Economics

Recent institutional changes have seen the increasing dominance of globalization and neoliberalism in the world economy. As markets have been deregulated, privatization and unproductive government spending have been promoted. Yet the greater volatility of capitals, the emergence of many financial crises, a decline in trust, and environmental problems have cast doubt on the effectiveness of neoliberal globalization. This book studies the impact of neoliberal globalization on growth and development in the world economy. It scrutinizes whether new social structures of accumulation or modes of regulation have emerged to promote long-term socioeconomic performance in the global economy during the early years of the twenty-first century. Special reference is given to the specific performance of neoliberal governance; transnational corporations; global institutions of money, trade and production; international relations of war and terrorism; financial institutions; and the family-community environment. It is a comprehensive analysis of the degree to which institutional development has managed to promote socioeconomic performance in the global economy. It also presents a thorough policy program of action for long wave upswing in the world economy. It will be especially useful for those scholars and students concerned with issues of governance, global political economy, institutions and macroeconomics

Introduction. This article is dedicated to the study of an important phenomenon that has been taking place in Ukraine for what is now approaching a decade. The 2013–14 Revolution of Dignity was quickly followed by Moscow’s annexation of Crimea and then by a war between Russia and Ukraine in the Donbas region. The war greatly impacted various aspects of life in Ukraine in the past eight years including its profound effect on Ukrainian economy. Relevance. The impact of the Russian-Ukrainian war on Ukrainian economy has now, correspondingly, become a subject of scholarly study within different scientific paradigms, including analytical journalism The situation in Ukraine and its influence on the economic situation in Europe and in the world is increasingly analyzed at conferences and in various global academic forums, especially it is highlighted in different kinds of the world media. A thorough reading of the press articles on economics reveals that the above-mentioned topic, and other correlating crucial ones, are approached by the scholars fastidiously, and that they propose meaningful arguments for analyzing various aspects of military events coverage in the media. Methodology. To achieve the goals, a set of interrelated research methods was used, including a critical analysis of current scientific papers on the selected topic, and a synthesis of the main conclusions into a comprehensive system vision. The principal research method is the content analysis of media publications on economic topics. Empirical data were obtained using methods of observation and discourse analysis of examples published in the world’s online media. The comparative method allowed to select units of research and classify them. The systematic approach helped to identify trends in the specifics of information during the Russian-Ukrainian war. With the help of the generalization method, the corresponding conclusions and offers for scientists and practitioners are made. Results. The authors offer a brief but very thorough overview of some of the world’s bestknown analytical media publications (The Economist Business Insider, The New York Times, BBC News Business Reporter, VoxEU, Press Release, OECD Economic Outlook, etc.) with thorough conclusions from economic experts. Conclusions. When this article enters into a dialogue with future academic publications, it will offer a useful look at how the war stimulated the world not only to analyze events in Ukraine, but also to make concrete decisions and actions. Today’s analysis of the nuances of how the Russian-Ukrainian war impacts the world, and the study of various reactions of world organizations and prominent influential people to the adaptation of the world economy in particular in the war in Ukraine, in turn, will affect the scientific fundamental adjustment of relevant theoretical concepts. Thus, the research conducted by the authors can be very valuable for scholars, both in journalism and other spheres, studying the ways of the war impact, especially on economy.

