scholarly journals BACK TO J. M. KEYNES IN REGULATING INTERNATIONAL COMMODITY MARKETS: AN EXTENDED NOTE ON THE «TRANSPARENCY AGENDA»

2018 ◽  
pp. 351-397
Author(s):  
Karl WOHLMUTH
Keyword(s):  
Global Governance ◽  
Raw Materials ◽  
Price Volatility ◽  
World Order ◽  
Weak Form ◽  
Commodity Markets ◽  
Structural Reform ◽  
John Maynard Keynes ◽  
Reform Agenda ◽  
Forward Markets

In this paper weak and strong forms of global governance of raw materials markets are compared. This is done by comparing the «transparency agenda» with the «structural reform agenda». John Maynard Keynes has worked for decades academically on commodity markets, on speculation and storage, on forward markets and buffer stocks etc., but he has also practised commercial trading activity on various commodity markets, and he has written and/or influenced the Post-World War Two ICU/ITO (International Clearing Union/International Trade Organization) agendas which are containing detailed provisions for establishing a world order on commodity markets. He was very much interested in the relation between price volatility of raw materials and its impacts on global macroeconomics, but he was also convinced that appropriate regulations of commodity markets and sectors impact positively on peace and development. He was convinced that strong global governance must be based on simple, stable, effective, consensual and binding rules. Now the «transparency agenda» with regard of raw materials is so much debated but it is a rather weak form of global governance, while the «structural reform agenda» represents a rather strong form of global governance of the resources sectors. The «transparency agenda» is discussed in great detail in this paper while the «structural reform agenda» is considered in the Conclusions and Outlook section but needs further elaboration in a follow-up paper.

The Economics of Commodities and Commodity Markets

2018 ◽  
Author(s):  
Florian Ielpo
Keyword(s):  
Raw Materials ◽  
Commodity Prices ◽  
Essential Element ◽  
Commodity Markets ◽  
Production Costs ◽  
Demand And Supply ◽  
Spot Prices ◽  
Supply Shocks ◽  
The Business Cycle

This chapter covers the economic fundamentals of commodity markets (i.e., what shapes the evolution of the price of raw materials) in three steps. First, it covers the theories explaining why the futures curve can be upward or downward sloping, an essential element for commodity producing companies. The evolution of inventories and hedging pressures are the two dominant sources of explanation. Second, the chapter reviews the fundamentals of commodity spot prices: technologies, supply, demand, and speculation. Production costs draw the long-term evolution of prices, but demand and supply shocks can trigger substantial variations in commodity prices. Third, the chapter presents how commodity prices interact with the business cycle. Commodities are influenced by the world activity but can also have a material impact on it.

The Paris Agreement—China’s Kind of (International) Order?

2018 ◽  
Author(s):  
Daniel Krahl
Keyword(s):  
Climate Change ◽  
Developing Countries ◽  
Global Governance ◽  
World Order ◽  
Paris Agreement ◽  
Great Power ◽  
Old Order ◽  
Traditional Approaches ◽  
Emerging Powers ◽  
International Status

The Paris Agreement has turned traditional approaches to global governance upside down, using a bottom-up approach that made it possible for emerging powers like China to agree to binding emissions targets to contain climate change. It thus marks a further step away from the old order centered on Western power, and at the same time it fits well into Chinese attempts to create a post-American order that rests on great power diplomacy within a multilateral framework of cooperation that privileges developing countries. The Paris Agreement allows China to leverage the internal fight against pollution and the restructuring and upgrading of its economy for international status. That the agreement has so far survived President Trump’s announcement of America’s departure suggests that it could yet serve as a blueprint for other, future arrangements for world order that would be able to integrate a risen China.

Human Destiny Is a Choice

2018 ◽  
Keyword(s):  
Economic Growth ◽  
Cold War ◽  
Human Development ◽  
Global Governance ◽  
World Order ◽  
Military Spending ◽  
The Cold War ◽  
Global World ◽  
First Time ◽  
Human Destiny

In this chapter, Haq outlines his optimistic outlook for global world order. For him the end of the Cold War had opened up many more choices for the global community. For the first time global military spending was seen to be declining every year. He saw potential to reallocate ODA aid funds, which were previously tilted in favour of cold war allies. For Haq the challenge is to link economic growth as the means to human development as an objective. He stresses on the need to reform institutions of global governance to translate globalization into opportunities for people.

