Deflecting Neoliberalism

2021 ◽  
pp. 164-193
Author(s):  
Julian Germann
Keyword(s):  
Political Economy ◽  
Emerging Markets ◽  
Interest Rates ◽  
Economic Conditions ◽  
Perceived Threat ◽  
International Pressures ◽  
Anglo American ◽  
The Eu

This chapter explores how the German political economy was transformed by the global rise of neoliberalism and how this change feeds into Germany’s approach to the eurocrisis. Rather than being pushed down an Anglo-American road, German policymakers still seek to preserve what is left of the domestic compromise between capital and labor. The chapter argues that China’s massive demand for German exports informs the long-term vision of a neoliberal Europe structurally adjusted to support the global position of German manufacturers. At the same time, the perceived threat of US interest rates rising out of step with economic conditions in Europe and emerging markets hardened the German stance on austerity during the fever-pitched policy battles at the height of the eurocrisis. Together, these international pressures and opportunities have produced the predicament of German primacy as a transformative and yet destabilizing force within the EU.

Lifting capital controls underpins Iceland’s growth

2017 ◽  
Keyword(s):  
Interest Rates ◽  
Capital Controls ◽  
Economic Conditions ◽  
Short Term ◽  
Content Type ◽  
Short Run ◽  
Small Economy ◽  
Economic Balance ◽  
The Eu

Subject Iceland‘s macroeconomic outlook. Significance Iceland at the turn of the year took several steps towards lifting its capital controls on households and businesses. The authorities had worried that this would create an outflow of capital, destabilising the economy through a weakened krona and rising inflation. However, positive economic conditions have reversed the problem at least in the short run, with the main worries being an even stronger krona which could threaten export and tourism industries. Impacts High expected GDP growth and interest rates might be tempting for foreign investors looking for short-term gains. Fresh elections are possible if the Independence Party fails to form a government. The largest challenge for Iceland will be to find long-term economic balance as a small economy outside the EU.

Australian PM challenge will hinder policy agenda

2015 ◽  
Keyword(s):  
Political Parties ◽  
Interest Rates ◽  
Prime Minister ◽  
Party Leader ◽  
Content Type ◽  
Developed Economies ◽  
Housing Bubbles ◽  
The Impact ◽  
The Eu

Significance Although a victory in the short term for Abbott, the narrow margin will only intensify doubts about his long-term prospects as party leader and as prime minister. The challenge continues a trend of instability across Australia's main political parties. The country is poised to enter a record 25th year of uninterrupted economic growth, yet has changed prime minister four times since 2007. Impacts Australia will remain one of the most robust developed economies throughout 2015, with growth rates far above those of the EU. The Reserve Bank's decision to cut interest rates indicates that there are worries of the impact of the China-induced mining slowdown. Concerns in state capitals about housing bubbles will grow and may be an issue in the next federal election.

scholarly journals The Tendency Towards Secondarity in Managing Global Imbalances

2015 ◽  
Vol 62 (3) ◽  
pp. 291-311
Author(s):  
Lucian Croitoru
Keyword(s):  
Interest Rates ◽  
Free Choice ◽  
Developed Countries ◽  
Vicious Circle ◽  
Budget Deficits ◽  
Asian Countries ◽  
Real Interest Rates ◽  
The Us ◽  
The Eu

Abstract In this study, we analyse the factors that have led to the fall of real interest rates on the long term. We show that this tendency, i.e. the fall in real interest rates, which began three decades ago in developed countries is well explained by the emergence and growth of the global saving glut. We formulate the hypothesis according to which the increase in the global excess saving is mostly the result of a process whereby countries place themselves on a secondary position vis-à-vis the US (i.e. secondarity) with regard to taking and managing risks which occur after a crisis. The ensuing peculiarity of global excess saving is that it is generated in an increasing number of countries or economic areas, with the overwhelming part located in a few of them, while the overwhelming part of the global deficit of savings is located in the US. Secondarity is caused both by governments, which have sought to move to excess saving, as was the case of Asian countries (Bernanke, 2005), or to capping budget deficits, as it happened in the Eurozone and in the EU, and by the free choice of every economic agent in the private sector. Secondarity represents a major cause for a vicious circle in which the decline in interest rates to ever lower levels has led to the emergence of financial bubbles, whose bursting requires the further reduction of interest rates, thus generating new bubbles and so on and so forth. Misinterpreted in real time as the “Great Moderation”, this vicious circle went unobserved.

