scholarly journals A New Economic Governance Model for Greece in the 21st Century

2015 ◽  
Vol 2 (1) ◽  
pp. 1-28
Author(s):  
Constantine E. Passaris
Keyword(s):  
Conceptual Framework ◽  
21St Century ◽  
Local Governments ◽  
Global Economy ◽  
Global Financial Crisis ◽  
Economic Governance ◽  
Governance Model ◽  
New Economic Governance ◽  
Governance Infrastructure ◽  
Governance Architecture

Abstract The mission and mandate of economic governance in Greece and its accompanying institutional architecture requires a re-alignment in order to conform to the realities of the new global economy of the 21st century. Two recent events, one foundational and the other cataclysmic, have precipitated the need for a new vision and a new conceptual framework for revitalizing and modernizing Greece’s economic governance architecture. These two defining milestones are the emergence of a new global economy and the devastating consequences of the 2008 global financial crisis on the Greek economy. This paper proposes a new conceptual framework for reforming the public administration in Greece that is congruent with the structural changes precipitated by the new global economy of the 21st century. The Great Recession and the contemporary jobless recovery provide the contextual narrative for redefining macroeconomic policy with regard to achieving good economic governance. A new set of ten interactive and complementary principles for good governance in the 21st century are proposed. These governance principles should be accompanied with a modern institutional governance architecture. Furthermore, the structural qualities and resilient infrastructure of a revitalized governance model must be able to withstand the future economic shocks and interface effectively with the new global economy of the 21st century. In essence, this paper sets a new economic governance agenda and designs the supporting governance infrastructure that has the administrative capability and the capacity to meet the challenges and take advantage of the opportunities confronting Greece in the 21st century. All of this, for the purpose of designing a governance infrastructure that interacts more effectively with global institutions; national, regional and local governments; economic, social and political networks; community and grassroots organizations and civil society.

From crisis to crisis: Capitalism, chaos and constant unpredictability

2018 ◽  
Vol 29 (4) ◽  
pp. 375-393 ◽  
Author(s):  
Anis Chowdhury ◽  
Piotr Żuk
Keyword(s):  
Financial Crises ◽  
Multinational Corporation ◽  
Global Financial Crisis ◽  
National Income ◽  
World Order ◽  
Economic Governance ◽  
Bretton Woods ◽  
Root Cause ◽  
Wealth Concentration ◽  
Governance Architecture

Far from being an event of a decade ago, the 2008 global financial crisis is a manifestation of an ongoing crisis of the world order, with social, political and ecological dimensions that cannot be seen separately from each other. The root cause of the crisis can be traced back to the collapse of the Bretton Woods System in August 1971, and the failure to design an equitable and inclusive global financial and economic governance architecture consistent with the changed global economic realities. The vacuum was quickly taken up by the neoliberal orthodoxy that pushed the agenda of wholesale liberalisation, resulting in unprecedented domination of speculative finance capital and multinational corporation–led globalisation. This has seen falling share of wages in national income, growing wealth concentration, rising income inequality and ballooning of household debts. The consequence was frequent and increasingly deeper and wider financial crises.

The Legal Framework for New Economic Governance and its Implications for Wage Policy Learning

2014 ◽  
Vol 16 ◽  
pp. 39-73
Author(s):  
Samuel Dahan
Keyword(s):  
Global Financial Crisis ◽  
Legal Framework ◽  
Point Of View ◽  
Policy Learning ◽  
Economic Governance ◽  
Wage Setting ◽  
Wage Policy ◽  
Cost Competitiveness ◽  
New Economic Governance ◽  
The Global Financial Crisis

AbstractThis chapter examines the implications of the new European economic governance framework from a policy-learning point of view. It is argued that a new form of EU learning influence has emerged in the wake of the EMU legal and institutional crisis. The author takes the view that an inherent asymmetry in the EMU, namely the presence of a unified monetary policy without a commensurate coordination of social policy and wage-setting mechanisms, contributed to the development of the crisis. The latent consequences of this flaw—diverging (wage) growth and cost competitiveness—were brought into full view when the global financial crisis struck. In response, new wage governance instruments were established in order to exert learning pressure on wage development and wage-setting systems in the EU. The substantive orientation of this new framework is examined with an eye to determining whether it qualifies as a learning process under which wage and spending cuts supplant the role of currency depreciation as a means of addressing external economic shocks and competitiveness gaps. Finally, drawing on recent findings concerning the workings of the ‘European Semester’, the chapter assesses whether the new economic governance reforms are already generating learning outcomes at the domestic level.

