to perform within 120 days of the petition certification,
which occurred Jul. 10.

In dealing with that, consider the Council
majority's strategy and preferences. Its preferred outcome is not to have it on
the ballot at all, because all indications are voters would approve of it
decisively. That's a legal long shot, to say the least. The charter language is
clear on the subject and even the outside opinion – drafted by an attorney with
no expertise in this area of law and who has worked for city officials in the past,
at least one of whom is part of the Council majority on this – acknowledges the
very high probability that an election occurs ultimately, according to someone
familiar with the contents of the opinion that has not been released publicly.

But where the opinion seems to become helpful to
the Council majority comes with its members' next preference: trying to prevent
immediate placement of the propositions on the ballot without making it look
like this not only is opposition to term limits but also to the rule of law. Indeed,
the whole thing and exercise surrounding it was designed precisely to conjure
an excuse, no matter how far-fetched, to having to follow the charter.

Apparently, it tries to accomplish this by
questioning whether the petition conforms to the language of an ordinance. The
ambiguity comes in that in this instance because it's actually a charter
amendment hijacking the ordinance-by-petition process as permitted in the
charter where the second option of referendum requires a vote on something in
the language of a proposition, not an ordinance. Indeed, the operative
section of statute covering this, L.R.S. 18:1299.1, mandates that language in
the form of questions comes from the governing authority.

In other words, because the charter dictates that the
first option of Council approval of the ordinance in its unaltered language occurs
within 30 days of certification, the Council majority conceivably legally could
pass on doing that because it claims the language isn't in the form of an
ordinance. But, because the second option also is the method used for a charter
amendment, not just an ordinance, the language issue doesn't have the same
salience because the Council simply has to pass an ordinance including the
ballot language unaltered (although the Secretary of State may change that
language to adhere to legal ballot language requirements).

Still, that organizers didn't write up an
ordinance is an opening for the Council majority to refuse to call for the
election on the basis that it doesn't have a matter at hand complying with the
charter that otherwise would force it to do so. Supposedly, the opinion advises
that if a refusal results, then a court could be petitioned to order the Council
to do so and that likely would succeed. Nevertheless, under this scenario the Council
majority would accomplish its goal: delaying the election in a manner where it
claims opposition because it doesn't have a legal obligation to put it on a
ballot, or even claim that to do so would result in litigation.

This avoids the nightmare outcome for the Council majority:
having to vote up or down on a measure without any legal cover to alter the
fact that voting is for or against term limits, because even if it can delay
matters legally long enough so that limits wouldn't apply until after 2025
elections its member would get hammered in their reelection campaigns for a
vote explicitly against term limits. Its mouthpiece Jacobs on several occasions
has relayed the message that its members will go to court to try to stop it,
and apparently using taxpayer dollars all the way.

But the Council majority also must realize that in
ultimately taking this course, some and even all of members probably lose their
elected careers, if they remain eligible for the 2025 election. First by not
allowing onto the Aug. 1 agenda the amendment, then if Chandler's item calls for
a Nov. 18 placement of the amendments on the ballot and they vote that down,
and if they manage to drag things out so term limits won't be in place for 2025
elections, they will get hammered anyway. They would face campaign charges that
they twice voted against term limits, and drowned out would be any attempts by
them to explain that away as in the first instance it only was to place on an
agenda amending term limits into the charter and in the second just placing term
limits on a ballot for people to decide but in a way they thought it didn't legally
apply.

This is why they didn't want to add Chandler's
item, because then subsequently voting the item down, even if trotting out the
explanation they voted against as they allegedly didn't have the legal authority
to amend the charter with it, would have replaced the agenda vote with an even
stronger confirmation that could be used against them. If you're explaining,
you're losing, and those votes require way too much explaining for all but the
most sophisticated voter to believe anything but they were incumbents detached
from the people trying every trick in the book to keep themselves clinging to
power by shielding themselves from the popular will on the issue.

That's why Chandler's ordinance, even if
unsuccessful, is consequential. If it doesn't take a step in eventually getting
term limits in place prior to 2025, it does provide more fuel to defeat Darby,
Free, Montgomery, and Williams in that election – and potentially make Maggio the
biggest loser of all, who if he got on the right side of the issue at least
might find he could have stayed three terms in office instead of increasing
significantly the chance voters bounce him after one for opposing term limits.

Or his opposition reduces the chances of him having
a shot at defeating Chandler, should Maggio choose to run for mayor instead. Because
politically Chandler's stock skyrockets the more he stumps for term limits in
consequential ways. His backing this ordinance, even if defeated, bolsters
belief that he genuinely wants this. And if after the defeat he launches legal
efforts to get the propositions on the ballot, that magnifies the impression,
all to his electoral benefit.

Maybe the Council majority uses its voting muscle
and the judiciary to push the term limits propositions off the Nov. 18 ballot.
Maybe it pushes these all the way into 2025. But in doing so, it creates an
increasingly unfavorable perception of its members that could be exploited in
2025 elections, and if it's Chandler at the forefront, their loss becomes his gain.

Jack Solowey and Jennifer J. Schulp


Last Wednesday, July 12, an updated version of the Lummis‐​Gillibrand Responsible Financial Innovation Act (RFIA) became public. The updated RFIA, like its predecessor, looks to tackle crypto regulation comprehensively, covering in its 274 pages major topics including market structure, crypto exchanges, stablecoins, illicit finance, and taxation.
The proposal confronts the reality of longstanding legal uncertainty for American crypto market participants. Last week's highly anticipated order in the case of Securities and Exchange Commission v. Ripple Labs, Inc., along with both the RFIA in the Senate and ongoing efforts in the House, all demonstrate that there's still significant work to be done before the United States can credibly claim regulatory clarity for crypto.
The RFIA takes important steps toward providing more legal certainty to U.S. market participants, but on some of crypto policy's most nettlesome questions there remains room for improvement. We offer our initial thoughts on the RFIA's market structure, crypto exchange, and stablecoin components below. (Our colleague Nicholas Anthony will cover the illicit finance and taxation portions in additional posts.)
Market Structure
One of the most hotly contested issues in crypto policy is the seemingly endless debate over whether and when a crypto token is properly considered to be a security or a commodity under U.S. law. The RFIA takes a swing at this issue by seeking to establish the concept of a crypto token as an "ancillary asset." The idea is that while a crypto token may be sold pursuant to a type of securities transaction known as an investment contract, the token itself need not be considered a security.
Under the RFIA, the Commodity Futures Trading Commission (CFTC) would have exclusive jurisdiction over a crypto token that qualifies as an ancillary asset but not the "security that constitutes an investment contract." To qualify as an ancillary asset, the token must not offer the holder any financial rights in a business, such as to debt or equity, liquidation, or interest or dividend payments.
The Securities and Exchange Commission (SEC), however, would have a role to play: where the average daily aggregate value of transactions in the ancillary asset exceeds a certain threshold and where the issuer engaged in "entrepreneurial or managerial efforts that primarily determined the value of the ancillary asset," the issuer would be required to file detailed disclosures with the SEC. (Where the issuer certifies—and the SEC does not reject—that those efforts have ceased, disclosures are no longer required.) When the issuer complies with the disclosure requirement, ancillary assets owned by the issuer or affiliates will be "presumed" to be commodities and not securities. This presumption could be overturned by a court finding that an ancillary asset does confer a financial right.
Required disclosures to the SEC hinge on whether the issuer is engaged in relevant entrepreneurial or managerial efforts. This "efforts" language is familiar; the third prong of the Howey test for investment contracts asks whether the purchaser "is led to expect profits solely from the efforts of the promoter or a third party." This element is frequently key to thinking about whether a crypto token should be treated as a security. One reason is that crypto technology allows token projects to develop such that the issuer's efforts are no longer essential to the functioning or benefits of the project—in other words, projects can become decentralized.
The RFIA does not explicitly invoke decentralization when it comes to classifying crypto tokens as securities or commodities, but it implicitly grapples with the concept to some extent by incorporating the third prong of Howey. Perhaps for that reason, the RFIA's co‐​author Senator Kirsten Gillibrand (D‑NY) told Yahoo! Finance that, at least in general, decentralization is relevant in determining a token's legal character: "If it meets the Howey test, then it's a digital security. If it does not, and it is fully decentralized and has the hallmarks of a commodity, then it's a digital commodity."
One benefit of the "ancillary asset" approach is that it potentially streamlines the token classification process. Nonetheless, as the RFIA's effort to implement the approach demonstrates, it remains difficult in practice to avoid the "efforts of others" concept given the realities of existing (and convoluted) capital markets regulation and the characteristics of crypto. And in incorporating the idea of entrepreneurial or managerial efforts without further defining it—such as by more explicit reference to and definition of a decentralized token network—the current version of the RFIA leaves important questions unanswered.
Fortunately, one place to turn for such a definition—in addition to other proposals—would be the RFIA itself, which defines a decentralized crypto asset exchange (DEX). The RFIA largely defines DEXs as software where no person, or group of people agreeing to act together, can unilaterally control that protocol, including by altering transactions or functions. That's a sound place to begin defining a decentralized token network as well.
In addition, distinguishing the token from the investment contract "arrangement or scheme" through which the token is offered or sold can leave questions about the investment contract itself. As noted above, under the RFIA, the SEC would retain jurisdiction over the investment contract. Yet the bounds of that jurisdiction are not clearly circumscribed. For example, would SEC jurisdiction over the investment contract be strictly limited to primary market token sales between the issuer and the counterparty, or could the SEC also extend its investment contract jurisdiction to secondary market token sales on theories related to the overall arrangement or scheme? Nothing about the SEC's recent crypto enforcement activity suggests anything other than a willingness to aggressively assert, or expand, its jurisdiction. And the recent Ripple opinion, while containing important implications for secondary markets in crypto assets, expressly left open the question of whether secondary market token sales constituted offers and sales of investment contracts. If the RFIA envisions SEC crypto jurisdiction as covering only primary—not secondary—market token sales, it should say so unequivocally.
Exchanges
The RFIA contains provisions addressing both centralized and decentralized crypto asset exchanges. The bill requires any trading facility offering a market in crypto assets or stablecoins to register with the CFTC as a crypto asset exchange. Registered exchanges must both confirm that ancillary assets meet applicable disclosure requirements before they're listed, as well as comply with core exchange principles, including safeguarding systems and customer assets, monitoring trading to provide an efficient market and prevent manipulation, and providing price and trade volume information.
While making important strides to define decentralized exchanges, as described above, the RFIA leaves somewhat uncertain their ultimate regulatory obligations. On the one hand, some sections regulate DEXs only indirectly by imposing risk management requirements on the centralized institutions that interact with DEXs, not the DEXs themselves. That registered crypto asset exchanges are subject to specific requirements regarding their interactions with decentralized crypto asset exchanges also suggests that the former (registered exchanges) does not necessarily include the latter (DEXs). Similarly, the RFIA defines a crypto asset exchange to expressly include a "centralized or decentralized platform" only for purposes of a tax provision, implying that the term crypto asset exchange is not generally meant to cover both centralized and decentralized platforms when used elsewhere in the bill.
On the other hand, by amending the Commodity Exchange Act's definition of "trading facility," which excludes systems that allow for bilateral transactions, to clarify that decentralized crypto asset exchanges that allow for multiple bids and offers to interact are distinguishable from such excluded systems, the RFIA suggests that at least some DEXs could be considered trading facilities subject to crypto asset exchange registration requirements. How exactly a DEX that enables trading pairs of crypto assets would mesh with this provision is perhaps open to interpretation.
Given these questions, the RFIA should make more explicit that disintermediated crypto exchange protocols are not subject to inapt requirements designed for centralized intermediaries.
Stablecoins
The RFIA would only permit "depository institutions," such as banks, credit unions, and savings associations, to issue payment stablecoins (tokens redeemable on a 1‑to‑1 basis with instruments denominated in U.S. dollars). Notably, the RFIA would amend the definition of depository institution under the Federal Reserve Act to incorporate a category of "covered depository institutions" that includes non‐​banks exclusively engaged in issuing payment stablecoins and approved to operate by the Office of the Comptroller of the Currency (OCC) or a similar state authority. Under the RFIA, such OCC‐​authorized payment stablecoins would not be required to maintain federal deposit insurance.
It's welcome when a bill allows for the operation of stablecoin issuers beyond federally insured depository institutions. Nonetheless, in giving federal banking regulators discretion to reject applications of prospective stablecoin issuers on the basis of subjective and open‐​ended criteria beyond basic reserve and disclosure requirements, the RFIA risks further constraining future payment services competition.
Concluding Thoughts
Providing clarity to crypto entrepreneurs, developers, and users in the United States remains a work in progress. Even with important case law evolving in the courts, Congress ultimately must provide a stable and practical framework for U.S. crypto policy.

