Western Pessimism, Asian Optimism: Three Perspectives on Global Governance

2014 ◽  
Vol 28 (3) ◽  
pp. 383-396
Author(s):  
Richard Jolly
Keyword(s):  
World Economy ◽  
The United States ◽  
Financial Control ◽  
The European Union ◽  
Financial Policies ◽  
Middle Income ◽  
Lower Base ◽  
Economic Stagnation ◽  
Global Action ◽  
The International Monetary Fund

As of 2007 the world economy has been caught in the worst crisis since the 1930s. Yet after two years of only partly successful efforts to mobilize and coordinate global action of financial control and stimulus, ending with the G-20 meeting of March 2009, responsibility for corrective economic initiatives has essentially been left to individual countries, supported by the International Monetary Fund (IMF) and the European Union (EU). Moreover, such support has been usually conditional on countries following financial policies of tough austerity. The United States took some actions to stimulate its economy, but by many accounts these were insufficient. Most of Europe has not even attempted stimulus measures and has been in a period of economic stagnation, with falling real incomes among the poorest parts of the population. Although some signs of “recovery” have been heralded in 2013 and 2014, growth has mostly been measured from a lower base. There is little evidence of broad-based economic recovery, let alone improvements in the situation of the poor or even of the middle-income groups.

scholarly journals World trade and regional trade orientation in the context of forthcoming transatlantic trade and investment partnership

Equilibrium ◽  
2015 ◽  
Vol 10 (3) ◽  
pp. 105 ◽  
Author(s):  
Elżbieta Czarny ◽  
Paweł Folfas
Keyword(s):  
World Trade ◽  
World Economy ◽  
Dominant Role ◽  
The United States ◽  
The European Union ◽  
Regional Trade ◽  
The World ◽  
Trade And Investment ◽  
The U.S ◽  
The Eu

We analyse potential consequences of the forthcoming Trade and Investment Partnership between the European Union and the United States (TTIP) for trade orientation of both partners. We do it so with along with the short analysis of the characteristics of the third wave of regionalism and the TTIP position in this process as well as the dominant role of the EU and the U.S. in the world economy – especially – in the world trade. Next, we study trade orientation of the hypothetical region created in result of TTIP. We use regional trade introversion index (RTII) to analyze trade between the EU and the U.S. that has taken place until now to get familiar with the potential changes caused by liberalization of trade between both partners. We analyze RTII for mutual trade of the EU and the U.S. Then, we apply disaggregated data to analyze and compare selected partial RTII (e.g. for trade in final and intermediate goods as well as goods produced in the main sectors of economy like agriculture or manufacturing). The analysis of the TTIP region’s orientation of trade based on the historical data from the period 1999-2012 revealed several conclusions. Nowadays, the trade between the EU and the U.S. is constrained by the protection applied by both partners. Trade liberalization constituting one necessary part of TTIP will surely help to intensify this trade. The factor of special concern is trade of agricultural products which is most constrained and will hardly be fully liberalized even within a framework of TTIP. Simultaneously, both parties are even now trading relatively intensively with intermediaries, which are often less protected than the average of the economy for the sake of development of final goods’ production. The manufactured goods are traded relatively often as well, mainly in consequence of their poor protection after many successful liberalization steps in the framework of GATT/WTO. Consequently, we point out that in many respects the TTIP will be important not only for its participants, but for the whole world economy as well. TTIP appears to be an economic and political project with serious consequences for the world economy and politics.

Situation on the Global Coal Market during the Recovery of the World Economy after the COVID-19 Crisis

2021 ◽  
pp. 84-92
Author(s):  
V.B. Kondratiev
Keyword(s):  
Southeast Asia ◽  
World Economy ◽  
The United States ◽  
Economic Recovery ◽  
The European Union ◽  
Asian Countries ◽  
Coal Consumption ◽  
Significant Drop ◽  
China And India ◽  
Coal Market

The global economic recovery in 2021 will lead to a recovery in coal demand after a significant drop in 2020 caused by the Covid-19 crisis. There is no indication that the global coal consumption will decline significantly in the coming years, as increased demand in some Asian countries will offset declines in others. Based on the assumption of a global economic recovery, experts forecast a 2.6% growth in the global coal demand in 2021, driven by an increased demand for electricity and industrial production. The economies of China, India and Southeast Asia account for most of the growth. The future of coal will largely be decided in Asia. Today, China and India account for 65% of the world's coal demand. Taking into account Japan, Korea, Taiwan and Southeast Asia, this share rises to 75%. China will be particularly influential, as it currently accounts for half of the world's coal consumption. By 2025, the European Union and the United States will account for less than 10% of global coal demand, down from 37% in 2000.