Globalization and interconfessional communications

2001 ◽  
pp. 13-17
Author(s):  
Serhii Viktorovych Svystunov
Keyword(s):  
21St Century ◽  
Global Economy ◽  
Modern World ◽  
The World ◽  
Target Set ◽  
Almost All ◽  
Over Time ◽  
Rapid Appearance

In the 21st century, the world became a sign of globalization: global conflicts, global disasters, global economy, global Internet, etc. The Polish researcher Casimir Zhigulsky defines globalization as a kind of process, that is, the target set of characteristic changes that develop over time and occur in the modern world. These changes in general are reduced to mutual rapprochement, reduction of distances, the rapid appearance of a large number of different connections, contacts, exchanges, and to increase the dependence of society in almost all spheres of his life from what is happening in other, often very remote regions of the world.

The Pandemic Exposes an Ailing US Governance Model

2020 ◽  
Vol 119 (820) ◽  
pp. 310-316
Author(s):  
Alasdair Roberts
Keyword(s):  
Financial Crisis ◽  
Developing World ◽  
Global Financial Crisis ◽  
Political Polarization ◽  
Washington Consensus ◽  
The Past ◽  
Governance Model ◽  
Governance Challenges ◽  
The Global Financial Crisis ◽  
Current Governance

Since the 1990s and Bill Clinton’s embrace of key parts of Ronald Reagan’s legacy, mainstream US governance has been guided by a bipartisan consensus around a formula of shrinking the federal government’s responsibilities and deregulating the economy. Hailed as the ultimate solution to the age-old problem of governing well, the formula was exported to the developing world as the Washington Consensus. Yet growing political polarization weakened the consensus, and in a series of three major crises over the past two decades—9/11, the global financial crisis, and the COVID-19 pandemic—US policymakers opted for pragmatism rather than adherence to the old formula, which appears increasingly inadequate to cope with current governance challenges.

Challenges on digital economy in sample of various income economies as an development instrument in Uzbekistan

2019 ◽  
Vol 2 (2) ◽  
pp. 41-53
Author(s):  
Ibragimova Gulirano ◽  
Husnuddinova Dilorom ◽  
Akhmatova Khurshida ◽  
Shodibekova Dildor
Keyword(s):  
Global Economy ◽  
Global Financial Crisis ◽  
Digital Economy ◽  
Main Role ◽  
Average Income ◽  
Economic Changes ◽  
Key Characteristics ◽  
Gradual Introduction ◽  
The Global Financial Crisis ◽  
Further Development

Recent economic changes have developed via modern technological prospective. Consistent measures for the development of digital economy are being implemented gradual introduction of e-commerce systems for electronic document flows and service of individuals. However, find solutions for the lack of a unified information and technology platform, which integrates the centralized information by just one digital economic reform in world regions. After the global financial crisis of 2001–2009 years, digital industries have been amid the most dynamic and promising in the global economy. However, equilibrium is lacked of benefits and risks in the digital economy around the world, which explains the need for global governance in this sphere. In this article authors analyzed main role and characteristics of digital economy around average income countries. Generally, reviewing define the key characteristics of this sector, as well as highlight the challenges to international cooperation. Modern approaches on legal entities is being implemented in Uzbekistan for further development.