Having potentially grifted future Bossier City
water customers, the Port of Caddo-Bossier might start putting things people
don't want next to their backyards – with local governments powerless to stop
that.

The now-notorious Oct.
17, 2022 meeting of the Port Commission produced Resolution #19 that enticed
Bossier City to give it enough money to build a water distribution facility. If
the city in future years decides to use even one drop from that, city
ratepayers will be on the hook for as much as an estimated $62 million with no
asset in return.

But another vote taken then may lead to an even
more profound impact on the entirety of Bossier Parish, and Caddo as well. Resolution
#20 ratified a complicated arrangement that will deprive some local government
entities of tax dollars they otherwise would collect as well as points to the
possibility that decisions like this could override local land use regulations.

In 2021, the Legislature passed Act 152 that broadened
the powers of the Port, in two ways. First, it granted the Port general
economic development powers, including tax abatement under which payment-in-lieu-of-taxes
(PILOT) qualifies. PILOT arrangements allow for a government to waive normal property
tax assessments in favor of another payment regime. This can act as an
incentive to attract development, which presumably spins off other tax revenues,
by reducing property tax costs for a period.

The Port is a taxing entity over that which is
defined as its "port area,' fixed in law at its conception to include all of Caddo
and Bossier Parishes. Last fall, it decided to offer a PILOT to Rocking R Solar
LLC, a Delaware entity that the previous
month received Louisiana Public Service Commission approval to provide electricity
on 72.5 acres near Hosston in north Caddo Parish. That is a subsidiary of the
builder D.E. Shaw Renewable Investments, which will sell the power to Southwestern
Electric Power Company, the provider for northwest Louisiana.

The facility should have a capacity of 200 megawatts,
but more panels could be in store regionally. SWEPCO joined itself to the hip with
its affiliate in Oklahoma that received its state's approval for the deal, but depending
on what Arkansas and Texas regulators do, another 464 MW could be added in northwest
Louisiana, which very well could occur in the same manner as the Port has
revealed it has leased a thousand acres total from which the facility will be
carved out. With SWEPCO promising to shutter several hundred megawatts of coal-
and gas-powered capacity over the next several years and brazenly
pledging to replace that with more expensive (and less reliable) renewable
sources, the company may be on the prowl for more land in Caddo and Bossier
parishes.

And, with the Port's help, it can do so with
impunity. Act 152 also inserted the phrase "It [the Port] shall not be subject
in any respect to the authority, control, or supervision of any local
regulatory body or any political subdivision" in the port area. In essence, not
only can it negotiate a PILOT without interference from other local governments
that would affect their collections, but also if it becomes a lessor of land,
it can override any land use controls.

The deal with Rocking R demonstrates how. It
transfers assets on the land to the Port, which then leases back those to the
firm and forgives property taxes for the first ten years, then ramps up to full
value over the next ten. Essentially, it trades firm ownership of the assets for
taxes forgone by the Port – an arrangement similar to that with Bossier City,
which traded the value of the bonds to pay for the water facility for an
uncertain chance to make at least $31 million from use of the water to offset
its obligation and keeping anything past that free and clear.

The taxes in question are those from the value added
by the equipment, and potentially would be collected by several entities. In the
debate over its resolution, the Port pledged to gain assent from Caddo Parish,
the Caddo Parish Sheriff's Office, and Caddo Parish School Board to go forward
with the deal, each of which would receive a cut from the second decade of
equipment property taxes collected in proportion to their millages – but excluding
Caddo Parish Fire District 8 which services the property, which would not enjoy
the extra revenues.

Importantly, the power
deal actually was negotiated early in 2022, well before the PILOT came to fruition.
Perhaps an enticement to Rocking R was the informal promise of a PILOT that SWEPCO
threw in, but it could not guarantee this, nor could the LPSC when it gave
approval. Only the Port whispering behind the scenes that it would do it after
its leasing could have happened, but the PILOT itself could not have made the
difference whether Rocking R initially went for the deal because it could not be
offered formally.

As a result, Republican state Rep. Danny McCormick,
whose district comprises rural north Caddo and Bossier Parishes, filed HB 201 which
would not allow a PILOT for District 8 and well as District 7, as well as
remove the port area override of local control that only had been inserted two
years prior. Through two committee hearings, bill backers, from the Port, Ports
Association of Louisiana, and Rocking R, kept trying to steer the debate
towards the PILOT.

In fact, the Port sought to buy off District 8
complaints, first with Rocking R offering to the district a one-time payment of
$25,000 (McCormick said it was only $5,000), then $300,000 – even as testimony
revealed if normal taxation occurred on the equipment it could expect much more
over the period of the PILOT. Supporters replied that without the PILOT they
didn't think the deal would go through, basically saying the district should be
happy to get anything from the sufferance of the Port.

(Supporters also tried to muddy the issue by
erroneously claiming no extra service burdens would be placed upon the fire
district for the extra cash, since they alleged no fires around large collections
of solar panels ever had happened in America. That's
false, and likely the amount of a dozen or so annually is underreported.)

Again, SWEPCO and Rocking R struck the deal over
two years ago without any PILOT assurance, and the LPSC gave its assent prior
to that as well. That and that the firm would throw in hundreds of thousands of
extra dollars undermines the contention that without the PILOT the deal would
collapse. And, supporters – much as what happened during vetting of the Bossier
City water deal when they kept sidestepping that the city could not exit the
agreement at any time without owing anything while trying to create the impression
that it could, in direct contradiction with the actual wording in the document –
kept steering away debate from questions about the Port's ability to ignore
local government restrictions on its activities.

That override authority, which all port authorities
in the state share, seems settled in state jurisprudence, as supporters noted
in testimony, although it's unclear whether leased property counts the same as that
owned. Somewhat of a check does exist on these running rampant over, for example,
local zoning in that ports' appointees to their governing boards come from local
governments, but only from the largest. Still, with their fixed terms appointees
could cross up the wishes of the local governments that appointed them, or
majorities appointed by other jurisdictions could outvote them (as actually
happened with the one of the two Caddo Parish commissioners who voted against
the resolution, who might be expected to listen most closely to smaller jurisdictions'
desires) to allow a port to impose its will on a local government the latter
otherwise would regulate.

This won't change, at least this year. McCormick
sensed he couldn't grab a majority for the bill and deferred it in committee. And
it leaves area citizens very much at the mercy the Port, over which they have
no direct control and only once every quarter-century get to vote on the
property tax millage (currently 2.51)
they pay.

For example, even as Bossier Parish currently has
a moratorium
in place through the start of September on solar panel siting, nothing could
stop the Port from plunking down on its land in the unincorporated parish –
even if not owned but only leased – any many panels as it can even if next to
residences. While it hasn't to date just as it chose to cut major Caddo
governments in on future PILOT receipts, the fact remains it could do as it
pleases under current law despite the Police Jury's dictum.

That's something lawmakers should revisit, and not
just with Caddo-Bossier but for all port authorities. Meanwhile, the Port remains
on the prowl, sitting
on $45 million in liquid assets, four-fifths unrestricted in use raking in
$7 million annually from property owners, looking to strike more deals with
powers that on the whole can put its own interests ahead of those of Bossier
and Caddo residents.

