scholarly journals Origins of China’s Contested Relation with Neoliberalism: Economics, the World Bank, and Milton Friedman at the Dawn of Reform

2020 ◽  
Vol 1 (1) ◽  
Author(s):  
Isabella Weber
Keyword(s):  
Economic Theory ◽  
World Bank ◽  
Private Property ◽  
Global Market ◽  
The World Bank ◽  
The World ◽  
Neoliberal Development ◽  
Economic Thinking ◽  
Reform And Opening Up ◽  
Opening Up

China is found both to be neoliberal and to provide an alternative to neoliberal development. To illuminate the origins of this contradiction, this paper analyzes China’s relationship with neoliberalism from a historical and economic theory perspective. Neoliberal economic thinking became relevant to China with the beginning of reform and opening up in 1978, when the Communist Party moved from Maoism to an economic determinist outlook on socialism. This ideological shift opened the door for exchanges with the World Bank and foreign economists, including neoliberals. Yet an analysis of Milton Friedman’s speeches in China reveals a critical divide: the Chinese reformers embrace the market but deny that the market requires universal private property. Thus, China is integrated into the global market while the Chinese state reserves its rights to control the economy.

Covid-19 crisis and its impacts on the economic and financial sector

2021 ◽  
Vol 16 (3) ◽  
pp. 35-53
Author(s):  
Camillo Giliberto ◽  
Keyword(s):  
World Bank ◽  
Banking Sector ◽  
New Technologies ◽  
Social Role ◽  
Banking System ◽  
Great Flexibility ◽  
The World Bank ◽  
The World ◽  
Opening Up

The World Bank data confirm that the recovery scenario will be different depending on the type of nation, the fundamentals of its economy, etc.. The Bank of Italy expects a growth of more than 4% for Italy at the end of 2021. The Italian banking system has shown great flexibility in dealing with the coronavirus emergency, taking a completely different form from the last in 2008 recession, when credit institutions were part of the problem. With their new social role, today in fact they are leading players. The health of the banking sector has also changed compared to 2008, with a stronger capital position, underlying the substantial resilience of the ecosystem and a more advanced expertise in NPL management. The role of the banks operating in Italy has been and will be to support firms, households and the growth of the economy with the sound and prudent distribution of credit, the offer of modern and efficient payment services thanks also to new technologies, business advice to companies for the development and internationalization. A clear evolution is opening up for banks in post-Covid towards digital business with a growing commitment in terms of investments in information technology.

SMALL LANDOWNERS AND LAND DISTRIBUTION IN IRAN, 1962–71

2000 ◽  
Vol 32 (1) ◽  
pp. 123-153 ◽  
Author(s):  
Mohammad Gholi Majd
Keyword(s):  
World War Ii ◽  
World Bank ◽  
Land Reform ◽  
Private Property ◽  
Political Stability ◽  
The Philippines ◽  
Land Distribution ◽  
The World Bank ◽  
The World ◽  
Number Of Individuals

During the Cold War years following World War II, the U.S. government and international agencies such as the World Bank and FAO strongly advocated and pushed for land reform (distribution) in countries under U.S. influence. Examples of American-sponsored land reforms included the land-distribution programs in Japan, Taiwan, South Korea, South Vietnam, Iran, the Philippines, and El Salvador. Land reform in practice consisted of giving the ownership of land to the cultivating tenants and sharecroppers. By giving land to the tenants, it was believed that a communist revolution or takeover could be avoided. The modern theoretical basis for land reform can be found in the writings of such Marxist scholars as Alain de Janvry, the non-Marxist writers Albert Berry and William Cline, and the World Bank economists Hans Binswanger and Miranda Elgins.1 Marxist writers had stressed the political aspects of “anti-feudal” reforms. Such reforms were said to promote political stability as well as strengthen capitalism. How the abrogation of private-property rights was supposed to “strengthen” capitalism was not really explained. Non-Marxist writers concentrated on increased efficiency and increased output that was expected from land redistribution. Berry and Cline showed that in labor-surplus underdeveloped dual economies with a bi-modal farm structure (where large commercial and small subsistence farms existed side by side), a land reform that redistributed land from large farms to small farms increased agricultural production and rural welfare, and brought about economic growth and development. In addition, land reform was seen to result in greater social equity (taking land from wealthy landowners and giving it to poor farmers). It was an article of faith among the proponents of land reform that “the hated class of absentee landlords” did not fulfill any useful socio-economic function, at least none that could not be performed equally well by some government agency. They also believed that sharecropping and tenancy did not fulfill any useful social and economic functions. It was implicitly assumed in the theoretical writings that the rights of a small number of individuals were to be sacrificed for the benefit of the many. In none of the theoretical literature was the possibility of expropriating a large number of individuals advocated or even considered.

