The purpose of the article
is to assess whether Russia is a market economy according to the set of criteria.
In the event that Russia loses the status of a country with a market economy, a ...statistical hypothesis was tested about a significant difference in the average values of national rates of US anti-dumping duties for market and non-market economies. The status of Russia is analyzed based on EBRD data for 2021–2022, the 2021 report of the WTO Secretariat on the trade policy of the Russian Federation. The claims expressed by the EU and the United States regarding government procurements and localization requirements at meetings of the WTO Committees on Trade in Goods and on Trade-Related Investment measures in 2020–2021 are considered. Anti-dumping duties were estimated based on the US notification of anti-dumping investigations for 10.01.2021–30.06.2021. Methods of mathematical statistics were used, as well as the IBM SPSS statistics system. According to the EBRD, Russia as a “sustainable market economy” is rated at an average of 5.9 points out of 10 possible. A lag in terms of integration was noted. The pricing policy does not cause complaints from the WTO members, however, the policy of government procurements, localization and import substitution of the Russian government does not meet the expectations of the WTO member countries. It was revealed that the exclusion of foreign manufacturers in the widely interpreted “government procurements” is the weakest element among those assessed. The specific obligations of the protocol on Russia’s accession to the WTO (paragraph 99 of the Report of the working group) “to make purchases, if they are not intended for state needs, guided by commercial considerations, without interfering with competition from enterprises of other WTO member countries for participation in such procurements” are violated. The impending loss of market status with the US could increase anti-dumping duties on Russian exports by 287 percentage points. The revealed upward trend in national rates of anti-dumping duties for countries with non-market economies allows us to conclude that the level of discrimination against countries with non-market economies is increasing. The hypothesis that the difference between the average values of the national rates of US anti-dumping duties for market and non-market economies is significant is confirmed.
This contribution offers an introduction to the Special Issue ‘Rethinking the European Social Market Economy’. It places the Special Issue against the background of the debate on free markets versus ...social protection in the European Union and the inclusion of the notion of ‘social market economy’ in the Treaty on European Union. It sketches the meaning and development of the social market economy concept, and introduces the key questions underlying this Special Issue and the contributions included in it.
Although the broad idea of socially responsible banking is widely accepted, no precise definition of ethical banking is available because of various ethical preferences. This paper develops the ...concept of ethical compatibility as a theoretical description of ethical banking. It offers a multi-level framework to illustrate the compatibility between the regional ethics and preferred forms of ethical banking prevalent in Japan and the USA. This paper first revisits the two paradigms of financial systems and examines the two types of business purposes as ethics. Drawing on the literature concepts, this study posits a conceptual framework demonstrating the compatibility between the actors, which are dynamic yet representative at each level. This paper concludes that the ethically compatible form of banking is socially responsible in the respective societies. Additionally, this paper advances the concept of relationship lending by making it globally applicable.
•A multi-level framework crafted to integrate financing and ethics for explicating the concept of ethical banking.•The concept of compatibility developed as ethical compatibility and applied to the financial sector.•The definition of relationship lending advanced by making it globally applicable.
From economist Anne Case and Nobel Prize winner Angus Deaton, a groundbreaking account of how the flaws in capitalism are fatal for America's working class
Life expectancy in the United States has ...recently fallen for three years in a row—a reversal not seen since 1918 or in any other wealthy nation in modern times. In the past two decades, deaths of despair from suicide, drug overdose, and alcoholism have risen dramatically, and now claim hundreds of thousands of American lives each year—and they're still rising. Anne Case and Angus Deaton, known for first sounding the alarm about deaths of despair, explain the overwhelming surge in these deaths and shed light on the social and economic forces that are making life harder for the working class. They demonstrate why, for those who used to prosper in America, capitalism is no longer delivering.
Deaths of Despair and the Future of Capitalism paints a troubling portrait of the American dream in decline. For the white working class, today's America has become a land of broken families and few prospects. As the college educated become healthier and wealthier, adults without a degree are literally dying from pain and despair. In this critically important book, Case and Deaton tie the crisis to the weakening position of labor, the growing power of corporations, and, above all, to a rapacious health-care sector that redistributes working-class wages into the pockets of the wealthy. Capitalism, which over two centuries lifted countless people out of poverty, is now destroying the lives of blue-collar America.
This book charts a way forward, providing solutions that can rein in capitalism’s excesses and make it work for everyone.
