Economic Giants Research Articles

The Pivotal Role of Libraries in Sustainable AI Development

Artificial Intelligence (AI) has gained exceptional public and media coverage since the launch of the ChatGPT platform, a generative conversational intelligence, in November 2022. Nevertheless, AI is already an integral part of our digital daily lives, as we navigate through social networks, use our GPS, or consult recommendations on e-commerce websites. Due to its pervasive influence across all sectors of our societies, AI is gradually becoming a pivotal subject in terms of regulation, societal direction, and legislation. As early as 2021, UNESCO published a report presenting avenues for ethical considerations in AI. In June 2023, the European Union also established a regulatory framework outlining requirements and obligations for AI usage. As a digital manifestation and given the "new ways in which its use influences human thinking, interaction and decision-making and affects education, human, social and natural sciences, culture, and communication and information" (UNESCO. General Conference, 41st, 2021), public libraries have a role to play in enabling residents within their communities to grasp this technology. Their role is all the more significant as AI generates concerns and distrust (Gillath et al., 2021) among populations when "libraries also continue to enjoy a high level of trust and appreciation in most of their communities" (Arlitsch \& Newell, 2017). Understanding AI thus constitutes a new cornerstone for accessing the necessary information to advance sustainable development, as outlined in the Lyon Declaration (2014). Moreover, comprehension of AI aligns with the ethical concerns articulated by UNESCO in terms of explainability and transparency and aligns with several Sustainable Development Goals (SDGs) of the 2030 Agenda. These goals include quality education (4), industry, innovation and infrastructure (9), reduced inequalities (10), sustainable cities and communities (11), as well as responsible consumption and production (12). The role of public libraries in advancing the goals of the 2030 Agenda is beyond dispute (IFLA, 2016), and various digital literacies are already integral to their actions. As AI is predominantly developed by global economic giants and permeates all of our practices, "Shouldn’t [libraries] be the bastions of information literacy and information privacy in an AI world?" (Cox et al., 2018). Thus, to what extent can public libraries take on this subject to promote and offer relevant literacy? For this study, we will conduct a cross-analysis among three European countries—Spain, France, and Italy—to provide insights into the diverse ways in which AI influences professional practices. Through a literature review and semi-structured interviews, the objective is to delineate the challenges of Artificial Intelligence within the framework of the Agenda 2030 program. Subsequently, we will delve into the specificity of AI Literacy in comparison to Information Literacy, a practice already adopted by libraries. Finally, we will analyze the current and prospective role of AI in libraries to propose avenues for implementing concrete actions.

The futility of economic sanctions in a globalized and interdependent world: a data-driven game theoretical study

Economic openness and globalization are under rising pressure from the proliferation of economic sanctions over the past decades. Data-driven evidence is urgently needed to inform the heated debates about the effectiveness of various sanctions and counter-sanction measures. In this research, we provide a game theoretical framework to model the interplays between the sanction sender and target at different stages of political conflicts. Using real-world international trade data, our game-theoretical framework assesses each country’s capability of and vulnerability to economic sanctions and quantifies the feasibility and effectiveness of different counter-sanction measures. Our findings suggest that expanded international trade creates the potential to weaponize economic interdependence for giant economies, imbalanced trade relationships with which is the main source of sanction risk for vulnerable economies. Complete decoupling from these highly capable countries is a costly and ineffective strategy to combat economic sanctions. Bloc-type collective retaliation against the common adversary can be effective under certain scenarios but provides little benefit for major contributors in the bloc, making it impractical in addressing real-world conflicts. Promoting cooperation and dialogue is the ultimate solution to maintaining economic and political stability and security.