scholarly journals Results of agricultural enterprises economy in 2004

2012 ◽  
Vol 52 (No. 1) ◽  
pp. 31-44
Author(s):  
F. Střeleček ◽  
J. Lososová ◽  
R. Zdeněk
Keyword(s):  
Quality Of Life ◽  
Czech Republic ◽  
Economic Conditions ◽  
Continuous Analysis ◽  
The Czech Republic ◽  
Agricultural Enterprises ◽  
External Conditions ◽  
The Eu

The study has been elaborated on the basis of a continuous analysis of economic results of a selected sample of agricultural enterprises operating in different climatic and productional conditions. Long-term tendencies and their influencing factors are defined on the basis of this analysis. The goal of this study is to evaluate the influence of external conditions on the economy of agricultural enterprises and on their economic results and to analyze the influence of the accession of the Czech Republic to the EU on the change of economic conditions of agricultural enterprises. On the basis of this study, the authors measures which would intensify the influence of agricultural enterprising on the rural development and which would improve the quality of life of rural inhabitants.

The World Economy

2007 ◽  
Vol 201 ◽  
pp. 8-14
Keyword(s):  
Interest Rates ◽  
Return On Investment ◽  
World Economy ◽  
Oil Price ◽  
The Us ◽  
The World ◽  
Stable Growth ◽  
The Eu ◽  
Purchasing Power Parities

In 2006, global output, measured in terms of purchasing power parities, expanded by 5.4 per cent, the fastest rate of growth since 1973. Despite a higher oil price and the recent rise in global long-term interest rates, we expect world growth to remain above 5 per cent this year, with a slowdown in the US offset by the rapidly expanding China and stable growth in the EU and Japan. In this issue we explore the widening divergence between the return on investment and real interest rates in the major economies. This suggests that despite the recent rise in long real rates it remains profitable for firms to invest in many countries.

scholarly journals The regional innovations governance: Slovakia with regard to convergence criteria

2021 ◽  
pp. 170-180
Author(s):  
Eniko Korcsmaros ◽  
Renata Machova ◽  
Zoltan Seben ◽  
Tibor Zsigmond
Keyword(s):  
Interest Rates ◽  
Euro Area ◽  
Pearson Correlation ◽  
Convergence Criteria ◽  
Single Currency ◽  
Innovation Development ◽  
The Public ◽  
Government Deficit ◽  
The Eu

The introduction of the euro in Europe is subject to several criteria. In 1979, the European Community created the «European Exchange Rate Mechanism» (ERM). On 16 April, 2003, Slovakia, together with nine other countries, signed the EU Accession Treaty in Athens. These countries promised to adopt the single currency (the euro). It has been 10 years since the introduction of the euro in Slovakia. It stands to highlight factors that have contributed to the economic, innovation development experienced in recent years regarding introducing a single currency. This article aims to briefly introduce the euro area and present each country's accession in historical order. the authors presented the general conditions for introducing the euro and then went on to the events related to the regional innovations governance of Slovakia. Using the data from the statistical site Eurostat, the Pearson correlation coefficient was used to indicate the closeness of relationships between the average values of inflation and government deficit and the average values of inflation and the public debt. The limitations of the research are that Eurostat's values are only indicative and, in the event of a possible accession, EU bodies would certainly use other, more reliable data. Furthermore, the ERM II criterion for joining the euro area cannot be examined due lack of statistics available on the Slovak koruna's value after the introduction. Another limitation is that the EU sometimes makes adjustments to calculating inflation and average nominal long-term interest rates. There is a lack of a significant relationship between the examined variables in the case of Slovakia. Based on the 2018 inflation rate, the introduction would not have been possible, as it was slightly higher (2.5 per cent) than the limit (2.23 per cent). Therefore, the authors assumed that Slovakia had adopted the euro on time, as if it had not done so on 1 January 2009, it would probably have had to wait a few years for the new opportunity. Although their results are only indicative and not decisive without taking ERM II into account, it is possible to do without specific indicators.

