Economic Liberalization Research Articles

Asymmetry in the exchange rate pass-through to consumer prices in Eastern European countries

Using quarterly data from Q1 2002 to Q4 2021, a Nonlinear Autoregressive Distributed Lag (NARDL) model is utilised to investigate the potential asymmetry in the exchange rate pass-through (ERPT) to consumer prices in 11 Eastern European countries. The findings show that both the appreciations and depreciations of the nominal effective exchange rate (NEER) have significant long-term effects on consumer prices, with the appreciations being stronger in countries with a fixed exchange rate regime, especially the Baltic States. Incomplete long-term ERPT is observed in the majority of countries, except Estonia. Short-term ERPT is much weaker and often of an opposite direction for appreciations and depreciations. Additionally, a strong uniform long-term effect of both the money supply and crude oil prices was observed, while the short-term effects are mixed. As regards economic liberalisation, both long- and short-term effects are country-specific and of a different direction.

The Intellectual History of Milton Friedman's Criticism of Corporate Social Responsibility

This article is the first to reconstruct the intellectual history of Milton Friedman's criticism of business and its social responsibilities. Using original archival research and printed evidence, this article makes three major arguments. First, Friedman's criticisms of business and its social responsibilities evolved over time and emerged from persistent anxieties among economic liberals about monopoly, business interests, and political authority that were explicitly read from Adam Smith. Second, the article contributes to the emerging intellectual history of corporate social responsibility (CSR) by reconstructing the development of Friedman's criticisms, their transformations, and their reception within the context of American managerial thought from the 1950s to the 1980s. Finally, contextualizing Friedman's criticisms demonstrates his concern about decision-making logics within organizations, which in turn explains his belief that CSR would contribute to collectivization and enhances the understanding of neoliberal political thought.

Analyzing the Impact of Trade Liberalization in Morocco through Synthetic Control Analysis and the Role of Preferential Policies

This study explores the impact of trade liberalization in Morocco post the 1983 structural adjustment program, utilizing the Synthetic Control method for a comprehensive comparative analysis. Initial findings show a negative impact until 2010, indicating a divergence from the Synthetic Control simulation. However, a positive shift occurs post-2000 due to preferential liberalization policies, leading to sustained economic growth from 2010 onwards. The study underscores the importance of additional liberalization initiatives and structural reforms. While acknowledging contributions, limitations include potential biases in the Synthetic Control method. The research highlights temporal nuances in economic reform impacts, advocating for a long-term perspective in assessing trade liberalization. Beyond Morocco, the study offers insights for policymakers in developing economies, emphasizing the need for selective reform implementation. Overall, it contributes to the understanding of global economic dynamics, prompting further exploration of growth strategies and the intricate interplay between economic reforms, trade liberalization, and sustainable development in developing nations.

A Kingdom of Possibility

A Kingdom of Possibility

Television and the Formation of Urban Middle-class Identities

The Indian middle class has been a powerful force in the sphere of consumption culture since the formal advent of economic liberalization in 1991. With the advent of television, Indian society has been witnessing changes in class identities. The role of Indian television shows has been instrumental in shaping urban middle-class identities within Indian society. These shows have been effective in creating a desired lifestyle and everyday practices that are symbolic of urban middle-class practices. The objective of this paper is to reflect upon how these shows portray a way of common and relatable practices of the Indian middle class and explore the representation of the middle-class lifestyle. The idea of new modes of consumption reflects itself as a way of economic coercion that the capitalist world is trying to propagate with the practice of mass consumption. Thus, the concept of culture industry attempts to argue how commodification and the consumption of capitalist goods act as a way of manipulation to preserve the reigning capitalistic order. Through the lens of Birmingham School, this paper attempts to understand the process of Indian middle-class formation within the sphere of Television programs. The messages and values deciphered by the content of the television shows are in various ways interpreted by their audience. This study will be based on qualitative data that aims to use several secondary sources such as academic journals, articles, and online blogs to analyze the ideas that are put forward in understanding the very idea of consumption culture and middle-class formation. The investigation is also based on content analysis which will include a thorough analysis of the television show ‘Yeh Meri Family’ and its portrayal of consumerist practice within its specific context. This brings us to the fundamental idea of the paper of examining 'television' as a significant household gadget symbolic to middle-class families and also understanding the content put forward by television shows encouraging consumerist behaviours.

