INVITED POLICY ECONOMICS PAPER — ECONOMICS IN ASIA 1995–2020

2021 ◽  
pp. 1-15
Author(s):  
JOERGEN OERSTROEM MOELLER
Keyword(s):  
Market Economy ◽  
Value Chain ◽  
Global Economy ◽  
Consumer Preferences ◽  
Low Cost ◽  
Second Phase ◽  
Public And Private ◽  
The Us ◽  
Anglo American ◽  
Asian Economy

Over the last 25 years, Asia’s economic rise has been extraordinary. Its share of global gross domestic product (GDP) has risen from 5.8% to 22.9%. 1 The first phase of high economic growth — up to 1995 — saw Asia enter the global supply chain primarily with labor-intensive/low-cost manufacturing. Domestic consumption was a fairly low share of GDP; Asia was manufacturing mainly for consumption in the US and Europe. As such, it was primarily a rule-taker. In the second phase — from 1995 to 2020 — it gradually turned into an economic force joining the US and Europe in shaping the global economy, exercising significant influence upon the value chain, the cycles of the global economy, transport and logistics, the global capital markets and consumption patterns (consumer preferences and tastes). While not yet among the leading rule-makers, it had become difficult for policymakers (public and private) to make decisions without Asia’s consent. To form an opinion of today’s emerging third phase — post 2020 — the intriguing question is whether the Asian countries have adopted what may be termed Anglo-American economic thinking (basically, the primacy of the market). Or whether behind the curtain, the Asian economy works in its own way diverging from the American and British economic schools. Since demographics and sheer economic scale mean that Asia will dominate the global economy in the years to come, the nature of the Asian economy will be of crucial importance for the future global economy. The conclusion of this paper is that “Asia” in many respects differs — and fundamentally so — from market economy principles. How this prospect should be interpreted is also evolving, as circumstances change. Certainly, the repercussions of COVID-19 have not been the same in the US, Europe, East Asia and South Asia — and this may suggest that socio-political structures have a stronger impact on economic outcomes than economic theory teaches, thus calling into question the global validity of market economy principles.

Prospects for the global economy in 2018

2017 ◽  
Keyword(s):  
United States ◽  
Global Economy ◽  
Low Cost ◽  
Commodity Prices ◽  
Balance Of Power ◽  
The United States ◽  
Industrial Growth ◽  
Content Type ◽  
The Us ◽  
Open Markets

Subject PROSPECTS 2018: Global economy Significance Global GDP growth is likely to edge higher in 2018 as trade, investment and employment expand. However, monetary policy is gradually tightening, fiscal expansion is limited and there is little chance of a repeat of the surprise boost from trade seen in 2017 or a recovery in productivity. Inflation may remain obdurately low in the United States, Japan and the euro-area but not sufficiently to deter the US Federal Reserve (Fed) and the ECB from gently reeling in their bond-buying programmes. Modestly higher commodity prices should support economic recovery in resource producers. Impacts The timing of elections in the United States, Canada and Mexico may prolong the NAFTA trade talks into 2019 or beyond. China will battle any US attempts to constrain its innovation and access to technology, which it sees as key to its rebalancing. Technological progress and more open markets exacerbate the unpredictability of jobs and wages, but policy will increasingly address this. Automation means the job intensive low-cost industrial growth engine is now less effective; developing countries must consider new models. A better balance of power between multinationals, international organisations and governments will be key to global tax cooperation.

Modernizing tradition – the Thai silk industry

2014 ◽  
Vol 30 (2) ◽  
pp. 31-33 ◽  
Author(s):  
Preeya Patichol ◽  
Wiani Wongsurawat ◽  
Lalit M. Johri
Keyword(s):  
Value Chain ◽  
Low Cost ◽  
Public And Private ◽  
Content Type ◽  
Silk Industry ◽  
Innovative Strategies ◽  
The Public ◽  
Direct Competition ◽  
Traditional Industry ◽  
Depth Interviews

Purpose – This paper identifies challenges the traditional Thai silk industry has faced during its internationalization, and the public and private responses employed to overcome challenges. Design/methodology/approach – In-depth interviews were conducted with major players along the Thai silk value chain to gain insights into the industry's transformation from a domestic, cottage industry into an international fashion producer. Findings – Thai silk has created a niche market for high-end, cultural products, thus successfully sidestepping direct competition from emerging low-cost producers. The main innovative strategies employed include introducing new products, upgrading quality, attracting new customers, and collaboration between actors all along the silk value chain. Originality/value – This study illustrates how a traditional industry can evolve and successfully adapt to changing consumer demands and competitive landscapes in a globalize economy.