Conceit and Deceit in the European Union: Imaginaries of Europe and a Pan-Eurasian Alternative

2020 ◽  
pp. 201-220
Author(s):  
Chris Hann
Keyword(s):  
European Union ◽  
Political Economy ◽  
The European Union ◽  
New Members ◽  
Continental Divide ◽  
Political Cooperation ◽  
The Eu ◽  
Structural Inequalities

Current tensions between ‘old’ and ‘new’ members of the EU are explored with reference to capitalist political economy and historical constructions of a continental divide. While ‘populist’ politicians in the countries of the Visegrád cooperation celebrate their nations and Christian civilisation, the Wertegemeinschaft espoused by the EU mainstream is a form of liberal cosmopolitanism. These contrasting imaginaries of Europe are reinforced by structural inequalities, accentuated by the eurozone (as analysed by W. Streeck and C. Offe). EU elites conceptualize Asia as a distinct continent, and Hungarian leaders invoke the Asian roots of the Magyars when it suits their legitimation strategies. The chapter concludes by drawing attention to long-term commonalities extending across the entire landmass of Eurasia, and the potential of this civilizational heritage for creating new forms of political cooperation.

Sanctions of the USA and the Policy of Bank of Russia:double Blow to the National Economy

2014 ◽  
pp. 13-29 ◽  
Author(s):  
S. Glazyev
Keyword(s):  
National Security ◽  
Economic Sanctions ◽  
Capital Flight ◽  
Practical Advice ◽  
The Us ◽  
Monetary Authorities ◽  
The Usa ◽  
Simultaneous Adoption ◽  
The Eu

This article examines fundamental questions of monetary policy in the context of challenges to the national security of Russia in connection with the imposition of economic sanctions by the US and the EU. It is proved that the policy of the Russian monetary authorities, particularly the Central Bank, artificially limiting the money supply in the domestic market and pandering to the export of capital, compounds the effects of economic sanctions and plunges the economy into depression. The article presents practical advice on the transition from external to domestic sources of long-term credit with the simultaneous adoption of measures to prevent capital flight.

Intercultural Experience, the Anglo-American Occupation and UNESCO in Germany 1945–1949

2016 ◽  
Vol 13 (2) ◽  
pp. 193-213 ◽  
Author(s):  
Elaine Morley
Keyword(s):  
World War Ii ◽  
United Nations ◽  
Cultural Diplomacy ◽  
Scientific Organization ◽  
World War ◽  
United Nations Educational ◽  
Intercultural Experience ◽  
Anglo American ◽  
Negative Sense

Independent of each other, though contemporaneous, the Anglo-American occupiers of Germany and the newly founded United Nations Educational, Cultural and Scientific Organization employed culture to foster greater intercultural and international understanding in 1945. Both enterprises separately saw culture as offering a means of securing the peace in the long term. This article compares the stated intentions and activities of the Anglo-American occupiers and UNESCO vis-à-vis transforming morals and public opinion in Germany for the better after World War II. It reconceptualizes the mobilization of culture to transform Germany through engaging theories of cultural diplomacy and propaganda. It argues that rather than merely engaging in propaganda in the negative sense, elements of these efforts can also be viewed as propaganda in the earlier, morally neutral sense of the term, despite the fact that clear geopolitical aims lay at the heart of the cultural activities of both the occupiers and UNESCO.

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