To add data to the argument, the author conducts an econometric test comparing these two groups of countries, and three variables: the rate of investment, the current account deficit or surplus that would indicate or not a competitive exchange rate, and public deficit. The global financial crisis was the consequence of the process of financialization, or the creation of massive fictitious financial wealth, that began in the s, and of the hegemony of a reactionary ideology, namely, neoliberalism, based on self-regulated and efficient markets.
From this crisis a new capitalism will emerge, though its character is difficult to predict. It will not be financialized but the tendencies present in the 30 glorious years toward global and knowledge-based capitalism, where professionals will have more say than rentier capitalists, as well as the tendency to improve democracy by making it more social and participative, will be resumed. The Dollar and the Global Disequilibria. The global expansion of capitalism under American hegemony in the second half of the 20th century has changed the international division of labor and center-periphery scheme proposed under British hegemony.
This form of global economic articulation is at the root of the rupture of the Bretton Woods system and the growing financial liberalization imposed by the hegemonic power over other countries since the 80s. More than one decade after the external debt restructuring the Brady Plan , a great amount of literature has been published concerning the balance sheet factors in developing countries. The staff of international multilateral institutions joined with reputable academics in this great controversy.
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The external debt problem of the developing countries is back and once more reflections on its cause and on policy recommendations are analytically distinct. Our main task is to reflect on the recent external debt dynamics and assess how this debt has evolved. Our findings indicate that the susceptibility of some developing countries to default is associated with global imbalance, that is, the way they borrow.
Asset inflation and deflation triggered by the US housing financial system. This paper deals with the financial crisis triggered after the default of subprime mortgages in the United States which expanded to a global systemic crisis. It is divided into a brief introduction and three sections. The first section sums up the dynamics of inflation and deflation of real estate and financial assets which characterizes finance-led cycles.
The second section covers major effect of financial assets deflation on the American and European banks. The third section focuses on measures implemented by central banks in order to manage this financial crisis. The article begins with an analysis of the current financial crisis, emphasiz-ing three basic components: loans taken out by large productive enterprises in the national and international credit market; short term loans taken by all the Third World countries as well as the majority of European countries in the Soviet sphere: and finally the fact that every country shows larger fiscal deficits of an increasingly endogenous nature.
It also analyzes the responsibility of North american economic policy in the crisis. It questions the optimistic perspectives in relation to thc international credit market and points out the necessity for a coordinated financial solution which would give a new form to the assets and liabilities of the principal banks and large transnational enter-prises, as well as setting the stage for the renegotiation of the foreign debt in the case of the most vulnerable national economies. The paper analyses the process of the productive restructuring in course in the globalization context, giving priority to their social and political dimensions.
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It situates the transformations of the forms of work organization and management into history. It makes a reconstruction of the taylorism, the fordism and their crisis. This article discusses the influence of external pressure on the Brazilian trade liberalization process. This article evaluates the impacts of the imposition of tariffs on the Brazilian soluble coffee mainly by European countries as of the s.
More particularly, it verifies whether the imposition of discriminatory trade tariffs by the European Union and of non-discriminatory ones by some Eastern European countries reflects on the international demand for this commodity. For this purpose, dynamic models of global demand for Brazilian soluble coffee were estimated for the period using data from the International Coffee Organization.
Findings suggest that existing tariffs significantly account for the reduction of Brazilian share of soluble in the world market. The architecture of the current international financial system. This paper discusses some features of financial institutions and instruments which originated the financial crisis triggered by increasing default rate, household real estate and financial asset depreciation combined with U.
The first part presents major crisis events in a chronological order. The second part describes the interconnection of the institutions and markets which engendered a global shadow financial system. The third part focuses on an overview of measures taken by government authorities and large banks to bring about possible solutions for the global financial crisis.
New trends are now taking place within manufacturing industries led by multinational corporations MNCs. They market their products in the same way as Gucci and Chanel sell products of original design carrying their brand names. Therefore, product design and marketing become highly important for MNCs to achieve success in business while domestic providers have been left behind for their parts and components supply in this new global supply chain. The process of globalization, the emergence of new technological paradigms, the increasing introduction of market mechanisms in the economies and the formation of regional trade blocs, have brought about deep productive restructuring amongst the various sectors of human activity.
These changes are forcing the policy makers to envisage new ways of intervention in the regions, in all countries, so that they can face the new challenges that regional development is posing in the present days. This work attempts to present the major aspects of a new world scenery, characterized by the introduction of processes of productive flexibilization and the creation of new industrial spaces and makes a case study of restructuring in the shoe industry in Brazil.
This resulted in a stable interna-tional monetary system that permitted the global economy to experience unparalleled economic growth and prosperity despite widespread capital controls and international financial market regulations. Since , the financial system has grown progressively more fragile with recurrent and increasingly stressful international debt and currency liquidity crises threatening the stability of the global economy. After the sequence of structural adjustments decisions suggested by the IMF, Brazilian economy became wider opened, as the consequences from financial globalization were stronger than those from commercial globalization.
On the contrary, figures on economic increase and inequalities show Brazil behind the average of developing countries. Other countries have reached quite different results, once the have adopted different public policies, which goal was to establish control and reduction upon the negatives effects of globalization. This paper argues that, although international capital flows have increased rapidly in recent decades, financial markets are still far from forming an unified global market.
