Existing Typologies of Developing Countries’ Institutional Systems

The Great Recession: Some Niebuhrian Reflections

Alternative econometric approaches for studying the link between economic systems and economic outcomes

Exploitation is a normative concept applied to economic processes and, by extension, to other spheres of human interaction. That it has to do with losses suffered by economic actors, such as persons, regions, classes, and nations, is generally accepted; beyond that, its meaning and relevance are strongly disputed. We distinguish three principally different ways of regarding economic justice, each leading to a different interpretation of the exploitation con cept : Market reasoning uses the market as an implicit standard for evaluating all economic activities, and dominates economic theory in all capitalist countries. Exploitation occurs only as a deviation from the ideal market situation and can be corrected for by restituting the balance. The market ideal has, however, built into it skewnesses stemming from the division of labor: products have effects far beyond their sales value. Product reasoning starts with the creation of values. In its marxist form, only labor can truly be said to produce and have rights to the product, while the shares going to land and capital are— by definition—exploitative of the workers. The problem of unequal wages, however, cannot easily be solved by arguments concerning 'contributions to production'. The community approach has a factual as well as a normative component. Most economic systems are so complex that the individual actors do not benefit (or lose) from their own actions only: economic outcomes are caused by actors everywhere in the system. This factual inter dependence should then be a basis for extending solidarity throughout the system, i.e. taking as a goal that the interrelated actors be treated as a community. The concrete manifestations of solidarity would depend on community norms, but should at least lead to decreasing economic distance between the actors. If the opposite is occurring, exploitation is present, even though the mechanism by which it works may be obscure.

This study examines multipolarity in international politics and economics, intending to enhance global order comprehension. The global order's evolution is examined through WWI, WWII, the Cold War, and globalization. Identifying international multipolarity patterns is highlighted. The research also investigates multipolar global economic system outcomes. Methodology: A multidisciplinary approach is used in this study, combining historical data and theoretical frameworks. The study analyses primary sources, scholarly literature, and empirical data to trace the world order's historical origins and identify important drivers of diversity. In addition, qualitative research methodologies are used to assess current world political and economic trends, providing global insights. Results: The data shows a clear shift towards multipolarity in the global arena. The study illustrates global order changes by examining WWI, WWII, the Cold War, and globalization trends. A multipolar environment is taking shape right now due to the increasing importance of several power centers and economic groups. Global government, economics, and geopolitics are all greatly influenced by this transition. Conclusion: This research concludes that multipolarity profoundly affects world affairs. The world is moving closer to a multipolar system, as shown by historical precedents and present trends. This dynamic environment necessitates that stakeholders and policymakers adjust by encouraging open communication, teamwork, and the global community. Accepting multipolarity helps the international community discuss the complexities and challenges of a multipolar global economic system, promoting global peace, stability, and prosperity

Enabling a transformative service system by modeling quality dynamics

Digital transformation and sustainable orientation have become key drivers of economic development within the European Union. This study investigates how progress in digitalization and sustainable orientation influences economic outcomes. To address this objective, we apply a combination of techniques, including factor analysis to reduce dimensionality and identify underlying structures, generalized linear models to estimate causal connections and cluster analysis to group countries with similar profiles. The findings highlight strong complementarities between digital transformation and sustainable development in nurturing higher levels of economic outcome, with digital readiness amplifying the effects of sustainable development practices. Moreover, cluster analysis methods reveal significant asymmetries among EU countries, underlining persistent regional disparities in the pace of digital and sustainable transitions. The study concludes that a systems-based approach to managing the twin transition is essential for promoting convergence, competitiveness, and resilience in the EU economic system.