RIJEČ UREDNIŠTVAUZ 20-tu OBLJETNICU DANA HRVATSKOGA ŠUMARSTVANa 101. Godišnjoj skupštini Hrvatskoga šumarskoga društva, održanoj 9. svibnja 1997. god. (188 sudionika) u Zaključcima pod red. br. 15 Skupština "proglašava 20. lipnja za Dan hrvatskoga šumarstva, koji će se od 1998. godine u organizaciji HŠD-a obilježavati svake godine". Naime, toga je datuma na 96. Redovitoj skupštini 20. lipnja 1991.g. jednoglasnom odlukom promijenjen naziv udruge iz Saveza društava inženjera i tehničara šumarstva i drvne industrije Hrvatske u Hrvatsko šumarsko društvo. Tako je od 1998.g. Dan hrvatskoga šumarstva redovito obilježavan. Uz redovita izvješća o radu i financijskom poslovanju udruge, u nastavku je uvijek slijedila aktualna stručna tema. Stručna tema ove Skupštine bila je "Hrvatsko šumarstvo danas i sutra". Uvod u raspravu dali su tadašnji predsjednik HŠD-a prof. dr. sc. Slavko Matić i direktor "Hrvatskih šuma" p.o. Zagreb Anđelko Serdarušić, dipl. ing. šum. Kao temu za razmišljanje, navest ćemo samo dio iz tih uvoda i rasprave objedinjenih u 15 zaključaka.Prof. Matić ponajprije naglašava kako je HŠD najmjerodavnija stručna organizacija koja mora raspravljati o stanju u hrvatskome šumarstvu, posebno onda kada su svakim danom problemi sve brojniji i uočljiviji. No, nitko ne očekuje njihovo rješenje preko noći. Najvažniji problemi su: zapošljavanje diplomiranih inženjera i općenito smanjenje broja zaposlenih u šumarstvu; nepotrebno izdvajanje velikih površina šuma u nacionalne parkove i parkove prirode i davanje na upravljanje raznoraznim upravnim odborima gdje gotovo i nema šumara; podređeni odnos prema struci gdje Hrvatske ceste, vodoprivreda i elektroprivreda, protivno Zakonu o šumama, ulaze u šume bez naknade; drvni sortimenti se raspoređuju po komisijama, uz niske cijene a svi se zaklinjemo u slobodno tržište; u šumu nam ulaze needucirani i slabo opremljeni poduzetnici s nekvalificiranom radnom snagom; poseban trud treba ulagati u afirmaciju struke utemeljene ponajprije na profesionalnoj etici; trebamo se riješiti onih "zalutalih" u šumarsku struku, kojima je cilj samo laka zarada.Direktor Serdarušić nakon uvoda daje desetak prijedloga za zaključke; uputiti zahtjev Hrvatskoj radioteleviziji za termin redovitog priloga o hrvatskom šumarstvu; da predstavnici HŠD-a, Šumarskog fakulteta, Šumarskog instituta i Hrvatskih šuma p.o. izrade suvremeni Zakon o šumama i Dugoročni program šumarstva i upute ga Ministarstvu uz zahtjev za ukidanje tzv. "liste finalista", reprogramiranja dugova, dodjela dionica, odgoda plaćanja itd.; usklađivanje odnosa šumarstva i drugih djelatnosti; da se osigura više financijskih sredstava za gospodarenje privatnim šumama i sanaciju ratnih šteta, te da na prostornom uređenju i djelatnostima zaštite prirode, neizostavno sudjeluju i šumarski stručnjaci.Tomislav Starčević naglašava kako je vrijeme da se analizira da li smo i koliko, dosljedno provodili temeljne koncepcijske pretpostavke za razvoj hrvatskoga šumarstva, gdje u provedbi tih opredjeljenja još nema jasne šumarske politike; Šumariji kao temeljnoj organizacijskoj jedinici ne daje se dovoljno važnosti i ovlaštenja, iz čega proizlazi gubitak motiva; kod uzgojnih radova vidljivo opada kvaliteta; doradom planova gospodarenja povećava se sortimentna struktura planova sječa, pa nemamo definirane planske veličine; naposljetku ovu Skupštinu smatra poticajnom za temeljiti razvoj šumarstva.Prof. Joso Vukelić smatra da Vlada RH nema koncepciju razvoja šumarstva i javnog poduzeća, ne uvažava stručna mišljenja, postavlja nekompetentan Upravni odbor; resorno Ministarstvo je neadekvatno organizirano i šumarstvo i lovstvo bi trebalo izdvojiti u posebnu Državnu upravu, kao što su to vode. Posebno ističe nezadovoljstvo društveno-moralnim položajem šumarske struke.Prvi resorni ministar Ivan Tarnaj ističe kako nijedna organizacija nije konačna, pa tako ni šumarska; ova dosadašnja, obrazlažući je detaljno, smatra da je bila dobra, jer trebalo je u teškim uvjetima preživjeti, no nakon 7 godina možda je vrijeme za novu.Prof. Branimir Prpić iskazuje nezadovoljstvo podređenošću šumarstva u Strategiji prostornog uređenja RH i smanjenjem opsega šumarskih djelatnosti, posebice u prostornom planiranju i zaštiti prirode i okoliša, gdje šumarske poslove preuzimaju nestručni kadrovi.Prošlo je 20 godina pa imajući pred sobom ovaj skraćeni prikaz navedene stručne teme (detaljno u Šumarskom listu br. 5-6/1997., str. 323-332), pokušajmo odgovoriti barem na dva pitanja: što se to do danas promijenilo i da li je "svatko od nas korigiranjem svoga rada dao najbolji doprinos poboljšanju stanja u šumarstvu", što je tada sugerirao prof. Matić u uvodnom izlaganju? Uredništvo ; EDITORIALOn the 20th Anniversary of the Day of Croatian ForestryAt the 101st Annual Assembly of the Croatian Forestry Association held on 9th May 1997, (188 participants), June 20th was proclaimed the Day of Croatian Forestry, which will be celebrated annually by the Croatian Forestry Association starting from 1998 (Conclusions, item 15). At the 96th regular meeting held on 20th June 1991, the name of the association was unanimously changed from the Association of Engineers and Technicians of Forestry and Wood Industry of Croatia into the Croatian Forestry Association. The Day of Croatian Forestry has been marked interminably since 1998. Regular reports on the activities and financial affairs of the Association have always been accompanied by discussions on current specialist topics. The specialist topic of the said Assembly was "the Croatian forestry today and tomorrow". An introduction to the discussion was given by Professor Slavko Matić, PhD, the then president of the Croatian Forestry Association, and Anđelko Serdarušić, BSc in forestry, director of the company "Croatian Forests". To provide food for thought, we shall mention only some parts of these introductions and discussions summarized in 15 conclusions.First and foremost, Professor Matić stresses that the CFA is the most competent professional organisation to discuss the condition of Croatian forestry, particularly in view of a growing number of acute problems. However, nobody expects overnight solutions. The most important problems include the employment of graduate engineers and the declining number of those employed in forestry in general; unnecessary conversions of large forest areas into national parks and nature parks and their management by managing boards consisting of anybody but foresters; a subordinate attitude towards the profession, reflected in the fact that the Croatian Roads, Water Management and Electrical Utility Company, contrary to the Forest Law, enter forests without any monetary compensation; wood assortments are distributed per commissions at low prices despite the fact that we all staunchly support the free market economy; forests are treated by uneducated and poorly equipped entrepreneurs with unqualified labour force; particular effort should be invested in the promotion of the profession that is based primarily on professional ethics; those who have "wandered" into the forestry profession by accident with the only goal of making easy money should be removed from forestry.Director Serdarušić followed his introduction with some ten proposals for the conclusions. These include the following: a request should be submitted to the Croatian Radio Television to allocate a fixed term for programmes on Croatian forestry; representatives of the CFA, the Faculty of Forestry, the Forest Research Institute and Croatian Forests Ltd should draw up a modern Forest Law and a Long-Term Forestry Programme and submit it to the Ministry. The Programme should be accompanied by a demand to abolish so-called "finalist lists", re-programme debts, allocate shares, postpone payments, etc; the relationship between forestry and other fields should be coordinated; more financial means should be ensured for the management of private forests and the recovery of war damage; and forestry experts should invariably be included into spatial management and nature conservation activities.Tomislav Starčević stresses the need to analyse whether the basic conceptual prerequisites for the development of Croatian forestry have been implemented and to what extent, considering that the application of these prerequisites is not guided by a clear forestry policy; the forest office, as the basic organisational unit, is not given sufficient importance and competences, hence the loss of motives; the quality of silvicultural treatments is visibly declining; by adding to management plans the assortment structure of cutting plans is increased, resulting in changes in the planned amounts; and finally, he considers this Assembly an incentive for the overall development of forestry.Professor Joso Vukelić points out that the Croatian Government does not have a clear concept of the development of forestry and public enterprises, does not accept professional opinions, and appoints incompetent management boards; the Ministry is inadequately organized; while forestry and hunting management should be placed under a separate State administration, similar to water management. He particularly expresses dissatisfaction with the socio-moral position of the forestry profession.The first forestry minister Ivan Tarnaj states that no organisation is final, and consequently the forestry organisation is not final either; he maintains that the current organisation is good in view of the fact that it was difficult to survive in hard conditions, but after seven years it is perhaps time to launch a new organisation.Professor Branimir Prpić expressed dissatisfaction with the subordinate position of forestry in the Croatian Strategy of Spatial Planning and with a reduced volume of forest activities, particularly in spatial planning and nature conservation and environment protection, where forestry activities are performed by inexpert personnel.Twenty years have passed: looking at this brief review of the topic (find a more detailed analysis in Forestry Journal No. 5-6/1997, pp 323-332), let us try and answer at least two questions: what has changed since and have we all "by improving our work, given the best contribution to the condition in forestry", as Professor Matić suggested in his introductory discussion. Editorial Board

Human freedom and prosperity have varied enormously among and within countries and regions and have changed drastically over short periods. Social sciences research has begun to illuminate how norms and cultures, as well as legal, political, economic, and social institutions, affect freedom and prosperity, but our understanding of how and why these institutions change remains meager. The researchers who gathered at the National Academy of Sciences in 2010 for a Sackler Symposium sought to give a kick-start to the study of institutional dynamics.

The papers presented vary both in their research methods and in the questions they address. The methods range from theory to econometric studies to detailed cases studies, each seeking to highlight some aspect of how institutions change and what accounts for the differences in institutions that emerge in different settings.

Two of the papers in this volume are analyses of stochastic dynamic systems. One captures a process of contagion by which the new norms governing bilateral exchange may invade a population and become widespread. The other studies the evolution of authority in a society with far-sighted decision makers, who sometimes rationally allow erosion in their long-term control to promote sufficiently better short-term outcomes.

The first of these is Peyton Young's “The Dynamics of Social Innovation” (1), which studies the evolution of norms to be used in bilateral interactions. Agents in Young's network model correspond to nodes that interact with their immediate neighbors and earn payoffs in each interaction that depend on how each party behaves. The agents experiment and learn, so behavior in the system can evolve. The paper discusses how the topology of the network, characteristics of individual learning processes, and the size of the potential improvement affects whether norms are adopted, and how quickly. It turns out that a critical property that superior norms (ones that leads to higher payoffs for all) must have for “fast” adoption is that it must be possible for all members of some local clusters of nodes to profit by adopting the norm, even when the other agents in the network do not adopt. This determinant in turn depends on the size of the gains to adopting the norm, as well as on the nature of the network. The nature of the learning process matters, too. For example, too much experimentation can cause a local group to unlearn their superior norm before it has a chance to spread into the rest of the network.