It also argues that the effect of increasing capital mobility on national economic policy autonomy continues to depend, to a large extent, on the choice of the exchange rate regime. The rise in wages inequalities, whatever may be the level of development reached, is linked to the modernization of countries, a modernization percieved as a constraint in an ever more globalised world. This tendency is sometimes thwarted by sustained education policies and by restrictive government policies aiming at raising low wages.
But as a tendency, it is stronger when countries increase their opening rate and modify the exports structures toward ever more sophisticated products. One can however see how much it is artificial to separate technology from exports in order to measure their respective weight on the rise of inequalities. Protectionism has been an enduring source of international disputes since at least the nineteenth century. In the last decades, an array of nontariff barriers has created a new global phenomenon, the so-called New Protectionism, which once more shows the strength of the forces leading to the adoption of trade barriers by nations.
This article aims to review representative analytical models which deal with the causes of protectionism. First, the article discusses historical political economy models and their focus on social groups, institutions and historical analysis. Second, the article addresses positive political economy models which bring organizations, interests and social actors into the framework of rational choice.
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The purpose of this paper is to analyze the determinants of food security and its linkages with economic development in Latin America, with emphasis on the case of Brazil. Globalization and monetary inconvertibility. The central hypothesis of this article is that in the context of globalization, monetary inconvertibility is a crucial problem of peripheral countries.
Despite of supporting the first one, the article goes further and explores the domestic implication of inconvertibility. It criticizes the jurisdicional uncertainty proposition showing that an inherent flaw in the store of value of emerging market currencies, derived from original sin is the main reason for de facto inconvertibility and underdevelopment of domestic financial system of these countries. An interpretation of the First German Economic Miracle. The German Third Reich was successful in reaching its economical objectives.
It is intended to explain the causes of the First German Economic Miracle, fitting its economic system into the category of command economy, which does not confuse itself with the centrally planned economy. Thus, in the first section, we describe the so adopted politics in this period and explain how they had led to the recovery of the German economy. The second section evaluates global indicators of economic performance and population welfare. We are looking for to demonstrate the hypothesis that the Nazi economy was efficient.
Such efficiency is explained by the characteristics of the German model. The paper focuses on the financial and currency crises that took place in the Latin American financial globalization context. It is presented in four sections. A synthetic view of the financial globalization process and the role played by LA is presented in the first section. The position assumed by the IMF is discussed. The third section examines other national financial globalization processes that did not lead to crisis. This paper surveys the literature on fiscal competition.
We address the vast literature on welfare gains or losses of these types of competition. Then, we discuss the empirical evidence, focusing on estimates of the sensitiveness of production factors to tax differentials and on the importance of the strategic interdependence among jurisdictions.
We combine econometric studies with some case studies. Last we discuss the design of mechanisms to cope with fiscal competition, especially under a more global environment where factors become more mobile. This paper reviews the principal neo-liberal policy measures instituted in Latin America in the last decade and their impact on equity. It first emphasizes the difficulty of separating the impact of liberalization measures from the necessary fiscal adjust-ments of the s, and their transitional vs long run effects, and then places the ob-served movements in distribution in global and historical context.
The second part places several innovations of neo-liberal regimes in historical perspective and argues that their overall impact is unlikely to be regressive, and that previous regimes were probably not especially progressive. Over the long run, developments in factor markets are likely to be of overriding importance — the demand side, driven by reoriented industrial growth and the increasing importance of the service sector, interacting with the relative supplies of skilled and unskilled labor — are likely to be of overriding importance in determin-ing the evolution of the distribution of income.
The paper discusses the normative principles on which Brazilian policies towards foreign direct investment should be bared. It starts from considerations about global trends regarding world industrialization and trade — especially as connected with new technological developments — and seeks to identify some crucial elements in the relationship between Brazil and the world economy to be shopped by multi-national corporations.
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Next the paper deals with issues related to market access and technological transfer emphasizing the importance of foreign firms for the future of Brazilian industrialization and exports performance. With the trade liberalization reform of Brazilian industry started a deep process of restructuring to increase its integration with the word economy. So it is important to understand the forces operating in information technology revolution and globalization as two most important forces driving the transformation in the word market, defining a new competitive advantage.
Interests and International Relations Trajectories: the US and the global finances in a context of crises and transition. This paper aims to analyze the elements of continuity and discontinuity in American foreign policy from the nineties. In this regard, it emphasizes the importance of financial issues within the scope of the U.
The impact of the increasing trade of agrifood has been very relevant, and different per country.
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Strategy is another important issue, referring to bilateral relations with China. This country should be seen as a partner in the global trade, and not as a new foreign investor for the region, but this may be different in the context of different national strategies of South American countries. The reforms had mixed results: Employment increased but has consisted to a large extent of precarious low-wage jobs.
Growth depended on export surpluses based on an internal real devaluation low unit labour costs which make Germany vulnerable to global recessions as in Overall inequality increased substantially. In some Latin American countries the exporting activity starts at a regional level, with producers only later venturing into more competitive markets.
The implicit risk is that a country might never progress from the regional stage to a more global market. This article compares the experiences of Brazil, China and India. It is shown that Brazil relied on the regional market far more intensely than these Asian countries.
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