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* TALKING POINT, BY PROFESSOR SYED KAMALL
* CALLING ALL STUDENTS!
* LOCKDOWN LIMBO
* RAISING THE ROOF
* YOU'RE INVITED

TALKING POINT, BY PROFESSOR SYED KAMALL

The coronavirus pandemic has been massively disruptive, but it has also given cause for reflection, as individuals, families, organisations and nations have reassessed priorities and relationships.

On the international stage, the Chinese government's lack of transparency over Covid-19, its internal repression and its aggression against neighbouring countries has confirmed that the liberal internationalist approach of engagement to contain and hopefully reform China is no longer working. This has given rise to fears over a "new Cold War".

In our latest briefing paper, "Chinese Puzzle”, IEA Head of Education Dr Stephen Davies and I consider China's history and culture to explain the current behaviour of the Chinese government. You can read the full paper here ([link removed]) .

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Unlike the Soviet Union during the last Cold War, the Chinese government's aim is not hegemony in a unipolar world, but access to resources, technology, know-how and markets for its companies, as well as a determination to never again be dominated by foreign powers.

In pursuing these goals, it will compete with western nations to become a rule-setter for the international system. This will present challenges for the West, but the post-pandemic strategy should not be one that leads to military confrontation.

We propose a classical liberal approach, robustly criticising repression and aggression by the Chinese Communist regime, restraining trade in sensitive areas, but supplemented by more people-to-people and civil society contact.

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It was Lord Acton who in the 19th century believed that Western civilisation was superior to others, because it had taken centuries to develop the idea that the individual was the highest value. Acton is known to many for his oft-quoted phrase: "Power tends to corrupt and absolute power corrupts absolutely" – but this week I sat down with Clemens Schneider, Director of Prometheus, a classical liberal think-tank based in Germany, to examine his life and work in more detail. Watch here ([link removed]) .

Professor Syed Kamall
Academic and Research Director, Institute of Economic Affairs

CALLING ALL STUDENTS!

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The Monetary Policy Essay competition is back. The competition is open to all current Year 12 and Year 13 students as well as all Undergraduate and Postgraduate Students at UK universities.

This year’s question is “Will the pandemic be inflationary or disinflationary?”, with a first prize of £500, and an internship at the IEA, the Institute of International Monetary Research (IIMR), or a free of charge place at the IIMR summer school.

Entries should be no longer than 2,500 words long and will be reviewed by a panel of judges. The top 5 entries will be invited to the Essay Prize Final (including meeting with the judges) at the Vinson Centre at the University of Buckingham in February.

All entries to the competition should be submitted by 11.59pm on Monday 18th January 2021. This competition offers a unique opportunity to contribute to the better understanding of money and its roles in making monetary policy. For more information on how to apply, click here ([link removed]) .

LOCKDOWN LIMBO

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In an attempt to prevent a 'second wave' of Coronavirus, the government has brought into force 'localised lockdowns' across parts of Northern England. But with two in five people in the North West affected, how 'local' are these new measures? Can they be effective without a comprehensive track-and-trace system?

IEA Media Manager Emily Carver asked Kate Andrews, Economics Correspondent at the Spectator and the IEA’s Dr Stephen Davies whether these lockdowns can prevent a resurgence and what the economic impact of this continued uncertainty might be. You can catch up on the conversation here ([link removed]) on our YouTube channel or as a podcast here ([link removed]) .

And our Director of Communications Annabel Denham questioned whether the goalposts have moved in terms of justification for lockdown in an article for The Telegraph. Had we known back in March that we would be stripped of our liberties, unable to work or educate our children, not to "protect the NHS" but to prevent a single excess death, would we have shown the same level of support?

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Accompanying these lockdowns are calls for a further extension to the furlough scheme. But IEA Editorial and Research Fellow Professor Len Shackleton has said leaving businesses “on life support just delays adjustment to post-Covid reality”.

Quoted in The Telegraph ([link removed]) , Len added: “there may be a case for some further assistance for people losing jobs, but as furlough drags on it is apparent that more and more businesses are becoming unviable.”

IEA Economics Fellow Julian Jessop told LBC that the scheme discourages people from moving on to new job opportunities. Listen here ([link removed]) .


** PLANNING REFORM: A RADICAL SHAKE-UP?
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Boris Johnson unveiled “once in a generation” planning reforms on Thursday that will restrict the power of local councils to oppose new developments in an attempt to speed up the delivery of new homes across England.

The announcements reflect some – though not all – of the key recommendations in the recent IEA report "Raising the Roof", authored by Rt Hon Jacob Rees-Mogg MP and Dr Radomir Tyletote. This includes fast-track planning for beautiful buildings, Section 106 reform and attractive densification.

But while the reforms are a step in the right direction, the IEA's Head of Political Economy Dr Kristian Niemietz has questioned whether they represent the "radical shake-up" some were expecting.

He said: "It remains to be seen how extensive these new development zones will be. How many of them will be created? Will they be in places where housing demand is highest?

"How pro-development will they be? What happens if local councils, under pressure from already well-housed NIMBYs and obstructionists, continue to drag their feet, as they do now?

"And this is before we get to the fact that the government has foolishly ruled out reviewing green belt boundaries. As a result, vast swathes of agricultural land in areas of high housing demand, most of which could be easily developed, and much of which has neither a high environmental nor a high scenic value, will remain off-limits to development."

Read Kristian's comment in full here ([link removed]) , and our Raising the Roof report here ([link removed]) .


** YOU'RE INVITED
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IEA Book Club Webinar: In Conversation with Richard Koch ([link removed])

At 6pm on Tuesday 25th August the IEA Book Club is delighted to host renowned author and businessman Richard Koch, who will be discussing his forthcoming book "Unreasonable Success and How to Achieve It: Unlocking the Nine Secrets of People Who Changed the World".

In conversation with IEA Director General Mark Littlewood, Richard will outline the nine key attitudes and strategies which, as outlined in his book, can propel anyone to new heights of accomplishment.

Successful people typically do not plan their success. Instead they develop a unique philosophy or attitude that works for them. They stumble across strategies which are shortcuts to success, and latch onto them. Events hand them opportunities they could not have anticipated. Often their peers with equal or greater talent fail while they succeed. It is too easy to attribute success to inherent, unstoppable genius.

If you would like attend this webinar, please sign up here. ([link removed])


** WITH A LITTLE HELP FROM OUR FRIENDS...
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These are difficult times for every individual and organisation, including the IEA. Understandably, your priorities will be to look after your loved ones, your family, your work or your business.

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But if you do have a little extra cash available to help the IEA during these uncertain times, your contribution – no matter how small – would be deeply appreciated.

As an educational charity, the work we do work is entirely funded by donations. If you are able to help please click here ([link removed]) or contact [email protected] (mailto:[email protected]?body=Dear%20Angela%2C) . Thank you.

And why not get Amazon to donate too? All you have to do is to start shopping on [link removed] and pick the IEA as your chosen charity. The IEA will then receive 0.5% of your spending on most items. Everything else remains the same (and at no additional cost to you).

"I just want to say that the online stuff you guys are doing is absolutely astonishing! I’ve watched every Live with Littlewood in entirety and just finished watching the latest. It’s been superb entertainment."

"Thanks for making this crisis more of an age of enlightenment."

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