Beyond Postmodern Irony: Empathetic Storytelling in Hilary Mantel’s Beyond Black

The contemporary age, which has impacted the world and its inhabitants with a sense of anxiety and uncertainty, stemming from economic, political, global, and environmental events, has woven its effects into diverse scopes of life. In the late 20th century, the challenges facing the modern world intensified and peaked in the subsequent century due to events such as the 9/11 attacks, the 2008 global financial crisis, conflicts leading to refugee crises in regions like the Middle East, and environmental disasters like Chernobyl (1986) and Fukushima Daiichi (2011). Additionally, incidents such as the Exxon Valdez oil spill (1989), the Deepwater Horizon oil spill (2010), and the issue of global warming have further contributed to this heightened sense of risk and uncertainty, impacting both nations and individuals alike. Beside these various scopes of life, literature has also been impacted by the transformation of the world. The impact on literature has been particularly pronounced with embracing a sincere one on behalf of the author by abandoning the excessive irony and carefree attitude of postmodernism, signalling a transformation beyond the conventional realms of postmodernism. As Nicholas Stavris states in Supplanting the Postmodern (2015), “faced with a contemporary culture of anxiety, artists attempt to overcome the uncertainties of the human condition in the twenty-first century by reaching out for a renewed period of sincerity. Authenticity is the new focus for the present day artist” (p. 407). Similarly, in The Post-war Novel and the Death of the Author (2020) Arya Aryan remarks this positive change in literature by noting that a “new concept of authorship emerges in this more globalised and fragile new risk therapy culture for it produces pressures on novelists not only to embrace the New Sincerity but to return to the old eighteenth-century ideals of the novelist as a purveyor of moral sentiment within the new version of liberal economics” (p. 179). Hence, the change in the attitude of authors has led to the emergence of many new theories, which critique the excessive irony, detachment, and scepticism that characterize postmodern culture. Contemporary literature advocates for a return to sincerity, authenticity, and earnestness in literature by prioritising genuine emotion, connection and empathy. By examining the implications of this shift, this article explores Hilary Mantel’s Beyond Black (2005) within the context of metamodernism, aiming to reveal the discernible shift away from the detached irony of postmodernism towards a literary landscape that values sincerity and empathy. Through a detailed exploration of Mantel’s narrative choices, this analysis aims to uncover how the author places empathy at the forefront of storytelling. This article contends that Mantel’s work exemplifies a crucial transition in contemporary literature, highlighting the integral role of empathy in weaving one's life into the narrative fabric to overcome the challenges of the contemporary age, thereby portraying contemporary authors as more responsible and engaged in shaping the literary experience, bridging the gap between sincerity and irony.

Neoliberal nationalism and immigration policy

ABSTRACT Contemporary nationalism in the West tends to be understood in ethnic terms and associated with a bottom-up reaction to disliked effects of globalization, in particular migration. But there is also a top-down nationalism that is inherent in states` boundary-policing and – constituting membership policies. This paper draws the contours of a state-level neoliberal nationalism. Its imprint can be found in social policy, citizenship policy, and – the focus of this paper – immigration policy, in particular for the highly-skilled. Neoliberal nationalism combines diversity and meritocracy, and thus a modicum of cultural and economic liberalism. The prefix ‘neo’ flags the refashioning of political community from solidarity-based to contract-based, conditional on individual contribution and strict reciprocity.

Between Economic Nationalism and Liberalization: Ideas of Development and the Neoliberal Moment in Mobutu's Congo, 1965–74

AbstractIn January 1967, under the infamous military head Joseph-Désiré Mobutu, the Democratic Republic of Congo nationalized its mining industry based on anticolonial rhetoric of “economic sovereignty.” Only two years later, the same Mobutu government welcomed foreign companies and investors with open arms to the inaugural Foire Internationale de Kinshasa. Even at this crucial postcolonial moment when ideas of economic independence and self-sufficiency had become so highly valued, an attachment to — even affinity towards — foreign capital persisted throughout Congolese politics. This article explores the political and intellectual tensions that arose from the postcolonial utilization of foreign capital for state consolidation and synthesizes these contradictions into a broader understanding of early development approaches in Mobutu's Congo. In contrast to those who have framed the Congolese leader's ideology as a rearticulation of colonial logics or the authoritarian whims of an individual, I argue that these early notions of Mobutist development should be understood as a kind of “worldmaking,” emerging from an anticolonial ideology that asserted Congo’s economic sovereignty while simultaneously inserting itself into the global streams of finance. By tracing the Mobutu government's fluctuating relationship to foreign finance, this research offers a longer history of the “neoliberal moment” in Congo — one in which the intellectual underpinnings for liberalization had percolated in Congolese nationalist politics for several decades.