On the Role of Big Business in the Modern Russian Economy (A Comment on the World Bank Report)

2004 ◽  
pp. 36-45 ◽  
Author(s):  
A. Klepach ◽  
A. Yakovlev
Keyword(s):  
Economic Development ◽  
World Bank ◽  
Global Market ◽  
Middle Income ◽  
Russian Economy ◽  
The World Bank ◽  
World Bank Report ◽  
The World ◽  
Small Economy ◽  
And Control

The paper considers critically the methodology and main conclusions of the World Bank study on the concentration of ownership and control in the Russian economy. The authors discuss methodological problems of the study and stress its importance for understanding trends of economic development in Russia in the last years. At the same time the risks of market monopolization and "state capture" by the biggest private companies are overestimated in the World Bank report. Recent economic growth has been closely connected with the activity of leading financial-industrial groups. For successful economic development Russia — as a big country but a small economy — needs new large companies able to compete in the global market. For "growing" of such businesses the country requires institutions of development and new industrial policy taking into account successful experience of the middle-income countries like Chile, Israel, Mexico, Brazil, South Korea.

scholarly journals Anti-corruption education and outreach as a factor promoting investment attractiveness of the country

2021 ◽  
pp. 49-56
Author(s):  
Pavel Vladimirovich Pavlov ◽  
Igor Valentinovich Godunov ◽  
Elena Konstantinovna Zashchitina
Keyword(s):  
World Bank ◽  
Executive Branch ◽  
Global Market ◽  
The World Bank ◽  
The World ◽  
The Media ◽  
The Subject ◽  
Education And Outreach ◽  
Comprehensive Curriculum ◽  
Information Framework

This article examines the correlation between the country’s investment attractiveness and the level of corruption therein. The key goal of this research consist in the creation of comprehensive curriculum for anti-corruption education and outreach, the implementation of which would significantly reduce the level of corruption in Russia, and thereby improve its investment attractiveness on the international arena. The object of this research is the mechanisms for improving investment attractiveness of the country in the global market; one of such mechanisms is the reduction of corruption component. The subject of this research is the practices of anti-corruption education and outreach used by the world leading countries aimed at lowering the level of corruption. The information framework is comprised  of the official statistics of the World Bank, as well as expert reports published in the media. Based on the established correlation between these factors, the article provides the examples of measures for reducing the level of corruption implemented in Russia and the leading world countries. The result of the work consists in the development of comprehensive curriculum for anti-corruption education, which can be used on the regional or federal level for achieving a synergistic effect. This article is intended for the scholars and pedagogues, officers of the executive branch, state and municipal officials responsible for the implementation of national anti-corruption plans, as well as other experts dealing with anti-corruption issues.

scholarly journals Capitalism and poverty. Automation signals the final stage of capitalism. Basic income for a peaceful transition to post-capitalism

2013 ◽  
Vol 3 (5) ◽  
pp. 9-25
Author(s):  
Julio Boltvinik ◽  
Keyword(s):  
Economic Theory ◽  
World Bank ◽  
Final Stage ◽  
Main Mechanism ◽  
Global Poverty ◽  
Basic Income ◽  
The World Bank ◽  
The World ◽  
History Of

This article provides an impressionistic history of recent capitalism by describing its intrinsic tendencies to produce poverty and crises. It argues that the automation revolution and globalization are generalizing and globalizing poverty, especially since neoliberalism replaced Keynesianism. This picture is contradicted by the poverty statistics of the World Bank, but when these are examined carefully it is shown that the decrease in global poverty that they show is false. An examination of Marxist and mainstream theories of capitalist crises shows both that financiarization has become the main mechanism to keep afloat financial monopoly capitalism, and that conventional economic theory is impotent to deal with the current crises. Total automation is bringing to an end the wage-based society, which is incompatible with generalized automation. This in turn opens up the possibility of human emancipation from «forced», alienated work. Finally, Universal Citizen Income is regarded as an alternative that solves the aforementioned contradiction by saving and radically transforming capitalism.

