Globalization and National Economic Welfare by M. Panic

By M. Panic

Globalization and nationwide monetary Welfare makes an unique, robust and well timed contribution to a hugely topical factor that has effects on all international locations by means of displaying why globalization is unsustainable within the long-term with out primary adjustments in current attitudes and associations. The ebook analyzes some of the most vital elements of financial coverage in the beginning of the twenty-first century: tips on how to conquer the transforming into danger that inequalities created through globalization pose to financial growth and political balance either nationally and across the world. financial difficulties, from company fraud and bankruptcies to the excessive social charges of the changes that globalization imposes on person nations, have gotten more and more overseas and, for that reason, call for motion on the supranational point. but the powerful institutional framework for facing those difficulties is still nationwide. unlike the neo-liberal method, the writer argues that the nation, because the in basic terms type of association that has the facility to reconcile conflicts of curiosity nationally and across the world, has a serious position to play in making sure that globalization doesn't lead to failure and battle.

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It will take longer to reach saturation point in large than in small economies, but eventually the outcome will be the same in both cases. From that point on, growth at higher or even the existing rates of profit is possible only if the firms succeed in one or more of the courses of action open to them. First, they can spend more on R&D in search for radically new products or for methods of production that will reduce their costs significantly. The former will in effect create a new market. The latter, as a result of lower unit costs and prices, will expand the existing market.

As the preceding analysis shows, the ultimate goal of globalization is to reproduce a similar institutional framework, similar aspirations and similar behaviour globally. That being the case, the existing multi-regional states provide ready-made models of what a global economic and political union might c 1988, look like under different conditions, institutions and policies.

Introduction 33 Applying this kind of analysis to the European Union, Bertola (1993) shows that the greater mobility of capital and labour within the Union will lead to a more pronounced concentration of production. As a result, some regions and countries will prosper at the expense of others. In other words, endogenous growth theory, the ‘new economic geography’, and studies of the organization, preferences and profit maximizing behaviour of oligopolies, both national and international, all lead to the same conclusion: there is nothing in the competitive dynamics of capitalism that can ensure convergence in economic welfare.

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