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Zeinab Karake, Rana A. Shalhoub and Huda Ayas

This chapter provides an overview of the move to the digital economy and the state of technology and security in cyber space. The threat of cybercrime to economies and businesses is introduced in this chapter. It covers cybercrime in the financial sector, which is the prime target of cybercriminal activities worldwide, and discusses the drivers behind those attacks. The chapter also covers the development of cybercriminal activities as an industry, identifying the three prime categories: (1) crimeware-as-a-service; (2) cybercrime infrastructure-as-a-service; and (3) hacking-as-a-service. Edward Snowden is also discussed as a special case in this chapter. The chapter then moves on to discuss cybercrime and nation states, specifically in the four countries identified as hubs for cybercriminal activities: Russia, China, North Korea and Iran. The chapter concludes with a discussion of the drivers of cybercrime in developing/emerging economies and why those drivers are turning many countries into fertile grounds for cybercriminal activities.

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Zeinab Karake, Rana A. Shalhoub and Huda Ayas

This chapter covers the various theoretical foundations of cybersecurity in general and cybersecurity polices and strategies in particular. In addition to the resource based view (RBV) theory, a number of other theories are covered, which were recently advanced in the literature to assess cybersecurity. Three theories are highlighted: the economic, the public goods, and deterrence theories. The chapter covers deterrence theory and the four approaches associated with it. Specifically, we emphasize the role cyber deterrence plays in drafting cybersecurity policies, through declaration, credibility and the use of denial measures. We also indicate that in order for cybersecurity policies to be effective: (1) they must include reference to the ability to attribute; (2) they need to possess the ability to communicate deterrence capabilities; and (3) they need to have a certain level of credibility to act on the stated intentions. Achieving those three conditions is not as easy as it might sound. The chapter concludes by noting some important conceptual and methodological issues that need to be addressed by future research adopting the various theoretical perspectives of cybersecurity.

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Zeinab Karake, Rana A. Shalhoub and Huda Ayas

This chapter provides an overview of the economics of security covering models that helped define economic-based models for the Internet economy from the 1990s, and trying to identify gaps in models’ structures and implementation. The chapter also covers the development of cybersecurity policies and strategies in the various economic blocs in developing and emerging economies. Content analysis of cybersecurity policies of the 63 countries in our sample is performed based on five constructs identified by the authors: economic, political, social, technical and political. Countries are assessed based on those constructs and the results are published in five tables. The discussion then moves to formulate the hypotheses dealing with possible determinants believed to determine the levels of quality, maturity and compliance of a country’s cybersecurity policies with international standards.

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Zeinab Karake, Rana A. Shalhoub and Huda Ayas

The main thrust of Chapter 5 deals with identifying appropriate variables to measure the level of maturity of cybersecurity policy identified in the formulated hypotheses, create the cybersecurity index, develop a predictive statistical model and present the results of the regression analysis, isolating the statically significant variables. The chapter also discusses the classification of the countries in our sample into five different categories based on the level of maturity of their cybersecurity policy: These are the Cheetahs, the Gazelles, the Bears, the Koalas and the Tortoises.

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Zeinab Karake, Rana A. Shalhoub and Huda Ayas

This chapter summarizes the research done and presented in the book; it also identifies a set of recommendations for future research, specifically longitudinal country analysis to provide more depth in the impact of cybersecurity policy on the protection of cyber space.

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Huanyu Zhao

Despite the flourishing debate over the rise of China and the puzzle of the evolution of BRICS, the extant literature has offered a relatively limited exploration of the extent to which the BRICS is important for China in the global economic governance context. This chapter therefore examines how China sought a greater voice in global economic governance and its incentives to reinforce the BRICS platform by examining the illustrative case of the frozen established institutions – the International Monetary Fund and the World Bank – and the intensifying institutionalization of the BRICS mechanism. It scrutinizes how China has encountered the ex ante distribution of power and the frozen power asymmetries and recognized the weak trajectory for future reform within both institutions. Next, it delineates that China and other BRICS countries have encountered similar discomfort and shared an understanding of the changing nature of authority in global governance; thus as a “team of the dissatisfied” the BRICS countries have been trying to prime their common interests and collective actions via the BRICS mechanism. The chapter argues that the BRICS plays a multifunctional role in serving China’s multi-pronged approach for better shaping global economic governance. It thus offers a more sophisticated understanding of China’s ongoing rise and BRICS evolution.

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Manuel Pinho

This chapter discusses China and the structural transformation of the world economy. China has recorded an outstanding economic performance in the last 35 years and become the second-largest economy in the world, although its income per capita is still a fraction of that of industrial economies. There are different views of its prospects ahead, but most of them share the view that the world economy will remain unchanged. This is a false assumption. Indeed, an accelerated transformation is taking place. This chapter argues that the forces of change are globally favorable to China, although the country faces important challenges. The ultimate purpose of this chapter is to discuss whether China is or is not well prepared to face the twin challenges of domestic rebalancing and adapting to accelerating structural change in the world economy.

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Yafei He

China rapidly became a global power, due to its opening-up and reform policy and its increasingly important status in the international system. The G20 and the Belt & Road Initiative are examples that show China’s mechanisms of participating in global governance. Such initiatives are compatible with China’s new principles for diplomacy and its emphasis on peaceful development. In the future, cooperation, rather than isolation may help make China great again as a global power.

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Guoyong Liang

The surge of Chinese outward direct investment has been one of the most important phenomena in the global investment arena since the early 2000s, especially after the outbreak of the global financial crisis. Driven by both proactive corporate strategy and strong government support, foreign direct investment outflows from China increased from less than US$3 billion in 2003 to nearly US$200 billion in 2016. In recent years, outflows have been driven by some critical emerging forces and demonstrated new structural characteristics. In particular, cross-border mergers and acquisitions have become an effective means to acquire “strategic assets,” such as famous brands and advanced technologies, in developed economies. This has helped Chinese companies move up the value chain and enhance their international competitiveness, and is also instrumental for the overall restructuring and upgrading of the Chinese economy. However, large-scale capital outflows have also generated risks and led to policy concerns. With the recent introduction of the Belt & Road Initiative, Chinese investment and financing in infrastructure industries and productive capacities in other developing countries will increase, helping enhance international connectivity, foster economic development, and inject a key impetus to globalization.

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Bai Gao

Globalization is cyclical, with government policies swinging like a pendulum between openness to market forces and social protection. Its negative impacts on living standards and job opportunities in industrialized countries have generated strong political backlash in recent years, exemplified by the rise of the anti-free trade and anti-immigration movements in North America and Europe. This is partly because policy makers in developed countries have failed to address increasing public fears toward the open economy after a major crisis, relying on the old logic legitimized by previous practice, and failed to tackle new problems in new environments. Nevertheless, there is still a chance China’s Belt & Road Initiative could counter the globalization reversal. The China–Europe freight train service has a special function of promoting exports of European medium-size and small companies to the Chinese market, which will not only help to reduce the imbalance in China–Europe trade, but, more importantly, assuage anti-free trade movements in Europe. The China–Pakistan Economic Corridor will serve two important supplementary functions in addition to promoting economic growth in Pakistan: it will aid in undermining terrorist activities by reducing poverty, and it will also reduce the outflows of immigrants to other countries by increasing job opportunities in their home countries, thus alleviating anti-immigrant sentiment globally.