The article presents the economic and financial outcomes of the Asian banking model in the post-industrial era, including the experience of the 1997-1998 Asian Crisis, using the examples of the financial systems of Asian region countries, primarily South Korea and Japan. Influenced by the crisis, serious reforms were implemented in South Korea aimed at abandoning monopolistic economic and financial systems and forming more competitive structures. Despite a quite high capitalization indicator, Japan continues to be a bank-centric model country, according to complex institutional analysis. Simultaneously, the economic stagnation of recent decades and attempts to overcome it necessitate the development of the capital market and a transition to a more diversified mixed financing model. The post-industrial, knowledge-based, and digital reality dictates the transformation of the financial systems of the region's bank-centric countries, and the development of more open, transparent, and competitive capital markets.

The community development and economic development literatures have evolved largely independently with little recognition of the critical relationship between the two disciplines. This omission is not so obvious when researchers focus on individual components of each discipline in isolation, but upon examination of how community and economic development systems work in theory and practice overall, this shortcoming becomes apparent. A proposed framework illustrates the links between community and economic development capacities, factors, and functions and shows the importance of community development to economic development outcomes. In particular, it focuses on the link between social capital and the outcome of community development and an economic development ready community. The framework provides an overarching paradigm that helps tie together some of the research in the two fields. Using data from a statewide survey, correlation coefficients are calculated, showing the connections between capacity factors, development factors, and development functions. Strong statistical results provide evidence to support the community and economic development framework and validate the use of subjective data.

Why the same economic reform leads to different urbanization route? --The comparative study of China and India

This discussion begins with a review of the basic features of the Western neoclassical models of human capital and fertility and their counterparts that are employed in this study. This contrasts leads to the conclusion that the Western and Eastern models (in their contemporary forms) are basically identical. The agreement on the theoretical foundations of human capital analysis is bolstered by substantial agreement in the empirical results. The major comparative study of fertility and family in Eastern and Western Europe (UN 1976) failed to reveal a distinctive pattern of behavior for Eastern Europe other than its steeper decline in fertility since the mid 1950s. In general Soviet and Eastern European research (and Western studies) has yielded partial relationships similar to those found in Western countries. A simulatenous equation model of fertility female labor participation and marriage was specified and estimated using a combined time series cross section of Eastern European countries including the Soviet Union. Homogeneity tests required pooling over time and countries (except in the case of the participation equation) and the model was estimated using OLS 2SLS and Zellner-iterative techniques. The estimated equations revealed no major surprises. The labor supply of women was retarded by high fertility; higher wages drew additional women into the labor force; reductions in infant mortality lowered fertility; narrowing of the female wage differentials reduced fertility as did increases in marital instability. If there are surprises they were the positive impact of education upon fertility and the insignificant effect of female labor force participation on fertility. Simulations of the reduced form of the system revealed the direct and indirect effects of changes in exogenous variables and of shocks to intercepts. Forecasts of fertility female labor force behavior and marriage were made for the year 1990 on the basis of certain likely scenarios. All of these scenarios predicted further reductions in fertility and marriage rates and increases in female participation rates. The exercise suggests that there is no unique socialist model of population growth and labor force behavior suggesting instead that families behave similarly under radically different economic systems. There are reservations to this conclusion and the unexpected positive education effect on fertility and the insignificant female participation effect on fertility may suggest that differences in economic systems do matter in household decision making.

Local or regional development, economic, quality, social and environmental questions and problems have been addressed in national and regional policy, in the management of a municipal organisation as well as in the traditional or economic management systems of individual companies located in the region. What is common to all of these issues is that they are interdependent and in particular, they simultaneously affect or are affected by private companies, public organisations, research institutions, NGOs and citizen groups of the region in question. They call for a network approach and cooperation. In this paper, the possibilities for a regional network management system are discussed with a case study of waste management scenarios of the Satakunta Region, located in Southern Finland. A Regional Environmental Management System (REMS) extends the company-based and internally orientated environmental management system (EMS), such as the EU Eco-Management and Auditing Scheme (EMAS) or ISO 14001 standard, management model, beyond the boundaries of a single organisation. The ideal of this inter-organisational or network environmental management system is that regional private companies, public organisations, research institutions, NGOs and citizen groups, engage in a cooperative management effort in a regional context. The waste management system of the Satakunta region encompassing 12 regional municipalities is constructed into the main steps of REMS. There are many barriers to the implementation of such a diverse management system as REMS. But the results of this study indicate that, perhaps, the regional systems approach to many different municipalities and many different firms can better prevent problem displacement or problem shifting than more fragmented and isolated management efforts, e.g. of an individual firm or of an individual municipality. Two examples are given for this argument. We therefore suggest that the regional actors and decision-makers should develop and eventually construct a regional environmental management system for the Satakunta Region.

