The Impacts Of The Great Depression 1929-33 On Hungary’s Economy

The Great Depression of 1929-33 had serious consequences on Hungary’s economy. The Central and Eastern European countries, including Hungary were hit severely by the downturn of the wholesale prices as regards of agricultural products in international markets. Besides declining prices another major problem was that the industrialised countries introduced protectionist measures (customs duties and quotas). As a result of this process, market opportunities were constrained and later ceased to exist. The situation was further aggravated by the fact that the unfavourable gap between agrarian and industrial prices further widened in the 1920s. Although the crisis started to emerge in the agriculture, its effects were extended to the industry as well. Due to the lack of safe markets, heavy industrial branches declined sharply, whereas the volume of output fell modest in the light industry. The bankruptcy of the Austrian Credit Anstalt on 12th Mai 1931 adversely affected Hungary’s financial system. In order to overcome the difficulties, banking holiday was ordered by the government, which coupled with the suspension of all payments and the introduction of foreign exchange control. Foreign trade has changed significantly. In 1937, the share of Hungary’s export in Germany’s trade was 42 percent, which increased to more than 50 percent after the Anschluss. Thus, at the end of the 1930s, the Third Reich became the most important trade partner of Hungary. Thanks to favourable external conditions accompanied by the rearmament programme of Nazi Germany and state intervention, the performance of the Hungarian economy improved, and by 1937 it surpassed the pre-depression level. The Győr Programme, announced on 12th March 1938 with its military and infrastructural development contributed to the economic boom, which had positive impacts both in the heavy and light industrial branches.

Changing fresh fruits and vegetables trade from Turkey to Russia

The purpose of the study was to assess the changing supply and export of the main types of fresh fruits and vegetables from Turkey to Russia. The task of the research was to analyse the problems that arise during the supply and export period, substantiate these problems and find ways to solve them. Turkey is well endowed with agricultural resources and able to meet external demand after meeting domestic demand especially in terms of fresh fruits and vegetables. Turkey’s main and most important trade partner is Russian Federation, specifically for these products. Accordingly, it is important to evaluate the attachment of the markets considering overall productive capacity and export demand in Russia. The data for main fresh fruits and vegetables being exported from Turkey to Russia was assessed regarding the change in time and potential affecting factors. Main exportable agricultural products selected for evaluation are tomatoes and onions as vegetables and mandarins and grapes as fruits. The yearly adjusted data is withdrawn from the databases of the Food and Agriculture Organisation for production and the United Nations COMTRADE for trade. In the scope of this paper, it was aimed to evaluate changing supplies and exports of main fresh fruits and vegetables to Russia, challenges occurred in time and reasoning behind these challenges, and proposing potential improvement paths. Russia is the main importer of Turkish citrus fruits (mandarins) tomatoes, grapes and onions. It was seen fluctuations in the trade of these products due to marketing conditions including diplomatic situations between the two countries. It should be pointed out that historical contacts and geographical dependency leads to countries to maintain contacts and it was considered as essential to empower both supply and demand sides through cooperation in many areas.

Management Decisions to Improve Formation and Implementation of the Strategy for the Development of Foreign Economic Relations between Ukraine and Lybia