The colonial period has dominated literature on African economic history over the years. However, Leigh Gardner goes against the grain by exploring the economic implications of independence in the often-understudied Republic of Liberia. Whilst this may not be a pioneer study on the economic history of Liberia, it is undoubtedly the first to provide annual measures of its economic performance since the mid-nineteenth century (p. xviii). Liberia does not have ‘Blue Books’ as most former British colonies do. This limited earlier attempts to understand its forms of governance and interactions with the world economy since its inception (p. 3). Therefore, Gardner is applauded for reconstructing a time series of Liberia's GDP from the mid-nineteenth century. She adroitly addresses inconsistencies in the existing archive by harvesting quantitative data from numerous qualitative sources (p. 5). This allows her to critically examine what sovereignty meant to an African state in a community of empires and how this shaped long-term economic development (p. xv). Her reconstruction provides essential details about the nature of African Americans who emigrated to Liberia and the class struggles between them and the indigenous population (pp. 59–68). As the story unfolds, we learn how these divisions shaped Liberia's application of sovereignty. The survival needs of these emigrants detected the nature of institutions that developed. Sovereignty without power squares well with existing institutional works by focusing on the role of institutions and long-run African growth. Not only does it help us understand how institutions work but it also paves the way for other studies on the importance of sovereignty in African economic history. Many studies on the topic focus on larger states and how sovereignty translates to autonomy and power. The case of Liberia tells a different story. Although it was recognized diplomatically by the colonial powers around it, it struggled to integrate into the global economy (p. 102). Indeed, independence in 1847 empowered it to exercise sovereign rights, such as resolving territorial disputes with its neighbours, implementing new tax laws to control maritime trade, and introducing a national currency. However, it still struggled to assert itself within the global economy. Printing a national currency was ‘An illusion of monetary independence’, especially when paying debt heavily dominated by foreign currency (p. 137). Consequently, as shown in chapter 5, Liberia was forced to auction sovereignty by abandoning its currency, adopting the West African Shilling and later the US Dollar. This exposed it to heavy foreign interference in the form of advisory aid and financial controls that smothered its foreign policy (p. 148). Gardner's reconstructed data further challenges the history of Liberia's ‘era of the closed door’ and draws us back to the ‘economic dysfunction’ discourse on post-independence African states. She shows that its tariff rates were below the ad valorem rate – lower than those of Latin America, Asia, and colonized West Africa (p. 111). This was because Liberia's trade policies were not intended to hinder competition but rather to raise revenue for the government and elite (p. 113). In addition to the original conceptual, theoretical, and methodological contribution to African economic history, the book also enriches knowledge in adjacent scholarly disciplines such as political studies and international relations. Gardner shows that the challenges Liberia faced continue to plague developing countries today. Contrary to the widespread perception that Liberia was a settler colony or ‘de facto colony of the United States’, she argues that it had more in common with independent states than formal colonies (p. xvi). This is demonstrated by drawing parallels with Ghana, Japan, Mexico, and Peru – denoting how Liberia's experience was not unique. The book consists of 11 expertly researched chapters divided into three themes. Chapter 1, titled ‘Reconstructing Fragments’, displays Gardner's methodological rigour and how she reconstructed statistical data for Liberia. It also provides a template for scholars researching other neglected countries in African economic history, such as Ethiopia. Chapters 2 and 3, under the theme ‘foundations’, provide a socio-economic background of the first African American migrants in the region. Chapters 4–7, ‘The Art of Survival’, discuss the dilemma post-1847 Liberia faced when attempting to balance different interests with its trade, money, and access to foreign capital policies. The final theme, ‘Sovereignty for Sale?’, discusses opportunities and challenges presented by the post-Second World War period. These include improvements in school enrolments attributed to concession companies (pp. 238–9) and inequality and civil unrest that came along with it. Overall, Gardner's innovative study warrants the attention of all practitioners in African economic development. Her enquiry encourages us to think critically about sovereignty and Africa's development path.

This essay examines a James Gillray print, A Sale of English‐Beauties in the East‐Indies (1786), and Edward Topham’s Covent Garden farce, Bonds without Judgment; or, The Loves of Bengal (1787) in the light of the implications of André Gunder Frank’s ReOrient: Global Economy in the Asian Age (1998) and Kenneth Pomeranz’s The Great Divergence: China, Europe, and the Making of the Modern World Economy (2000) which outline the global economic ascendancy of China in the period up to 1800. The Loves of Bengal coincided with the impeachment of Warren Hastings. While it strikingly borrows a number of specific visual motifs from Gillray’s print and incorporates them into the farce’s comic action, Topham introduced two completely novel Chinese characters (Japan and Nankeen). Their dominant role in the play, together with the relationship of Topham’s drama to the anti‐slaving plays Inkle and Yarico (Colman, 1787) and Harlequin Mungo (Bates, 1787), reveals the presence of the underlying economic templates which both determined China’s premier role in the world economy and Britain’s marginality relative to it. Late Georgian London theaters presented remarkably nuanced representations of China in conformity to the general propositions concerning economic history pre‐1800 set out by Frank and Pomeranz.