Impact of liberalization and globalization on economic growth: Empirical evidence from Türkiye

Globalization, as the process of integration of the world economy, increases international trade, capital movements, and technology transfer. This study examines the relationship between globalization and economic growth in the 1974-2022 period in Türkiye. In this study, the ARDL Bound method was used for cointegration analysis and the DCC-EGARCH model was used to capture time-varying relationships. The results of the ARDL-Bound model show a positive and long-term correlation between globalization and economic growth in Türkiye. According to the results of the DCC model, there has been a generally positive relationship between economic growth and the globalization index since 1984. Türkiye's economy has generally been positively influenced by economic liberalization processes and globalization. However, the export-oriented growth strategy seems to have lost its effect after 2005. Moreover, the globalization benefits of foreign direct investment were only evident between 2000 and 2009, after which the positive relationship decreased. In the interest of attracting FDI and promoting sustainable economic growth, Türkiye should review its investment-friendly policies and develop strategies aimed at long-term benefits.

A Study on Investment Preferences of Young Investors with Reference to Ghaziabad City

From the economic liberalization there are various investment alternatives available in the market and the main objective of this research paper is to know the investors preferences over the investment alternatives which are available in the market. Investment is an activity by which people earn money by investing their money in some investment whether it is physical and Financial Asset. Investors invest their money with different needs, goals and objectives in their mind such as safety, Profit, Security, and capital Appreciation etc. There are various number of investment avenues present in the market such as Bank Deposits, Post Office Deposits, Equity Market, Mutual Funds, Physical Gold, Real Estate. The primary objective of this research paper is to find what are the preferences among the Young Investors who belong to the age group of 21-35 years in Ghaziabad city.

Sri Lanka’s Foreign Exchange Crisis: An Examination of Causality Dynamics, Shedding Light on Suggestive Way-Out Strategies

The present research endeavoured to undertake a diagnostic analysis pertaining to the foreign exchange crisis faced by the Sri Lankan economy, intending to identify drivers of the crisis and to throw light on possible strategies to overcome the crisis. An extensive literature survey was conducted, followed by a descriptive analysis based on available data. Trend analysis, deploying graphical method, was adopted as the main analytical technique, and the results were interpreted using political economic reasoning. The outcomes of the study revealed that Sri Lanka has been experiencing persistent current account deficits as well as increasing foreign debt stock since 1977, the year in which economic liberalisation policies were implemented. In that respect, the Sri Lankan crisis closely resembled that of the Indian crisis more than those explained by the other crisis models found in literature. It could thus be inferred that the persistent trade and current account deficits owing to uncontrolled imports ever since liberalisation, and the resultant accumulation of foreign debt, have been the drivers of the foreign exchange crisis in Sri Lanka, while weak and undisciplined public finance policies, failure to move into high value-added and strategic industrialisation and wide income inequality would have been possible support factors. Therefore, the research outcomes yielded caution signals if policy makers consider availing further liberalisation of the economy as the remedial strategy to surmount the present crisis.

Foregrounding invisible foundations: (eco-)feminist perspectives on provisioning systems

Debates on provisioning systems have become more widespread in recent years. Most of these discussions, however, have centered on the monetized economy. While they have elaborated on actors and institutions in the monetized economy, they tend to ignore the foundational role of unpaid provisioning processes. This article contributes to provisioning systems scholarship by foregrounding this indispensable yet invisibilized foundation of production, distribution, and consumption. In doing so, we combine different approaches on provisioning systems in social ecology, political ecology, and political economy with chronologically older feminist economics debates on social provisioning to arrive at an ecofeminist political economy conceptualization of social-ecological provisioning. We elaborate on this conceptualization by drawing upon the example of food provisioning, thereby showing that people provision for themselves, their families, and their communities through closely interlinked paid and unpaid provisioning practices. Only by acknowledging the central role of actors and institutions in the non-monetized economy and by taking an intersectional approach to the questions of who provides and who is provided for can a more holistic picture of food provisioning be drawn. In the last part of the article, we discuss ecofeminist strategies that strengthen non-monetized social-ecological provisioning without monetizing it, thereby questioning the arbitrariness of what is (un-/under-)paid in capitalist economies.

