Covid-19 has exposed and deepened global inequalities: rich countries spent aggressively to sustain their economies and secured early vaccine access while most of the developing world continues to ...endure a growing disease burden. It also underlined the extent of inter-dependence and weaknesses in some of our international institutions and rules, many of which were established in the now discredited era of neo-liberalism. There is a rich, complex, and difficult agenda going forward for international cooperation. This includes aiding developing countries in restructuring their debt obligations, and guaranteeing that multi-national corporations pay their fair share with a robust international tax regime, better trade and intellectual property regimes, and better global regulatory frameworks for competition and social media. The failures of the past rules have led to political opposition to globalization. The only sustainable and inclusive path out of this pandemic is through cooperation and a re-imagining of globalization.
This article introduces readers to the special issue on ‘authoritarian neoliberalism’. It charts the origins of the concept and summarizes the central arguments of the individual contributions to the ...special issue.
The world is in the midst of a sporadic and painful recovery from the most severe economic crisis since the 1930s Great Depression. The unprecedented scale of the crisis and the speed of its ...transmission have revealed the interdependence of the global economy and the increasing reliance by businesses on global value chains (GVCs). These chains represent the process of ever-finer specialization and geographic fragmentation of production, with the more labor-intensive portions transferred to developing countries. As the recovery unfolds, it is time to take stock of the aftereffects and to draw lessons for the future. Have we experienced the first global crisis of the 21st century or a more structural crisis of globalization? Will global trade, demand, and production look the same as before, or have fundamental changes occurred? How have lead firms responded to the crisis? Have they changed their supply chain strategies? Who are the winners and losers of the crisis? Where are the engines of recovery? After reviewing the mechanisms underpinning the transmission of economic shocks in a world economy where trade and GVCs play increasing roles, the book assesses the impact of the crisis on global trade, production, and demand in a variety of sectors, including apparel, automobiles, electronics, commodities, and off-shore services. The book offers insights on the challenges and opportunities for developing countries, with a particular focus on entry and upgrading possibilities in GVCs postcrisis. Business strategies and related changes in GVCs are also examined, and the book offers concrete policy recommendations and suggests a number of interventions that would allow developing countries to better harness the benefits of the recovery.
This paper examines the symbiotic but asymmetric relationship between the United States as the core and China as the semi-periphery. It argues that China's policy response in both domestic and ...international domains after the global financial crisis reveals that China as a rising power is no longer a rule-taker, but between a rule-maker and a rule-breaker that adds incremental reforms to current international institutions.
Over the last ten years Turkey has gone through two different types of crises, namely the global economic crisis of 2008–2009 and the (geo)political crisis after 2015. This paper analyses the ...resilience of the economy of the tourism city of Antalya to both crises by focusing on the development of GDP of its inbound tourism countries and the births and deaths of both tourism and non‐tourism firms. The impact of the global economic crisis was moderate. The (geo)political crisis of 2016, by contrast, had a strong impact on Antalya’s economy. The city’s tourism arrivals strongly decreased, new firm formation stagnated, although the death rate of firms did not increase, and the sectoral diversification of new firms declined. Antalya conforms more to the engineering type of resilience to both crises than to the adaptive one which requires ability/willingness to shift into new sectors.
Noneconomic activities involve social work and social protection that besides health care take special care of individuals as members of the society. Rehabilitation and recreation funded by the ...Pension and Disability Fund and the Republic Fund for Health Insurance fall within such activities. The funds are financed mainly from the budget of the Republic of Serbia, reflecting the impact of global economic crisis, thus the allotted funds for rehabilitation and recreation are affected in the same way. The question arises about the size and form of such impact on the system resembling communicating vessels and also its reflection on the social function of spa/climatic resorts, and spa tourism indirectly on the territory of the Republic of Serbia. Statistical method of correlation was applied to data on annual series for the period 2008-2012, which covered the time prior, during and after the global economic crisis.
What is the relationship between the financial system and politics? In a democratic system, what kind of control should elected governments have over the financial markets? What policies should be ...implemented to regulate them? What is the role played by different elites - financial, technocratic, and political - in the operation and regulation of the financial system? And what role should citizens, investors, and savers play? These are some of the questions addressed in this challenging analysis of the particular features of the contemporary capitalist economy in Britain, the USA, and Western Europe. The authors argue that the causes of the financial crisis lay in the bricolage and innovation in financial markets, resulting in long chains and circuits of transactions and instruments that enabled bankers to earn fees, but which did not sufficiently take into account system risk, uncertainty, and unintended consequences. In the wake of the crisis, the authors argue that social scientists, governments, and citizens need to re-engage with the political dimensions of financial markets. This book offers a controversial and accessible exploration of the disorders of our financial capitalism and its justifications. With an innovative emphasis on the economically 'undisclosed' and the political 'mystifying', it combines technical understanding of finance, cultural analysis, and al political account of interests and institutions. Available in OSO: http://www.oxfordscholarship.com/oso/public/content/management/9780199589081/toc.html
In general, public finances are constantly exposed to many risks, shocks, stressors or pressure factors, demographic evolution, political turbulences, including economic and financial crises, ...depending on the stages of an economic cycle. On this background, we analyze the efforts of fiscal consolidation enacted in the EU Member States and their effects, using for judgments the concept of “smart fiscal consolidation”, aiming to identify the sources of success and failure in matter of governmental interventions. Our analysis relies on data from Eurostat database for the 28 Member States of the European Union, covering a decade timescale, from 2008 to 2017. The main findings suggest that the composition of fiscal adjustment measures, timing, burden or sacrifice distribution over society and the harmonization of structural reforms represent the most important determinants of the success of fiscal consolidation episodes. Based on our findings, we identify and formulate some successful recipes, which could be useful for policy makers in the context of other economic turbulences.
► I explore the impacts of the crisis on Keralite construction migrants in Dubai. ► Construction has been integral to global urban strategies to absorb surplus capital. ► A debt-based development ...regime worsened the effects of the crisis in Dubai. ► Migration debt and employer abuse compounded the effects of job loss on migrants.
As a crisis that was precipitated in part by risky forms of investment in the built environment, construction workers, and particularly migrants employed in the industry have been at the forefront of job-losses worldwide since 2008. I offer a reading of construction unemployment through David Harvey’s theorisation of the secondary circuit of capital, arguing that these trends reflect the industry’s immanent connections to the built environment and to volatile, debt-fuelled urbanisation strategies which have played a crucial role in absorbing global capital surpluses in recent years. I ground this international perspective through a case study on the crisis experiences of a group of migrant construction workers from the south Indian state of Kerala who lost their jobs in Dubai in 2009. Based on interviews with migrants who returned home following the collapse of the emirate’s construction sector, I explore how a number of place-specific relationships that transect the Kerala–Dubai construction labour market served to compound these workers’ economic insecurity following the crisis. These include the immense migration debts that migrants shouldered, the insecure and exploitative character of employment in Dubai’s building trades, and the particular vulnerability of Dubai’s construction markets to the retreat of finance capital from the Gulf region in 2008. Workers’ accounts offer insights into the uneven and trans-local geometries of risk that define contemporary construction work in Dubai. More broadly, they provide a key perspective on the precarious producer geographies that underpin the secondary circuit of capital.
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