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Hedge strategies became famous after the strange year of 2008 when Lehman Brothers went bankrupt and the Norwegian stock market crashed by 55%. Countries could benefit from the hedging strategies known from the financial world during an era when the American hegemony is about to end. In a polar or bipolar world where stakes are well known hedging is unnecessary, but in a multipolar world dominated from two to ten states the importance of hedging increases. A successful foreign policy hedging strategy aims at finding a low delta by reducing and managing risk, pushing decision making into the future, keeping options open and developing insurance mechanisms. L. Pitkaniemi

In May 2004, the new EU members will also become members of the EEA. This article discusses the negotiations on the enlargement of the EEA. During the negotiations the EFTA countries were faced with tough demands of radically increasing their financial support to the new member states of the EU. The result of the negotiations made the EFTA countries, particularly Norway, significant net contributors to the enlargement process, more so than many of the member states. The article discusses the negotiations & examines factors that can explain the outcome. Based on survey data the article also demonstrates the overwhelmingly positive attitudes of Norwegians toward enlargement. 1 Table, 16 References. Adapted from the source document.

Discusses what problems were present in the world economy on a macro and a micro level, how it resulted in the financial crisis and how the authorities were trying to intervene in order to stabilize the situation. On the macroeconomic level Americans bought cheep Asian goods while printing a lot of money, but inflation was kept at bay since the money was sent to Asia. The circle was complete when Americans lent the money back from Asia and speculated with it. On the microeconomic level structured investment vehicles (SIVs) and asset backed commercial paper (ABCP) created problems especially when they were combined with collateralized debt obligations (CDOs) and mortgage-backed securities (MBS). The boom turned into bust after 2006 when there were not enough house buyers left. L. Pitkaniemi

This article analyzes US & Chinese policy & strategy in the Middle East, with focus on energy resources, market, investment, & policy shaping. United States engagement in Iraq & other initiatives to control political conditions in the Middle East are here considered to be intimately connected with the US desire to stabilize oil supply. However, as US involvement in Iraq has failed to produce satisfactory results in terms of stability & security, & as the US appears ever more intent upon escalating conflict with Iran, the surety of American intention & outcome in the region remains highly tenuous. As such, China holds an extremely important position with regards not only to its friendly relationship with Iran, but also with its massive stake in the American economy. The race to secure international oil supply is traced here to illustrate the Middle East as the volatile supplier, the United States as a potentially zealous military & financial power, & China as a potential wildcard that can radically influence the developments of all actors in this conflict. References. C. Brunski

This article surveys the broad array of arguments addressing the lack of progress made in third-world development over the course of the last fifty years. During this period of time, financial aid given by the world's industrial nations to developing countries became a practice that was seen as both economically & morally demanded. However, in the years that have since elapsed, there has been an increasing volume of critical attention paid to the imbalance between the amount of funding given & the amount of development accomplished. It is at this juncture that the lack of necessary internal conditions in developing counties becomes apparent. Analysis has not only demonstrated that a large portion of funding made to third-world countries becomes subject to abuse by controlling powers, but has also suggested that foreign aid might actually contribute to the imbalance of power in the said recipient countries. Some of the many perspectives that comprise the growing argument against the notion of foreign aid as a viable policy are presented here to illustrate the increasingly clear reality of failed development in the third world. 4 Tables, 20 References. C. Brunski

In light of the dramatic events in the Middle East in the course of the spring 2003, it has become more & more important to focus the interest on the multidimensional relationship between the West & Arabic world. The Barcelona process or the Euro-Mediterranean Partnership (EMP) is relatively purely known, but nevertheless an important aspect of the European Union's policy toward the Arabic countries. The EMP was launched in 1995 between the EU & 12 countries on the southern side of the Mediterranean Sea. The article gives a brief account of the content & the form of the project by Dec 2002 & explains at the same time the motive behind the European activities in the Mediterranean region. The three parts of the project (the political, the economical & the cultural partnership) are then analyzed focusing on the actual challenges. Problems are of financial as well as of cultural character, but the main responsibility for the slow progress characterizing the project is to be sought in the diverse interests of the member countries in important areas as trade & security politics. 24 References. Adapted from the source document.

Most studies of Asian state involvement in Arctic affairs assume that shorter sea-lanes to Europe are a major driver of interest, so this article begins by examining the prominence of shipping concerns in Arctic policy statements made by major Asian states. Using a bottom-up approach, we consider the advantages of Arctic sea routes over the Suez and Panama alternatives in light of the political, bureaucratic and economic conditions surrounding shipping and shipbuilding in China, Japan and the Republic of Korea. Especially Japanese and Korean policy documents indicate soberness rather than optimism concerning Arctic sea routes, noting the remaining limitations and the need for in-depth feasibility studies. That policymakers show greater caution than analysts, links in with our second finding: in Japan and Korea, maritime-sector bureaucracies responsible for industries with Arctic experience have been closely involved in policy development, more so than in China. Thirdly, we find a clear tendency towards rising industry-level caution and restraint in all three countries, reflecting financial difficulties in several major companies as well as growing sensitivity to the economic and political risks associated with the Arctic routes. Finally, our examination of bilateral and multilateral Chinese, Japanese and Korean diplomatic activity concerning Arctic shipping exhibits a lower profile than indicated by earlier studies.