The second is “A Political Model of Social Evolution” by Daron Acemoglu, Georgy Egorov, and Konstantin Sonin (2), which studies how undemocratic and authoritarian regimes may become progressively more democratic. In their model, choices are made by a changing set of individual decision makers, who rule according to a voting system. Sometimes expanding participation can lead to greater short-run payoffs at the expense of less control in the longer term, and authoritarian regimes may sometimes accept immediate gains even at the risk of reduced control over the longer run. The model provides a framework for studying how the initial state of the system, the payoffs to different actions, and the nature of voting systems affect long-run outcomes of the system. In particular, outcomes can be history-dependent, and change emerges as the combined result of random events and actual choices by the ruling class.

Four of the papers provide general schemata for thinking about a set of issues, from regional and national political leadership and how it affects the evolution of democracy, to the role of international institutions, to the role of norms in promoting economic development both overall and at different stages in development.

Roger Myerson's “Toward a Theory of Leadership and State-Building” (3) surveys his analyses of the problem of nation building, which has both ancient and modern application. The fundamental issues in Myerson's perspective revolve around problems of leadership. On one hand, to gain followers, new leaders must successfully distribute patronage, particularly in times when and places where following the new leader is dangerous. However, the system also needs to provide discipline for the leader, so that promises are kept once the leader gains power. Additionally, for democracy to thrive, it needs to encourage the development of leaders who can establish the credentials and following needed to challenge the existing authority. The paper develops a wide perspective on the groundwork that needs to be laid for nation building, that is, for promoting the development of systems that can evolve into functioning democracies.

Stephen Krasner's “Changing State Structures: Outside In” (4) considers different situations in which, and channels through which, some states deploy purposive strategies to exercise power over other states. His classification covers (i) contracting with basically voluntary agreement of the state that is subject to the influence, (ii) coercion that forces a weaker state to take a particular action or substantially limits its choice set, (iii) institutional power, whereby the stronger state sets the rules of the game of decision-making in the weaker state, (iv) constitutive power, whereby the stronger state establishes the international system within which the weaker state must operate, and (v) productive power, which alters the identities and capabilities of actors in the weaker state. These provide a useful taxonomy and examples for thinking about the interaction between different countries’ institutions and international institutions and organizations.

“Development, Social Norms, and Assignment to Task” by Marcel Fafchamps (5) traces some broad trends in the dynamics of social norms that are required to support different stages in the process of economic development. Developing economies move to greater specialization of labor, requiring more complex interactions to determine efficient allocation of labor to tasks. In the least-developed economies, production occurs in almost self-contained households where workers must be jacks-of-all-trades. As economies develop, families become the basis for small firms that use and eventually employ labor with specialized skills and come to be supervised by the owner or entrepreneur. Finally, as the volume of market transactions grows, large firms arise, with a managerial hierarchy with delegated authority to supervise workers with longer-term employment contracts. Fafchamps examines how the governance of the transactions with workers needs to differ in the different stages, whether the norms and practices appropriate for different stages can coexist or will clash during the dynamics of development, and what this implies for the prospects of successful and speedy development.

In “Individualism, Innovation, and Long-Run Growth,” Yuriy Gorodnichenko and Gerard Roland (6) provide direct and indirect empirical tests supporting the hypothesis that cultures attaching greater social status to innovators experience higher rates of innovation and economic growth. The direct tests use certain cultural scores as independent variables and growth rates as dependent variables. The indirect tests use genetic distance as an instrument for culture, with closer genetic proximity to the US population implying greater cultural similarity.

The last two papers study the roles of two particular but important institutions of development: law (in opposition to custom) and brokerage (facilitating exchange across boundaries).

“Legal Reform in the Presence of a Living Custom: An Economic Approach,” by Gani Aldashev, Jean-Philippe Platteau, and Sake Wham (7) addresses the ability of statutes that empower traditionally disadvantaged groups, such as women, to promote development-enhancing change, even when the statutes conflict with entrenched social norms. Although full enforcement of such laws is rare, by creating an implicit threat to the traditional authorities—loss of face when their decisions are overruled by higher authorities and reduction in the size of the population over which they rule as the disadvantaged populations find better outside options—formal law can shift the bargaining power of parties and lead to changes in outcomes. The paper constructs a theoretical model and offers examples in support.

Finally, “Stabilizing Brokerage” by Katherine Stovel, Benjamin Golub, and Eva Meyersson Milgrom (8) examines one of the most important and puzzling institutions that promotes change through the exchange of goods, services, information, and practices across an otherwise disconnected social network, from one isolated group to another. Agents who do this are called brokers, and their role is problematic. Each side in the transaction may suspect the broker's integrity or impartiality; therefore, brokerage can be fragile. The paper examines and compares three mechanisms that can counter this problem: (i) isolation of brokers into a distinct social group, separated from the transactors, (ii) complete capture of brokers by one side of the transaction, and (iii) grafting of brokerage functions on to other organizations that have separate motives to develop and sustain a reputation for trustworthiness. The authors analyze theoretical considerations and discuss examples of all three, but the inherent fragility of brokerage creates a natural dynamic in which relatively frequent failures are followed by change.

The variety of approaches, in terms of both questions and methods, highlights the richness of this area of research and indeed made for lively discussion at the conference. We hope this collection of papers will serve to broker ideas across disciplines and eventually to deepen social scientists’ understanding of the process of institutional change.

Tese de doutoramento em Economia, apresentada à Faculdade de Economia da Universidade de Coimbra ; Along this dissertation we present five distinct studies, following different approaches but all with a common element: they take into account the impact of foreign trade on growth, the relevance of the balance-of-payments as a constraint to growth and the linkages between human capital and external trade. The study begins with the analysis of the role of human capital and foreign trade on the growth of several sets of countries (World, high-, middle- and low-income countries, Europe, OECD and the EMU countries), between 1980 and 2000. The human capital proxies used take into account quantitative and qualitative aspects to measure their impact on growth. The degree of openness and the net foreign balance are used as proxies for external trade to reveal their importance on growth as well. The interaction between human capital and foreign trade measures allows us to investigate the existence of technology and knowledge transfers, through trade. We also consider the EU set of countries checking for the existence of conditional convergence over the period 1980 to 2004. In this part we try to reconcile the neoclassical and Post-Keynesian theories of growth at least at the empirical level. To do so, we introduce into the neoclassical growth model the ratio of the incomeelasticity of the demand for exports over that of imports, to test the importance of the balance-of-payments constraint hypothesis on growth. It is shown that this demand factor fits well into the supply-orientated growth model even for countries with a single currency and a common monetary policy implying fixed exchange rates. The study extends the growth analysis to the regional level and focuses on Portugal over the period 1996 to 2005. The intention is to analyse the growth process among the NUTS3 regions and the relevance of human capital and regional foreign trade for regional growth. The share of employment in the main activity sectors is also considered to verify whether labour sectoral allocation is important for regional growth. Additionally, we check for the existence of joint effects between human capital and foreign trade on regional growth and examine the differences between the Littoral and the Interior zones. Furthermore, we use the balance-of-payments constraint approach to explain the growth performance of the Portuguese economy over the last four decades. We employ "Thirlwall's Law" to predict actual growth in Portugal over the whole period and various overlapping periods and the McCombie test is implemented to test the accuracy of the Law. Differences in the growth performance between the pre- and post-accession periods are considered and it is shown that Portugal grew slower when joined the EU. This finding is combined with a higher income-elasticity of demand for imports and a slower growth of exports in the latter period. In the final part of the study we analyse a simultaneous equation model of growth with circular and cumulative causation characteristics. The model uses a demand-orientated approach to determine the relationships among the investmentoutput ratio and the growth of domestic income, exports, prices and productivity. The idea is to identify the driving forces of growth, with causal linkages that turn the process self-sustained. We are especially interested in the performance of Portugal, for the 1965-2006 period. The results show that there are three main breaks that obstruct the complete functioning of the circular and cumulative process, namely: (i) the investmentoutput ratio does not positively and significantly affect productivity growth; (ii) productivity growth is apparently not relevant for the growth of domestic price and (iii) price growth does not affect export growth. Therefore, there are essential links in the cumulative process that fail to generate faster growth in Portugal. The general conclusion of the study is that foreign trade is essential for growth both at the individual country level and at the regional level. Foreign trade can be properly combined with human capital measures, and both affect the growth process significantly being in line with the knowledge and technology diffusion hypothesis. Balance-of-payments problems can also restrain growth and cannot be ignored when the aim is to explain growth. If a country wishes to growth faster it has to improve its competitiveness by turning its products more attractive, both in the domestic and external markets by improving the supply characteristics associated with the non-price features. Also, the competitiveness of an economy is highly associated with human capital qualifications. ; Ao longo desta dissertação apresentamos cinco estudos distintos, seguindo diferentes abordagens mas com um ponto em comum: analisam o impacto do comércio externo sobre o crescimento, o papel da balança de pagamentos enquanto restrição ao crescimento e as ligações entre capital humano e comércio internacional. Iniciamos o nosso estudo com a análise do papel do capital humano e do comércio externo no crescimento, para diversos grupos de países (Mundo, países de rendimento elevado, médio e baixo, Europa, OCDE e UEM), entre 1980 e 2000. As proxies de capital humano utilizadas relacionam-se quer com aspectos quantitativos, quer qualitativos, e como indicadores de comércio externo consideramos o grau de abertura e a balança comercial. A combinação de medidas qualitativas do capital humano com indicadores de comércio externo permite-nos investigar a existência de transferências de tecnologia e de conhecimento, que ocorrem através das relações comerciais. Seguidamente, centramos a nossa análise no grupo de países da UE e averiguamos a existência de sinais de convergência condicional entre 1980 e 2004. Nesta parte, tentamos reconciliar em termos empíricos as teorias neoclássica e Pós- Keynesiana de crescimento. Com esse propósito, incluímos o rácio das elasticidadesrendimento do comércio externo na equação de crescimento, para testar a importância da hipótese da balança de pagamentos enquanto possível restrição ao crescimento. Numa fase posterior, estendemos a análise do crescimento ao nível regional e focamo-nos em Portugal, no período 1996-2005. A intenção é analisar o processo de crescimento entre as regiões NUTS3 e a importância do capital humano e do comércio externo no crescimento regional. A percentagem de trabalhadores empregados nos principais sectores de actividade é também considerada para verificar se a afectação sectorial do emprego é importante para o crescimento regional. Adicionalmente, analisamos a existência de efeitos conjuntos do capital humano e comércio externo no crescimento regional e examinamos as diferenças entre o Litoral e o Interior. Mais adiante no estudo, utilizamos a abordagem da balança de pagamentos enquanto restrição ao crescimento, para explicar a evolução da economia portuguesa em termos de crescimento, ao longo das últimas quatro décadas. Utilizamos a "Lei de Thirlwall" enquanto indicador para antever o crescimento no período global e em vários períodos sobrepostos e aplicamos o teste de McCombie para verificar a eficácia da Lei. Observam-se diferenças ao nível do crescimento económico quando se comparam os períodos pré e pós-adesão à UE e mostra-se que Portugal cresceu a um ritmo menor após a adesão. Este facto conjuga-se com uma elasticidade-rendimento das importações mais elevada e um menor crescimento das exportações neste segundo período. Na última parte do estudo analisamos um modelo de crescimento com equações simultâneas e com características de causalidade circular e cumulativa. O modelo utiliza uma abordagem centrada na procura, para determinar as relações existentes entre o rácio investimento-output e o crescimento do rendimento interno, das exportações, dos preços e da produtividade. A ideia é identificar as forças orientadoras do crescimento, com as ligações causais que tornam o processo auto-sustentado. Estamos especialmente interessados no desempenho da economia portuguesa durante o período 1965-2006. Os resultados demonstram que há três falhas essenciais que impedem o funcionamento completo do processo circular e cumulativo, a saber: (i) o rácio investimento-output não afecta de forma positiva e significativa o crescimento da produtividade; (ii) o crescimento da produtividade não é aparentemente relevante para explicar o crescimento dos preços domésticos e (iii) o crescimento dos preços não afecta o crescimento das exportações. Deste modo, há ligações no processo cumulativo que, ao falhar, não permitem atingir um maior crescimento em Portugal. Em termos gerais, concluímos que o comércio externo é essencial para o crescimento quer ao nível nacional quer regional. O comércio externo pode ser adequadamente combinado com medidas de capital humano, com ambos a afectarem o processo de crescimento significativamente, em linha com a hipótese de difusão tecnológica e de conhecimento. A balança de pagamentos também pode funcionar como um constrangimento e não pode ser ignorada quando o objectivo é explicar o crescimento. Se um país pretende crescer mais rapidamente, tem que apostar em melhorar a competitividade, tornando os seus produtos mais atractivos quer no mercado doméstico, quer no mercado externo. Para atingir esse objectivo, terá que aperfeiçoar as as características relacionadas com a oferta, associadas a aspectos não-preço. Por outro lado, a competitividade de uma economia está igualmente intimamente associada às qualificações do capital humano.