The Beauty of Ivy: When Inequality Meets Equality

How our false narratives about post-racism and meritocracy have been used to condone egregious economic outcomes—and what we can do to fix the system. The Myth That Made Us exposes how false narratives—of a supposedly post-racist nation, of the self-made man, of the primacy of profit- and shareholder value-maximizing for businesses, and of minimal government interference—have been used to excuse gross inequities and to shape and sustain the US economic system that delivers them. Jeff Fuhrer argues that systemic racism continues to produce vastly disparate outcomes and that our brand of capitalism favors doing little to reduce disparities. Evidence from other developed capitalist economies shows it doesn't have to be that way. We broke this (mean-spirited) economy. We can fix it. Rather than merely laying blame at the feet of both conservatives and liberals for aiding and abetting an unjust system, Fuhrer charts a way forward. He supplements evidence from data with insights from community voices and outlines a system that provides more equal opportunity to accumulate both human and financial capital. His key areas of focus include universal access to high-quality early childhood education; more effective use of our community college system as a pathway to stable employment; restructuring key aspects of the low-wage workplace; providing affordable housing and transit links; supporting people of color by serving as mentors, coaches, and allies; and implementing Baby Bonds and Reparations programs to address the accumulated loss of wealth among Black people due to the legacy of enslavement and institutional discrimination. Fuhrer emphasizes embracing humility, research-based approaches, and community involvement as ways to improve economic opportunity.

The social provisioning approach (SPA) invites a historically specific analysis that is attentive to social structures and agency of individuals, differentiated by gender, class, caste, race, and other socially assigned identities, who shape economic outcomes through social relations of conflict and cooperation. The broad scope of the SPA in feminist economics underscores the interdisciplinary nature of the scholarship and the desire to not cut off analysis arbitrarily at the perceived disciplinary boundary. Feminist economists have to be aware of different philosophical underpinnings of research methods. Feminist critique of mainstream economics draws on Marxist political economy and institutional economics, while simultaneously bringing a feminist lens to these traditions. The economic system is the central focus of feminist ecological economics that critiques the unstable and unsustainable workings of the capitalist economy. Since the 1990s heterodox feminist economists have increasingly embraced the capability approach, developed by Sen and Nussbaum, and the human rights approach.

This paper examines some of the major types of risks and threats that may be posed to the economic security of national enterprises. Its purpose is to terminologically fine-tune the categories ‘threats’ and ‘risk’, analyze and classify risks from the standpoint of the multicriteria approach, as well as fine-tune existing methods for assessing risks faced by a firm’s economic security system. Based on the findings from their analysis of relevant materials, the authors have formulated the following conclusions:•an event that does not yield itself to assessment from the standpoint of quantitative and qualitative parameters is regarded as a threat. In this context, it becomes virtually impossible to come up with efficient preventive activities, as it is problematic to conduct quantitative assessments of this kind of event. Reducing the extent of a threat requires identifying and classifying relevant risks;•a modern enterprise is a backbone element in the national economy. Managing risks and threats posed to economic security at the microlevel is a part of the national strategy for social/economic development in the Russian Federation. This is why threats that emerge at the level of interaction among business entities are strategic risks;•assessing risk implies not only identifying the intensity of negative impact factors but constructing its specific forms as well. Assessment procedures are based on detecting negative impact factors, establishing the degree of their impact on a firm’s economic security system, and forecasting the potential reactions of the firm’s subsystems. The most frequently used assessment methods are expert and mathematical methods.