The Rise of Developing Economies

Abstract: This research delves into the transformative shifts in the global economic landscape, spotlighting the ascending influence of developing economies, notably China and India. Contrary to projections by international financial institutions, the study contends that India's pro-market reforms position it as a potential economic giant in the 21st century. Analyzing the economic transformations since China's 1978 reforms and India's 1991 reforms, the study emphasizes the significance of these economies' growth and diversification due to their demographic and economic resources. China's earlier reforms during the Cold War allowed advantageous dealings for domestic businesses, facilitated by a well-equipped administration. Both countries, however, exhibit growth reliant on unsustainable credit booms, rendering them financially vulnerable. As global market leaders, China and India's economic success reshaped global markets, trade patterns, and investment strategies. This chapter aims to furnish essential insights into the evolution of these economic giants, offering foundational knowledge for investment and business opportunities in India and China

A Comparative Assessment of the Contribution of Foreign Direct Investment to Economic Development of Nigeria and Ghana

Generally, sub-Saharan countries suffer setbacks in regard to capital accumulation necessary to sponsor investment demands, thus promoting economic development. As a result, they look out for foreign sources such as foreign direct investment (FDI) to augment the investment-saving gap. Recently, due to global shake-ups and uncertainty, there has been a drastic fluctuation in the level of FDI inflow into the West African sub-region, especially in the two giant economies of Nigeria and Ghana. This attracted the attention of this research work. Thus, this study comparatively reassesses the contribution of FDI inflow to the economic development of these giant economies from 1980 to 2020 to determine which one of them benefits the most given the fluctuation in FDI inflows. The outcome reveals that FDI inflows have a significant influence on the economic development of both economies. In Nigeria particularly, evidence shows a strong positive correlation between FDI and Gross Domestic Product Per Capita (GDPPC), implying that the Nigerian economy is investment-driven in the period under consideration. Essentially, the Nigerian economy can achieve its desired development with FDI support. Similarly, findings indicate that FDI inflows into Ghana have a strong positive impact on economic development. Thus, a recommendation is made for the Ghanaian government to source more foreign resources by opening her economic borders wide for global integration. Pursuance of trade liberation policy for the purpose of attracting more foreign resources is critical to the attainment of sustainable economic development in both economies. Policy actions enabling stable macroeconomic conditions and a peaceful environment for smooth investment operations are key factors guaranteeing economic development.

Rethinking the (Un)just Transition: A Review of the Impact of Neoliberal Approaches to Energy Governance in South Africa

South Africa has demonstrated a firm commitment to a just transition from coal to renewable energy sources by outlining a roadmap for the decommissioning of its coal-fired power stations and procuring clean energy. Ideally, this is a laudable response to climate change and a pathway to a sustainable future. However, the just transition is not inherently just because of the underlying neoliberal policies that underpin it, and which are, to a large degree, not in South Africa’s best interests. The purported just transition has unintended results, such as undermining South Africa’s energy sovereignty, perpetuating existing global power imbalances, aggravating energy poverty, and leading to many economic and social injustices. This paper uses doctrinal legal research to explore the influence of neoliberal policies in South Africa’s just transition towards renewable energy. It argues that a truly Just Energy Transition must be grounded in South Africa’s best interests and should not sacrifice the country’s energy sovereignty for a perceived greater good at a time when giant economies in the West, which are responsible for the bulk of activities which contribute to climate change, are revamping their coal-fired power stations and buying South Africa’s coal for their own heating, lighting, and industry. To achieve this, the paper examines the duplicity arising from what may be perceived as an embrace of neoliberal policies in fighting climate change by phasing out existing energy sources at a time when economic activity in the country is retreating due to the lack of a consistent and reliable energy supply. As such, the paper makes a case for an energy-sovereign South Africa that prioritises domestic control over energy resources, promotes renewable energy deployment that is socially just and equitable, and empowers communities to shape their energy futures. It argues that for South Africa to attain energy sovereignty, it must look into its own resources and revisit the neoliberal aspects of its law and policy that compromise its ability to fight energy poverty.

Analysis Report on the Impact of the US-China Trade War on the A-share Market

This article documents the impact of the US-China trade war on the stock market. Both of the world's economic giants have been significantly impacted by the trade war, which started in March 2018. To the detriment of China's domestic economy and the stock mar-ket, it directly affects the profitability of domestic businesses linked to the import and ex-port chain. This paper empirically examines the impact of the US-China trade war on the Chinese stock market by selecting two representative firms on a time-series basis and im-plementing market phenomena into data analysis for summative and inductive research.

Transition from Autocracy to Democracy: How it Affected Bangladesh’s Economy?

