scholarly journals A Historical Overview of the 21st-Century Protectionism

2021 ◽  
Vol 4 (10) ◽  
pp. 5
Author(s):  
Nicolas D. Albertoni
Keyword(s):  
World War Ii ◽  
Trade Policy ◽  
21St Century ◽  
Global Financial Crisis ◽  
Historical Context ◽  
The United States ◽  
Bretton Wood System ◽  
Historical Overview ◽  
Policy Dynamics ◽  
The Global Financial Crisis

The main goal of this paper is to situate current trade policy debates in a proper historical context by analyzing the main trade policy milestones of the 21st-century. It does not attempt to offer an extensive historical overview of trade policy, which has been done masterfully by other scholars, but to analyze the events that have led to a stagnation of the multilateral trade system and rising protectionism. This paper begins with the winding road of trade liberalization since World War II, briefly tracing how we arrived from the early stages of the Bretton Wood System to the current moment of stagnation of the multilateral system and rising protectionism. It then turns to four key events to understand the current new reality: China’s accession to the World Trade Organization (WTO) in 2001, the Global Financial Crisis (GFC) of 2008 to 2009, the trade war between the United States and China, and the effects of the COVID-19 pandemic in trade policy dynamics. It concludes with some final comments on the relevance of understanding current trade debates from a historical perspective.

scholarly journals Public Wealth in the United States

2019 ◽  
Vol 19 (139) ◽  
pp. 1
Author(s):  
Fabien Gonguet ◽  
Klaus-Peter Hellwig
Keyword(s):  
World War Ii ◽  
Public Sector ◽  
Global Financial Crisis ◽  
Stress Test ◽  
Balance Sheet ◽  
The United States ◽  
Net Worth ◽  
The Us ◽  
History Of ◽  
The Global Financial Crisis

We analyze the US public sector balance sheet and project it forward under the assumption that current policies remain in place. We first document the history of the balance sheet and its components since World War II, with a detailed account of its evolution during and after the global financial crisis. While, based on assets and liabilities alone, public sector net worth is negative, additional challenges arise from commitments to future spending implied by current legislation and demographic trends. To quantify the risks to the balance sheet, we then apply the macroeconomic scenarios from the Federal Reserve’s bank stress test to the public sector balance sheet.

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.

A Global Perspective on Securitized Debt

2018 ◽  
Author(s):  
Steven L Schwarcz
Keyword(s):  
United States ◽  
Financial Crisis ◽  
Capital Market ◽  
Global Financial Crisis ◽  
The United States ◽  
Global Perspective ◽  
Capital Markets Union ◽  
The Global Financial Crisis ◽  
Asset Backed Securities ◽  
The Eu

Securitisation represents a significant worldwide source of capital market financing. European investors commonly invest in asset-backed securities issued in U.S. securitisation transactions, and vice versa One of the key goals of the European Commission's proposed Capital Markets Union (CMU) is to further facilitate securitisation as a source of capital market financing as a viable alternative to bank-based finance for companies operating in the EU. To that end, this chapter explains securitisation and attempts to put its rise, its decline after the global financial crisis, and its recent CMU-inspired revival into a global perspective. It examines not only securitisation's relationship to the financial crisis but also post-crisis comparative regulatory approaches in the EU and the United States.

scholarly journals U.S. Economic Uncertainty Shocks and China’s Economic Activities: A Time-Varying Perspective

SAGE Open ◽  
2021 ◽  
Vol 11 (3) ◽  
pp. 215824402110326
Author(s):  
Lin Liu
Keyword(s):  
Global Financial Crisis ◽  
The United States ◽  
Time Varying ◽  
Economic Uncertainty ◽  
Transient Effects ◽  
Economic Activities ◽  
Common Shocks ◽  
Uncertainty Shocks ◽  
Intensive Intervention ◽  
The Global Financial Crisis

This paper presents new empirical evidence concerning the time-varying responses of China’s macroeconomy to U.S. economic uncertainty shocks through a novel TVP-VAR model. The results robustly reveal that a rise in U.S. economic uncertainty would exert sizable, persistent, and significant detrimental effects on China’s gross domestic product (GDP), price level, and short-term interest rate during the period when common shocks take place, such as the global financial crisis around 2008, whereas small and transient effects in the tranquil times. Therefore, China should diversify its international linkages and gradually reduce the dependence on the United States into a certain range to shield the domestic economy, as well as improve the independence of monetary policy. Furthermore, to withstand unfavorable external shocks, China should be prudent on greater opening-up and carry out more intensive intervention when common shocks hit the world economy. Finally, investors should be alert to the potential detrimental impact of U.S. economic uncertainty on Chinese assets’ fundamentals.

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’.

Financial Crises in American History

2021 ◽  
Author(s):  
Christoph Nitschke ◽  
Mark Rose
Keyword(s):  
United States ◽  
19Th Century ◽  
American History ◽  
Financial Crises ◽  
Global Financial Crisis ◽  
The United States ◽  
Political Processes ◽  
The Global Financial Crisis ◽  
Changing Economy ◽  
Political Design

