Abstract
The article focuses on the negative influence of globalization on the world economy. The purpose of this research is to systematize the global processes and outline the paradoxes of its development. The article defines the etymology of the term globalization and characterizes its scope of use. It analyzes the origin and formation of the globalization theory, while also systematizing its main areas of investigation. The research explores the fundamental disagreement as to how to conceptualize the phenomenon of globalization. The process of rethinking social change is studied, particularly to the extent that it relates to labelling the existing forms of activity. A systemic critique of global processes is presented, together with its basic critical comments. The article discusses the global prospects of tectonic shifts, which are bound to cause critical changes in the global environment, leading to corresponding changes in the world megatrends. This is proof that the alterglobal model should implement new principles of a global system based on social partnership, state protection and welfare.
Highlights
Sovereign debt or public debt refers to the overall debt that a government owes externally or internally and is a very important element of a country’s financial system (Moffat, 2017)
1.2 Major determinants of anational debt crisis Due to debt servicing difficulties, the largest Latin American and African countries faced in the 1980s, an avenue opened for many debates and researches on the determinants of debt crises
The ratio was at the level of over 1.6 in 2008 and significantly decreased to 1.3 due to a rapid GDP growth in 2008-2011 until the Syrian crisis when national debt to GDP started to increase at an accelerated pace due to the decrease in GDP as a result of a sharp decrease in exports because of Syrian crisis starting from 2011 when the economy slowed down significantly
Summary
Sovereign debt or public debt refers to the overall debt that a government owes externally or internally and is a very important element of a country’s financial system (Moffat, 2017). Many countries hold national debt, at different levels with some saddled with overwhelming heavy debt. Japan is the first country to have reached debt levels. A major reason for the high debt level in Japan is the government’s increased spending, while productivity remains low. This is followed by Greece with 181.6% debt to GDP ratio. This is significantly influenced by increasing government spending after it had entered the European Union. Lebanon currently has a debt to GDP ratio of 132.5% and has emerged recently as the prime candidate to face a debt crisis due to low solvency metrics. Standard debt-sustainability model rules of thumb and other countries’ experience suggest that these are early signs of a debt crisis
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