Libya is an important trade partner of Ukraine in North Africa. A priority objective for Ukraine in the cooperation with Libya is to diversify energy supplies, whereas Libya shows interest to imports of Ukrainian goods and science & technology services. Studies of performance and trends in foreign economic relations of Ukraine with Libya are, therefore, supposed to enhance the effectiveness of foreign economic policy decisions. A statistical analysis for the period of 2008–2018 is made using time series on the foreign trade turnover of goods and services between Ukraine and Libya, bilateral trade in goods, bilateral trade in services, the structure of Ukrainian exports of goods to Libya (2018), and the structure of Ukrainian imports of goods from Libya (2018). The data on the structure of the Ukrainian export and import transactions with Libya show that the Ukrainian exports are dominated by agricultural goods, by far and large food products and crops in particular (more than 80% of the total exports), which can caused by nature conditions of the African continent. The remaining share of Ukrainian exports consists of processed raw materials, ferrous metals (nearly 15% of the total exports) and non-ferrous metals, products of oil refinery, chemical products, machinery and equipment, textiles, leather, footwear, foods and beverages etc. The trade balance is positive for Ukraine. Factors hampering the expansion of trade between the two countries are identified: lack of a basic strategy for foreign trade with Libya, lack of a clear strategic vision of the trade cooperation with Libya, heavy political and economic pressures by the Russian Federation, low quality of normative documents for support and promotion of foreign economic interests etc. Management solutions are proposed to improve formation and implementation of the strategy for the development of foreign economic relations between Ukraine and Libya.

Latin America’s Pivot toward Asia

This concluding chapter summarizes the book’s conceptual framework with regard to China’s economic integration with select LAC countries since 2000. The author disputes realist interpretations of China’s rise in Latin America as a security threat to US hegemony and argues that China needed to internationalize its development strategy to compensate for its natural resource deficit. China’s ten LAC strategic partners now represent the majority of trade, loans, and FDI outflows from China to Latin America, and China is now the second-most-important trade partner for the region after the US. This relationship is contributing to the development of select LAC countries in order to propel China’s own growth and development. The author then moves to the political economy scenarios that have evolved within those LAC countries that have the strongest trade links and FDI inflows from China, in order to dispute the critique of neo-dependency scholars before offering the main takeaways.

History of creation of the free trade area between Ukraine and Israel

An important aspect of Ukraine-Israel relations – the history of the creation of a free trade zone between the two states is revealed in the article. Based on materials from current archives and open source data, the dynamic work process of preparation for signing the corresponding interstate agreement, its ratification by the parliaments of the countries is shown. It was found that it is a voluminous and labor-intensive process that requires consideration of the interests of the national economies of the two states; the creation of a free trade area has been the subject of many bilateral negotiations. Even the ratification of the agreement by the parliaments of the states for some objective reasons did not become a quick process. The national interests of the parties are taken into account in the relevant interstate document. Economic connections have always been an important and promising component of Ukrainian-Israeli relations. However, the parties have repeatedly pointed to the unsatisfactory level of economic relations. The interstate agreement on the establishment of a free trade zone between Ukraine and the State of Israel has its pros and cons, but in general we can talk about a significant improvement in many indicators that it can potentially bring. Although the process of creating a free trade area is incomplete, its study all the same is important in view of the importance of creating such a zone for both foreign economic relations of Ukraine and Israel and for development of friendly bilateral relations between them in general. While the agreement is not implemented, we have to be satisfied with the positive dynamics of economic relations, which is reflected in statistical indicators. They testify that the State of Israel is a very important trade partner of Ukraine in the Middle East. The Free trade area should bring beneficial results to Ukraine and Israel.

After TPP Is Before TPP: Mexican Politics for Economic Globalization and the Lost Chance for Reflection

This chapter presents an analytical pathological appraisal of elite thinking and mobilization in Mexico after the Trump administration withdrew from TPP and forced Mexico to engage in NAFTA renegotiations. It examines the strategies developed by political and economic elites in response to the threat of trade war coming from Mexico’s most important trade partner. This analysis shows that, although Mexican elites developed sophisticated heuristics in order to confront the immediate challenge from the government in Washington DC, they did not engage in what should be a very important debate about Mexico’s role in the reconfigurations of global trade and order. This is a missed opportunity for Mexico which could affect its role in the ongoing reconfigurations of global trade and law, and thus its future stature in world politics.