To celebrate International Youth Day 2020 Rachel Mims, Senior Program Officer for Youth Political Participation at NDI, is joined by three young leaders from Zambia, Lebanon, and Moldova. They discuss competitive youth debate as an opportunity to build political skills, actively contribute to solving social problems, and create greater space for youth inclusion in public life. For more information please go to https://www.ndi.org/youth-leading-debate
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Given Kapolyo: I don't believe in the saying young people are the future leaders. Because the truth is they tell us this for years and years and years, when I was 15 they told me you're a future leader, then I turned 20 and they said I'm a future leader, then they turned 25, and they said I'm a future leader, so then I'm now just waiting, I'm saying okay, when does the future come?
Now I think just this is time that we turn it around, and say young people should be the leaders of today, as well.
Rachel Mims: Today's young people deserve real opportunities to participate in political processes, and contribute to practical solutions that advance development. When given an opportunity to organize, voice their opinions, and play a meaningful role in political decision making, they consistently demonstrate their willingness and ability to foster positive lasting change. They also become more likely to demand and defend democracy, and gain a greater sense of belonging.
Recent global movements such as movements for climate justice and racial justice demonstrate that young people are demanding a shift in who has power, and in how that power is used, yet young people still find themselves marginalized from mainstream politics, and are limited in their ability to exercise the same influence over decision making processes. This is particularly true for young people who have experienced intersecting forms of marginalization and exclusion. At a time when global inequality is increasing, young people remain disproportionately impacted, and are expressing frustration with leaders and institutions that they perceive to be inaccessible, incapable, unresponsive, corrupt, and often repressive.
NDI works globally to support the political participation of young people through a variety of approaches that increase young people's agency, and create a more supportive environment. One approach involves helping young people develop competitive debating skills, including an issue analysis and framing, reasoning, public speaking, and active listening. NDI has supported [inaudible 00:02:05] programs in several countries, including longstanding programs in Jordan and Moldova, and more recent programs in Guatemala and Libya. We've seen the debate skills not only enhance political participation, but also contribute to holistic youth development. Debate builds practical skills that pave the way for young people to successfully engage in civil discourse and peaceful problem solving, both with their peers and with adult power holders.
I'm Rachel Mims, Senior Program Officer for Youth Political Participation at the National Democratic Institute, and today we are joined by three young leaders from Lebanon, Moldova, and Zambia, each working in different ways to apply their debate skills and actively contribute to solving social problems. As a result, they're creating greater space for youth inclusion in public life. First we'll hear from [Gibbon Carpolio 00:02:58]. Next up, Rachbenda Fou, and then Selena Decuzar. Welcome to Dem Works.
In Zambia, NDI partner with a chapter of the Center for Young Leaders of Africa, and Youth for Parliament, to gather young people from across political parties, media, and civil society organizations to debate solutions for increasing the number of young people in parliament. This debate program created an opportunity for youth from parties and civil society to change ideas, develop their public speaking and research skills, and to generate discussion around critical issues facing youth in Zambia.
We spoke with Given Kapolyo to learn more. Given, thank you for joining us today.
GK: Thank you so much for having me. It's a great pleasure to feature. First of all, I'm a young African female, my name is Given Kapolyo, I'm a young politician, I'm a student, I'm an activist, I'm an advocate, and a public speaker now. I can proudly call myself a public speaker, after I took part in the NDI public speaking that was called the Youth Debate Zambia.
I live in the northern part of Zambia. That's Kasama, northern province, Kasama, rural part of Zambia, so it was great that I was moved from the northern part of Zambia to the capital city, just to participate in the Youth Debate Zambia.
RM: Thank you, and thank you for telling us about all the different hats you wear. I hope to hear more about your activism, and other things that you're doing in politics.
Can you tell me more about your experience in the debate program? What was it like? What were some of the topics that you all discussed?
GK: We began with a training session. We covered the history of public speaking, we covered the tricks that we need for public speaking, how you draw the attention of a crowd, how you keep them engaged, and ordered. It was different young people from different parts of the country, and we were all brought together and were taught together, and then were given a topic. We were discussing how we can increase the number of young people in parliament, the number of youths in parliament, and it was a very profound experience, in the sense that we didn't just learn, then they'd give us a chance to actually show what we had learned from the training, and it was that interesting.
By the time we were leaving the training, there were people that were so confident to go back to their communities, and just speak change into their communities, into the crowds, and that was just how interesting, and just how meaningful it was to me and other participants that were there.
RM: I really love the point about public speaking, and this immediate sense of agency that young people feel, that they can go back and use their voice, and they have skills that they can start to put into use right away. Can you talk about the connection between some of the skills that you learned and your future political aspirations? I know that you're interested in running for public office.
GK: One of the things that we learned at the Youth Debate Zambia was that communication, public speaking and communication have a lot to do with politics, and with the youth standing out as a public figure, because it's they also mentioned how many great orators were [inaudible 00:06:34] were to get into public office because of how they spoke, how good they were at it, and the impacts that it just had in changing society.
For me as a young politician, first of all I must mention that the country that I'm from it's very difficult for a young female. First of all, it's very difficult for a female to make it into public office. It's even worse for a young female to make it. That, it also prepared me for how I could use my words to show people that not only will I be a voice for them, I could actually speak my heart out to them, tell them what my plans are, but then do it skillfully in a way that they buy into it, and are able to elect me, and even how because we dealt with topics on how you could make your speech relatable such that as you're telling your story somebody that is listening instantly feels like you're telling their story, and when they're able to relate with you it will be very easy for them to actually elect you as their leader, because they feel like you're a mirror of them, and then you can represent them better.
The training for me was actually a point that I think began a lot of things for me, because I knew I could speak, but then I didn't know I could use it to further my political ambition. When I went back home, in Kasana, I was able to speak to various groups. Just by me sharing my story with them, they were able to buy into the vision that I have for my ward, because I have aspirations of standing as a ward counselor next year, in our general elections, and it's been very helpful.
I've been able to know another important thing we learned is how you should be able to read your audience, so depending on who I'm talking to, I'm able to know which skills I should employ.
RM: Thank you. I know you can't see me, but I'm nodding vigorously over here, because you just shared, I think, so many important lessons with our listeners, just about how you can use these skills to further your political ambition, how things are different for young women, and how they face different barriers and challenges into getting into elected office, and how these skills help create an opening.
I want to talk about NDI's work in changing the face of politics, and it relates directly to what you mentioned about being a young woman in politics. NDI is launching a decade-long campaign to accelerate the pace of change on all aspects of women's empowerment, and that includes their participation in leadership and politics, and I wanted to hear from you what you think young people's role is in not only changing the face of politics, but ensuring that young women have a role to play, and can participate in politics.
GK: We need to become alive to the reality that our parents will not be here 10, 20, 30, 40, 50 years from now, it is us that will be here. Every time I'm speaking to young people about young people involvement in politics and leadership and decision making and getting involved in civic spaces, I'm always telling them if we don't get involved now, then we are simply selling our future off ... Not even selling it off, we're simply giving it off for free. Because whatever our ... Those that we leave leadership to today, whatever decisions they make, or whatever they choose to do with the resources that we have, whatever they choose to do with our nation, they will not be here to face the repercussions, we will be here.
Most of our parliament, the Zambian parliament has over 158 seats, and only 2 people are below the age of 35, only two people are youth, but if we do get young people involved, then we do get young people into parliament, we will know to say this decision that I'm making today, I'm only 27, so the decision that I'm making today, 30 years from now the chances that I still will be here to answer for it and to face the repercussions of if I make a bad decision will linger in my mind, for even as I make a decision I'm thinking I'm not thinking five years from now, I'm thinking 10, 15, 20, 30, 50 years from now, because I'm assured I will still obviously be here. I feel the time is now that young people actually take over and provide solutions to many of these challenges, and many of the problems that our country, our continent, and even the world is facing today.
RM: So many of the points that you just talked about really point to the need for this culture shift, and a culture change within politics. I think a lot of what you are advocating for, particularly about greater youth inclusion, can help contribute to that shift, and politics being more inclusive and representative of young people.
I just really want to thank you for taking time to talk with us today, and to share your thoughts, and I really want to wish you all the best in your run for office. I think you would make an amazing political leader, and I'm really excited to see what your future holds, and where you'll go after your participation as a young person in politics.
GK: Thank you so much. I look forward to where I go to, so I keep working towards it. And this I'm guaranteed that I will get there. Thank you so much for having me. It's been a pleasure having this conversation with you. I look forward to further interactions.
RM: Us as well. Thank you again.
For more than 35 years, NDI has been honored to work with thousands of courageous and committed democratic activists around the world, to help countries develop the institutions, practices, and skills necessary for democracy's success. For more information, please visit our website, at www.NDI.org.
In Lebanon, NDI is collaborating with the television station MTV Lebanon, for its weekly program, It's About Time, which features political leaders responding to questions from the host and from young people who have been trained in policy analysis and debate skills by NDI. MTV Lebanon hopes that by expanding debate culture in the country and by proving that young people can debate, they will pave the way for hosting Lebanon's first debates between national political leaders before the next elections in 2022. The show has achieved broad viewership, and resulted in viral moments on social media, with some political leaders saying that they tune in specifically to watch the youth debate segment. I would like to introduce everyone to Rafka Noufal, a junior Lebanese lawyer, and active participant on the debate show. Rafka, thank you for joining us for the podcast today.
Rafka Noufal: Thank you for having me with you today.
RM: I'd like to start with you giving us a brief introduction about your work, and your background, and what brought you to the debate show.
RN: I'm a 24-years-old Lebanese junior lawyer. I studied law in the Holy Spirit University, a Catholic University in Lebanon, and I just graduated from my masters to a degree. I also have a certificate of completion of the [inaudible 00:14:06] university program on international criminal law and procedures, and am a very social person who's interested in politics and in all the topics that are rising inside our country. When I knew about the TV political show It's About Time, through my university, I was very excited and more willing to join this show because I saw it as a platform to raise our voice as the young people in Lebanon, and to give our opinion and our thoughts on all the political and social and economic topics that are arising inside our society.
I work as a lawyer now, [inaudible 00:14:42] bar association, and I work in an office that takes private law cases and more specifically criminal law cases. Throughout my work, I got familiar with the gaps and insecurities inside the Lebanese legal system.
RM: I see so much connection between your ability to do this work as a lawyer and having the opportunity to dig into these pressing political issues on the debate show. Can you tell me a little bit more about your experience on the show, and talk about some of what you gained, whether it's skills that you gained, or kind of how the show maybe changed your perspective about politics?