India's behavior in the global economy has transformed considerably, consistent with its embrace of economic globalization and deregulation since 1991. Until then, India had practiced a type of economic engagement that Stephen Krasner (1985) characterized as structural conflict. Its capacity to tax citizens was dismal. Its trade as proportion of gross domestic product (GDP) hovered around 16% in the 1980s, impeding growth. And, economic resources were redistributed authoritatively rather than through trade. India, like many developing countries, was locked in economic conflict with the West until the 1980s. Since then, it has embraced global economic integration, contributing to surging economic growth. An economy that grew at an average of 3.5% between 1956 and 1975 has grown at more than 6% since 1980 and over 7% since 2004. India is one of the fastest growing economies in the world after China, and the gap between the two countries is shrinking. In this paper, I argue that the transition from structural conflict to what John Ruggie (1982) described as embedded liberalism is the key to India's tryst with globalization. Embedded liberalism has driven the country to make decisions to spur growth and welfare within a secure international environment. Whether or not the BRICS will evolve as a coherent group will depend to a great extent on the texture of Sino-Indian relations. While structural conflict characterized Third World behavior, especially that concerning the demand for a New International Economic Order, there was nothing inherently antithetical in India's state–society relations that impeded its embrace of the global economic order. Rather, if India was locked in structural conflict with a liberal economic order on a variety of trade and financial issues until the 1980s, it was because this was what the government considered the most prudent strategy of global economic integration. When the government viewed …

This is a ground-breaking book about the foundations of institutional economics. K. William Kapp presents the economic role of institutions for economic development, capital formation and technological dynamics in an easily accessible and comprehensive manner. As a front-rank 20th century institutional economist, Kapp pulls together arguments from a variety of sources, including Thorstein Veblen, John Kenneth Galbraith and Gunnar Myrdal, all of which emphasize the crucial role of institutions. The author cements institutional economics as a distinct and coherent framework of analysis to effectively address urgent socio-economic problems, such as environmental disruption and sustainable development. This book begins with a critique of conventional (neoclassical) economics and an overview of the antecedents of institutional economics. The core of the book is formed by the chapters on institutions, human economic behavior and needs, arguing that institutional change is key to directing economic development towards sustainable and adequate living conditions, rather than merely formal growth formulas. The final chapters provide the reader with the institutional theories of capital and technology, showing how capital formation and technological dynamics are determined by institutions, such as the principle of investment for profit. The appendix complements Kapp’s plea for institutional change with articles on science and technology, social costs, substantive economics, and circular and cumulative causation. This book is suited for readers at all levels who are interested in institutional economics, the history of economics thought, political economics as well as ecological and heterodox economics. Researchers and students will find it to be an easily accessible and a concise elaboration on the foundations of institutional economics.

