United States and Its Challenge to Multilateralism in the Global Economy

2018 ◽  
Vol 74 (4) ◽  
pp. 402-419
Author(s):  
Krishnakumar S.
Keyword(s):  
United States ◽  
Global Economy ◽  
World Economy ◽  
Foreign Exchange Market ◽  
Bilateral Trade ◽  
Developing Economies ◽  
The United States ◽  
The Us ◽  
The World ◽  
Merchandise Trade

With Donald Trump as President of United States, multilateralism in the world economy is facing an unprecedented challenge. The international economic institutions that have evolved since the fifties are increasingly under the risk of being undermined. With the growing assertion of the emerging and developing economies in the international fora, United States is increasingly sceptical of its ability to maneuvre such institutions to suit its own purpose. This is particularly true with respect to WTO, based on “one country one vote” system. The tariff rate hikes initiated by the leader country in the recent past pose a serious challenge to the multilateral trading system. The paper tries to undertake a critical overview of the US pre-occupation of targeting economies on the basis of the bilateral merchandise trade surpluses of countries, through the trade legislations like Omnibus Act and Trade Facilitation Act. These legislations not only ignore the growing share of the United States in the growing invisibles trade in the world economy, but also read too much into the bilateral trade surpluses of economies with United States and the intervention done by them in the foreign exchange market.

Prospects for the global economy to end-2019

2019 ◽  
Keyword(s):  
United States ◽  
Fiscal Policy ◽  
World Trade ◽  
Global Economy ◽  
World Economy ◽  
The United States ◽  
Content Type ◽  
The Us ◽  
The World

Subject Prospects for the global economy to end-2019. Significance The world economy is likely to grow by around 3% this year. This is the lower end of the 3.0-3.5% range expected six months ago. World trade is weakening amid the US-China conflict and productivity is not picking up. China is expanding fiscal policy and others may follow, perhaps Germany and the United States. Monetary tightening is off the table and some countries may loosen policy. However, this will mainly shore up growth rather than raising it.

scholarly journals U.S.-China trade war and its impact on the world economy

2020 ◽  
pp. 19-36
Author(s):  
Byambakhand Luguusharav ◽  
Bolormaa Budjav
Keyword(s):  
United States ◽  
Global Economy ◽  
World Economy ◽  
Presidential Elections ◽  
Trade Agreement ◽  
The United States ◽  
China Trade ◽  
The Us ◽  
The World ◽  
Trade War

Republican candidate Donald J. Trump, who ran in the 2016 US presidential elections with a slogan “Make America Great Again” defined his foreign policy as “America First”. He set out to balance the long-running deficit of the United States, which led to the US-China trade war. The war not only affected the economies of Washington and Beijing but also it had a devastating effect on the world economy. The first part of the article discusses the concept of a trade war, while the second part analyzes the origins, causes, and course of the trade war between the United States and China, and the trade agreement between the two countries that have temporarily stopped the trade war. At the end of the article, the positive and negative implications of the US-China trade war on the economies of both countries and the global economy will be reviewed. АНУ-БНХАУ-ын худалдааны дайн, дэлхийн эдийн засагт үзүүлсэн нөлөө Хураангуй: АНУ-ын Ерөнхийлөгчийн 2016 оны сонгуульд “Америкийг дахин агуу болгоё” гэсэн мөрийн хөтөлбөртэй оролцсон Д.Трамп ялалт байгуулж, өөрийн гадаад бодлогыг “Америкийг эн тэргүүнд тавих” хэмээн тодорхойлсон юм. Улмаар тэрээр олон жилийн туршид асар их алдагдалтай явж ирсэн Америкийн гадаад худалдааны балансыг тэнцвэржүүлэх зорилт дэвшүүлсэн нь АНУ- БНХАУ-ын худалдааны дайн гарахад нөлөөлсөн. Энэ дайн нь Вашингтон, Бээжингийн эдийн засагт нөлөөлөөд зогсохгүй дэлхийн эдийн засгийг доргилтонд оруулаад байна. Толилуулан буй өгүүллийн эхний хэсэгт худалдааны дайны тухай ойлголтыг авч үзэх бол хоёрдугаар хэсэгт АНУ-БНХАУ-ын хооронд өрнөсөн худалдааны дайны үүсэл, шалтгаан, өрнөл, энэ дайныг түр зогсоогоод байгаа хоёр улсын худалдааны хэлэлцээрт дүн шинжилгээ хийнэ. Өгүүллийн төгсгөлд, АНУ-БНХАУ-ын худалдааны дайн нь хоёр улсын эдийн засагт төдийгүй дэлхийн эдийн засагт үзүүлсэн эерэг, сөрөг нөлөөлийн талаар дүн шинжилгээ хийсэн болно. Түлхүүр үгс: АНУ, БНХАУ, худалдааны дайн, дэлхийн эдийн засаг, тариф

scholarly journals Towards a Neo-bipolar Model of the World Order: Scouting Game in Africa