From Crisis to Stagnation

2020 ◽  
pp. 251-270
Author(s):  
Jeremy Green
Keyword(s):  
Interest Rates ◽  
Global Economy ◽  
Neoliberal Capitalism ◽  
The Us ◽  
Political Economies ◽  
Anglo American ◽  
Fiscal Austerity ◽  
The Uk ◽  
The City ◽  
Growth Economic

This chapter describes some of the major themes of the postcrisis political economy of Anglo-America. Identifying the central policy pairing between fiscal austerity and monetary loosening, it draws upon accounts of the structural crisis of neoliberal capitalism, arguing that, despite the adoption of unorthodox monetary policy and the restoration of growth, economic recovery has failed to arrest the underlying structural crisis of Anglo-American political economies. In the postcrisis era, the reliance upon a strategy of ultralow interest rates and quantitative easing initiated by the US and the UK demonstrated the continued centrality of Anglo-American central bank leadership to the global economy. But the sluggish return to growth in the West, and the continued stagnation of living standards within the UK and the US specifically, have revealed the declining ability of neoliberal capitalism to deliver economic growth and distributional gains in amounts adequate to bolster democratic consent. The rise of antiestablishment politics in both states—and the fracturing of the longstanding eoliberal center ground of party politics—has led to new political and economic dynamics. Alongside these changes, the rebalancing of the City–Bank–Treasury nexus toward Chinese finance, the policies of Donald Trump, and Brexit are transforming the global economy.

Economic Impacts of the US–China Trade War on the Asian Economy: An Applied Analysis of IDE-GSM

2021 ◽  
pp. 263168462110322
Author(s):  
Satoru Kumagai ◽  
Toshitaka Gokan ◽  
Kenmei Tsubota ◽  
Ikumo Isono ◽  
Kazunobu Hayakawa
Keyword(s):  
United States ◽  
Global Economy ◽  
Negative Impact ◽  
Economic Impacts ◽  
The United States ◽  
China Trade ◽  
Computational General Equilibrium ◽  
The Us ◽  
Trade War ◽  
Asian Economy

In this article, we attempt to estimate the economic impacts of the US–China trade war that began in 2018. We used IDE-GSM, a computational general equilibrium simulation model, to estimate the economic impacts of a ‘full-confrontation’ scenario wherein both countries impose 25% additional tariffs on all goods imported from each other for 3 years 2019 onwards. In our calculation, the economic impact for the United States is −0.4% and −0.5% for China. Some Asian countries benefit from the trade war. As far as it remains bilateral, the trade war is only an issue for the concerned parties. We also ran the US–world trade war scenario, wherein the United States and all other countries impose a 25% additional tariff on all goods. The negative impact on the global economy is –0.8%, much more significant than the 0.1% impact from the US–China trade war. Thus, it is clear that the world cannot afford to engage in a multilateral trade war. JEL Codes: C68, F13

scholarly journals Impacts of Reverse Global Value Chain (GVC) Factors on Global Trade and Energy Market

Energies ◽  
2021 ◽  
Vol 14 (12) ◽  
pp. 3417
Author(s):  
Byeongho Lim ◽  
Jeongho Yoo ◽  
Kyoungseo Hong ◽  
Inkyo Cheong
Keyword(s):  
United States ◽  
Value Chain ◽  
Global Economy ◽  
The United States ◽  
Energy Market ◽  
Worst Case ◽  
Global Energy ◽  
Computational General Equilibrium ◽  
The Us ◽  
Gas Market