Ocena antykryzysowej polityki gospodarczej Stanów Zjednoczonych i wybranych państw członkowskich Unii Europejskiej w latach 2005–2014

2016 ◽  
pp. 26-46
Author(s):  
Marcin Jan Flotyński
Keyword(s):  
United States ◽  
European Union ◽  
Financial Markets ◽  
Global Economy ◽  
Global Financial Crisis ◽  
The United States ◽  
The European Union ◽  
High Volatility ◽  
The Global Financial Crisis ◽  
Domestic Products

The global financial crisis in 2007–2009 began a period of high volatility on the financial markets. Specifically, it caused an increased amplitude of fluctuations of the level of gross domestic products, the level of investment and consumption and exchange rates in particular countries. To address the adverse market circumstances, governments and central banks took actions in order to bolster the weakening global economy. The aim of this article is to present the anti-crisis actions in the United States and selected member states of the European Union, including Poland, and an assessment of their efficiency. The analysis conducted indicates that generally the actions taken in the United States in response to the crisis were faster and more adequate to the existing circumstances than in the European Union.

La conexión entre política de cohesión y gobernanza económica en la UE: Eficiencia del nuevo marco para abordar las consecuencias de la crisis

2015 ◽  
Vol 5 (3) ◽  
pp. 44-62
Author(s):  
Laura Gómez Urquijo
Keyword(s):  
Social Protection ◽  
Economic Governance ◽  
The European Union ◽  
Investment Funds ◽  
Current Economic Crisis ◽  
Starting Point ◽  
New Economic Governance ◽  
Social Protection Systems ◽  
New Instruments

The objective of this article is to contribute to the discussion on the validity of new instruments to enhance cohesion in the European Union (EU). First, we question to which extent cohesion policy is submitted to the new economic governance. Second, we discuss this subordination affects the fulfillment of cohesion aims. This question is especially relevant due to the increase of inequalities in the current economic crisis and the great diversity among State Members (including social protection systems and expenses). Thus, our starting point is the new economic governance framework and its impact on the fulfillment of cohesion objectives. Statistical data are considered with this aim. Next, we will assess the role of European Structural and Investment Funds to eventually compensate public expense cuts, as well as its subordination to the macroeconomic government. This aspect will be contrasted through the study of Country Specific Recommendations given by the European Semester. Spanish El objetivo de este artículo es contribuir a la discusión sobre la validez de los nuevos instrumentos para fomentar la cohesión en la Unión Europea. Nos preguntamos en qué modo queda sometida la política de cohesión a la nueva gobernanza económica y cómo afecta a la efectividad para cubrir susfines. Esta cuestión es particularmente relevante ante el incremento de las desigualdades suscitado en la crisis económica actual. Por ello, nuestro punto de partida es el nuevo marco de gobernanza económica y su impacto en el cumplimiento de los objetivos de cohesión, considerando para ello datos estadísticos. A continuación, valoraremos, el papel de los Fondos Estructurales y de Inversión Europeos como posibles compensadores de la reducción del gasto público así como su subordinación al gobierno macroeconómico. Esta cuestión será contrastada también a través del examen de las Recomendaciones Específicas por país dadas por el Semestre Europeo. French Le but de cet article est de contribuer à la discussion sur la validité de nouveaux instruments pour promouvoir la cohésion dans l'UE. Nous avons considéré, d'une part, en quoi la politique de cohésion est soumise à la nouvelle gouvernance économique et, d'autre part, la façon dont elle utilise l'efficacité pour répondre à ses fins.Cette question est particulièrement pertinente étant donnée l'augmentation de l'inégalité soulevée par la crise économique actuelle, dans un contexte de grande diversité d'États membres, notamment en ce qui concerne les systèmes de protection sociale et les dépenses publiques. Par conséquent, notre point de départ s'inscrit dans le nouveau cadre de gouvernance économique et son impact sur la mise en œuvre des objectifs de cohésion, à partir de la prise en compte de données statistiques. Pour ce faire, nous évaluons le rôle des Fonds Structurels Européens, leur capacité de compenser la réduction des dépenses publiques et leur subordination au gouvernement macroéconomique. Ce e question sera également abordée par l'examen des recommandations spécifiques par pays fournies par le Semestre Européen.