2019 ◽  
Vol 12 (3) ◽  
pp. 6-29
Author(s):  
L. L. Fituni
Keyword(s):  
United States ◽  
World Economy ◽  
World Order ◽  
The United States ◽  
New World Order ◽  
Global Order ◽  
The Us ◽  
The World ◽  
The Usa ◽  
General Movement

The article lays out a hypothesis that the global order slides into a new bipolarity in the context of the escalating geo-economic and geopolitical confrontation between the two poles that currently dominate the world - the United States and China. The neo-bipolar construction cannot yet be regarded as an established new world order, but the general movement of the world economy and international relations in this direction is obvious. The neo-bipolar bipolar confrontation manifest itself with varying intensity in different regions of the world. The author argues that at present the peripheral regions which are strategically important for the prospects of competition are becoming an important testing ground for relatively “safe” elaboration of methods and tactics of geo-economic rivalry and h mutual exchange of systemic attacks. Today, Africa has become practically the leading theater of the new bipolar confrontation. The article analyzes the economic, military and strategic aspects of the rivalry between the United States and China on the African continent. It provides a comparative analysis of the new African strategies of the two superpowers adopted at the end of 2018. The author asserts that in the context of the emerging global bipolarity, the strategies of the USA and China represent antagonistic programs based on fundamentally different initial messages. In the case of the US strategy, this is to deter by denial the spread of the competitor’s influence using tough policies, including forceful (while not necessarily military) confrontational actions. While China seeks to neutralize the opposition of the United States and its allies to Beijing’s expansion on the continent and to win the freedom of interaction with any partners in Africa causing minimal direct confrontation possible. Therefore, despite the seemingly “peripheral” importance of the confrontation on the continent, for the establishment of a neo-bipolar world order, the proclamation of the new US regional geopolitical strategy, which focuses on the containment of China in the name of protecting democracy and independence, can serve not only for Africa, but for the whole planet the same milestone signal as Churchill’s Fulton speech for the final advent of bipolarity in the postwar world.

scholarly journals Statistical Analysis of the Performance of a Big and Open Economy: The Case of the U.S.

2018 ◽  
pp. 10-17
Author(s):  
O. V. Zhuravliov ◽  
О. М. Simachova
Keyword(s):  
United States ◽  
Open Economy ◽  
Developing Economies ◽  
Negative Impact ◽  
The United States ◽  
Us Economy ◽  
The Us ◽  
The World ◽  
Macroeconomic Indicators ◽  
The Impact

The US economy is one of the richest and most diversified economies in the world and keeps its leadership in the global economy for the past 100 years. The United States is a global leader in computer technology, pharmaceuticals and the manufacture of medical, aerospace and military equipment. And although services make up about 80% of GDP, the US remains the second largest producer of industrial goods in the world and is a leader in research and development. President Donald Trump was elected in November 2016, promising a big gap with his predecessor’s regulatory, tax and trade policies. Therefore, the current socio-economic status of the USA and the possible ways of its development in the future are interesting for studying the impact on other economies, in particular, on the Ukrainian economy and the search for new and optimal ways of developing relations between the United States and Ukraine. Key macroeconomic indicators of the US economy in 2011–2018 are analyzed, demonstrating the influence of Donald Tramp’s new policy on changes in the indicators of the economy, the labor market, trade, etc., as well as possible ways of development in the coming years. The review of key macroeconomic indicators gives grounds for classifying the American economy as healthy one. Rates of GDP growth will remain in the range of 2 to 3%. These rates of growth in the world’s largest economy are callable to ensure a substantial increase in the global activity. But uncertainties in the politics may hinder global growth and have clearly negative impact on the investment growth in developed and developing economies.

Will There Be a Sixth Mensch Cycle?

2021 ◽  
pp. 159-160
Author(s):  
Samuel Cohn
Keyword(s):  
United States ◽  
Global Economy ◽  
World Economy ◽  
New Product ◽  
The United States ◽  
Personal Computers ◽  
The Internet ◽  
The World

This chapter reflects on the possibility of a sixth Mensch cycle. There have been five Mensch cycles: textiles, railroads, steel, automobiles, and computers. When the first four major products died, after long periods of stagnation, a new product emerged to revitalize the world economy. After the fifth Mensch cycle — personal computers and the internet — finally dies, it is difficult to know what the next big product will be, which might reestablish the global economy. It is also difficult to know what country will invent the next great innovation. If the United States wants there to be a sixth Mensch cycle, and if it wants the key invention to be developed in the United States, then protecting and maintaining America's scientific capacity is essential.

scholarly journals The International Monetary and Financial System

2019 ◽  
Vol 11 (1) ◽  
pp. 859-893 ◽  
Author(s):  
Pierre-Olivier Gourinchas ◽  
Hélène Rey ◽  
Maxime Sauzet
Keyword(s):  
United States ◽  
World Economy ◽  
Balance Sheet ◽  
The United States ◽  
Exorbitant Privilege ◽  
International Currencies ◽  
The Us ◽  
The World ◽  
Us Dollar ◽  
Triffin Dilemma