RN: In fact, the different trainings we did with NDI were very useful on many levels. First of all, it developed our skills in public speaking, which is very important in the life of politics, and to my work also of the lawyer. Also, these trainings triggered the reason and the logic inside every mind of the young people who participate in the show, and it let us discuss and have conversations people from all over the country, so this debate program let us know how to discuss, how to debate topics without hurting other people's feelings, or other people's opinions.
RM: Can you tell me a little bit more about some of the topics that you debated on the TV show, and maybe topics that came up that were a bit more controversial, or there was more, there were maybe more emotions, or opinions that people really wanted to share?
RN: First off, my last debate at the show was about the early elections in Lebanon. I was supporting that we should have an early election in Lebanon, to change the members of the parliament, because the government in Lebanon now, even the parliament, they are not doing enough work in order to take us, or to help Lebanon go through this economic situation, this economic crisis we're going through right now in Lebanon. I was supporting the fact that we should be doing an early election, to change the leaders, to change the member of the parliament. We need young people to get inside the parliament. We need new, free minds, that are not attached to the past, they are not divided by sectarianism. We need a civil country, not a country that is divided by sectarianism.
RM: Can you talk a little bit more about your thoughts on the protest, and what you see as a way forward not only for young people in Lebanon, but the entire so many people across the country have been engaged in the protests, kind of what do you see as a vision, or a way forward?
RN: I would like to start by giving, talking about the problem between this disconnection, between young people nowadays in Lebanon, and the political parties, before talking about the protests. In fact, political parties in Lebanon are still attached to the past, and they divide young people by sectarianism. You should follow this party because you are from the sect that this party supports, or also I think that political parties inside Lebanon lack any vision for the future beyond their personal interests, and the most important point is that they deny the youth right to participate in decision making process, because they are political parties that are doomed with ... How to say it? Political inheritance, and the cultural hierarchy that says that elders know better than young people, but in fact when that's not the case when it's faced with reality, because every generation faces new challenges, different from the challenges that the other generation faced, so all of this adding to the corruption that grows like a tumor inside [inaudible 00:18:54] infecting all the aspects after [inaudible 00:18:58] for about like the environment, infrastructure, and economic crisis led to the birth of this protest and this revolution that emerged inside the streets of Lebanon.
RN: I think that young people, and I'm one of them, we saw this revolution as a window of hope to change the current corrupted situation in the country, and maybe to take part of the decision making process, to give our opinion, our thoughts.
RM: Do you see some of the topics that have come up in debates, and young people's desire to protest and take part in the revolution, do you see that as a meaningful pathway to change?
RN: I think so. I think young people believe in these social movements because these social movements are based on the free minds, and are detached from sectarianism, and from inequality between the Lebanese people, and maybe these social movements can create in the future political parties that can govern Lebanon and help it to develop like other countries in the world.
RM: This year, under the banner of of Changing the Face of Politics, NDI is launching a decade-long campaign to accelerate the pace of change on all aspects of women's empowerment, and that includes their participation in leadership and politics. I wanted to ask you what you see as young people's role in changing the face of politics, and ensuring that young women specifically can participate and have a meaningful role in politics, and particularly in the context of Lebanon, this new politics that you all are attempting to usher in.
RN: I think that [inaudible 00:20:44] young people are making a step to bridge this gap between politics and youth people, because they are taking on important issues, such as climate change, mass immigration, and even women empowerment, however, I think that we still have a bit of problem inside the third-world countries, but as for women empowerment, I think Lebanon and and outside in other countries young people believe in gender equality between man and woman, and they don't consider gender as an indication for holding a political position.
In fact, we support us young people that competence, performances and efficiency are the only conditions for judging a person in a position of power, and not being a woman or a man. Thus, if we take charge in Lebanon, I think you will see more women engaged in the politics. For example, right now in Lebanon we are demanding the vote of the law for women's quota in all Lebanese election as a step to engage more women in the political life of the country.
RM: Do you think that this culture of youth debate, and young people sharing their voices on these important political topics, do you think that this trend will continue, in that it's important that young people continue to use debate to speak out about politics?
RN: The debating concept is important because first, it lets you build constructive arguments in a persuasive way, and you don't only talk just to talk, you have to talk with a logic and reason. Young people can express their opinion with public speaking skills, and to accept the opinion of other people without deciding them, or offending them, as I mentioned before.
RM: I really want to thank you for taking time out to share more with us about your political experience, and to talk about the political trends that we're witnessing in Lebanon. I think that a lot of what you shared can be really relevant for young people, and for others that are participating in politics, to really understand how this development skills and development of knowledge around debate can be useful for a political career.
RN: I would like also to thank NDI for all the training they did with us, and it was really a lifetime experience with them, and with It's About Time show.
RM: Great. Thank you.
RN: Thank you so much.
RM: NDI has worked with thousands of young people on the art of competitive policy debate, and has ongoing debate programs in three regions. To learn more about NDI youth debate programs, or access program resources, visit the Youth Leading Debate Initiative, on NDI.org.
In Moldova, NDI is facilitating the seventh iteration of the Challenger Program, which aims to help create the next generation of political leaders, policymakers, and civil servants. Challenger equips young people with the knowledge and skills to develop realistic public policies that respond to the needs and priorities of the people in Moldova. The youth debates take place in the second phase of the program, the policy debate school. During the program, the participants acquire research and analytical skills, and they also take part in developing a youth manifesto, which addresses important national problems faced by young people in the country.
I would now like to introduce you to Silena, who is a member of the Challenger Program, and is going to join us to talk a little bit about her experience. Hey, Silena, thanks for joining us today.
Selina Dicusar: Hello. Thank you for having me.
RM: I'd like to just start with you giving us a brief introduction about yourself, and telling us about your experience in the program.
SD: Okay. My name is Selena Dicusar. I am 20-years-old. I was born in the Republic of Moldova. Currently, I'm studying Moldova, at the international relations.
SD: I am a member of the Communication PR Department of the Erasmus Student Network Chisinau, but elections are currently underway, and I will run for Vice President. I am also participant of Challenger, and a double winner of the Best Speaker Award.
RM: Selena, thank you for that introduction. Can you tell me about your experience in the Challenger Program, why did you decide to join in the first place, and what do you think you gained from your participation in the program?
SD: It's certainly the most complex intense and in depth project that I've ever been involved in. I've had a unique experience participating in a project which changed my attitude towards politics, and taught me new skills. Firstly, I learned to value my knowledge in terms of languages and to apply them correctly in research. Secondly, I have learned to think critically, and always question any information I receive or process. And last but not least, I learned how to develop solutions.
About opportunities, yes, what I gained in Challenger helped me to properly recommend myself to the mayor of my native village, and prove that my ideas will help improve the situation in the village.
RM: Thank you. I think you brought up some really excellent points, particularly about this need to challenge information that we receive from different sources, and to really kind of understand what's being proposed for our different communities. Can you talk a little bit more about some of the debate skills? You mentioned that they connect to your political participation outside the program. What about the debate component helps prepare you for political engagement outside the program?
SD: First of all, the debate helped me understand how to make a manifesto, because we are writing manifestos in the program, and I think this is one of the most important skills that I have learned, and that have certainly helped me to engage more in politics out of the program.
RM: Great. Thank you. I want to talk a little bit about I know that you do quite a bit of work on the local level, and that you've been doing some work with the local mayor, so I want to talk about this trend that we're seeing, which is a bit of a disconnect between young people and formal political institutions, and we're really seeing young people kind of disengage from formal politics. I'm wondering based on your work in the community and on the local level what you think about this trend in young people moving away from formal politics, and also if you think that working on a local level is part of a solution or a viable pathway for young people to participate in politics.
SD: First of all, it is mandatory that parties and politicians stop underestimating youth. They shouldn't only change their attitudes, but also encourage young people to join parties, giving them the opportunity to work on the issues that interest them, and unfortunately one of the biggest issues between young people, political institutions, and parties in Moldova that they don't hear each other. Young people are often not appreciated fairly, they are not heard, and these of course discourages them from further action.
Local political participation is certainly a viable path that many Moldovans are unaware of, specifically my case about three or four young people and one curator from another city work on projects in our city [inaudible 00:28:24], those are the critical shortage of young people work is proceeding slowly. Most likely this is due to the fact that such work requires time and dedication. Is almost not rewarded financially, and among our youth experience is not in the first place for all. The situation is improving, the new generation is more politically active.
RM: Thank you, Selena, and I think a lot of the points that you made about how parties need to change their strategy about the way that they engage young people is really important, and also this need to work at multiple levels, that we're working at the lower level, but we're also creating opportunities at the national level, too, and I think your work experience speaks to that as well.
I want to talk a bit about young women's participation. This year, under the banner of changing the face of politics, NDI is launching a decade-long campaign to accelerate the pace of change on all aspects of women's empowerment, and this includes women's participation in politics. I want to ask you what you feel like young people's role is in ensuring that the face of politics changes, and that young women have more opportunities to participate.
SD: First of all, it seems to me that the new generation which is now growing up is more aware of the problems that humanity faces. This is a generation that can embrace changes slowly, and their role in ensuring that participation of women in politics is first of all to learning how to accept the leadership of a woman, and question the abilities of women and men working in the same area on the wages of equal criteria, and to better involve young women in politics we must first of all educate them because an educated woman is a strong woman who can defend her interests.
RM: Thank you. I think you know the point about it being a generational change, I think that's echoed in the other, the conversations with other young people, as well, is it seems like this generation is more willing to ensure that participation is inclusive, and then that includes young women as part of the conversation.
I really want to thank you for joining us today, and for sharing some insights about your participation in the program, and how you see your participation in Challenger really helping create political space for young people. Is there anything you want to add, in closing?
SD: I would like very much to thank the people coming here that created this program. It's a big challenge for Moldova to teach a generation of people that is aware of politics, that can change the political situation in the country, and the political culture, as well. I think if we get to teach more people how politics works, probably there will be a positive change in my country.
RM: Again, I just want to thank you for joining us, and answering the questions. I really wish you the best of luck in everything that you pursue, moving forward.
SD: Thank you very much.
RM: Thank you to our listeners. To learn more about NDI, or to listen to other Dem Works podcasts, please visit us at NDI.org.