China’s banking reform has achieved significant progress in the past decade; however, problems and challenges remain. Our chapter argues that the inefficiency in the banking industry is mainly due to the system problem, and separate financial sector regulation restricts further banking development. Accession to the World Trade Organization (WTO) will accelerate the speed of China’s banking reform, even though with pain and at a price, and in turn, China will benefit from further integration into the world economy. The past decades witnessed successful economic reform in China, with GDP growth at an average rate of almost 8%; per capita GDP from US$266 at the end of 1979 to US$1,081 at the end of 2003 increased more than four times (Table 3.1). Successful accession to WTO on 11 December, 2001, accelerating the pace of economic reform and opening up speed to the world, meanwhile led China’s integration even more into the global economy, and “its share in world trade is now over 4 percent, compared with near zero in 1978” (Rodlauer and Heytnes, 2003, in ‘Introduction and Overview’). Now, China has become the major driving force in the development of global economy and plays an important role. “China’s historical record on globalization is very poor. China has almost always been either a strong opponent to this historical process when it was strong enough, or a reluctant follower when it was too weak to voice its opposition. However, given the size of China’s population and its dynamic economy over the last 20 years, the integration of China into the world economy will be of far-reaching significance” (Wen, 2001). China could have a bigger impact on the global economy than the other economies in the future. China’s integration with the global economy represents its rapid expansion of international trade (Prasad, 2004). “Since the late 1970s, exports and inward foreign direct investment (FDI) in China have risen dramatically under the open-door policy. The contribution of FDI in China’s exports has been widely recognized” (Zhang and Song, 2001, p. 385). “Attracting foreign direct investment (FDI) has been a strategic

From the ancients to the moderns, questions of economic theory and policy have been an important part of intellectual and public debate, engaging the attention of some of history’s greatest minds. This book brings together readings from more than two thousand years of writings on economic subjects. Through these selections, the reader can see first-hand how the great minds of past grappled with some of the central social and economic issues of their times and, in the process, enhanced our understanding of how economic systems function. This collection of readings covers the major themes that have preoccupied economic thinkers throughout the ages, including price determination and the underpinnings of the market system, monetary theory and policy, international trade and finance, income distribution, and the appropriate role for government within the economic system. These ideas unfold, develop, and change course over time at the hands of scholars such as Aristotle, St. Thomas Aquinas, John Locke, Francois Quesnay, David Hume, Adam Smith, Thomas Robert Malthus, David Ricardo, John Stuart Mill, Karl Marx, William Stanley Jevons, Alfred Marshall, Irving Fisher, Thorstein Veblen, John Maynard Keynes, Milton Friedman, and Paul Samuelson. Each reading has been selected with a view to both enlightening the reader as to the major contributions of the author in question and to giving the reader a broad view of the development of economic thought and analysis over time. This book will be useful for students, scholars, and lay people with an interest in the history of economic thought and the history of ideas generally.

The aim of the research was to clarify the location of Iraq from the map of the new world economy and the effects as well as the obstacles that will face Iraq in the event of its accession to the new world economy ( BRICS), where the research in its first research dealt with the conceptual framework related to the new world economy (BRICS) from concept to its strategic objectives, and then the challenges facing it, while the second research dealt with the topic of Iraq's location from its accession to the new world economy (BRICS) by addressing the economic effects of this accession as well as the obstacles that will face it before and after accession. The research has reached a set of results, including: There is no doubt that Iraq's accession to the new global economy (BRICS) will play an important role in the future of the Iraqi economy.

Subject. Tourism is one of the most important industries in the world and national economy and for many countries the development of tourism is one of the key factors of economic security. Objectives. We consider the factors of tourism influence on the national and world economy, identify both positive and negative factors and their impact on the economy, social sphere, security of the State. Methods. The research is based on methods of structural analysis, traditional methods of economic analysis and synthesis. Results. The factors of tourism influence on the economy, socio-cultural sulfur, ecology, safety are revealed and classified into positive and negative ones. Conclusions and Relevance. The study showed that tourism is one of the most important sectors of the world economy, having a huge impact not only on the economy, but also on the social sphere, the level of employment, environment, food security, resource use, cultural interaction, and national security.