THE EU FOREIGN TRADE IN GOODS AND SERVICES AND THE NEW PROTECTIONIST POLICY OF THE US

About 2/3 of the EU trade is the intra-EU trade, but the extra-EU trade pro­vides additional demand for the European products and is a source of necessary supplies. It is especially important for some products and services. Despite a de­creasing trend, the US continues to be an important trade partner for the EU. But prospects for transatlantic integration turned into rise of protectionism, which wor­ries the EU politicians. In the paper we assess the fiscal and protectionist role of tariffs for the EU-US bilateral trade and the determinants of the US imports.

The Analysis of Turkey-Russia External Trade at the Sectoral Level

Generally the growth of country and the development of countries’regional level depend upon the competitive power of other countries and their regions as well. In this context with globalization, the concept of competition in terms of individuals or firms have been not only limited to the local level, but also moved into the international order. Turkey has started to implement export-oriented industrialization policy taken decision on 24 April 1980 and thereby the capacity of its foreign trade has gradually increased in the current process. Starting from this direction, the aim of the study is to determine the sectoral analysis of the 2001-2014 periods in terms of the foreign trade relationship between Turkey and Russia. The main purpose of this study is to analyze the Turkey-Russia’s foreign trade on the basis of commodity groups. In this study, commodity group data located in Standard International Trade Classification obtained from the Turkey Statistical Institute database was used. In the analysis of study the Revealed Comparative Advantage index was calculated to measure the strength of competition between Turkey and Russia. Since the 2000s, considering Russia’s trade profile as one of the Turkey's most important trade partner, energy and natural resources in exports and consumer goods in import have a siginificant share in trade between these contries. In conclusion, despite the increasing trade between the two countries, in terms of assestment of the competitive power and the commodity group, it has been found that leading countries has not been changed.

Econometric Modelling of the Variations of Norway’s Export Trade across Continents and over Time: The Two-Stage Non-Full Rank Hierarchical Linear Econometric Model Approach

This paper applies the two-stage hierarchical non-full rank linear econometric model to make a deep analysis based on revenue generated from key Norwegian export items over the world’s continents. The model’s ability to analyse the variation of Norway’s export trade gives us the following interesting details: (1) for each continent intra- and intervariation of export items, (2) access to deep knowledge about the characteristics of the Norway’s export items revenue, (3) quantifying the economic importance and sustainability of export items within continents; and finally (4) comparing a given export item economic importance across continents. The results suggest the following important policy implications for Norway. First, Europe is the most important trade partner for Norway. In fact, 81.5% of Norwegian export items are transported to Europe. Second, there is a structural shift in Norwegian exports from North and Central America to Asia and Oceania. Third, the new importance of Asia and Oceania is also emphasized by the 85% increase in export revenues over the period 1988–2012. The trade pattern has changed and trade policy must change accordingly. The analysis has shown that in 2012 there are two important export continents for Norway: Europe and Asia and Oceania.

BARRIERS TO EXPORT FROM INDIA TO THE EUROPEAN UNION

India is an important trade partner for the European Union. The European Union’s export to India is higher relative to India’s export to the European Union. An analysis of barriers is needed for international trade as it may assist in finding out why exporters are not able to exploit their full potential. The main goal of this research is to analyze the barriers faced by Indian exporters during export to the European Union. This research was done by an empirical investigation of barriers’ perception by Indian exporters. A literature review was also done to enlist the barriers faced by exporters. Analysis of data was done with the help of SPSS (Version 20) software.While previous researches talk about the most common barriers, this research talks about all the possible ones, i.e. common as well as naturally existing, and finds the major ones. This research has shown that exporters have a significant feeling for governmental regulations, customs procedure and licensing, technical standards and health regulations, sanitary and phytosanitary measures, and certification as the major barriers to export. There are some naturally existing barriers to the trade among which labeling and packaging, and market access problems are the major barriers to export.Decreasing the strength of these barriers will lead to an increase in export as exporters are ready to export more from India to the European Union if these barriers will be removed or the strength of these barriers will be less. Also, due to the low barriers, non-exporters will start export, and the increase in export will lead to the economic growth of India.