Podcast Participants; Given Kapolyo, Rafka Noufal, Selina Dicusar.



24. Increasing Youth Political Inclusion through Debate

Democracy (General), #NDI #National Democratic Institute #Women #Citizen Participation #Youth

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D., MBA, Dean, UCLA Extension, University of California, Los Angeles "In her newest book, Elizabeth Ghaffari has scouted out exceptional women who started in small, but courageous ways to follow unique visions. These women achieved positions of influence and power, but their routes to success were never straight-lined. They endured digressions and embraced change. They navigated the intricacies of corporations, academia, non-profits, and the fields of science and technology. They speak with their own voices about their lives and motivation and tell their stories with modesty and encouragement to other women who may want to lead and serve." Mary S. Metz, Ph. D., President Emerita, Mills College "Women Leaders at Work is filled from cover-to-cover with stories about the lives of extraordinary women who are in leadership today. Elizabeth Ghaffari uses her exceptional interviewing talents to ask the right questions to elicit memorable lessons that are inspiring, uplifting and educational. 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D, noted author, speaker, business consultant, www.Consult4Business.com "Ghaffari's Women Leaders at Work captures diverse personal stories of trailblazing women who share candid experiences including career challenges. It is clear that much more than mentoring matters -- sponsorship is key." Linda Griego, President & CEO, Griego Enterprises, Inc. In Women Leaders at Work, skilled interviewer Elizabeth Ghaffari speaks to women at or near the top of their professions in a wide array of fields. In part, the book focuses on how they did it: how they prepared, how they overcame obstacles, how they achieved major milestones, and how they took the unconventional turn in the career path that made all the difference. Each chapter is also a gem that contains invaluable insights into gaining and using power responsibly. 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This book: Showcases successful women in leadership positions in the modern millennium Explains how they prepared to take on the challenges leadership imposes Provides advice for those who would follow in their footsteps Demystifies career success for women Other books in the Apress At Work Series: Coders at Work, Seibel, 978-1-4302-1948-4 Venture Capitalists at Work, Shah & Shah, 978-1-4302-3837-9 CIOs at Work, Yourdon, 978-1-4302-3554-5 CTOs at Work, Donaldson, Seigel, & Donaldson, 978-1-4302-3593-4 Founders at Work, Livingston, 978-1-4302-1078-8 European Founders at Work, Santos, 978-1-4302-3906-2 Advertisers at Work, Tuten, 978-1-4302-3828-7 Gamers at Work, Ramsay. 978-1-4302-3351-0

Nicholas Anthony


From codifying definitions to tackling the Infrastructure Investment and Jobs Act, the latest bill from Senators Cynthia Lummis (R‑WY) and Kirsten Gillibrand (D‑NY) has a full section dedicated to taxing cryptocurrency (see Figure 1). There is a lot of ground to cover here so let's focus on some of the most important pieces.












Removing Capital Gains Taxes from Purchases (Sort of)
Capital gains taxes have been a long‐​standing issue for cryptocurrency users. If cryptocurrency is to be used as an alternative money, capital gains taxes pose a significant barrier to adoption since each transaction would have a greater tax burden in terms of both filing and monetary costs. Therefore, the Lummis‐​Gillibrand bill kicks things off with an amendment to 26 U.S.C. Part III that would exclude cryptocurrencies from capital gains taxation for "small" purchases. This de minimis exemption from capital gains taxes applies so long as the cryptocurrency in question is being used for the purchase of goods or services and the total value of the sale is under $200. This $200 threshold mirrors what is currently used to exempt gains on foreign currencies.
Concerningly, the bill proposes an aggregation rule so that multiple sales are included as one transaction. This step might make sense when thinking about counting a coffee, a sandwich, and a donut purchased in the same sitting as being one transaction. Yet it's not clear what the limits would be to this aggregation as the bill later notes that even "a series of related transactions" should be treated as one sale. With that said, the senators did well to include an inflation adjustment. It would be much better to have no limit, but at least the adjustment would ensure the $200 (low as it is) does not decrease over time.
Fixing the Infrastructure Investment and Jobs Act
The next section tackles the infamous broker provision from the Infrastructure Investment and Jobs Act. Much like the original version of their bill from 2022, the Lummis‐​Gillibrand bill seeks to redefine the broker definition so that it doesn't effectively capture everyone working in or around cryptocurrency. Separately, the bill would then repeal the arguably unconstitutional surveillance created by the Infrastructure Act in 26 U.S.C. Section 6050I. Although these portions of the Infrastructure Act are meant to go into effect at the end of 2023, the bill would delay the effective date to 2025 to give people (the IRS included) more time to figure out how even this limited version of the broker provision will work in practice.
Wash Sales and Unrealized Gains
The bill also addresses "wash sales"—an issue that some have speculated to be the "crypto tax loophole" that caught the attention of President Biden earlier this year. A wash sale is currently defined in the U.S. code as when someone sells a security at a loss to take a deduction on their taxes, but then immediately repurchase the same security. As it stands, wash sales with securities are not allowed, but it can be done with cryptocurrencies. Therefore, the bill would expand the current statutes covering securities to also cover cryptocurrencies.
Curiously, the bill then opens the door for a sort of "approved wash sale" on unrealized losses on the condition that it also apply to unrealized gains. The bill proposes a mark‐​to‐​market approach so that exchanges could reevaluate the fair market value of any cryptocurrency held as inventory and then pay or deduct taxes on any appreciation or loss without any sale taking place. Some argue that this process creates a more accurate picture of a balance sheet as markets ebb and flow. On the other hand, unrealized capital gains taxes are quite simply taxes on income that doesn't yet exist. Perhaps that's why the bill seems to take a nuanced stance by only amending the portion of existing law that pertains to exchanges electing to take on this practice. Either way, the bill bans traders from doing wash sales but then lets exchanges do them. Perhaps it's time to rethink the capital gains approach entirely so that mitigating tax burdens no longer shapes investment strategies?
Mining and Staking
Carrying the theme of unrealized gains, the bill also addresses mining and staking. In short, the bill would make it so that any rewards from mining or staking are only considered taxable income when the holder actually sells the assets received for mining or staking. The question of taxing rewards has been a long standing issue, so the bill seeks to codify what people thought was decided in a 2021 court case: that mining and staking rewards are only taxable as income when they are sold.
Conclusion
The general theme seems to be that Senators Lummis and Gillibrand sought to compile everything from the debates over the last few years into a one‐​stop shop for cryptocurrency tax treatments. And they certainly managed to cover a wide range of issues. Given the complexity of the other sections of the bill, it may very well be the case that this section becomes a standalone bill in the future.
Are you curious about the other sections of the bill? See Jack Solowey and Jennifer Schulp's commentary on the sections on market structure and exchanges and my own commentary on the section on illicit finance.

