Introduction

Author(s):  
William Callison ◽  
Zachary Manfredi

To many observers, the present resembles Antonio Gramsci’s depiction of crisis: a historical interregnum in which the old is dying and the new cannot be born.1 In the wake of the 2008 global financial crisis, some scholars invoked the image of “zombie neoliberalism” to explain how the reigning form of political-economic governance could persist, as if undead, through the wreckage of its own making. Despite the economic devastation, more of the same neoliberal measures were implemented: liberalization, privatization, marketization, securitization, and austerity....

Author(s):  
Joe Earle ◽  
Cahal Moran ◽  
Zach Ward-Perkins

Each generation doubtless feels called upon to reform the world. Mine knows that it will not reform it, but its task is perhaps even greater. It consists in preventing the world from destroying itself. Albert Camus1 The authors of this book are of the generation that came of age in the maelstrom of the 2008 global financial crisis. It was a crisis that came as if from nowhere, interrupting our teenage years and sending shockwaves reverberating around the world. On the news we saw worry and confusion about debt overhangs, credit default swaps and sub-prime mortgages. It was a first glimpse for us into a whole new world and a strange rite of passage....


2019 ◽  
Vol 17 (3) ◽  
pp. 122-131 ◽  
Author(s):  
Csaba Lentner ◽  
Pál Péter Kolozsi

The global financial crisis highlighted the limitations of the mainstream economic thinking. The post-crisis reflection has not resulted yet in any new paradigm, however, several new, still separate, innovative approaches appeared in the field of public finances and economic governance. The aim of the paper is to provide a structured presentation of these new innovative approaches, which can serve as a potential basis of a new way of thinking about economic and financial governance and the innovation of public finances. The paper reviews the relevant international literature published after the global financial crisis and, as a result, presents the innovations, especially in respect of the role of the state, the renewal of central banking, the reassessment of the stability and geopolitical aspects of economic policy, the relevance of confidence and cooperation in public policy, the increasing role of the public sector concerning the sustainability of economic development and the renaissance of institutional economics. Based on these new approaches, the paper concludes that the smart, inclusive and sustainable, innovation-led growth requires the rethinking of the role, the functions, the objectives and the instruments of public policy and economic governance.


2016 ◽  
Vol 1 (1) ◽  
pp. 67
Author(s):  
MSc. Jusuf Qarkaxhija ◽  
MSc. Labinot Hashani

The most recent developments in economy are a clear indicator of many changes, which are a result of this high rate pacing, which also demonstrates as such. Market economy processes occur as a result of intertwining of many potential technological and human factors, thereby creating a system of numerous diver-gences and turbulences. Economics, a social science, is characteri-sed with movements from a system to another system, and is har-monized with elements or components which have impacted the development and application of economic policies as a result. This example can be illustrated with the passing from a commanded system (centralized) to a self-governing (decentrali-zed) system, while the movement from a system to another is known as transi-tion. Such transition in its own nature bears a number of problems of almost any kind (political, economic, social, etc.), and is charac-terised with differences from a country to another.Financial crisis is a phenomenon consisting of a perception of economic policies and creation of an economic and financial stabi-lity in regional and global structures. From this, one may assume that each system has its own changes in its nature, and as a result of these changes, we have the crisis of such a system. Even in the economic field, if we look closely, we have such a problem, where development trends both in human and technological fields have created a large gap between older times and today, thereby crea-ting dynamics with a high intensity of action. If we dwell on the problem, and enter into the financial world, we can see that the so-called industrialized countries have made giant leaps in deve-lopment, while countries in transition have stalled in many fields, as a result of a high rate of corruption and unemployment in these countries, and obviously these indicators are directly connected, thereby stroking the financial system in these countries.Corruption is an element, which directly and indirectly influences the pro-cess of attracting foreign investment, and further influencing the growth of unemployment, and in turn expanding the financial crisis, where finances are already fragile.In the following sections, we will elaborate on the financial crisis in a global aspect, the impacts of this crisis in economic development, and the role of stock exchange in finance, thereby creating a multi-dimensional horizon of the problem.


2019 ◽  
Vol 6 (1) ◽  
pp. 30
Author(s):  
Helsi Eka Putri ◽  
Aspin Nur Arifin Rivai