This paper investigates the influence of the type of regime in power (autocracy or democracy) on Bangladesh’s economy, using regression analyses in the form ordinary least squares, using data of 25 years. Statistical investigation showed that democracies were more successful than dictatorships in promoting economic growth, and improving education and health indices. The convergence hypothesis implies that socioeconomic indicators were positively affected during the tenure of elected regimes. In addition, comparisons of the Indian and Chinese models of governance, in the context of their economic performance, are included to ascertain the successes and constraints of governments in these two South Asian economic giants.

A historical review on the Global evolution, benefits, challenges and performance of Cooperatives.

This review article discusses the economic history and evolution of cooperatives, as well as how they have changed the worldwide life of people and countries as a whole. Cooperatives originated in the United States and expanded to the United Kingdom, Italy, Denmark, Russia, and India before reaching Africa. They have been successful because to their simple formation method, exceptional governance ideals, and member unity. Researchers conducted a Historical Methodology evidence and interpretation study that included written, oral, and physical evidence, as well as primary and secondary sources, including unpublished information. Most women in poor nations lack access to education and productive resources, making it difficult for them to make a living and actively engage in socioeconomic and political circumstances. Africa as a whole is seeing a breakthrough by one of the "World's fastest-growing economic giants" in achieving gender equality and women's economic empowerment, which are Millennium Development Goals. This paper elaborates on the advantages of cooperative development, economic growth patterns and financial independence of women as shown by cooperatives. Global issues that must be addressed include fraud, illiteracy, small loans and the way ahead. As a result, the proposals to make cooperatives more efficient are: train, educate, and develop; monitor and assess performance; government action to lift up communities and build a world that is more equal and sustainable for everyone. Keywords. Global Evolution, Benefits, Performance and Challenges of Cooperatives

Revitalisasi Hubungan China-India Melalui Peran Shanghai Cooperation Organization (SCO) : Perspektif Konstruktivisme

China and India were born as two economic giants which cooperate with each other in an economic association known as BRICS. However, the rivalry between the two countries is inevitable and continues, especially in the border areas. Seeing these conditions, China and Russia are trying to invite India to join as a permanent member of the Shanghai Cooperations Organization (SCO). The invitation received a positive response from the Indian side, where on 9 June 2017 India officially joined as a permanent member of the SCO. This study focuses on the role of SCO in efforts to revitalize relations between China and India. In general, it can be concluded that there are two roles performed by the SCO in an effort to revitalize relations between the two countries, namely through cooperation in the security and economic fields. In particular, by using the constructivism perspective, it can be understood that in this case the SCO acts as a form of collective identity and as a form of behavioral standards or norms. The formation of a collective identity carried out by the SCO, in this case serves to direct the relations between China and India into a strong bond of friendship. In addition, with the norms or standards of behavior established by the SCO, China and India in this case will certainly try to restrain themselves from conflict with each other because of the bonds of these norms that must be obeyed by each SCO member country.

Արժութային մրցավազք. պայքար գերիշխող դիրքի համար / CURRENCY RACE: STRUGGLE FOR DOMINANCE

The struggle for hegemony among the world's economic giants is growing from year to year, manifesting itself in various ways, including ambitious endeavors to achieve dominance in the international currency market. Calls to abandon the massive use of the US dollar in international trade have received particularly wide resonance in the last decade. Moreover, the list of countries implementing such appeals is gradually expanding, ranging from Brazil to the countries of Southeast Asia. How realistic are these calls? Are there any grounds for the implementation of these ideas and what are the consequences of abandoning the US dollar in international trade?

Projection of “Dibya Upadesh” of Prithvi Narayan Shah: Lessons for Small State Diplomacy in Contemporary World Affairs

The narratives of small state diplomacy are not a recent phenomenon in international relations and world affairs. The projection of state like Nepal in classical era as 'sandwich' between two giant economy was classical reflection of it. Nepal has always observed and followed the balanced foreign policy with neighbours and also with external entities and it was a clear idea in Dibya Upadesh of late King Prithvi Narayan Shah which is still relevant and contextual. The small state diplomacy has been a subject of contestation and a discourse to locate the role of small state in international relations and foreign affairs. The collective growth of small states seems challenging in contemporary affairs. Nepal is projected as a small state qualifying all criteria to be considered or defined as small state. The diplomatic move played in past was literally an articulated step for presenting power of small states in world affairs. The reflection in Upadesh is also an ancient depiction of it. This paper has analysed the projection of Nepal as small state and its relevancy in contemporary world affairs.