Insuring Against Instability: United States and the Future of the International Monetary Fund

2010 ◽  
Vol 10 (3) ◽  
pp. 1850206
Author(s):  
Kati Suominen
Keyword(s):  
United States ◽  
International Monetary Fund ◽  
World Economy ◽  
Private Insurance ◽  
The United States ◽  
Insurance Markets ◽  
Public And Private ◽  
Systemic Risks ◽  
Financial Arrangements ◽  
The International Monetary Fund

The International Monetary Fund (IMF), only a few years ago fading into obscurity in the thriving world economy, made a comeback during the 2008-2009 crisis. The G-20 re-tasked the Fund and tripled its lending capacity. Notwithstanding its new windfall and duties, the Fund’s legitimacy and effectiveness are in doubt. The main challenges center on disagreements between the Western European nations and emerging markets over the Fund’s governance and focus, a specter of disintegration of the global crisis management architecture by way of bilateral and regional financial arrangements (particularly in Asia), and limitations to the Fund’s responsiveness to major crises. Yet the threat of global financial instability persists, and the Fund is uniquely qualified to counter it. The United States, the Fund’s founder and main shareholder, has sponsored sound reforms to the Fund in the context of the G-20. However, farther-reaching paradigmatic changes are required for the Fund to effectively manage global economic instability in the 21st century: focusing the Fund’s analytical powers squarely on systemic risks and largest economies rather than on small, developing nations; turning the Fund from a crisis firefighter into a global preventive care unit that rewards members for sound policies; and making the Fund a bridge between public and private insurance markets.

scholarly journals INTERNATIONAL STANDARDS OF STATE FINANCIAL CONTROL

2019 ◽  
pp. 123-127
Author(s):  
A. M. Kulish ◽  
Y. M. Ragulina
Keyword(s):  
European Union ◽  
The United States ◽  
Essential Elements ◽  
International Federation ◽  
International Standards ◽  
National Standards ◽  
Financial Control ◽  
The European Union ◽  
Association Agreement ◽  
Internal Auditors

In this work, the authors have examined the concept of “standards” and “standardization” relating to public finance and public financial control. It was recognized that national financial systems activities should be based on generally accepted international standards in order to enhance professionalism and efficiency. Attention was paid to the peculiarities of national standards of the United States of America and European Union countries, in particular the United Kingdom of Great Britain, Lithuania, Georgia. As part of the analysis of the Association Agreement on Public Internal Financial Control, it was determined that cooperation between Ukraine and the European Union, the European Atomic Energy Community, and their Member States takes place through harmonization with the following international standards: the Institute of Internal Auditors (EA IIA), The International Federation of Accountants (IFAC) and International Organisation of Supreme Audit Institutions (INTOSAI). Much attention was paid to the concept of public internal financial control developed by the European Commission to provide a viable model capable of assisting national governments in revising internal controls in the field of finance and modernizing them in accordance with international standards and best practice in countries- members of the European Union. The scope of the aforementioned concept, its essence, its main elements, and features was determined. The standards of the international organization INTOSAI were analyzed, containing the guiding principles of the audit activity, the peculiarities of their implementation and direction; the activities of the International Professional Association of Internal Auditors EC IIA (European Confederation of Institutes of Internal Auditing); standards developed by the International Federation of Accountants (IFAC); the activities of the Committee of Sponsoring Organizations of the Treadway Commission COSO. In addition, the article identified the essential elements of an efficient and effective internal financial control system. Keywords: standardization, state financial control, international standards.

scholarly journals Matrix Hard - The Impact of Technological, Economic and Social Indicators on Productivity and Competitiveness

