scholarly journals GEOECONOMIC ASPECTS OF THE MONETARY GLOBALIZATION

2020 ◽  
Vol 19 (Vol 19, No 3 (2020)) ◽  
pp. 395-408
Author(s):  
Oleksandr SHAROV
Keyword(s):  
Economic Globalization ◽  
International Level ◽  
Historical Process ◽  
Bretton Woods ◽  
Monetary System ◽  
The World ◽  
Further Development ◽  
Over Time ◽  
Qualitative Changes

Author defines monetary globalization and examines the historical process of spreading money and cash nexus across the globe. It is stated that money developed almost simultaneously in three great civilizations (Europe, India, China), but over time the Hellenistic form of money absorbed and universalized all other forms of money. The author examines in detail the process of distribution of metallic and then credit form of money and their impact on economic globalization. All these processes occurring both in the markets of separate countries or small regions and at the international level (where money started to act as global currency almost immediately after its appearance) constitute the essence of the monetary globalization. The author dwells on the post-Bretton Woods period of development of the World Monetary System, believing that the extensive phase of monetary globalization has come to an end at this stage and its further development will be caused by fundamental qualitative changes.

scholarly journals GEOECONOMIC ASPECTS OF THE MONETARY GLOBALIZATION

2021 ◽  
Vol 20 (Issue Vol 20, No 3 (2021)) ◽  
pp. 395-408
Author(s):  
Oleksandr SHAROV
Keyword(s):  
Economic Globalization ◽  
International Level ◽  
Historical Process ◽  
Bretton Woods ◽  
Monetary System ◽  
The World ◽  
Further Development ◽  
Over Time ◽  
Qualitative Changes

Author defines monetary globalization and examines the historical process of spreading money and cash nexus across the globe. It is stated that money developed almost simultaneously in three great civilizations (Europe, India, China), but over time the Hellenistic form of money absorbed and universalized all other forms of money. The author examines in detail the process of distribution of metallic and then credit form of money and their impact on economic globalization. All these processes occurring both in the markets of separate countries or small regions and at the international level (where money started to act as global currency almost immediately after its appearance) constitute the essence of the monetary globalization. The author dwells on the post-Bretton Woods period of development of the World Monetary System, believing that the extensive phase of monetary globalization has come to an end at this stage and its further development will be caused by fundamental qualitative changes.

scholarly journals HISTORIOSOPHICAL ASPECTS OF THE MONETARY GLOBALIZATION

2021 ◽  
pp. 4-17
Author(s):  
Oleksandr SHAROV
Keyword(s):  
Gold Standard ◽  
Economic Globalization ◽  
Bretton Woods ◽  
European Model ◽  
Monetary System ◽  
Role Of The State ◽  
The World ◽  
Monetary Relations ◽  
The 19Th Century

This article is devoted to the monetary globalization – it is a concept that was at first designed and introduced in academician use by the author in the previous article (Journal of European Economy, vol. 19, No. 3, 2020, pp. 395–408). While the first article considered its geoeconomic aspects – namely the geographical spreading and universalization of the monetary relations, this article focuses on historiosophical aspects – that is, understanding the patterns of development of monetary relations in the context of their globalization. It is emphasized that the emergence of money occurred near simultaneously in different civilizations and the European model was not predestined to become a standard for the world monetary system, but its superiority was ensured in the complex centuries-old globalization process. This concerned not only the formation and spread of monetary relations in the world, but also their universalization, which played a very important role in economic globalization. In this regard, the author points to the role of the state, especially in the last stages of globalization, starting with the formation of the gold standard in the 19th century and ending with the introduction of the Bretton-Woods monetary system and modern processes of its modernization.

scholarly journals The Vatican’s Monetary Wisdom

2021 ◽  
pp. 457-459
Author(s):  
Robert A. Sirico
Keyword(s):  
Interest Rates ◽  
Gold Standard ◽  
Central Banks ◽  
Nixon Administration ◽  
Speculative Bubbles ◽  
Bretton Woods ◽  
Financial Deregulation ◽  
Monetary System ◽  
The World ◽  
The Common

On Monday, the Vatican released an 18-page document titled «Toward Reforming the International Financial and Monetary Systems in the Context of a Global Public Authority.» Since then, it has been celebrated by advocates of bigger government the world over. What’s ignored is that the document —released to stimulate debate, not offer official doctrine— embraces a sound economic theory concerning the cause of the world financial crisis: the breakdown of the postwar Bretton Woods monetary system and the unleashing of fiat currencies and central-bank printing presses. Let’s look at a representative passage, while keeping in mind several important markers: 1971 was the year that the Nixon administration killed the gold standard, and along with it Bretton Woods and hard currencies; in the early 1980s, financial deregulation in many countries removed the last major  barriers to virtually unlimited amounts of credit; and the 1990s was the decade when the drive to suppress interest rates became the common policy of central banks around the world. Since the 1990s, we have seen that money and credit instruments worldwide have grown more rapidly than revenue, even adjusting for current prices. From this came the formation of pockets of excessive liquidity and speculative bubbles which later turned into a series of solvency and confidence crises that have spread and followed one another over the years.