Since the outbreak of COVID-19 and the American decoupling policy, the global value chains (GVCs) have been switched to regional GVCs, and, in the worst case, are subject to a potential alteration of reversing the GVCs, ultimately entailing a severe impact on international trade and the global energy market. This paper applies a quantitative approach using a computational general equilibrium (CGE) model to estimate the effects of the reverse GVC factors on the global economy, trade, and energy market. These reverse GVC factors will decrease the global GDP, and such effect will bring a greater influence on both China as well as the United States, which is pursuing decoupling. The increased trade costs due to these factors will reduce the GVC indices, mostly in ASEAN by 0.2~1.15%, followed by Korea, Japan and China. Surprisingly, the GVC index in the United States is expected to be strengthened due to the enhanced GVC with its allies such as Canada and Mexico. In China, the use of oil, gas and petroleum is expected to decrease by around 10%, and similar effects are expected in Korea and the EU. Among the world’s major energy producers, it is estimated that the US will reduce energy exports by 16–62% depending on the energy source, and the Middle East and Russia will significantly reduce their gas exports. The global energy market is shrinking, but in particular, the international gas market is expected to decrease by 27.3~38.6%.

Reagan and Thatcher's Special Relationship

2015 ◽  
Author(s):  
Sally-Ann Treharne
Keyword(s):  
Latin American ◽  
Special Relationship ◽  
Pivotal Moments ◽  
Political Relationships ◽  
Latin American Region ◽  
The Us ◽  
Anglo American ◽  
Elite Interviews ◽  
Personal Diplomacy ◽  
The Cold War

Reagan and Thatcher’s Special Relationship offers a unique insight into one of the most controversial political relationships in recent history. An insightful and original study, it provides a new regionally focused approach to the study of Anglo-American relations. The Falklands War, the US invasion of Grenada, the Anglo-Guatemalan dispute over Belize and the US involvement in Nicaragua are vividly reconstructed as Latin American crises that threatened to overwhelm a renewal in US-UK relations in the 1980s. Reagan and Thatcher’s efforts to normalise relations, both during and after the crises, reveal a mutual desire to strengthen Anglo-American ties and to safeguard individual foreign policy objectives whilst cultivating a close personal and political bond that was to last well beyond their terms in office. This ground-breaking reappraisal analyses pivotal moments in their shared history by drawing on the extensive analysis of recently declassified documents while elite interviews reveal candid recollections by key protagonists providing an alternative vantage point from which to assess the contentious ‘Special Relationship’. Sally-Ann Treharne offers a compelling look into the role personal diplomacy played in overcoming obstacles to Anglo-American relations emanating from the turbulent Latin American region in the final years of the Cold War.

Listening for the “Still Small Voice” of Mendelssohn’s Domestic Elijah

2015 ◽  
Vol 32 (1) ◽  
pp. 40-77
Author(s):  
Peter Mercer-Taylor
Keyword(s):  
Second Phase ◽  
Divine Presence ◽  
Final Phase ◽  
Public And Private ◽  
The Public ◽  
The Third ◽  
Interpretive Approach ◽  
Will To Live ◽  
Three Phases

The notion that there might be autobiographical, or personally confessional, registers at work in Mendelssohn’s 1846 Elijah has long been established, with three interpretive approaches prevailing: the first, famously advanced by Prince Albert, compares Mendelssohn’s own artistic achievements with Elijah’s prophetic ones; the second, in Eric Werner’s dramatic formulation, discerns in the aria “It is enough” a confession of Mendelssohn’s own “weakening will to live”; the third portrays Elijah as a testimonial on Mendelssohn’s relationship to the Judaism of his birth and/or to the Christianity of his youth and adulthood. This article explores a fourth, essentially untested, interpretive approach: the possibility that Mendelssohn crafts from Elijah’s story a heartfelt affirmation of domesticity, an expression of his growing fascination with retiring to a quiet existence in the bosom of his family. The argument unfolds in three phases. In the first, the focus is on that climactic passage in Elijah’s Second Part in which God is revealed to the prophet in the “still small voice.” The turn from divine absence to divine presence is articulated through two clear and powerful recollections of music that Elijah had sung in the oratorio’s First Part, a move that has the potential to reconfigure our evaluation of his role in the public and private spheres in those earlier passages. The second phase turns to Elijah’s own brief sojourn into the domestic realm, the widow’s scene, paying particular attention to the motivations that may have underlain the substantial revisions to the scene that took place between the Birmingham premiere and the London premiere the following year. The final phase explores the possibility that the widow and her son, the “surrogate family” in the oratorio, do not disappear after the widow’s scene, but linger on as “para-characters” with crucial roles in the unfolding drama.

