Economic Policy in a Global Economy

1993 ◽  
pp. 114-134
Author(s):  
Wyn Grant
Keyword(s):  
Economic Policy ◽  
Global Economy

The end of Alchemy of Finance and Sovereign Money (on the books by M. King “The end of Alchemy: Money, Banking and the Future of the Global Economy” and by J. Huber “Sovereign Money. Beyond Reserve Banking”)

2017 ◽  
pp. 131-141 ◽  
Author(s):  
V. Yefimov
Keyword(s):  
Economic Policy ◽  
Central Bank ◽  
Institutional Theory ◽  
Money Supply ◽  
Government Spending ◽  
Global Economy ◽  
Private Banks ◽  
Money Creation ◽  
Ministry Of Finance ◽  
Reserve Banking

The review discusses the institutional theory of money considered in the books by King and Huber, and the conclusions that follow from it for economic policy. In accordance with this theory, at present the most of the money supply is created not by the Central Bank but by private banks. When a bank issues a loan, new money is created, and when the loan is repaid this money is destructed. The concept of sovereign money involves the monopoly of money creation of the central bank. In this case the most of newly created money is handed over to the ministry of finance to implement government spending.

scholarly journals Improving Relations between a State and a Business Enterprise in the Context of Counteracting Adverse Effects of the Resource Curse

2021 ◽  
Vol 13 (3) ◽  
pp. 1067
Author(s):  
Marek Szturo ◽  
Bogdan Włodarczyk ◽  
Alberto Burchi ◽  
Ireneusz Miciuła ◽  
Karolina Szturo
Keyword(s):  
Economic Policy ◽  
Natural Resources ◽  
Resource Sharing ◽  
Global Economy ◽  
Empirical Studies ◽  
Relevant Literature ◽  
Resource Curse ◽  
Mineral Resources ◽  
Strategic Resources ◽  
Key Resources

Natural resources play a significant role in the development of the global economy. This refers, in particular, to strategic fuel and mineral resources. Due to the limited supply of natural resources and the lack of substitutes for most of the key resources in the world, the competition for the access to strategic resources is a feature of the global economy. It would seem that the countries which are rich in resources, because of this huge demand, enjoy spectacular economic prosperity. However, the results of empirical studies have demonstrated what is known as the ‘resource curse’. This article concentrates on the characteristics of the paradox of plenty, and in particular on the possibilities of preventing this phenomenon. The aim of this article is to identify the measures of economic policy with which to counteract the resource curse, based on the relationship between the state and the extraction business. Upon the critical analysis of the relevant literature, we concluded that the state’s economic policy, implemented in cooperation with the extraction business, is increasingly important for the prevention of the resource curse. In the context of the resource curse, the optimal and most consensual instrument, in comparison with other resource sharing agreements, is a production sharing agreement (PSA), which should also be adjusted to the current local economic conditions in a given country.

scholarly journals Economic productivity and competitiveness of Ukrainian exports due to the global challenges

2021 ◽  
Vol 107 ◽  
pp. 01002
Author(s):  
Lesia Petkova ◽  
Olena Berezina ◽  
Iryna Honcharenko ◽  
Ihor Osadchenko
Keyword(s):  
Economic Policy ◽  
Global Economy ◽  
Research Result ◽  
World Market ◽  
Global Market ◽  
Economic Productivity ◽  
Iron And Steel ◽  
National Economic ◽  
Innovative Products ◽  
Productivity And Competitiveness

Productivity and economic growth are key factors to maintain and improve the competitiveness of nations in the global market. The paper analyzes the prospects for the competitiveness of Ukrainian exports in the terms of pandemic circumstances and post-pandemic recovery of the global economy. The prospects for strengthening the competitiveness of Ukraine’s economy evaluating based on the modified approach for assessing the revealed comparative advantage. The dynamics and structure of major industries exports were estimating. The research result proved that the growth of innovative products in the iron and steel industry increases its competitiveness in the world market. The established reduction of the identified comparative advantages index for the main exports positions reflects the presence of structural and technological lags in the modern structure of the national economy and requires economic policy measures aimed at long-term action. Respectively, the main goals of contemporary national economic policy aimed at promoting the export competitiveness of Ukrainian products (goods & services) have to be the stimulating of R&D, infrastructure modernization and capital deepening.

scholarly journals The Institutional and External Factors Behind the Switch of a Country’s Economic Growth Strategy. The Case of the Brazilian Economic Policy

2015 ◽  
Vol 45 (1) ◽  
pp. 57-82
Author(s):  
Marta Czarnecka-Gallas
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Industrial Policy ◽  
Global Economy ◽  
Growth Strategy ◽  
Core Element ◽  
Huge Impact ◽  
Political Traditions ◽  
Post War ◽  
Developed World

Abstract One of the most important tasks for Brazil after the Second World War was to change the structure of its economy. Due to a relatively low level of domestic industry, consecutive governments found industrialization the main priority and focused on industrial policy to foster that process. One can argue that industrial policy was the core element of Brazilian economic policy throughout the post-war period, until the liberalization reforms of the 1980 s. Political and economic traditions, together with rapid changes in global economy over the last decades, have had a huge impact on more recent Brazilian economic policy. On one hand, the country has kept looking back to the protectionist practices that have shaped its economy since the emergence of the modern Brazilian state, on the other, Brazil’s ambition is to become a leading emerging economy and serious partner in the developed world. A dual development track, and continuous inner-conflict between protectionism and liberalism, is clearly visible in Brazilian economic policy and often leads to contradictory measures being taken by successive governments. The objectives of the article is to provide a contextualized analysis of the evolution of Brazil’s economic growth strategy, with a particular focus on the role of economic and political traditions, and institutions.