scholarly journals International Characteristics of the Macro-Logistics System of Freight Villages

2018 ◽  
Author(s):  
Judit Oláh ◽  
Steffen Nestler ◽  
Thomas Nobel ◽  
József Popp
Keyword(s):  
World Bank ◽  
Empirical Method ◽  
Logistics System ◽  
The Third ◽  
The World Bank ◽  
The World ◽  
The Subject ◽  
Set Up ◽  
Logistics Performance Index ◽  
Opening Up

This study of the international characteristics of the macro-logistics system of freight villages is a first overview of the subject, which has not previously been available. The study is divided into four parts. The first part describes the empirical method of the study and introduces the databases which were set up. The second and most relevant part deals with the different continents and their logistics sectors. The “Classic” and “Challenger” countries of the continents in the field of logistics have also been identified on the basis of the “Logistics Performance Index 2014” from the World Bank. A comparison between the single continents makes up the third part. The final part introduces selected outstanding locations which were found during the research. In addition, the study can provide support for various actors (for example, logistics real estate developers) in opening up new markets.

scholarly journals ”Giv mig en økonom, og jeg skal rejse et marked?” Om fagøkonomiens performativitet og konstruktionen af et globalt marked for mikrofinans

2010 ◽  
Vol 21 (4) ◽  
pp. 51-73
Author(s):  
Lasse Folke ◽  
Anders Sevelsted
Keyword(s):  
Key Words ◽  
World Bank ◽  
Social Dynamics ◽  
Global Market ◽  
Neoclassical Economics ◽  
The World Bank ◽  
The World ◽  
Core Concepts

Denne artikel argumenter for, at Callon og MacKenzies teorier om økonomisk performativitet bidrager til at forstå dels centrale sociale dynamikker på markeder, som i stigende grad får en teknisk-videnskabelig karakter, og dels hvordan økonomer bidrager til at konstruere sådanne. Artiklen introducerer centrale begreber og påstande fra de to forfattere og tester disse i en analyse af, hvordan et globalt marked for mikrofinans er blevet skabt. Analysen viser, at selvom økonomer og økonomisk teori spillede en vigtig rolle i konstruktionen af dette marked, så forblev den performative funktion for den generelt accepterede teori om mikrofinans legitimerende og lingvistisk. Markedet var først og fremmest en politisk konstruktion, drevet af Verdensbanken i et forsøg på at skabe kommercielle mikrofinansinstitutioner. Alligevel fik dele af den neoklassiske teori om ”det effektive marked” dog en effektiv funktion i etableringen af markedet, dvs. greb ind i de selvsamme økonomiske processer, som teorien henviser til. Sidst i artiklen fremhæves og diskuteres en række svagheder ved Callon og MacKenzies performativitetsteorier. Søgeord: Performativitet, finansiel sociologi, Callon, Mackenzie, mikrofinans. ENGELSK ABSTRACT: Lasse Folke and Anders Sevelsted: ”Give Me an Economist and I’ll Raise a Market?” On Professional Economists’ Performativity and The Construction of a Global Market for Micro-Finance This paper argues that Callon and MacKenzie’s theories on the performativity of economics contribute to understanding important social dynamics of markets that are increasingly technical; it also contributes to understanding how economists are crucial in constructing them. The theories introduce the authors’ core concepts and claims. They then test these in an analysis of a global market for micro-fi nance. This analysis reveals that, despite the central role of economists in constructing the market, the performative function of the generally accepted theory of micro-fi nance remained merely legitimizing and linguistic. The market was mainly a political construction driven by the World Bank in order to promote commercial micro-fi nance institutions. In this process, however, the ”effi cient market hypothesis” from neoclassical economics was valuable. The article fi nally discusses a number of weaknesses in using the theory of performativity. Key words: Performativity, fi nancial sociology, Callon, Mackenzie, micro-finance.

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