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Country Risk - an Externality of the Globalization Process

Author

Listed:
  • Iovitu Mariana

    (Academy of Economic Studies, Bucharest)

  • Iliescu Elena Mihaela

    (“Nicolae Titulescu” University of Bucharest)

Abstract

Global economy generates conflicting issues regarding timeliness and relevance of the protectionist theory and also on interpreting country risk. Forasmuch, protectionism is seen as a tool for stimulating domestic industry and a means of defense against foreign competition, while economic globalization is assessed in terms of free movement of capital. Analysis of concepts like protectionism, globalization, economic patriotism and country risk, and also the eco-socio-political correlations arising from the dynamic evolution of these dimensions, requires updated interpretation of the Romanian economist Mihail Manoilescu’s ideas. Therefore, his question: “Do we have the right to force nature and make it enter into certain intellectual aesthetic frameworks like the “Procustean bed”?” leads us to conclude that it requires constant adaptation of theories to reality. Without taking any scientific risk, we consider that, so far, the development of economic science was within this trajectory. It remains for the future to confirm further this trend

Suggested Citation

  • Iovitu Mariana & Iliescu Elena Mihaela, 2011. "Country Risk - an Externality of the Globalization Process," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 1050-1055, May.
    • Handle: RePEc:ovi:oviste:v:11:y:2011:i:1:p:1050-1055
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    More about this item

    Keywords

    globalization; protectionism; country risk; externality; the eco-socio-political integration.;
    All these keywords.

    JEL classification:

    • F01 - International Economics - - General - - - Global Outlook
    • F20 - International Economics - - International Factor Movements and International Business - - - General
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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