U.S. history is full of frequent and often devastating financial crises. They have coincided with business cycle downturns, but they have been rooted in the political design of markets. Financial crises have also drawn from changes in the underpinning cultures, knowledge systems, and ideologies of marketplace transactions. The United States’ political and economic development spawned, guided, and modified general factors in crisis causation. Broadly viewed, the reasons for financial crises have been recurrent in their form but historically specific in their configuration: causation has always revolved around relatively sudden reversals of investor perceptions of commercial growth, stock market gains, monetary availability, currency stability, and political predictability. The United States’ 19th-century financial crises, which happened in rapid succession, are best described as disturbances tied to market making, nation building, and empire creation. Ongoing changes in America’s financial system aided rapid national growth through the efficient distribution of credit to a spatially and organizationally changing economy. But complex political processes—whether Western expansion, the development of incorporation laws, or the nation’s foreign relations—also underlay the easy availability of credit. The relationship between systemic instability and ideas and ideals of economic growth, politically enacted, was then mirrored in the 19th century. Following the “Golden Age” of crash-free capitalism in the two decades after the Second World War, the recurrence of financial crises in American history coincided with the dominance of the market in statecraft. Banking and other crises were a product of political economy. The Global Financial Crisis of 2007–2008 not only once again changed the regulatory environment in an attempt to correct past mistakes, but also considerably broadened the discursive situation of financial crises as academic topics.

scholarly journals Corporate governance and performance of listed commercial banks in South Africa

2014 ◽  
Vol 11 (2) ◽  
pp. 677-687
Author(s):  
Sam Ngwenya
Keyword(s):  
South Africa ◽  
Corporate Governance ◽  
Commercial Banks ◽  
Global Financial Crisis ◽  
The United States ◽  
Executive Directors ◽  
Governance Indicators ◽  
And Performance ◽  
The Global Financial Crisis ◽  
The Relationship

The global financial crisis of 2008 that resulted in the collapse of many financial institutions in the United States (US) and Europe have resulted in debates over the failures of corporate governance structures to properly protect investors. The main objective of the study was to determine the relationship between corporate governance and performance of listed commercial banks in South Africa. The results of the study indicated a statistically positive significant relationship between board size, proportion of non-independent and non-executive directors and bank performance. The results of the rest of the corporate governance indicators are mixed when using different performance measurement variables.

scholarly journals REGULATION OF SWAP AGREEMENTS WITH OTHER CENTRAL BANKS BY THE FEDERAL RESERVE SYSTEM OF THE UNITED STATES

2016 ◽  
pp. 0-0
Author(s):  
Мехти Галиб Мехтиев ◽  
Mekhti Galib Mekhtiev
Keyword(s):  
United States ◽  
Federal Reserve ◽  
Global Financial Crisis ◽  
Financial System ◽  
The United States ◽  
Federal Reserve System ◽  
Market Rate ◽  
The Global Financial Crisis ◽  
Global Financial System ◽  
Reserve System

The present article evaluates history of swap agreements’ application and their functioning system in the framework of intercentral bank relations (in particular by the Federal Reserve System of the United States (the Fed)). Swap includes two transactions: the first is a currency exchange on the spot market rate and the second is a future transaction on the rate defined in advance. This mechanism proved its efficiency within its application through history. In 1970s, during a radical transformation period of an entire global currency architecture caused by collapse of Bretton Woods’s system the Fed applied swap agreements to promote stability on financial markets and particularly on currency markets. Later during the Global Financial Crisis of 2008 these agreements again have become rescue measures for the global financial system, as the financial shock caused liquidity deficit for financial institutions and thus cut dramatically credit supply. And finally nowadays the global financial system is badly in need of swap agreements. The swaps’ force of attraction is that firstly it differs from crediting as the latter is one way currency extension, while swap agreement is the exchange of equivalent values. And secondly it fixes the rate of the future currency transaction what lightens both monetary regulation within national jurisdiction and regulation on the level of public international law.

(I can’t get no) satisfaction: Happiness and successful societies

2018 ◽  
Vol 54 (3) ◽  
pp. 279-293 ◽  
Author(s):  
Bryan S. Turner
Keyword(s):  
United States ◽  
Life Satisfaction ◽  
Social Policy ◽  
Global Financial Crisis ◽  
The United States ◽  
Necessary Condition ◽  
Individual Experience ◽  
Human Flourishing ◽  
The World ◽  
The Global Financial Crisis

Whereas happiness ( eudaimonia or human flourishing) was fundamental to the classical thought of the Greeks and Romans, as felicitas and beatitudo were to Christianity and a ‘felicific calculus’ to utilitarian philosophers, since Max Weber’s criticism of happiness as a goal of social policy it has largely disappeared from mainstream sociology. The article contrasts Aristotle’s view of eudaimonia from the Nicomachean Ethics, in which a happy/flourishing polis was a necessary condition for happy/flourishing citizens, with contemporary societies in which, while there is much talk about happiness, it is often understood as an individual experience associated with pleasure (and especially with privatized consumption). Happiness studies indicate that happiness cannot be separated from a successful society. Recent data from the United States show how life satisfaction is declining with economic decay. The World Happiness Report of 2015 also helps us to distinguish between societies that recovered quickly from the global financial crisis and those that did not.

“A Change in the Balance of Power”

2021 ◽  
pp. 159-182
Author(s):  
Rush Doshi
Keyword(s):  
United States ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Balance Of Power ◽  
The United States ◽  
Grand Strategy ◽  
Chinese Leader ◽  
Regional Order ◽  
Balance Of Forces ◽  
The Global Financial Crisis

Chapter 7 explores the dawn of China’s grand strategy to build regional order as well as the ends, ways, and means of this strategy. Using Party texts, it explores how the shock of the Global Financial Crisis led China to see the United States as weakening and emboldened it to take a more assertive course. It begins with a thorough review of China’s discourse on “multipolarity” and the “international balance of forces,” concepts China uses as euphemisms for US power and which it ties to its strategic guidelines. It then shows that the Party sought to lay the foundations for order—coercion, inducements, and legitimacy—under the auspices of the revised guidance “actively accomplish something” issued by Chinese leader Hu Jintao in 2009. This strategy, like blunting before it, was implemented across multiple instruments of statecraft—military, political, and economic.

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