Becoming the World’s Biggest Market

2018 ◽  
Author(s):  
Irene Spagna
Keyword(s):  
Global Economy ◽  
Global Financial Crisis ◽  
Credit Default Swaps ◽  
Deregulated Markets ◽  
Otc Derivatives ◽  
Regulatory Uncertainty ◽  
Credit Default ◽  
Basic Characteristics ◽  
The Global Financial Crisis

This chapter analyzes the growth of OTC derivatives before the global financial crisis of 2008 and the role of credit default swaps, in particular, in the near collapse of the global economy. It begins by exploring the basic characteristics of derivatives used as risk management instruments by investors to hedge against or exploit the volatility of asset prices. The analysis further reveals that the pre-crisis period was characterized by a broad-based consensus favoring deregulated markets and globally designed private rules. While not always unanimously supported, permissive public regulatory choices were often encouraged by interest group lobbying, the market-friendly views of many domestic authorities, and concerns about regulatory uncertainty and international competitiveness.

International Financial Centres after the Global Financial Crisis and Brexit

2018 ◽  
Keyword(s):  
New York ◽  
Financial Crisis ◽  
Global Economy ◽  
Global Financial Crisis ◽  
New Technology ◽  
Interdisciplinary Approach ◽  
Important Change ◽  
Social Scientists ◽  
The Global Financial Crisis ◽  
Financial Technology

This book gathers leading economic historians, geographers, and social scientists to focus on the developments in key international financial centres following the 2008 Global Financial Crisis and to consider the likely effects of Brexit on these centres. Eleven centres in eight countries are taken into consideration: New York, London, Frankfurt, Paris, Zurich/Geneva, Hong Kong/Shanghai/Beijing, Tokyo, and Singapore. The book addresses three main issues. The first is the hierarchy of international financial centres, in particular whether Asian financial centres have taken advantage of the crisis in the West. The second is the medium-term effects of the crisis, with respect to the volume of business activity (including employment), and the level of regulation, with concerns regarding the risks of regulatory overkill. And the third is the rise of new technology, known as fintech, possibly the most important change in the decade following the crisis, with questions as to whether it will render financial centres, as we know them, unnecessary for the functioning of the global economy, and which cities are likely to emerge as hubs of new financial technology. Finally, the book discusses the likely effects of Brexit on international financial centres, in particular London, Paris, and Frankfurt. The book takes a decidedly interdisciplinary approach, with a general introduction providing a global overview from a historical perspective, and a general conclusion providing a global overview from a geographical perspective. Its focus on the implications for global financial centres is unique among books about the aftermath of the Global Financial Crisis.

Populism in the 21st century: Today, tomorrow, always?

2021 ◽  
Vol 13 (2) ◽  
pp. 33-61
Author(s):  
A. V. Glukhova
Keyword(s):  
Information And Communication Technologies ◽  
21St Century ◽  
Global Financial Crisis ◽  
Public Support ◽  
Political Scientist ◽  
Early 21St Century ◽  
Political Processes ◽  
Information And Communication ◽  
Characteristic Features ◽  
The Global Financial Crisis

The concept of populism has been known since Antiquity. However, in recent decades it gained new prominence amongst politicians and political experts. The present paper attempts to reconstruct the image of populism of the 21st century and to assess the viability of populist parties and movements involved in the context of current social and political processes within Western societies. The first section of the paper examines various definitions of populism elaborated by both Russian and foreign political scholars. On that basis the author attempts to identify the core meaning of this phenomenon, its historic roots and psychological underpinnings, as well as a social-political profile today. The author highlights such constituent elements of the populist discourse that crystallized throughout its development, as direct appeal to the public sentiments, oversimplification of reality and the use of manipulative techniques. The second section of the paper examines the origins and characteristic features of the populist wave that spanned across both developed and developing countries in the early 21st century. For that matter, the effects of globalization are considered particularly problematic, as they have uncertain implications for international relations and exacerbate social and economic tensions even within developed societies creating both ‘winners’ and ‘losers’. They also allowed various populist movements to take advantage of the growing social instability in the wake of the global financial crisis of 2008–2009. Additionally, the author links the recent rise in the populist sentiments to the deepening crisis of traditional political party systems, the erosion of principles of parliamentarianism and the development of new information and communication technologies. The author stresses that in these circumstances different charismatic leaders gain new opportunities for mobilizing public support. The research concludes that the prospects for the ongoing populist wave are best described by a formula, proposed by a German political scientist Klaus von Beyme: ‘Populism never lasts very long — but it is somehow always around’.

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