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 of a "new Cold War".
 
In our latest briefing paper, "Chinese Puzzle", IEA Head of Education Dr Stephen Davies and I consider how China's history and culture might explain the current behaviour of the Chinese government. You can read the paper in full here.


 
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.  


 
Also this week, I sat down with Clemens Schneider, Director of Prometheus, a classical liberal think-tank based in Germany, to examine the life and work of Lord Acton. Watch here.

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

CALLING ALL STUDENTS!



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. For more information on how to apply, click here.

LOCKDOWN LIMBO



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 on our YouTube channel or as a podcast here.

And our Director of Communications Annabel Denham questioned whether the justification for lockdown has shifted in an article for The Telegraph. Have the goalposts moved from "preventing the NHS from being overwhelmed" to "eradicating the virus"? If, as Professor Chris Whitty says, we have "probably reached the limits of what we can do in terms of opening up as a society," what trade-offs lie ahead? Read here.



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, 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.

PLANNING REFORM: A RADICAL SHAKE-UP?

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 included some of the recommendations in the IEA report "Raising the Roof", authored by Jacob Rees-Mogg MP and Dr Radomir Tylecote. This includes fast-track planning for beautiful buildings, Section 106 reform and attractive densification. 

But while the government's proposals 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.

Read Kristian's comment in full here, and our Raising the Roof report here.

YOU'RE INVITED

IEA Book Club Webinar: In Conversation with Richard Koch

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.

WITH A LITTLE HELP FROM OUR FRIENDS...

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. 

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 or contact [email protected]. Thank you.

And why not get Amazon to donate too? All you have to do is to start shopping on https://smile.amazon.co.uk/ 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."