Renewable energy sources are central to building low-carbon energy systems but there is little secured knowledge about the structural factors that shape national renewable energy policies and energy ...transition pathways. Drawing on the literature on 'varieties of capitalism' , this article offers an in-depth account of the evolution and impact of renewable energy policies in two countries that are commonly labelled in the literature as two opposite forms of capitalism: 'coordinative market economy' (CME) in Germany and 'liberal market economy' (LME) in the UK. Based on recent political economy literature, this dual perspective is complemented by including a third subtype, 'dependent market economies' (DMEs), which are found in the transition states of central and eastern Europe. The analysis reveals an initial convergence of the three varieties of capitalism towards stronger government involvement and CME-style targeted policy measures. The effectiveness and scope of these measures, however, continues to be constrained by the political economic settings. More recently, centralization and market-based renewable energy governance has gained the upper hand at both national and EU-level. The article concludes with emphasizing the risks of national and EU climate and energy policies driven by short-termism and cost-effectiveness for both renewable energy and climate change goals in the long-run.
Policy relevance
The article has policy implications for EU and national policy makers and stakeholders concerned with renewable energy and climate change governance. It underlines the need for comprehensive renewable energy policies targeting domestic market creation and industrial development as well as civic participation. Domestic and external constraints that different varieties of capitalism within the EU face in advancing these three components of renewable energy development are emphasized. The article stresses the need for enhanced coordination and balanced development of renewable energy sectors across all EU economies as essential for achieving climate change goals and a genuine low-carbon energy transition.
Whether the non‐market economy (NME) treatment on China can be maintained even after the expiry date under Section 15 of China's World Trade Organization (WTO) Accession Protocol is one of the most ...controversial issues in the WTO. In fact, the key issue of the NME status in the anti‐dumping (AD) proceedings turns out to be how surrogate countries are selected in relation to dumping margin calculation. This paper reviews the US practices concerning the application of the surrogate country method. Despite the general perception of capricious and random selection of surrogate countries, the Department of Commerce has maintained a consistent pattern for applying the criteria. This seemingly consistent practice, however, raised systematic problems—but not at a significant scale—in dumping margin calculation concerning Chinese products. This result sheds an interesting light on the current WTO disputes concerning the China's NME status. At least in terms of the US AD practices, the result of the WTO dispute settlement process may not have a significant impact on the China's exportation.
Free enterprise is off the leash and chasing new opportunities for profit making across the globe. After a turbulent century of unprecedented social and technological change, Capitalism has emerged ...as the dominant ideology and model for economic growth in the richest, most developed countries. But only thirty years ago economic growth was faltering, inflation rising and the Left were arguing for greater state intervention in industry. How did this remarkable transformation happen? And what price have we paid in the process? This accessible and persuasive book challenges the notion of our capitalist destiny. It provides a clear and concise history of the problems facing the economies of Europe, Japan and the US during the latter half of the twentieth century and questions whether capitalism has really brought the levels of economic growth and prosperity that were hoped for. Andrew Glyn then looks at the impact the rapidly developing economies of China and the South are likely to have on the older economies of the North. As the race is on to maintain growth and protect competitive advantage, Glyn asks: is the 'race-to-the bottom' inevitable as the anti-globalisers predict, with welfare states being dismantled to meet competitive demands? Or is there an alternative model which sees a strong commitment to welfare provision as essential to economic growth? Can we afford not to tackle inequality at home as well as abroad? Available in OSO: http://www.oxfordscholarship.com/oso/public/content/economicsfinance/9780199226795/toc.html
Introduction. The legal aspects of state regulation of economic relations are of high relevance for the Russian Federation due to the development of modern crisis situations. At present, it is ...necessary to study the general parameters of the interaction between law and economics, on the basis of which it is possible to develop specific recommendations for improving Russian legislation. Empirical analysis. The author presents general factors that have a serious (in the long term) impact on the Russian economy: gradual decarbonization; the emergence of the concept of sustainable development, establishing a link between GDP growth (gross domestic product) and concern for future generations; universal digitalization affecting all spheres of public life. Methods and concepts. The confrontation between the two global currents of libertarianism and Keynesianism has a serious impact on the limits of state intervention in economic relations. At the same time, the gradual convergence leads to the development of such concepts as the social market economy and libertarian paternalism, each of them involving a transition to indirect influence and taking into account social factors in creating a competitive environment. The absence of a direct consolidation of the foundations of the economic system in the Constitution of Russia implies the development of synthetic principles that need further constitutionalization. Theoretical analysis. In the Russian Federation, the further strengthening of the direct role of the state in the country’s economy has institutional grounds – a large bureaucratic apparatus and a significant public sector in the economic system. At the same time, legal support for various forms of deregulation (self-regulation, co-regulation, quasi-regulation, etc.) has been formed. The declared "regulatory guillotine", in isolation from the general directions of administrative reform, is unlikely to have a significant long-term effect. Results. The process of deconcentration of power (with deregulation being one of the aspects) in the Russian Federation cannot be considered complete. Deregulation is not the only form of deconcentration and reduction of the administrative burden on businesses.
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