Since the 1980s, the world economy has been transformed into a global economy that operates in real time as a single unit on a planetary scale (Castells, 1997). This global economy is characterized by an increasing flow of goods, services, capital, ideas, and to a more limited extent, labour, facilitated by information and communications technologies (ICTs). At the same time, ICTs have also accounted for growing shares of world trade, investment and consumption (Freeman and Louca, 2002). In the 1990s, trade in ICTs grew at almost twice the rate of total trade, which itself almost doubled over that period, and technological standards became increasingly globally integrated (OECD, 2002). If the 1990s was the era of the `globalization project' (McMichael, 1996), then ICT was the `project team leader', with a freewheeling, market-led image of `Silicon Valley' becoming the symbol of a `new' economy (Kelly, 1998). Even if the exuberance about a `new' economy is historically and analytically not justified (Varian and Shapiro, 1998), in spatial terms, the `new' economy is new to the extent that it has witnessed the emergence of certain regions, hitherto considered a part of the global `periphery', as key nodes of production. At the same time, informational capitalism is not different from earlier forms of capitalism. It too is characterized by uneven geographies, where select nodes are tied into a global network for the production of goods and services. However, while an abstract rationale of capitalist accumulation can be offered for the integration of these nodes into the global economy, the norms and forms of production in these nodes are hardly identical, as the global flows are filtered in specific ways in different locations by differing institutional structures. Or, more concretely, as Sassen (2001: 190, 192) argues, any analysis of cross-border processes that is limited to international trade and investment will produce a `rather empirically and theoretically ``thin'' account' of the ways in which `the global economy needs to be implemented, reproduced, serviced, financed'. In other words, an analytically nuanced account of the changes to the world economy must not only acknowledge the new `techno-economic paradigm', or the constellation of technological innovations and institutional structures that provide the basis for new global processes of capital accumulation, it must also acknowledge that there is considerable variation in institutional structures, i.e. global regions are a `glocal' project (Brenner, 1998). It is this project that is the focus of this symposium. Drawing on three empirically diverse cases (Silicon Valley, Ireland and Bangalore, India), the authors (Matthew Zook, Sean OA� Riain and Balaji Parthasarathy, respectively) present two key ideas.

Reviewed by: Learning Empire: Globalization and the German Quest for World Status, 1875–1919 by Erik Grimmer-Solem Dirk Bonker Learning Empire: Globalization and the German Quest for World Status, 1875–1919. By Erik Grimmer-Solem. Cambridge: Cambridge University Press, 2019. Pp. 654. Cloth $44.99. ISBN 978-1108483827. In this impressive book, Erik Grimmer-Solem offers a new narrative of the German Empire's expansionist discourse and pursuit of global power from the 1870s through the 1910s. Learning Empire presents Wilhelmine Weltpolitik as an "improvised response" to, and product of, an "accretion of insights" about the "opportunities and challenges" presented by the processes of globalization that first came into view beginning in the 1870s (19). Weltpolitik flowed from a newly emerging and continually evolving liberal nationalist discourse about Weltwirtschaft and the interrelationship between global politics, empire, and economics. The discourse's prime movers were a group of university-trained, policy-oriented political economists, who as the nation's leading experts on matters of globalization gained, by 1900, the ears of key decision makers such as Alfred von Tirpitz and Bernhard von Bülow and then [End Page 405] remained involved in key areas of imperial politics through the end of World War I. Embedded within the world of global scholarly connections, these economists forged the contours of their discourse in the crucible of their experience of overseas travel and study in multiple parts of the world, especially North America, the Caribbean, Venezuela, Japan, and China, in the 1880s and 1890s. Elegantly yoking intellectual history to the history of policy making, and deeply grounded in vast multiarchival research, Grimmer-Solem places at the center of his analysis a group of five German economists: Ernst von Halle, Karl Helfferich, Karl Rathgen, Herrmann Schumacher, and Max Sering. Eventually gaining professorships in political economy, these men were connected in one way or another to Gustav Schmoller, the doyen of Germany's school of historical political economy and eminent public figure, who also figures prominently in the analysis together with one of his American students, Henry Farnam. Organized in three chronologically arranged parts ("Absent-Minded Empire, 1875–1897"; "Empire Imagined, 1897–1907"; and "Empire Lost, 1908–1919"), Learning Empire closely follows the pursuits of its main characters, covering both their encounters with the new worlds of global politics and economics through study and travel and their direct involvement in key fields of national policy making. These fields range from the naval build-up, trade relations and tariff reform, and particular overseas empire pursuits (for example, in China) at the turn of the twentieth century, to the multifaceted colonial crisis of 1904–1907, the subsequent colonial reform efforts, the Anglo-German naval arms race, financial reform, and Weltpolitik projects such as the Baghdad railways before World War I. They extend to the formulation of annexationist war aims, unconditional submarine warfare, the Jewish census, and other wartime issues. Throughout, Grimmer-Solem richly situates the intellectual and political pursuits of his protagonists within both ever-changing concrete situational contexts and conjunctures and his own account of the changing worlds of big-power competition over empire and industry and the German Empire's national politics and pursuit of global power. Learning Empire is a wonderfully ambitious book. Its goal is to offer not only a "new, wider narrative about German expansionism" but also a novel account of the "full arc" of German history from 1875 and 1919 as "concurrent with the rise and fall of the first era of globalization" (14, 19). It places liberal imperialism (including its radical nationalist mutation) and middle-class publics at the center of Germany's imperial imaginary and pursuit of global power and world empire. It stresses the paramount importance of the United States as the most important point of reference for German global-imperial aspirations and it presents Great Britain, not Germany, as the key destabilizing force in multicentered world politics before 1914, while stressing the fairly moderate and ultimately reactive and defensive nature of German ambitions in the fast-moving milieu of global power. Historiographically, Grimmer-Solem frames his intervention as an attempt to supersede, once and for all, any national [End Page 406] exceptionalist narratives of the German Empire...

