IDEAS home Printed from https://ideas.repec.org/p/iwe/workpr/263.html
   My bibliography  Save this paper

Globalization - challenges for economic policy

Author

Listed:
  • Miklós Szanyi

    (Institute of World Economics, Centre for Economic and Regional Studies)

Abstract

Economic systems work in specific technological environment that determine not only the production process (the real economy), but also markets, business models, consumption patterns (the way of life) and also the institutional background of the economy. These parts of the system must evolve in a balanced way. The regulation and control over economic processes (economic policy) must also comply. The process of globalization has set up new technological and business conditions since the 1970s and 80s. New challenges have emerged for economic policy. This paper analyzes very briefly four major challenges and the initial yet still not adequate policy responses to them. The four areas are financialization, digitalization, active structural policy options and sustainable development. The main message is that the world still lacks adequate policy responses to the challenges. This fact is the more worrisome since the new technological paradigm, the cyberbusiness and industry 4.0 is evolving with considerable speed.

Suggested Citation

  • Miklós Szanyi, 2019. "Globalization - challenges for economic policy," IWE Working Papers 263, Institute for World Economics - Centre for Economic and Regional Studies.
    • Handle: RePEc:iwe:workpr:263
    as

    Download full text from publisher

    File URL: https://vgi.krtk.hu/publikacio/no-263-2021-02/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Erik S. Reinert & Arno Mong Daaol Author-X-Name-FirstArno Mong, 2011. "Production Capitalism vs Financial Capitalism - Symbiosis and Parasitism. An Evolutionary Perspective and Bibliography," The Other Canon Foundation and Tallinn University of Technology Working Papers in Technology Governance and Economic Dynamics 36, TUT Ragnar Nurkse Department of Innovation and Governance.
    2. Carlota Perez, 2009. "The double bubble at the turn of the century: technological roots and structural implications," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 33(4), pages 779-805, July.
    3. Michael A. Witt, 2019. "De-globalization: Theories, predictions, and opportunities for international business research," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(7), pages 1053-1077, September.
    4. William Easterly, 2009. "Can the West Save Africa?," Journal of Economic Literature, American Economic Association, vol. 47(2), pages 373-447, June.
    5. Zsuzsánna Biedermann & Ágnes Orosz, 2015. "Diverging financial regulations after the crisis? A comparison of the EU’s and the United States’ responses," Financial and Economic Review, Magyar Nemzeti Bank (Central Bank of Hungary), vol. 14(1), pages 31-55.
    6. Miklós Szanyi, 2019. "The Balkan model and the balkanization of East Central Europe," IWE Working Papers 258, Institute for World Economics - Centre for Economic and Regional Studies.
    7. Cornelia Woll & Ben Clift, 2012. "Economic Patriotism: Reinventing Control Over Open Markets," Post-Print hal-02186557, HAL.
    8. Plesner Rossing, Christian & Cools, Martine & Rohde, Carsten, 2017. "International transfer pricing in multinational enterprises," Journal of Accounting Education, Elsevier, vol. 39(C), pages 55-67.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Marco Gallegati, 2019. "A system for dating long wave phases in economic development," Journal of Evolutionary Economics, Springer, vol. 29(3), pages 803-822, July.
    2. Patrick Guillaumont, 2011. "Aid effectiveness for poverty reduction:macroeconomic overview and emerging issues," CERDI Working papers halshs-00554285, HAL.
    3. Matevž (Matt) Rašković & Katalin Takacs Haynes & Anastas Vangeli, 2024. "The emergence of populism as an institution and its recursive mechanisms: A socio-cognitive theory perspective," Journal of International Business Policy, Palgrave Macmillan, vol. 7(1), pages 19-40, March.
    4. Roger Hayter & Klaus Edenhoffer, 2016. "Evolutionary Geography of a Mature Resource Sector: Shakeouts and Shakeins in British Columbia's Forest Industries 1980 to 2008," Growth and Change, Wiley Blackwell, vol. 47(4), pages 497-519, December.