Topicality. Physical Education should take into account the state characteristics of the culture and sport development, the state and world experience that is a system of guidelines and views for a long-term period. The study of European countries experience in PE is presented by a number of researchers, scientists and specialists, in particular H. Ardelean, O. Tsybaniuk and others. The Purpose of the Research is to analyze the features of the National University of Physical Education and Sports in Bucharest – the first higher educational institution for training specialists in PE & Sports in Romania. Stuff and Methods of the Research. The research stuff has been divided into archival, statistical, legal acts and scientific papers. General scientific research methods have been used to substantiate the relevance, formulate conclusions; the group of specific scientific methods – for the systematization of historical and pedagogical literature sources; chrono- logical method – to clarify the genesis of Romania PE & Sports content. The Research Results and Conclusions. The first attempt to organize an institution for PE specialists training in Romania was made by V. Badulescu, who in 1920 founded the Institute of Physical Education in Cluj-Napoca. State interests led to the transfer in 1922 of the institution to the capital – Bucharest, however, the interest in PE (gymnastics) training teachers in the Transilvania region led to the creation of the Department of Physical Education at a local University. It should be noted that the full support of the royal family, influential government officials, and the adoption in 1923 the Law on Physical Education caused the rapid development of the professional Institute. The dual subordination of the institute to the Ministry of Education and the Ministry of Defense immediately identified three areas of student training: pedagogical, military, and amateur. The National University of Physical Education and Sports in Bucharest has experienced several changes in its title and structure. The definition of «national» and «higher» in the title of institution proves its status what is preserved even now. ; Актуальность. Физкультурное образование и физическое воспитание должны происходить с учетом и на основе государ- ственных особенностей развития культуры и спорта, быть системой ориентиров и взглядов на роль организации вышеупомянутой отрасли на долгосрочный период с учетом развития государства и мирового опыта. Изучение опыта европейских стран в области физического воспитания и спорта представлено рядом работ педагогов, специалистов отрасли (Г. Арделеан, А. Цибанюк). Цель исследования – проанализировать особенности деятельности первого высшего учебного заведения для подготовки специалистов физического воспитания и спорта в Румынии – Национального университета физического воспитания и спорта в Бухаресте. Материалы и методы. Материалы исследования нами разделены на архивные, статистические, нормативно-правовые акты и научные статьи. Нами использованы общенаучные методы исследования – для обоснования актуальности, формулирования выводов; конкретно-научные – для систематизации историко-педагогической литературы; проблемно-хронологический – для выяснения генезиса содержания физического воспитания и спорта в Румынии. Результаты исследования и ключевые выводы. Доказано, что первую попытку организации заведения для подготовки специалистов физического воспитания в Румынии совершил В. Бадулеску, который в 1920 г. создал в г. Клуж-Напока Институт физического воспитания. Государственные интересы привели к переносу в 1922 г. заведения в столицу – г. Бухарест, однако заинтересованность в подготовке учителей физического воспитания (гимнастики) именно в регионе Трансильвания повлекла создание кафедры физичес- кого воспитания в местном университете. Необходимо отметить, что всесторонняя поддержка королевской семьи, влиятельных деятелей государственного уровня и принятия в 1923 г. «Закона о физическом воспитании» вызвали быстрое развитие профессионального института. Двойное подчинение института (Министерству образования и Министерству обороны) сразу выделило три направления подготовки студентов – педагогический,военный, любительский. Национальный университет физического воспитания и спорта в Бухаресте пережил несколько волн изменений в названии и структуре. Находим в названии заведения разных времен определение «национальный», «высший», что говорит о статусе заведения, который сохраняется и теперь. ; Актуальність. Фізкультурна освіта та фізичне виховання повинні відбуватися з урахуванням і на основі державних особливостей розвитку культури й спорту, що є системою орієнтирів та поглядів на роль, організацію й функціонування сфери вищезазначеної галузі на довгостроковий період з урахуванням розвитку держави та світового досвіду. Вивчення досвіду європейських країн у галузі фізичного виховання й спорту представлено низкою праць педагогів, фахівців галузі (Г. Арделеан, О. Цибанюк). Мета дослідження ‒ проаналізувати особливості діяльності першого вищого навчального закладу для підготовки фахівців фізичного виховання та спорту в Румунії – Національного університету фізичного виховання та спорту в Бухаресті. Матеріали й методи. Матеріали дослідження нами розділено на архівні, статистичні, нормативно-правові акти та наукові статті. Використано загальнонаукові – для обґрунтування актуальності, формулювання висновків; конкретно-наукові – для систематизації історико-педагогічної літератури; проблемно-хронологічний – для з'ясування генези змісту фізичного виховання й спорту в Румунії методи дослідження. Результати досліджен- ня та ключові висновки. Доведено, що першу спробу організації закладу для підготовки фахівців фізичного виховання в Румунії здійснив В. Бадулеску, який у 1920 р. створив у м. Клуж-Напока Інститут фізичного виховання. Державні інтереси призвели до переносу в 1922 р. закладу в столицю – м. Бухарест, проте зацікавленість підготовкою вчителів фізичного виховання (гімнастики) саме в регіоні Трансильванія спричинили створення кафедри фізичного виховання в місцевому університеті. Потрібно зазначити, що всебічна підтримка королів- ської родини, впливових діячів державного рівня та прийняття у 1923 р. «Закону про фізичне виховання» спричинили швидкий розвиток представницького фахового інституту. Подвійне підпорядкування інституту (Міністерству освіти та Міністерству оборони) одразу диференціювало три напрями підготовки студентів – педагогічний, військовий, аматорський. Національний університет фізичного виховання та спорту в Бухаресті пережив кілька хвиль змін у назві й структурі. Знаходимо в назві закладу різних часів визначення «національний», «вищий», що свідчить про статус закладу, який зберігається й тепер.

Target settings. This study examines the possibilities of modern geographic information and cloud technologies and prospects for their use for administrative and economic management of an airport. The study is related to the implementation of the State Target Program for Airport Development until 2023 and the Aviation Transport Strategy of Ukraine until 2030, which aims to develop the aviation industry in Ukraine, bringing airport infrastructure to the requirements of the European Union. The Law of Ukraine «On the National Infrastructure of Geospatial Data» and «Consolidated Concept of VIM Implementation in Ukraine» has a great influence on the formation of geospatial data of airports. Actual scientific researches and issues analysis. The paper analyzes and summarizes publications on methods of obtaining geospatial data, implementation of geographic information technologies, virtual, augmented and mixed reality technologies, artificial intelligence and the concept of «smart» city for administrative and economic management of airports. Uninvestigated parts of general matters defining. Analysis of recent research and publications has shown that the prospects for the introduction of geographic information technology for administrative and economic asset management of Ukrainian airports need further research, as these issues are very important and relevant, given the rapid growth of digital society, environment and infrastructure. The research objective. The purpose of this study is to analyze the possibilities and prospects for the introduction of modern technologies for processing and visualization of geospatial data for administrative and economic management of the airport and the development of a conceptual model. The task of the research is to analyze the methods of obtaining geospatial data of the airport, the use of geographic information systems in airports, artificial intelligence technologies, virtual, augmented and mixed reality, the Internet of Things, digital duplicates, implementation of the concept of «smart» city, etc. The statement of basic materials. Geospatial data is created digitally using modern information and cloud technologies that offer a wide range of equipment, software, methods and technologies for working with geospatial information. Every year, new technologies that are used in the administrative and economic management of airports appear: cloud data acquisition methods, geographic information systems, artificial intelligence technologies, virtual reality, the Internet of Things, digital counterparts, «smart» cities, and more. Successful integration and use of existing capabilities for the collection, storage, processing and visualization of geospatial data of airports will ensure their effective management and economic growth. Conclusions. Based on the analysis of the possibilities of using virtual, augmented and mixed reality technologies, artificial intelligence, digital duplicates and the concept of «smart» cities in airports, a conceptual model of prospects for using geospatial data of the airport to address administrative and economic management of the property complex was developed. ; Актуальність теми дослідження. Останніми роками в аеропортах світу активно впроваджуються хмарні технології збору, опрацювання та візуалізації геопросторових даних: лазерне та лідарне сканування, інтеграція ВІМ/GIS моделей, застосування штучного інтелекту, технологій віртуальної та доповненої реальності, цифрових двійників та «розумних міст». Для України, яка активно йде по шляху цифровізації та впровадження сучасних геоінформаційних технологій у багатьох сферах діяльності, розробка нових методів та підходів для адміністративно-господарського управління аеропортовими комплексами є актуальним та перспективним напрямом. Постановка проблеми. У цьому дослідженні розглянуто можливості сучасних геоінформаційних та хмарних технологій і перспективи їх використання для адміністративно-господарського управління територією аеропорту. Дослідження пов'язано з реалізацією Державної цільової програми розвитку аеропортів на період до 2023 року та Авіаційної транспортної стратегії України до 2030 року, метою яких є розвиток авіаційної галузі в Україні, приведення інфраструктури аеропортів до вимог Європейського Союзу. Також великий вплив на формування геопросторових даних аеропортів має Закон України «Про національну інфраструктуру геопросторових даних» та Консолідована Концепція впровадження ВІМ в Україні. Аналіз останніх досліджень і публікацій. У роботі були проаналізовані та узагальнені публікації, що присвячені методам отримання геопросторових даних, впровадження геоінформаційних технологій, технологій віртуальної, доповненої та змішаної реальності, штучного інтелекту та концепції «розумного міста» для адміністративно-господарського управління аеропортами. Виділення недосліджених частин загальної проблеми. Аналіз останніх досліджень і публікацій показав, що питання перспектив впровадження геоінформаційних технологій для адміністративно-господарського управління активами аеропортів України потребує додаткового дослідження, оскільки ці питання дуже важливі та актуальні, враховуючи стрімке зростання цифровізації суспільства, навколишнього середовища та інфраструктурних об'єктів. Постановка завдання. Метою цього дослідження є аналіз можливостей та перспектив впровадження сучасних технологій опрацювання та візуалізації геопросторових даних для адміністративно-господарського управління територією аеропорту та розробка концептуальної моделі. Завданням дослідження є аналіз методів отримання геопросторових даних території аеропорту, застосування в аеропортах геоінформаційних систем, технологій штучного інтелекту, віртуальної, доповненої та змішаної реальності, інтернету речей, цифрових двійників, реалізації концепції «розумне місто», тощо. Виклад основного матеріалу. Геопросторові дані створюються в цифровій формі з використанням сучасних інформаційних та хмарних технологій, які пропонують широкий спектр обладнання, програмного забезпечення, методів і технологій роботи з геопросторовою інформацією. З кожним роком з'являються все нові технології, які знаходять застосування в адміністративно-господарському управлінні аеропортів: хмарні методи отримання даних, геоінформаційні системи, технології штучного інтелекту, віртуальної реальності, інтернету речей, цифрові двійники, «розумні міста» тощо. Вдала інтеграція та використання наявних можливостей щодо збору, зберігання, опрацювання та візуалізації геопросторових даних аеропортів забезпечить їх ефективне управління та економічне зростання. Висновки відповідно до статті. За результатами проведеного аналізу можливостей використання в аеропортах технологій віртуальної, доповненої та змішаної реальності, штучного інтелекту, цифрових двійників та концепції «розумних міст», було розроблено концептуальну модель перспектив використання геопросторових даних території аеропорту для вирішення питань адміністративно-господарського управління майновим комплексом.