THE VALUE CHAIN OF COMPETENCY MODEL FOR VIETNAMESE EDUCATIONAL MANAGERS IN THE INDUSTRY 4.0 REVOLUTION ERA

2018 ◽  
Author(s):  
Le Thi My Hanh ◽  
Luis Alfaro ◽  
Tran Phuong Thao
Keyword(s):  
Value Chain ◽  
Industry 4.0 ◽  
Global Economy ◽  
Value Added ◽  
Chain Model ◽  
Individual Level ◽  
The Social ◽  
Comprehensive Development ◽  
Model Of Competency ◽  
Personal Competencies

This world is constantly changing and rapidly moving,-particular in the Industry 4.0 revolution, people must change to follow and keeping with this new trend. Education is the human foundation toward the “Truth - Good - Beautiful”, and comprehensive development of personal competencies as knowledge, skills and behaviors. A nation, such as Vietnam, if they want to integrate into global economy and affirming their position, they will need the “Talented - Virtuous” human resource who could meet the high demand of society. The purpose of this study was to propose a model of competency value chain at individual level for the educational managers, analyzing some factors of this value chain model and how to apply to Vietnamese education system in the fourth Industry era. The authors wanted to focus on the social value added that the educational managers’competency could bring as the result of this research.

Australia—The Hidden Jewel

2018 ◽  
Author(s):  
Mahesh K. Joshi ◽  
J.R. Klein
Keyword(s):  
Natural Resources ◽  
Value Chain ◽  
Global Economy ◽  
Good Governance ◽  
Developing Economies ◽  
Raw Materials ◽  
Manufacturing Sector ◽  
Developed Countries ◽  
The United States ◽  
Dutch Disease

The twenty-first century is being touted as the Asian century. With its stable economy, good governance, education system, and above all the abundant natural resources, will Australia to take its place in the global economy by becoming more entrepreneurial and accelerating its rate of growth, or will it get infected with the so-called Dutch disease? It has been successful in managing trade ties with fast-developing economies like China and India as well as developed countries like the United States. It has participated in the growth of China by providing iron ore and coal. Because it is a low-risk country, it has enabled inflow of large foreign capital investments. A lot will depend on its capability and willingness to invest the capital available in entrepreneurial ventures, its ability to capture the full value chain of natural resources, and to export the finished products instead of raw materials, while building a robust manufacturing sector.

scholarly journals Reinforcement of Recycled Aggregate by Microbial-Induced Mineralization and Deposition of Calcium Carbonate—Influencing Factors, Mechanism and Effect of Reinforcement

Crystals ◽  
2021 ◽  
Vol 11 (8) ◽  
pp. 887
Author(s):  
Chunhua Feng ◽  
Buwen Cui ◽  
Haidong Ge ◽  
Yihong Huang ◽  
Wenyan Zhang ◽  
...  
Keyword(s):  
Calcium Carbonate ◽  
Global Economy ◽  
Low Cost ◽  
High Water ◽  
Strengthening Mechanism ◽  
Recycled Aggregate ◽  
Strengthening Effect ◽  
Calcium Carbonate Precipitation ◽  
Environmental Friendliness ◽  
Advantages And Disadvantages

Recycled aggregate is aggregate prepared from construction waste. With the development of a global economy and people’s attention to sustainable development, recycled aggregate has shown advantages in replacing natural aggregate in the production of concrete due to its environmental friendliness, low energy consumption, and low cost. Recycled aggregate exhibits high water absorption and a multi-interface transition zone, which limits its application scope. Researchers have used various methods to improve the properties of recycled aggregate, such as microbially induced calcium carbonate precipitation (MICP) technology. In this paper, the results of recent studies on the reinforcement of recycled aggregate by MICP technology are synthesized, and the factors affecting the strengthening effect of recycled aggregate are reviewed. Moreover, the strengthening mechanism, advantages and disadvantages of MICP technology are summarized. After the modified treatment, the aggregate performance is significantly improved. Regardless of whether the aggregate was used in mortar or concrete, the mechanical properties of the specimens were clearly improved. However, there are some issues regarding the application of MICP technology, such as the use of an expensive culture medium, a long modification cycle, and untargeted mineralization deposition. These difficulties need to be overcome in the future for the industrialization of regenerated aggregate materials via MICP technology.

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