2020 ◽  
Vol 3 (4) ◽  
pp. 37-44
Author(s):  
Marina Popa ◽  
Maia Pisaniuc
Keyword(s):  
United States ◽  
European Union ◽  
World Economy ◽  
Social Indicators ◽  
The United States ◽  
The European Union ◽  
The World ◽  
The Impact ◽  
Productivity And Competitiveness ◽  
Economic And Social Indicators

The objective of this research is to demonstrate the impact of technological, economic and social indicators on productivity and competitiveness through the HARD Matrix method, proposed by the European Commission. The level of economic development of different countries, as well as the degree of diversification and specialization of their world production, determines the degree of integration of national economies in the world economy that differs considerably by country and group of countries. The expansion and amplification of the internationalization process have substantially changed the place and role of each state in the world economy. Due to this process, today's world economy is no longer a simple sum of economies put in contact, but a global-universal system, unitary through the interrelationships between the component subsystems and its extremely heterogeneous structure. In the twenty first-century, the process of amplifying innovation, the net economy, and the Covid 19 pandemic have shaped new trends in the world countries and determined the balance of power between the three great empires of the world – the United States, the European Union, and China. At the same time, there are no similar links between the United States, the European Union and China, they do not share the same culture, do not share the same geographic space, and do not use the same models of economic development, but all of them consider innovation, sophisticated business, technology, safe tools in promoting economic growth and competitiveness.

scholarly journals OPTIMAL MONETARY AREAS AND MONETARY POLICY. AN ANALYSIS OVER WORLD POWER CENTERS

2019 ◽  
Vol 4 (special) ◽  
pp. 19-28
Author(s):  
Tudor Mugurel Aursulesei ◽  
Stefan Catalin Topliceanu
Keyword(s):  
Monetary Policy ◽  
World Economy ◽  
The United States ◽  
The European Union ◽  
Monetary Policies ◽  
International Environment ◽  
The Us ◽  
Us Dollar ◽  
Power Centers ◽  
Global Influence

The phenomenon of power in international relations has always caused interest. The current international environment is extremely amplified and interconnected, and developments in recent decades have led to the foundation of a multipolar system. At present, the competition between power centers in the world economy is manifested at all levels of power, especially from an economic perspective. There is a clear desire for the Western European states that are members of the European Union and the BRICS to detach from their financial dependence on the US dollar and the United States financial instruments. We propose to analyze whether there are correlations between the monetary policies adopted by these entities and the characteristics of the optimal monetary areas. If monetary policy moves closer to the optimal monetary area specifications, then does that global influence increase?

scholarly journals Disarticulation and the Crisis of Neoliberalism in the United States

2018 ◽  
Vol 46 (1) ◽  
pp. 65-81
Author(s):  
David Jaffee
Keyword(s):  
United States ◽  
World Economy ◽  
The United States ◽  
Basic Operation ◽  
The Core ◽  
Structural Distortions ◽  
United States Economy ◽  
Economic Stagnation ◽  
The World ◽  
Neoliberal Policies

Neoliberal policies instituted since the 1980s have transformed the United States economy in ways that have produced serious structural distortions in the basic operation of capitalism. Using Samir Amin’s concept of disarticulation, previously applied exclusively to the periphery of the world economy, this article argues that the twin and mutually reinforcing features of neoliberalism – global corporate restructuring and financialization – have now generated disarticulation in the core nations. This disarticulated structure is responsible for the economic stagnation and sharply unequal income/wealth distributional outcomes that characterize contemporary U.S. capitalism.

STUDY OF THE LINKS BETWEEN THE DEVELOPMENT OF THE WORLD ECONOMY AND TRANSPORT IN 1995–2015

2017 ◽  
Vol 71 (0) ◽  
pp. 65-72
Author(s):  
Maciej Mindur
Keyword(s):  
United States ◽  
World Economy ◽  
The United States ◽  
Gdp Growth ◽  
The European Union ◽  
Military Industry ◽  
Developed Economies ◽  
The World ◽  
Dynamic Growth ◽  
Economic Measure