‘Brazil must be a country for entrepreneurs and workers, not scoundrels’: Personal branding mechanisms underpinning CEO activism

Chief executive officer (CEO) activism literature primarily explores issues in which CEOs engage, and its consequences for consumers and employees. However, a glaring gap lies in how CEOs engage in activism, particularly, through social media. Our study aims to bridge this gap by analyzing the online identity of Luciano Hang, a Brazilian CEO, activist, and billionaire, focusing on the crafting of Hang’s online identity, particularly on Instagram, using five personal branding mechanisms to influence broad sociopolitical issues. Hang’s unique case offers a lens for right-wing CEO activism, contrasting with mostly progressive cases in the western contexts. Using critical visual analysis to decode the Instagram content posted by Hang, who actively advocates for political conservatism, entrepreneurism, and economic liberalism, we find that CEO activists do not merely speak on specific issues, but carefully construct their online identity aligning with or challenging social norms and values. Our research extends the understanding of CEO activism by revealing its heterogeneous nature and connecting organization studies and marketing, in addition to demonstrating how CEOs can leverage personal branding to portray themselves as activists.

Harvesting perspectives: A comprehensive review of two pivotal works on Indian agrarian transformation

First paragraph: As the Indian agricultural landscape continues to undergo transformative shifts, the need for nuanced literature addressing agrarian change becomes increasingly pronounced. In this review, we delve into two pivotal works—Distress in the Fields: Indian Agriculture after Economic Liberalization, edited by R. Ramakumar, and Agrarian Reform and Farmer Resistance in Punjab: Mobilization and Resilience, edited by Shinder Singh Thandi. As a scholar of agriculture, food systems, and history, I bring to the forefront a critical evaluation of these books, positioning them within the broader context of agrarian evolution in India.

Assessment of Ovbiomu Coal for Industrial Application

This research is to assess the quality of Ovbiomu lignite coal deposited for optimum utilization in metallurgical industries in Ovbiomu. Samples of coal were collected for analysis and sample was collected from five different stationary lots until 10 kilograms of the sample was collected and 500g was taken for characterization. The sample was reduced using jaw crusher and ball milled to a size of 1400μm and 1 kilograms of 1400μm was further reduced to 1100μm and was classified into various sieve sizes using mechanical sieve shaker. CalK2 bomb calorimeter was used to determine the calorific value of the head sample, the economic liberation size and the actual liberation size. The proximate analysis of the head sample and all the sieve sizes was done using Furnace, oven, porcelain crucibles, analytical balance, and desiccator to ascertain the individual carbon content. Ultimate analysis was done using XRD and concentration was done using froth flotation method. Result from sieve analysis shows that at 1000 μm, 710 μm, 500 μm, 355 μm, 250 μm, 180 μm, 25 μm, 90 μm, 63 μm, and -63 μm, the following weight was retained 1.45 g 1.86 g, 3.73 g, 3.5 g, 14.61 g, 48.28 g, 0.15 g, 0.17 g and 0.20 g respectively. The economic liberation size was found out to be 180um where most of the sample is retained and the actual liberation size was found out to be 125um but with a very small quantity retained. The results of the calorific value of the head sample and each of the sieve sizes of 250μm, 180μm, and 125μm, was determined to be 24.51MJ/Kg, 25.86MJ/Kj, 18.57MJ/Kg and 38.07MJ/Kg respectively, the following are result of percentage carbon content, for the Head sample (40.65%), 1000μm (29.55%), 710μm (38.53%), 500μm (42.43%), 335μm (35.42%), 250μm(43.07%), 180μm (30.92),125μm (63.40%) 90μm (0.56%) 63μm (0.62%) and -63μm (9.91%). The result of ultimate analysis of the sample shows Nitrogen (1.15%), Hydrogen (4.80%), Sulphur (0.13%) and Oxygen (29.56%).

A comprehensive review on technology transfer

In the evolving corporate world, there's a growing focus on leveraging technological assets through technology transfer, a trend fueled by globalization, economic liberalization, and stronger intellectual property rights since the World Trade Organization's inception. These factors have integrated technology transfer as a critical aspect of the global business framework. However, the process of technology transfer is complex, and transferees often lack the necessary skills for effective management. While existing literature extensively covers these topics, it notably lacks practical solutions for these challenges. To bridge this gap, this paper introduces a novel "Life Cycle Approach for Planning and Implementing a Technology Transfer Project." This approach is designed to help avoid common pitfalls and address key management issues in technology transfer. The study begins by exploring the concept of technology transfer and reviews several existing models. It evaluates their pros and cons, leading to the proposition of the "Life Cycle Approach." This innovative model is intended to resolve frequent problems encountered by technology transferees, providing a structured methodology for managing technology transfer initiatives. The paper concludes with a mention of a project by the UNESCAP Asian and Pacific Centre for Transfer of Technology (APCTT), which utilizes this Life-Cycle concept. This project exemplifies the approach's practicality in enhancing the Asia-Pacific region's technology transfer capabilities, highlighting its relevance and applicability in diverse global contexts.