A Case Study of a Financial Crisis: USA and Russia

This book offers a new perspective on the economics of globalization, based on the concepts of firms' capabilities as the immediate cause of countries' wealth. It presents new ways of looking at the way China, India, and Africa have been drawn into the global economy over the past two decades. It offers new perspectives on some of the most central questions in the current debate: What effects does the rise of China have for the advanced industrial economies? Why have some industries adapted quickly and effectively to the changing global scene, while others have not? How were the 'Transition Economies' of Eastern Europe affected by trade liberalization? How have the economic prospects of sub-Saharan African countries changed over the past decade? This analysis contributes to the recent literature on quality and trade, which is providing a new and different approach to the analysis of globalization, and which focusses on those economic mechanisms that are central to the current wave of this centuries-old phenomenon

The monograph is devoted to the main trends in the development of the world economy between the two crises: The Great Recession of 2008-2009 and the crisis of 2020-2021 caused by the coronavirus pandemic. The authors reveal numerous contradictions that accumulated in the global economy during this period and reached their peak by the time the pandemic began. These contradictions are grouped into four groups corresponding to the sections: structural problems affecting the nature of economic growth; contradictions in the development of the financial system; problems of social development and the evolution of the welfare state; energy and resource-environmental problems. The authors demonstrate that the economic turmoil, the growth of political tension within the leading countries and the intensification of conflict in international relations in recent years are largely a reflection of humanity's inability to find an answer to these and other contradictions. The system of global regulation, which has entered a period of deep crisis, is particularly unable to keep up with the changes taking place in the global economy. It is the result of a three-year research project implemented at the Faculty of World Economy and World Politics of the National Research University Higher School of Economics. The team of authors includes 18 authors from Russian and foreign universities, research centers and international organizations who are recognized experts on various problems of the world economy. The chapters prepared by them are structured according to a single logic: from problem formulation to a review of theories, a description of existing approaches to solving problems, obstacles in their implementation and, ultimately, to identifying key challenges of the future. Such a structure allows us to present a comprehensive picture of the form in which the world economy has come to a critical moment of its development. For students and postgraduates of economic specialties. It will be useful for teachers developing courses on the world economy and its individual aspects, as well as for the general public interested in global challenges and problems.