Conclusion

2019 ◽  
pp. 256-272
Author(s):  
Anastassia V. Obydenkova ◽  
Alexander Libman
Keyword(s):  
Policy Making ◽  
World Wide ◽  
Future Research ◽  
International Level ◽  
The World ◽  
Wide Experience ◽  
Further Development ◽  
Opening Up ◽  
Theoretical Results

The final chapter systematizes the empirical lessons derived from the detailed analyses of the various chapters. It generalizes the theoretical results of the empirical analyses and reconsiders these issues within the theories of regionalism and autocracies. It sums up the findings for post-Soviet Eurasia, but also makes generalizations beyond the specific regions, presenting implications for the world-wide experience of the failure or success of democratization and opening up new lines of investigation at an international level. The conclusion discusses implications for the further development of a theory of regionalism, autocracies, and for policy making. It also describes an agenda for future research, which can be derived from our investigation.

The Principles and Operation of the Bretton Woods International Monetary System in the Years 1944–1971. The Reasons for Its Collapse

2016 ◽  
Vol 8 (2) ◽  
pp. 0-0
Author(s):  
Zbigniew Klimiuk
Keyword(s):  
International Trade ◽  
World Economy ◽  
International Monetary System ◽  
The United States ◽  
International Liquidity ◽  
Bretton Woods ◽  
Monetary System ◽  
The Us ◽  
The World ◽  
The Stability

The subject of the article is an analysis of the role of the US dollar in the development of international trade and the world economy during the period of the Bretton Woods monetary system (1944–1971). The international monetary system existing at that time was, in principle, a gold exchange standard based mainly on the national currency of the United States. However, a relatively small role was also played by other currencies including, in particular, the pound sterling. It should be noted that the Bretton Woods rules did not match the conditions in the world economy which emerged after World War II. The main areas of criticism concerned such assumptions as the maintenance of an official fixed price for gold, or a too narrowly interpreter postulate for the stability of the exchange rate. On the other hand, it should be noted that the introduction of the stability of exchange rates and the abolition of restrictions on payments were fundamentally sound decisions. They led in fact to the minimisation of a risk inherent in international trade and its rapid growth. One should also emphasise the fact that from the very beginning, in the international gold based monetary system there was an internal contradiction (paradox), which eventually led to its collapse. This was namely the fact that the growth in world trade created a growing demand for international liquidity. This was tantamount to a necessity to maintain a permanent balance of payments deficit in respect of the country whose currency was considered the key currency. At the same time, the growing volume of the US currency resulted in an increasing crisis of confidence in the dollar.

(What is left of) secularization? Debate on Jörg Stolz’s article on Secularization theories in the 21st century: ideas, evidence, and problems

2020 ◽  
Vol 67 (2) ◽  
pp. 309-314
Author(s):  
François Gauthier
Keyword(s):  
21St Century ◽  
Quantitative Research ◽  
Presidential Address ◽  
Economic Globalization ◽  
Global Scale ◽  
Nation State ◽  
The West ◽  
Critical Response ◽  
The World ◽  
Qualitative Changes

This article is a critical response to Jörg Stolz’s 2019 ISSR presidential address as to the advances made by secularization research over the last 20 years. The article argues that the data presented can be boiled down to confirming what we already knew: the decline of ‘churched’ religion. Sketching a radical epistemological, methodological and empirical critique, it argues that the seven areas of ‘advances’ discussed in the presidential address erode into near insignificance. Because this quantitative research compartmentalizes religion and lacks solid contextualization in the world we live in, it completely overlooks the massive qualitative changes that have been reconfiguring religion on a global scale, and which can be understood as the result of the erosion of the nation-state container at the hands of economic globalization and the massification of neoliberal and consumer dynamics and the consequent substantial changes in global societies, well beyond the West.

10. The Logics of Economic Globalization

2020 ◽  
pp. 249-281
Author(s):  
Anthony McGrew
Keyword(s):  
Political Economy ◽  
Financial Crisis ◽  
Global Financial Crisis ◽  
Economic Globalization ◽  
Current Crisis ◽  
Systematic Account ◽  
Causal Factors ◽  
Historical Process ◽  
The World ◽  
The Global Financial Crisis

This chapter provides a systematic account of the causes of economic globalization. Within the global political economy (GPE) literature, economic globalization tends to be more precisely specified as ‘the emergence and operation of a single, worldwide economy’. This assists its measurement by reference to the intensity, extensity, and velocity of worldwide economic flows and interconnectedness, from trade, through production and finance, migration to information and data. Understood as a historical process, the concept of economic globalization also infers an evolving transformation or evolution in the organization and operation of the world economy. The chapter then reviews the principal theories of economic globalization, drawing upon the GPE literature. It develops a multi-theoretic account of economic globalization which captures its structural, conjunctural, and contingent causal factors. The chapter also demonstrates how this multi-theoretic framework is relevant to understanding the current crisis of economic globalization. It considers whether, in the aftermath of the Global Financial Crisis, this crisis is the precursor to a period of accelerating deglobalization.