Challenges in Searching for Vietnam's Growth Drivers Through 2030

Vietnam's long‐term economic growth comparisons with ASEAN nations have been striking since its 1986's economic reforms. Such key factors as economic liberalization, a young population and low‐cost labor, knowledge diffusion, and the manufacturing sector have driven Vietnam's growth. Until 2023, Vietnam has the potential to capitalize on several favorable circumstances, including the diversion of trade and investment from China, the growth of the middle class, and the global digital transformation. Nevertheless, Vietnam's economic growth will confront various obstacles and a declining trajectory that predates the COVID pandemic. To circumvent the risk of falling into the middle‐income trap, this paper proposes “active” economic integration, labor productivity, innovation and research and development, the services sector, and green growth as new growth drivers for Vietnam till 2030. Considering the many policy ideas put forth by the Vietnamese government and the World Bank, this paper presents several distinct recommendations on institution reform and human capital accumulation.

Supporting Childcare Supply in the United States: An Economic Policy Review and Research Agenda

Childcare market failures have presented economic challenges in communities across the United States. What has prevented childcare supply from meeting demand? We examine childcare market failures in the US and discuss how they are distinct from other types of service markets. We then survey the literature on economic policies that intend to improve the childcare supply. Ultimately, our review suggests that improved worker wages, reduced bureaucratic burdens, and carefully planned public Pre-Kindergarten (Pre-K) programs are useful in boosting the childcare supply. However, several caveats remain, and ultimately, economic research on childcare supply remains limited in light of new COVID-related policy investments. Feminist economists have long argued for economic examination of care markets: we point to the need for future research from the perspective of paid care workers and overall social reproduction.

The Role Of The International Monetary Fund In Resolving Venezuela's Economic Crisis During Covid-19

Venezuela's financial crisis is causing significant suffering to its people. The presence of the COVID-19 pandemic has made Venezuela's list even heavier. The IMF is known as an international financial organization that is often involved in handling financial crises in several affected countries. However, the IMF's involvement in handling the financial crisis and health crisis at the same time was the first experience for the IMF. This research is necessary because it seeks to reveal the IMF's involvement in Venezuela's financial crisis during COVID-19 and makes this the first experience for the IMF in efforts to resolve a country's financial crisis during the COVID-19 pandemic. This research discusses the role of the IMF in resolving Venezuela's economic crisis during the COVID-19 pandemic. This research uses the concepts of foreign aid and economic liberalization with descriptive qualitative research methods and data collection techniques from various documents, books, archives, journals, and theses. This research shows that the IMF has a significant role in resolving Venezuela's economic crisis during the COVID-19 pandemic, including by providing loans, advice and training in crisis management, which can help Venezuela improve its economy and implement economic liberalization in order to pursue Venezuela's economic system more open for the development of economy. Keywords: IMF, Venezuela, Economic Crisis, Foreign Aid, Economic Liberalization

Innovative component of the Republic of Belarus’ industrial complex

The article deals with the problems of applying innovations in the industry of the country. Attention is focused on the relationship between the innovative activity of enterprises and the process of forming the structure of the country's industrial complex. It is substantiated that an attempt to bring the structure of the Belarusian industry to the structure of countries with liberal economies is practically possible with sufficient funding, but is not advisable due to the influence of market trends and changes in the market situation. The article discusses the approach of changing the structure of industry under the influence of innovation. The article discusses the approach of changing the structure of industry under the influence of innovation. At the same time, emphasis is placed on the need to achieve program parameters for the development of the innovation sphere. The article substantiates the need to determine the parameters for the development of the innovative industry based on the situation of manufacturing enterprises of the Republic of Belarus. At the same time, it is indicated that the application of approaches to the development of the innovative sector of the industry of the republic with the setting of the level of development of the innovative sector of other countries as a target is ineffective, and in some cases unattainable even in the long term.