scholarly journals Globalization minus One: The Emerging Contours of a New Global Economic Order

2018 ◽  
Vol 4 (12) ◽  
pp. 125
Author(s):  
M S S El Namaki
Keyword(s):  
United States ◽  
Open Economy ◽  
Global Economy ◽  
World Economy ◽  
Free Market ◽  
Trade Agreements ◽  
The United States ◽  
International Trade Agreements ◽  
Cross Country ◽  
New Framework

Disruption induces disequilibrium. Today’s global economy is the case in point. Powerful sources of disruption are undermining classic premises of global economic equilibrium and, in the process, changing the contours of the World economy. Long cherished globalization premises of free market,   open economy,   small government, private initiative and deregulation are being challenged. Sources of this challenge are numerous but the most striking is the recent rapid and abrupt USA reclusive and isolationist measures.  The United States, the key global economic player, is assuming a protective posture by introducing tariff barriers, annulling international trade agreements, promoting self-serving job creation slogans and hastily recalling industries and services.  And all this is uttering threats of crude retaliation.  National interest seems to have taken precedence over cross country gains. And others seem to be working on a new framework:  globalization minus one. A globalization that is based on new premises and involves the majority of global economic players but one:  the United States. This will be the focus of the following article.

Energy reform will hit investor confidence in Mexico

2021 ◽  
Keyword(s):  
United States ◽  
International Trade ◽  
Trade Agreements ◽  
The United States ◽  
Energy Prices ◽  
Content Type ◽  
Investor Confidence ◽  
International Trade Agreements ◽  
The Government ◽  
Energy Reform

Significance The government will appeal the rulings, which follow action by renewables firms. With constitutional battles over energy investments already unfolding, the future of Mexico’s energy framework has been thrown into turmoil. Impacts Increasing energy prices will probably push inflation above Banxico’s upper target limit of 4%. AMLO’s apparent disregard for international trade agreements will strain relations with the United States. AMLO’s pro-austerity fiscal stance could take a toll on his popularity.

United States and Its Challenge to Multilateralism in the Global Economy

2018 ◽  
Vol 74 (4) ◽  
pp. 402-419
Author(s):  
Krishnakumar S.
Keyword(s):  
United States ◽  
Global Economy ◽  
World Economy ◽  
Foreign Exchange Market ◽  
Bilateral Trade ◽  
Developing Economies ◽  
The United States ◽  
The Us ◽  
The World ◽  
Merchandise Trade

With Donald Trump as President of United States, multilateralism in the world economy is facing an unprecedented challenge. The international economic institutions that have evolved since the fifties are increasingly under the risk of being undermined. With the growing assertion of the emerging and developing economies in the international fora, United States is increasingly sceptical of its ability to maneuvre such institutions to suit its own purpose. This is particularly true with respect to WTO, based on “one country one vote” system. The tariff rate hikes initiated by the leader country in the recent past pose a serious challenge to the multilateral trading system. The paper tries to undertake a critical overview of the US pre-occupation of targeting economies on the basis of the bilateral merchandise trade surpluses of countries, through the trade legislations like Omnibus Act and Trade Facilitation Act. These legislations not only ignore the growing share of the United States in the growing invisibles trade in the world economy, but also read too much into the bilateral trade surpluses of economies with United States and the intervention done by them in the foreign exchange market.

Exceeding the Limits of Territorial Bounds: The Helms-Burton Act

1997 ◽  
Vol 34 ◽  
pp. 161-213
Author(s):  
H. Scott Fairley
Keyword(s):  
United States ◽  
International Law ◽  
International Institutions ◽  
Dispute Settlement ◽  
Trade Agreements ◽  
The United States ◽  
International Trade Agreements ◽  
Title Iv ◽  
Trading Partners ◽  
Title Iii

SummaryThe author argues that the Helms-Burton Act violates general principles of international law. The analysis begins with a brief discussion of the extraterritorial purposes, structure, and operation of the act, followed by a survey of international responses to Helms-Burton by the principal trading partners of the United States: diplomatic protest, formalized dispute settlement under international trade agreements, retaliatory blocking leghlation, and multi-hteral scrutiny in and by international institutions. The author then turns to principles of jurisdiction with a view to demonstrating that Helms-Burton does not meet the applicable thresholds to support either the private right to sue for trafficking in confiscated property under Title III of the act or the governmental exclusion of designated aliens from admission to the United States under Title IV. In this regard, substantive international law arguments in relation to extraterritoriality and nationality, remoteness, the effects doctrine, human rights, and the reasonable expectations of other nations are also considered.

Cross-Cutting Themes in Major Article IV Consultations

Policy Papers ◽  
2009 ◽  
Vol 09 ◽  
Author(s):  
Keyword(s):  
United States ◽  
United Kingdom ◽  
Euro Area ◽  
Capital Flows ◽  
World Economy ◽  
The United States ◽  
Policy Responses ◽  
The United Kingdom ◽  
The World ◽  
Cross Country

This paper is part of a broader on-going effort to bring a more cross-country perspective to bilateral surveillance, taking advantage of a cluster of Article IV consultations with five systemically important economies concluded in July. With the five economies—the United States, the Euro area, China, Japan, and the United Kingdom—accounting for two-thirds of global output and three quarters of capital flows, the nature of linkages and consistency of policy responses across the systemic five (S5) has important implications for the world economy.