International currencies fulfill different roles in the world economy, with important synergies across those roles. We explore the implications of currency hegemony for the external balance sheet of the United States, the process of international adjustment, and the predictability of the US dollar exchange rate. We emphasize the importance of international monetary spillovers and of the exorbitant privilege, and we analyze the emergence of a new Triffin dilemma.

scholarly journals The USA, Russia and China as a Center of Influence in Global Economy

2021 ◽  
Vol 92 ◽  
pp. 09009
Author(s):  
Irina Minakova ◽  
Tatyana Bukreeva ◽  
Olga Solodukhina ◽  
Artyom Golovin
Keyword(s):  
United States ◽  
Global Economy ◽  
International System ◽  
Value Added ◽  
The United States ◽  
Interstate Relations ◽  
The Us ◽  
The World ◽  
The Usa ◽  
Key Issues

Research background. Due to the significant role that the United States, Russia and China play in the world political and economic processes, US-Russia-China relations can be recognized as the most important interstate relations in the world, setting the direction for the transformation of the international system. Nowadays, the study of these trilateral relations is a relevant scientific task. The authors, on a systematic basis, have investigated the aspects of interaction between the USA, Russia and China in the modern economy, which opened the way for solving the key issues of international relations. The authors have published several papers on this issue in Russia and abroad, including publications in Scopus and Web of Science indexed journals. Purpose of the article is to analyse the US-Russia-China relations and to determine the directions of their development in the context of globalization of the world economy. Methods. To analyse the interests, a systematic method was used that allows considering the interests of the United States, China and Russia as an holistic, complex mechanism with elements constantly interacting with each other. Findings & Value added. Despite geographical, linguistic, religious, and other distinctions, the United States, China, and Russia have a lot in common. There were historical periods of active and positive cooperation between these three major superpowers. In our opinion, in spite of the current contradictions between the parties, Russia, China and the United States have a mutual concern in harmonizing trilateral interests. However, the existed contradictions are not insoluble.

Beyond Illusions

Capitalism ◽  
2018 ◽  
pp. 176-201
Author(s):  
Fred L. Block
Keyword(s):  
United States ◽  
Economic Growth ◽  
Global Economy ◽  
World Economy ◽  
The United States ◽  
The World ◽  
Sustainable Economic Growth

This chapter elaborates the kind of reforms that would make sustainable economic growth possible both in the United States and in the world economy. It emphasizes the parallel between the crisis of the 1930s and the problems of the global economy since the 2008 crisis.

scholarly journals Global inequality and the Trump administration

2019 ◽  
Vol 45 (3) ◽  
pp. 502-510 ◽  
Author(s):  
Frederick W. Mayer ◽  
Nicola Phillips
Keyword(s):  
United States ◽  
Environmental Protection ◽  
Global Economy ◽  
The United States ◽  
Global Inequality ◽  
Welfare Provision ◽  
Us Economy ◽  
The Us ◽  
The World ◽  
Trump Administration

AbstractSince US President Donald J. Trump took office in January 2017, the future of the global economy has looked distinctly uncertain. This is not because a process of clear and purposeful change can be said to be underway. Instead, it is because of a pattern of piecemeal, inconsistent and contradictory fragments of policy, both domestic and international in orientation, in the arenas of trade, taxation, business relations, finance and banking, social and welfare provision, immigration, and environmental protection, whose cumulative significance remains unclear. The modest task of this essay is therefore to sketch the contours, patterns, inconsistencies and confusions presented by the Trump administration's approach to shaping the US economy and, by extension, the global economic order, and on that basis to offer an interpretation of its emerging implications for inequality both within the United States and across the world.

WHO IS WHO FROM THE TRIO OF NUCLEAR POWERS ON THE WORLD STAGE IN THE FIELD OF ECONOMICS AND POLITICS IN THE XXI CENTURY?

2020 ◽  
Vol 1 (3) ◽  
pp. 136-156
Author(s):  
Yu. V. MOROZOV ◽  
Keyword(s):  
United States ◽  
Global Economy ◽  
Nuclear Power ◽  
Relative Weight ◽  
The United States ◽  
Global Coordinate System ◽  
World Community ◽  
The Us ◽  
The World ◽  
Economics And Politics

The article describes the relative weight of the nuclear power world stages trio – the United States, China and Russia, which form a “strategic triangle” in the field of global economy and politics, as well as their relationship to each other. Special attention paid to the problems and prospects of Russia's development in the XXI century for the interests of its transformation into one of the world's leading power. The first section of the article is devoted on the US contribution to the global balance power and analyses its role and place in the economy in the XXI century. The article concludes same annalistic results concerning the role and place of the “strategic triangle” factors in the global coordinate system of the world community.

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