Abstrak Terpilihnya Donald Trump di satu sisi menjadi primadona bagi basis politik ultra kanan atau kadang disebut the looser of globalization, di sisi lain sebagai ancaman bagi pendukung globalisasi khususnya mereka (baik negara, kelompok pebisnis, dan masyarakat transnasional) yang khawatir atas menguatnya fenomena deglobalisasi. Fenomena Trump dan deglobalisasi menjadi perhatian artikel ini, dengan mengajukan pertanyaan kunci yaitu: mengapa di tengah globalisasi yang berlangsung, kebijakan luar negeri Trump justru menempuh pendekatan ekonomi politik proteksionis? Tulisan ini pada dasarnya menguji kembali relasi antar negara dan globalisasi dengan temuan bahwa keterpilihan Trump merupakan perluasan tren deglobalisasi yang sebelumnya berlangsung pasca Krisis Finansial Global 2008. Tulisan ini menggunakan metode penelitian kualitatif dengan pola deduktif deskriptif. Data akan berbentuk data sekunder dan data primer.  Hasil dari penelitian ini menunjukan bahwa kebijakan Trump yang cenderung tertutup dalam kerjasama ekonomi-politik merupakan strategi rebalancing terhadap lawan utamanya yaitu China. Tulisan ini kemudian memprediksikan bahwa kebijakan ekonomi Trump dapat berkonstribusi pada AS sebagai negara superior yang semakin defisit. China lantas menjadi penyeimbang poros globalisasi (multilateral approach) disaat AS memilih proteksionis. Kata kunci: America First, Deglobalisasi, Globalisasi , Krisis Finansial Global (KFG)   Abstract The election of Donald Trump on the one hand is a prima donna for the ultra right political base or sometimes called the looser of globalization, on the other hand as a threat to supporters of globalization especially those who are concerned about the strengthening of the deglobalisation phenomenon (countries, business groups and transnational communities). Trump's phenomenon and deglobalisation are of concern to this article, by asking key questions, namely: why in the midst of the ongoing globalization, Trump's foreign policy has taken the approach of a protectionist political economy? This paper basically reexamines relations between countries and globalization with the finding that Trump's electability is an expansion of the previous globalization trend after the 2008 Global Financial Crisis. This paper uses qualitative methods with descriptive-deductive pattern. Data will be presented as secondary and primer. The results of this research show that Trump's policy which tends leaning to isolationism from political-economic cooperation is a rebalancing strategy towards its main opponents namely China. This paper then predicts that Trump's economic policies can contribute to the US as a superior country that is increasingly deficit. China then became the axis of balancing globalization (multilateral approach) when the US chose protectionism. Keywords: America First, Deglobalisation, Globalization, Global Financial Crisis (GFC)


Author(s):  
Wesley W. Widmaier

Global economic governance refers to efforts to organize, structure, and regulate economic interactions. In substantive terms, economic governance deals with a host of policy challenges, including the definition of basic property rights, efforts at monetary and fiscal cooperation, ando concerns for the “macroprudential regulation” of financial markets. The Global Financial Crisis has demonstrated not only the importance of macroeconomic and regulatory cooperation, but also the role of crises in redefining the purposes of economic governance itself. Debates in the fields of international relations (IR) and international political economy (IPE) over global economic governance have revolved around strategic interactions, social psychological forces, and the post-crisis emergence of new agents and international organizations. In applied IPE settings, these debates more explicitly pertain to the systemic importance of hegemonic power, multilateral interactions, or intersubjective interpretations. These views intersect with neorealist, neoliberal, and constructivist assumptions regarding systemic interactions. Over the 1990s, IR and IPE scholars would increasingly seek to move beyond both the structural materialism associated with hegemonic stability theory and the structural idealism associated with “first-generation” Wendtian constructivism. Future research should focus on broader questions of whether the Global Financial Crisis will spark renewed theoretical creativity and contribute to an enhanced policy relevance, or whether IR and IPE will continue to work to mask the role of power in limiting such possibilities.


2018 ◽  
Vol 31 (4) ◽  
pp. 915-938
Author(s):  
SHU SHANG ◽  
WEI SHEN

AbstractThis article examines the state sovereign immunity rule in the context of a rising number of sovereign wealth funds and their ever-increasing value of cross-border commercial activities in the aftermath of the latest global financial crisis. The concept of sovereignty and the rule of sovereignty remain in a state of flux while new actors such as sovereign wealth funds are participating in global commercial activities in a nontransparent and politically motivated manner. Accordingly, states may pursue strategic foreign policy objectives through these newer investment arms in an unconventional way, thereby being deeply involved in the political-economic arena and distorting the existing concepts of international law. This article posits that there is an international law black hole in which sovereign wealth funds have come to engage in commercial activities as well as exercise the public functions traditionally associated with states (acts jure imperii). The doctrine of restrictive immunity has come into question and the bulk of local court decisions have offered little clear guidance. Against this backdrop three interconnected perspectives are then discussed with reference to emerging economies like China: the immunity rule, the principle of sovereignty, and the balance of power in globalization.


2013 ◽  
pp. 152-158 ◽  
Author(s):  
V. Senchagov

Due to Russia’s exit from the global financial crisis, the fiscal policy of withdrawing windfall spending has exhausted its potential. It is important to refocus public finance to the real economy and the expansion of domestic demand. For this goal there is sufficient, but not realized financial potential. The increase in fiscal spending in these areas is unlikely to lead to higher inflation, given its actual trend in the past decade relative to M2 monetary aggregate, but will directly affect the investment component of many underdeveloped sectors, as well as the volume of domestic production and consumer demand.


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