Webb and Krasner (1989) mentioned that the hegemony takes the role of introducing trade liberalisation, maintaining an open market, and adjusting the changing interest rates when the global economy faces up to the urgent situation, especially when in crisis. The international system keeps a relatively secure and stable situation when that hegemonic power exists and functions. The hegemonic stability theory is appropriate and acceptable for the time after the Second World War. The appearance of world economic crisis a decade after the Second World War, was primarily caused by the unwillingness of the United States to take the hegemonic role, and the Britain’s incapability, which led to the unstable international relationship. However, the long-term dominance of one state attracts other competitors and weakens the stable international regime.
This new political system aided Britains later success in establishing order and law. Most of these changes were put in place only after his death, yet still inspired by his incumbancy. The social reconstruction that Cromwell inspired was his second most important contribution to the success of Britain. It led to a less biased form of social hierarchy, as exemplified in the military. As his economic contribution only lasted a short while, thanks to the monarchy restoration.
Although they were highly idealistic, they were the most viable option to a long-term peace and a stable economy for the Central Powers. In this sense, they represented America’s goals in the war and a continuation of a seemingly imperialist politic where the Americans could continue their trade in their area of domination (South America, Pacific, anywhere besides the so called Old Continent). However, the Europe needed money more than economic precepts, and economic assistance (such as the Marshall plan in WWII) would have had more impact on the destroyed European economy (active population had decreased, the industrial regions were in ruins…) in the short term. Although Germany’s economy could have been stable with less reparations to pay and with their colonies sustaining the production, a political (rise of the extremism) and social crisis was inevitable because of the humiliation of the Central Powers (death of the Triple-Alliance, creation of Poland). The Fourteen Points could have helped but WWII was
The most remarkable fact of the Uruguay round is that during the negotiations, the developing countries failed to form a common block against the developed ones. On the one hand, the newly industrialised countries (NICs), like south east Asia, had achieved high levels of productivity and had improved their competitiveness levels. Their effort to increase exports in terms of high capital gains rates (export profit) imply low local purchasing power. On the other hand, for the rest of the less developed countries (LDC), such as China, India and Brazil (current BRICs), a new GATT meant better prices in raw materials, a lending price stabilization and a general restructure of the international financial system. It was mainly the second group of
While in Britain, Polanyi believed that the movement was a “comprehensive feature of the age,” later analysis of the double movement theory show that the feature did not carry through the ages. Instead, it took different shapes depending on what part of the world the growth occurred and depended on the values of the society. In a comparative analysis of double movements in Britain and the US, Silver and Arrighi look at how Polanyi’s double movement interact with the movement towards self-regulating markets. What they found was that US economic policy in the 1940s placed great restraints on the market and allowed the government better control over the economic growth that was occurring. This evidence suggests that the double movement is not a naturally occurring phenomenon that arises as a reaction to market
In a fairly large scale of production, the long-run average cost does not rise. It may remain constant or may go on falling slightly. In case of a very large scale of production, the management cost per unit of output may rise, but the production economies more than offset the managerial diseconomies and hence the total long-run average cost does not rise or may even fall continuously at a very small rate. Thus the evidence gathered by economists in recent years does not indicate U-shaped long-run average cost curve. Recent evidences by economists shows that initially the long-run average cost falls rapidly but after a point it remains even or at its right end it may even slope gently downward.
Uninterrupted reduction in tariffs helped international trade to grow and prosper during post-war era and then. Countries took the advantage of trading with each other and making profit. But everything didn’t go as considered, new problems appeared. The Tokyo round was an attempt to solve these problems, but its opportunities were limited. It was a token of difficult times to come.
Trade protection is an economic policy that limits trade between countries by enforcing trade barriers. Despite the arguments in favor of free trade market and increase the freedom of international trade, protectionism is still widely implemented. Since post world war II era, the economy has strived significantly in the world. The market development becomes prioritized by many countries. They drive the vision and trade policy orientation into liberalism, including Free Trade Area, because trading provides many benefits, such as providing job vacancies that could reduce the number of unemployment.
The less developed countries’ growth rate is generally taken to be mostly reliable upon the adoption and execution of the novel technologies and techniques and one of the method to achieve that is through FDI [Findlay, 19781]. Substantial change brought in the context of India’s FDI policy after 1991 till 2012 [Manoj pant, 2015]. Though FDI in retail is expected to bring positive outcomes but the large market power these foreign entities will gain is a major issue [CA Kamal Garg, 2012]. 1.6 RESEARCH HYPOTHESIS Inadequacies in the Legal policy on FDI in retail sector and its impact on stakeholders in India 1.7 RESEARCH SCHEME 1. The research starts with the definition, origin and history of FDI.
When practiced in an economic context, it refers to the reduction and removal of barriers between national borders in order to ease the flow of goods, capital, services and labor. Globalization is not a one-dimensional phenomenon. According to Amartya Sen, a Nobel-Prize winning economist, globalization “has enriched the world scientifically and culturally, and benefited many people economically as well” . The United Nations has even predicted that the strengths of globalization may have the ability to eliminate poverty in the 21st C. It started in the late nineteenth century, but its spread slowed during the period from the beginning of the First World War until the third quarter of the twentieth century. This lag can be ascribed to the inward-looking policies pursued by a number of states in order to protect their respective industries, however, the pace of globalization picked up rapidly during the fourth quarter of the twentieth century.