The Long-Predicted Failure of the Post-Bretton Woods “Non-System”

2022 ◽  
pp. 1-8
Keyword(s):  
Saudi Arabia ◽  
Exchange Rates ◽  
Bretton Woods ◽  
Monetary System ◽  
The Us ◽  
The World ◽  
Us Government ◽  
Oil Shock ◽  
World Economic ◽  
Us Dollar

The monetary system implemented at Bretton Woods in 1944 made the US dollar the centre of the world economic system, with 43 other countries' currencies linked to it via fixed exchange rates. However, once the US government broke its promise to redeem dollars in gold at $35 per ounce on August 15, 1971, expansion of the supply of dollars was no longer constrained, and like many currencies before it, the lack of monetary discipline led to inflation through which the value of the dollar has fallen by about 98%. The “oil shock” of the 1970s led to the introduction of the “petro-dollar” system whereby Saudi Arabia, then the largest oil producer, agreed to accept only US dollars in payment for its oil in exchange for the US government's pledge to defend it. This shored up demand for the fiat US dollar, enabling it to survive until its now approaching endgame.

Development trends of lubricants in Russia

2020 ◽  
Vol 05 ◽  
pp. 6-18
Author(s):  
O. N. Tsvetkov ◽  
◽  
A. L. Maksimov ◽  
Keyword(s):  
Gas Turbine ◽  
New Technologies ◽  
Raw Material ◽  
International Level ◽  
Development Trends ◽  
Base Oils ◽  
Global Trend ◽  
The World ◽  
Further Development

A brief overview of the state of Russian base oils, additives and lubricants production against the background of the world shows a noticeable progress during the passing decade in the development of new technologies of base oils and lubricants and connects it with the global trend of improving the environmental and economic characteristics of lubricated machines and equipment. During the decade, two oil units with the I-th group of petroleum base oils were decommissioned, at the same time two plants established the production of hydrocracking oils of II and III groups, organized the production of synthetic esters of pentaerythritol and perfluoropolyesters. New motor, transmission, hydraulic, gas turbine, industrial and energy oils have been developed, most of which are marketized. The main trends in the further development of lubricants in Russia are the continuation of the creation of basic oil production units of groups II and III, the commissioning of PAOM production, the expansion of the range and raw material infrastructure of synthetic oils and additives, the rise of the quality of finished lubricants to the international level. Development trends of lubricants in Russia.

КОНЦЕПЦІЇ РОЗВИТКУ СВІТОВОЇ КУЛЬТУРИ В ДОСЛІДЖЕННЯХ XVIII – ПЕРШОЇ ПОЛ. ХХ СТ.

2020 ◽  
pp. 3-15
Author(s):  
Admink Admink
Keyword(s):  
Twentieth Century ◽  
Key Words ◽  
Cultural Evolution ◽  
Historical Process ◽  
The World ◽  
Main Ideas ◽  
Further Development

Розглянуто головні концепції культурної еволюції людства, що виникли в XVIII – першій пол. ХХ ст. Виявлено, що розмаїття наукових напрямів, дотичних до цієї теми (еволюційний, циклічний, дифузійний, релятивістський та ін.) обумовлюється акцентуванням різних питань у її проблематиці. З’ясовано, головні ідеї вчених XVIII – першій пол. ХХ ст., що стали основою для подальшого розвитку теорій еволюції людства. Ключові слова: культурна еволюція людства, діалектико-матеріалістичне розуміння історії, еволюціонізм, циклізм, релятивізм, дифузіонізм, тоталогічне трактування всесвітньо-історичного процесу, монадологічна концепція. The article deals with main concepts of the cultural evolution of mankind that arose in the XVIII – the first half of XX centuries. Is revealedб that the variety of scientific areas (evolutionism, cyclism, diffusionism, relativism) related to this topic, is determined by the emphasizing of various the questions in this issues. It was found out what the main ideas of thinkers of the XVIII – first half of the twentieth century became the basis for the further development of the concepts of the world historical process. Key words: cultural evolution of mankind, dialectical-materialistic understanding of history, evolutionism, cyclism, diffusionism, relativism, totalological interpretation of the world-historical process, monadological concept.

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