    5. Broich, Tobias, 2017. "Do authoritarian regimes receive more Chinese development finance than democratic ones? Empirical evidence for Africa," China Economic Review, Elsevier, vol. 46(C), pages 180-207.
    6. Monica Beuran & Gaël Raballand & Julio Revilla, 2011. "Improving Aid Effectiveness in Aid-Dependent Countries: Lessons from Zambia," Documents de travail du Centre d'Economie de la Sorbonne 11040, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    7. Lin, Wenlian & Cao, Jerry & Zhou, Sili & Li, Yong, 2024. "Political affinity, multilateralism, and foreign direct investment worldwide," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 94(C).
    8. Benedict E. DeDominicis, 2021. "Multinational Enterprises And Economic Nationalism: A Strategic Analysis Of Culture," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 15(1), pages 19-66.
    9. Akinwumi Sharimakin & Rasheed O. Alao & Oluseyi Omosuyi, 2024. "Foreign remittances, deprivation and patriotism," Quality & Quantity: International Journal of Methodology, Springer, vol. 58(1), pages 753-780, February.
    10. Chakraborty, Shankha & Papageorgiou, Chris & Sebastián, Fidel Pérez, 2016. "Health Cycles And Health Transitions," Macroeconomic Dynamics, Cambridge University Press, vol. 20(1), pages 189-213, January.
    11. Keyan Lai, 2021. "National security and FDI policy ambiguity: A commentary," Journal of International Business Policy, Palgrave Macmillan, vol. 4(4), pages 496-505, December.
    12. Yongfu Huang & Muhammad G. Quibria, 2015. "The global partnership for sustainable development," Natural Resources Forum, Blackwell Publishing, vol. 0(3-4), pages 157-174, August.
    13. Di Liberto, Yuri, 2022. "Hype: The Capitalist Degree of Induced Participation," Review of Capital as Power, Capital As Power - Toward a New Cosmology of Capitalism, vol. 2(2), pages 1-16.
    14. Satish Nambisan & Yadong Luo, 2021. "Toward a loose coupling view of digital globalization," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(8), pages 1646-1663, October.
    15. Gregory Whitten & Xiaoyi Dai & Simon Fan & Yu Pang, 2020. "Do political relations affect international trade? Evidence from China’s twelve trading partners," Journal of Shipping and Trade, Springer, vol. 5(1), pages 1-24, December.
    16. Ya Xi Shen & Chuang Zhang & Long Zhang & Ting Liu & Sijia Zhao, 2024. "Caught in a Dilemma: The Impacts of Dual Organizational Identification on Host Country Nationals in the Face of Ethical Controversies," Journal of Business Ethics, Springer, vol. 195(4), pages 831-857, December.
    17. Simon Hartmann & Thomas Lindner & Jakob Müllner & Jonas Puck, 2022. "Beyond the nation-state: Anchoring supranational institutions in international business research," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(6), pages 1282-1306, August.
    18. Teodoro Dario Togati, 2012. "How to Explain the Persistence of the Great Recession? A Balanced Stability Approach," Working papers 014, Department of Economics, Social Studies, Applied Mathematics and Statistics (Dipartimento di Scienze Economico-Sociali e Matematico-Statistiche), University of Torino.
    19. Archibugi, Daniele & Filippetti, Andrea & Frenz, Marion, 2013. "Economic crisis and innovation: Is destruction prevailing over accumulation?," Research Policy, Elsevier, vol. 42(2), pages 303-314.
    20. Tiina Ritvala & Rebecca Piekkari, 2021. "Geopolitics of the knowledge-based economy," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(2), pages 334-337, March.

    More about this item

    Keywords

    economic policy; globalization; financialization; digitalization developmental state; sustainable development; economic patriotism;
    All these keywords.

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • F68 - International Economics - - Economic Impacts of Globalization - - - Policy
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • K34 - Law and Economics - - Other Substantive Areas of Law - - - Tax Law
    • O25 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Industrial Policy

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:iwe:workpr:263. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Kanász Mária (email available below). General contact details of provider: https://edirc.repec.org/data/vkhashu.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.