A National Asset

This volume commemorates the 50th anniversary of the Strategic and Defence Studies Centre (SDSC). The Centre is Australia’s largest body of scholars dedicated to the analysis of the use of armed force in its political context and one of the earliest generation of post-World War II research institutions on strategic affairs. The book features chapters replete with stories of university politics, internal SDSC activities, cooperation among people with different social and political values, and conflicts between others, as well as the Centre’s public achievements. It also details the evolution of strategic studies in Australia and the contribution of academia and defence intellectuals to national defence policy.

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Joan Johnson-Freese argues that the race for space weapons and the U.S. quest for exclusive or at least dominant ownership of strategic space assets have alienated the very allies that the United States needs in order to maintain its leading role in space exploration. Taking a balanced look at the issues that have contributed to the decline of America's manned space program, such as lack of political support and funding, Johnson-Freese offers not only a critique but also a plan for enhancing U.S. space security through cooperation rather than competition. She begins with a brief overview of the history of international space development through four eras: before Sputnik, the space race, after Apollo, and globalization. Then she focuses on how policy changes of the mid-1990s have changed the nation, examining why the United States has grown obsessed with the development of space technology not just as a tool for globalization but as a route toward expanding an already dominant arsenal of weapons. Johnson-Freese claims that these policy choices have greatly affected the attitudes and actions of other countries, and in the fight to achieve security, the United States has instead put itself at greater peril. Johnson-Freese explains complex technical issues in clear, accessible terms and suggests a way forward that is comprehensive rather than partisan. America is not the only country with space ambitions, but it is unique in viewing space as a battlefield and the technological advancements of other nations as a dire threat. Urgent and persuasive, Space as a Strategic Asset underscores the danger of allowing our space program to languish and the crucial role of cooperation in protecting the security of our country and the world.

This toolkit is designed for policy makers and stakeholders who are considering the establishment of a publicly funded asset management company (AMC). An AMC is a statutory body or corporation, fully or partially owned by the government, usually established in times of financial sector stress, to assume the management of distressed assets and recoup the public cost of resolving the crisis. AMCs were first used in the early 1990s in Sweden (Securum) and the United States (the RTC), and again during the Asian crisis (for instance, Danaharta in Malaysia, KAMCO in the Republic of Korea). The 2008 financial crisis marked a renewal of the use of this tool to support the resolution of financial crises (for instance, NAMA in Ireland, SAREB in Spain). The toolkit does not address broader bank resolution issues. It has a narrow focus on the specific tool of a public AMC established to support bank resolution, and with the objective of providing insight on the design and operational issues surrounding the creation of such AMCs. It seeks to inform policy makers on issues to consider if and when planning to establish a public AMC through: · An analysis of recent public AMCs established as a result of the global financial crisis · Detailed case studies in developed and emerging markets over three generations · A toolkit approach with questions and answers, including questions on design and operations that are critical for authorities confronted with the issue of whether to establish an AMC · An emphasis on “how to†? that is, a practical versus a principled approach. The toolkit is structured as followed: Part I summarizes the findings on the preconditions, the design, and the operationalization of public AMCs. Part II provides case studies on three generations of AMCs, whose lessons are embedded in Part I. The case studies cover emerging and developed markets, and have been selected based on the lessons they offer.