The article provides a synthetic analysis of the interrelationships between economic development, the primary economic measure of which is the size of Gross Domestic Product, and the volume of transport work measured in tkm and pkm. The study was conducted over a 30-year time series based on the polynomial curves of the most-developed economies (the United States, Japan, China and EU-28) and Russia, the largest area of the world, with large natural resources and significant military industry, and constantly increasing since 2004 GDP. The research shows that GDP in the whole period (1995–2015) in the United States, Japan and the European Union is growing rapidly, significantly ahead of the tkm and pkm transport indicators. In China and Russia, GDP growth has been increasing since 2003, while the dynamic growth of transport (in billion tkm) in 1995–2015 is well ahead of economic growth (GDP). In Poland, trends in the development of the GDP measurement and transport indicators (tkm and pkm) are similar to those of Russia and China.

scholarly journals Russia and Spain in the midst of global trade wars

2019 ◽  
pp. 58-66
Author(s):  
P. Yakovlev
Keyword(s):  
European Union ◽  
World Economy ◽  
Trade Deficit ◽  
Trade Agreement ◽  
The United States ◽  
Economic Policies ◽  
The European Union ◽  
Solar Panels ◽  
The World ◽  
Trade Wars

In recent years, the world economy has become more unstable and relations between countries in different regions have deteriorated. As a result, we can talk about an international economic confrontation. The main reasons for this situation seem to be traceable: so-called trade wars, neo-protectionism, financial and other sanctions. Many countries around the world, including Russia and Spain, are victims of one or more aspects of the phenomenon. Trade wars are undoubtedly at the heart of economic battles. They have a long history, but the current wave of trade wars has been driven by President Donald Trump’s economic policies. In his opinion, the root of the U.S. economic problems lies in its trade deficit with China, the European Union, Mexico and some other countries of the world. With the idea that “trade wars are good and easy to win”, Washington unilaterally tore up the agreements reached: the Paris climate accord, the Trans-Pacific Partnership, the nuclear deal with Iran, the free trade agreement with Mexico and Canada. In addition, Trump has raised tariffs on hundreds of manufactured goods imported by the United States (steel, aluminum, washing machines, solar panels, etc.) and threatened the European Union with higher tariffs on cars. The trade wars unleashed by the White House will have long-term direct and indirect consequences for the state of the world economy. Russia and Spain are heavily dependent on international markets. That is why complications in world trade are contrary to the interests of both countries.

scholarly journals Policy Watch: Debt Relief

2006 ◽  
Vol 20 (1) ◽  
pp. 207-220 ◽  
Author(s):  
Serkan Arslanalp ◽  
Peter Blair Henry
Keyword(s):  
World Bank ◽  
International Monetary Fund ◽  
Low Income ◽  
The United States ◽  
Debt Relief ◽  
Middle Income ◽  
The World Bank ◽  
The World ◽  
Heads Of State ◽  
The International Monetary Fund

At the Gleneagles summit in July 2005, the heads of state from the G-8 countries—the United States, Canada, France, Germany, Italy, Japan, Russia and the United Kingdom—called on the International Monetary Fund (IMF), the World Bank and the African Development Bank to cancel 100 percent of their debt claims on the world's poorest countries. The world's richest countries have agreed in principle to forgive roughly $55 billion dollars owed by the world's poorest nations. This article considers the wisdom of the proposal for debt forgiveness, from the standpoint of stimulating economic growth in highly indebted countries. In the 1980s, debt relief under the “Brady Plan” helped to restore investment and growth in a number of middle-income developing countries. However, the debt relief plan for the Heavily Indebted Poor Countries (HIPC) launched by the World Bank and the International Monetary Fund in 1996 has had little impact on either investment or growth in the recipient countries. We will explore the key differences between the countries targeted by these two debt relief schemes and argue that the Gleneagles proposal for debt relief is, at best, likely to have little effect at all. Debt relief is unlikely to help the world's poorest countries because, unlike the middle-income Brady countries, their main economic difficulty is not debt overhang, but an absence of functional economic institutions that provide the foundation for profitable investment and growth. We will show that debt relief may be more valuable for Brady-like middle-income countries than for low-income ones because of how it leverages the private sector.

Sign in / Sign up

Export Citation Format

Share Document