Prospects for the global economy to end-2019

2019 ◽  
Keyword(s):  
United States ◽  
Fiscal Policy ◽  
World Trade ◽  
Global Economy ◽  
World Economy ◽  
The United States ◽  
Content Type ◽  
The Us ◽  
The World

Subject Prospects for the global economy to end-2019. Significance The world economy is likely to grow by around 3% this year. This is the lower end of the 3.0-3.5% range expected six months ago. World trade is weakening amid the US-China conflict and productivity is not picking up. China is expanding fiscal policy and others may follow, perhaps Germany and the United States. Monetary tightening is off the table and some countries may loosen policy. However, this will mainly shore up growth rather than raising it.

scholarly journals Reimagining Trade Agreements for Workers: Lessons from the USMCA

AJIL Unbound ◽  
2019 ◽  
Vol 113 ◽  
pp. 407-412
Author(s):  
Álvaro Santos
Keyword(s):  
United States ◽  
Well Being ◽  
Trade Agreements ◽  
The United States ◽  
Labor Rights ◽  
Post Cold War ◽  
International Trade Agreements ◽  
Workplace Conditions ◽  
The Rich ◽  
United States Mexico

A backlash against the post-Cold War order of liberal globalization has taken hold in the rich North Atlantic countries. Concerns about wages, working conditions, and economic opportunity are central to the critique of international trade agreements of the last three decades. While labor rights have progressively been included in trade agreements, they have done little to reshape workers’ well-being and workplace conditions. The new United States-Mexico-Canada Agreement (USMCA) may signal a pivot to a new model requiring reforms of domestic labor law and other issues important to workers. However, there is much more to be done to rebalance the power between capital and labor in trade agreements. In addition, for the United States and other rich countries, reform at home may be equally important.

Will There Be a Sixth Mensch Cycle?

2021 ◽  
pp. 159-160
Author(s):  
Samuel Cohn
Keyword(s):  
United States ◽  
Global Economy ◽  
World Economy ◽  
New Product ◽  
The United States ◽  
Personal Computers ◽  
The Internet ◽  
The World

This chapter reflects on the possibility of a sixth Mensch cycle. There have been five Mensch cycles: textiles, railroads, steel, automobiles, and computers. When the first four major products died, after long periods of stagnation, a new product emerged to revitalize the world economy. After the fifth Mensch cycle — personal computers and the internet — finally dies, it is difficult to know what the next big product will be, which might reestablish the global economy. It is also difficult to know what country will invent the next great innovation. If the United States wants there to be a sixth Mensch cycle, and if it wants the key invention to be developed in the United States, then protecting and maintaining America's scientific capacity is essential.

scholarly journals The Industry and Public Finance of the USA and Europe in the XXI Century — the Decline Anatomy

2019 ◽  
Vol 12 (1) ◽  
pp. 110-119
Author(s):  
A. Yu. Chernov
Keyword(s):  
United States ◽  
Global Economy ◽  
Industrial Development ◽  
Industrial Revolution ◽  
Free Market ◽  
Adam Smith ◽  
The United States ◽  
Market Model ◽  
Critical Examination ◽  
The Usa

The subject of the researchis the dynamics of industrial development in the USA and Europe over the past 15 years.The purpose of the paperwas critical examination of the widely accepted practice of studying the economy in terms of cost indicators. The paper analyzes primarily natural indicators that point to a deep industrial crisis in the United States and European countries who are losing their leadership in such innovative areas as electronics, semiconductor devices, robotics, renewable energy for reasons of a long-term gap in innovation and the chosen economic model. Until the beginning of the XX century, the USA and Europe developed on the principles of a free market economy formulated by Adam Smith that led to the industrial revolution in England while the USA went a century-long way to turn from an agrarian country into an industrial world leader. Other countries followed suit with varying degrees of success. After the global crisis of 1929 and the expansion of state participation in the economy, Marx–Keynes’s model, replaced Adam Smith’s market model. But since the 1970s, growth rates have declined sharply provoking deindustrialization; production facilities have been moving to third world countries; budget deficits and public debt have been increasing along with the accelerating unemployment, inflation and the influx of migrants. Any attempts to reduce social expenditures trigger powerful protests of the population and the loss of votes. The United States and Europe have fallen into a social trap from which so far no one sees a way out. As a result,it is concludedthat in 15 years, assuming the current trends continue, the United States and Europe will turn into ordinary regions of the global economy.The relevance of this study, compared with other publications on this subject, stems from the fact that the true situation in the country’s economy is determined according to the valuation of the country’s industrial output rather than based on the analysis of the GDP per capita.

Beyond Illusions

Capitalism ◽  
2018 ◽  
pp. 176-201
Author(s):  
Fred L. Block
Keyword(s):  
United States ◽  
Economic Growth ◽  
Global Economy ◽  
World Economy ◽  
The United States ◽  
The World ◽  
Sustainable Economic Growth

This chapter elaborates the kind of reforms that would make sustainable economic growth possible both in the United States and in the world economy. It emphasizes the parallel between the crisis of the 1930s and the problems of the global economy since the 2008 crisis.

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