‘Chinese’ hegemony from a Korean shi perspective: aretocracy in the early modern East Asia

2020 ◽  
Author(s):  
Inho Choi
Keyword(s):  
Early Modern ◽  
East Asia ◽  
Global Governance ◽  
World Order ◽  
Legitimate Authority ◽  
Normative Influence ◽  
Global Order ◽  
Modern Chinese ◽  
Chinese State

Abstract The study of pre-modern Chinese hegemony is crucial for both theorizing hegemony and envisioning a new global order. I argue the pre-modern Chinese hegemony was a reciprocal rule of virtue, or aretocracy, driven by the transnational sociocultural elites shi. In contrast to the prevailing models of Chinese hegemony, the Early Modern East Asia was not dominated by the unilateral normative influence of the Chinese state. The Chinese and non-Chinese shi as non-statist sociocultural elites co-produced, through their shared civilizational heritage, a hegemonic order in which they had to show excellence in civil virtues to wield legitimate authority. In particular, the Ming and Chosŏn shi developed a tradition of envoy poetry exchanges as a medium for co-constructing Chinese hegemony as aretocracy. The remarkable role of excellent ethos for world order making in Early Modern East Asia compels us to re-imagine how we conduct our global governance.

scholarly journals PROSPECTS FOR THE DEVELOPMENT OF FOREIGN ECONOMIC ACTIVITY OF THE ENTERPRISES OF AGRARIAN AND INDUSTRIAL COMPLEX

2020 ◽  
pp. 146-159
Author(s):  
Antonina BROYAKA
Keyword(s):  
Foreign Trade ◽  
Economic Activity ◽  
Raw Materials ◽  
Price Volatility ◽  
Global Market ◽  
Positive Trend ◽  
Industrial Complex ◽  
Foreign Markets ◽  
Agricultural Producers ◽  
Safety Standards

The article examines the essence of foreign economic activity of enterprises, the features and prospects of its implementation in the field of agrarian and industrial complex. Based on the conducted analysis, it is proved that agrarian export of Ukraine plays a significant role in the formation of the budget and GDP of the country, since its share in 2018 was 14.2% of GDP and 33.4% of the total national exports of goods. The dynamics of export-import operations of the agrarian sector is explored and it is found that it demonstrates a positive trend in contrast to the general foreign trade balance of Ukraine. The analysis of the agrarian exports structure in 2010-2019 confirms the growth of the share of the majority of agrarian products types sold abroad. However, Ukrainian exports are mainly oriented towards raw materials, which, among other reasons, is associated with technological backwardness and the limited ability of domestic agricultural producers to purchase modern equipment and technologies due to theirs low solvency. The commodity orientation of Ukrainian exports makes the competitive position of Ukraine in foreign markets vulnerable, since the demand for commodities is unstable and is characterized by significant price volatility. The geographical structure of foreign trade in agrarian products and the possibilities of its further diversification are investigated. The majority of Ukrainian products in Europe are purchased in Poland, Italy and Germany. Significant connoisseurs of Ukrainian products are also Turkey, China, India, Egypt. Ukrainian exports should be expanded to Asian and Eastern countries. The key problems that put the brakes on the development of the foreign economic activity of the enterprises of agrarian and industrial complex and hinder the competitiveness increase of domestic agrarian products in the international market are identified. A number of measures are proposed to promote the further development of the foreign economic activity of the enterprises of agrarian and industrial complex, including the development of appropriate strategies taking into account global market trends, harmonization and compliance with the quality and safety standards of agrarian products, improving the innovative component, strengthening state support (including financial) of the export-oriented agrarian enterprises, improving the investment climate, and more.

scholarly journals “BRICS LAW”: AN OXYMORON , OR FROM COO PERATION , VIA CON SOLIDATION , TO CODIFICATION?

2019 ◽  
Vol 6 (4) ◽  
pp. 6-33
Author(s):  
R. Neuwirth
Keyword(s):  
Global Governance ◽  
World Order ◽  
Brics Countries ◽  
Main Challenge ◽  
New Development ◽  
The Future ◽  
Global Affairs ◽  
Heads Of State ◽  
Global Arena ◽  
Global Law

In the global arena, the cooperation between the BRICS countries – Brazil, Russia, India, China and South Africa – covers around 42% of the world’s population and some of the world’s most dynamic emerging economies. Initially, the BRICS cooperation was suggested as an idea, and it was later welcomed as a new addition to the global governance debate about the future. The BRICS countries have already held ten consecutive summits of heads of state plus a large number of meetings at the ministerial level. The cooperation describes itself as a “cooperation and dialogue” platform, but it has nonetheless signed a number of binding treaties and, notably, established the New Development Bank (NDB) as a permanent institution headquartered in Shanghai (China).The cooperation has also met with resistance, criticism and problems caused by the overall complexity of global affairs in a rapidly changing world. The diversity and remote locations of the BRICS countries have also been thought of as an obstacle to their successful cooperation and their ability to play an active part in global governance in the twentyfirst century. The main challenge thus lies in their ability to overcome their differences and to make a difference in designing the future global political and economic world order. Against the backdrop of the global governance debate, the present paper therefore asks whether the BRICS cooperation constitutes a novel model of regionalism with multilateral aspirations, and what role law and, notably, the “rule of law” can play in this important task. The paper includes a discussion of the extent to which the BRICS cooperation needs to be upgraded in legal and institutional terms, and possibly to proceed from cooperation via consolidation to the codification of its most important sources of global law.

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