scholarly journals Russia in the Global Economy

Politeja ◽  
2019 ◽  
Vol 16 (5(62)) ◽  
pp. 51-67
Author(s):  
Michał Kuryłowicz
Keyword(s):  
Economic Policy ◽  
International Relations ◽  
Russian Federation ◽  
Global Economy ◽  
The State ◽  
Economic Expansion ◽  
Starting Point ◽  
Russian Author ◽  
The Russian Federation ◽  
External Dimension

The aim of the article is to analyze the Russian economic policy in its external dimension (economic expansion), in the context of discussions about changes in the global economy held in the Russian Federation. The starting point for reflections in this respect is Sergey Glazyev’s view of the current evolution of international relations. The article contrasts the propositions of the Russian author and the strategy of activities of the Kremlin, which uses the state corporations for its external targets.

Conclusion

2017 ◽  
Author(s):  
Rachel A. Epstein
Keyword(s):  
Economic Policy ◽  
Global Economy ◽  
Banking Sector ◽  
Banking Union ◽  
Major Powers ◽  
European Banking Union ◽  
Catching Up ◽  
European Banking ◽  
Domestic Banks

The study’s findings from Europe have implications for other major powers, including that: (1) banking sector protectionism became increasingly costly given other liberalizing trends; (2) foreign-owned bank subsidiaries can provide more stable funding in crises than alternative foreign or even domestic bank activity; (3) foreign domination in finance limited catching up in the global economy, but in fact few states showed the capacity to exploit domestic banks for national goals; and (4) centralized bank governance through European Banking Union weakened bank–state ties in Europe, and elevated the role of markets there. This chapter analyzes the relevance of the findings for the BRICS (Brazil, Russia, India, China, and South Africa). China is perhaps the clearest case of a country struggling to both liberalize and retain the economic policy autonomy associated with a largely state-controlled financial system. The conclusion specifies the broader transformation in bank–state ties, but also its limits.

Labour Relations in the New Economic Environment

1993 ◽  
Vol 18 (3) ◽  
pp. 3-12 ◽  
Author(s):  
N R Sheth
Keyword(s):  
Economic Policy ◽  
Trade Unions ◽  
Global Economy ◽  
Full Employment ◽  
Industrial Relations ◽  
Responsibility To Protect ◽  
Mutual Trust ◽  
New Economic Policy ◽  
Labour Relations ◽  
The Government

The process of rationalization and liberalization dominating the government's new economic policy (NEP) is an inevitable part of India's need to exist and grow with dignity in the emerging global economy. While this implies freedom and flexibility for industry, this has also led to incidence of labour redundancy, unemployment and casualization. With the government committed to full employment in the current five-year plan and the trade unions bearing a crucial social responsibility to protect workers' interests, the industrial relations issues involved in NEP need to be resolved amicably. This paper by N R Sheth examines these issues in detail and discusses the need for a meaningful dialogue among the various concerned parties in an atmosphere of mutual trust.

Economics and politics in 2019–2020: Global challenges and national answers

2020 ◽  
pp. 5-27 ◽  
Author(s):  
Vladimir A. Mau
Keyword(s):  
Economic Policy ◽  
National Security ◽  
Global Economy ◽  
Global Trends ◽  
Political Consequences ◽  
Security Issues ◽  
Global Challenges ◽  
The Social ◽  
Economics And Politics

The paper deals with the key challenges of global economy and their application to current Russian development. The main topics are the following: emerging etatism and populism, social and economic polarization, increasing role of national agendas versus the global one, domination of national security issues over economic policy, and the social and political consequences of technological shift towards digitalization. Prospects, character, and sources of future economic crisis are also under consideration. Global trends form the basis for the analysis of Russian economic policy.

Factors of Production and the State: Capital, Labour, Energy

2021 ◽  
Vol 30 (4) ◽  
pp. 621-627
Author(s):  
Marta Musso
Keyword(s):  
Climate Change ◽  
Economic Policy ◽  
Global Economy ◽  
State Intervention ◽  
The State ◽  
Nation State ◽  
The Subject ◽  
State Capital ◽  
First Time ◽  
News Headlines

Is state intervention making a comeback in economic policy? Should it make a comeback in economic policy? And, if so, what should this intervention look like? The relations between the state and the economy are a recurring theme throughout modern history, at least since the invention of the nation-state, but in Covid Europe these questions have made the news headlines for the first time in decades. This has been in addition to the strains and challenges posed to the global economy by climate change, which have increasingly put state intervention at the forefront of economic policy. In this context, it is not surprising that state intervention has been the subject of many new books. The ones under review here, all published between 2014 and 2020, add new food for thought to the topic. They raise important questions at a time when ideas around the relations between state, entrepreneurship and resources are beginning to be rediscussed, even in the most conservative economic circles.

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