The Impact of Corporate Social Responsibility on Economic Growth in the Region

The article studies problems of civilization development, which implies the conflict of interests of business proprietors, big multinational corporations and society urge towards sustainable development. The UN goals of sustainable development include environment protection, improving wellbeing of countries and overcoming poverty. Multinational corporations and regional enterprises stick to principles of corporate social responsibility, which partially comply with goals of sustainable development, but orient towards support of business proprietors’ wellbeing. Trends in global economy show that some multinationals by the level of their profits surpass the majority of countries. Thus, economic giants can render serious impact on state policy of the region, environmental situation and population prosperity. But companies and proprietors are interested only in allocating resources to developing countries, which prevents them from working for the goals of sustainable development. According to UN reports, confrontation and conflict between capital and society resulted in slow and complicated realization of goals of sustainable development. The author put forward a number of steps aimed at elimination of misbalance towards predominance of goals of sustainable development.

US China Trade War: Implications for the World

In 2018, a trade war started between USA and China. Both the countries started to apply tariffs against each other. In March 2018, the USA applied tariffs on imports from China. Then in return, China also applied tariffs on a few products. With time, this trade war between both economies raised, and its further intensification made both countries suffer through imposed tariffs. Tariff wars between the United States and China have the potential to undermine global financial stability. As the world's biggest economies, China and USA have been merchandising products and services on a worldwide scale. After these countries retaliate,the tariff war will have an impact on the global distribution chain, international trade, the economy, and equity markets. The study is a qualitative-based critical analysis of the reasons and effects of this trade war between the two economic giants. It also explicitly highlights the environmental as well as economic impacts on the world community.

FOREIGN DIRECT INVESTMENT OUTFLOWS FROM INDIA AND CHINA: TRENDS AND PATTERNS

Direct international investments from India have evolved over some time in terms of magnitude, sectoral and geographical composition. There has been a gradual redirection of Indian investments from resource-rich economies to economies providing tax benefits. At the same time, China’s influence on the world economy is increasing with almost 80% of countries and regions receiving investments from China. The paper investigates trends and patterns of outward FDI from two Asian economic giants, India and China from 2008 to 2018. It studies country and sector-specific divisions of FDI outflows from India and China. International investments from India and China have experienced a considerable change not only in terms of volume but sectoral and regional composition too has evolved. The paper concludes that while Indian investments are efficiency and market seeking, Chinese investments are efficiency and resource seeking. The service sector has attracted the highest investments from India. Although the share of the service sector is highest in China’s outward FDI in terms of activities, manufacturing activities has the highest share

Tracking carbon intensity changes between China and Japan: Based on the decomposition technique

China's economic growth has been progressively moving towards reducing carbon intensity. In parallel, Japan has long been regarded as the pioneer of energy efficiency worldwide. Why have these two economic giants had such different experiences of carbon intensity in the past decades? A closer examination in both countries may hold vital clues, which are still very unclear. This paper compares the patterns of carbon intensity between China and Japan, in which we propose a bilateral-country decomposition framework by combining production-theoretical decomposition analysis and index decomposition analysis. The decomposition highlights the effects of emission factor, energy structure, sectoral structure, substitution among labor-energy and capital-energy, and technological progress. The results show that the energy structure, sectoral structure, and capital-energy substitution are the main drivers behind that China is much higher carbon intensity than Japan, accounting for 26%, 25%, and 38%, respectively. Yet, these effects also narrowed the carbon intensity gap between China and Japan over the years. Furthermore, the labor-energy substitution effect has generally decreased the carbon intensity gap. The technological effect has a minor impact on the carbon intensity gap per year, while it plays a dominant role in enlarging the carbon intensity gap over time.

Ekonomski i geopolitički aspekt bilateralnih odnosa EU i Kine

The expected economic growth of the EU27 and China by 2025 will lead to a further increase in the share of the Chinese economy in world GDP and the overtaking of the EU economy in 2022. The main contribution of this paper is the presentation and analysis of IMF projected GDPs for China and the EU27 in the period 2020-25, and assessing the impact of divergent GDP growth trends of the two economic giants on the further development in their bilateral relations. Namely, since the change in the global economic position causes geopolitical consequences, it is clear that the very expectation of such trends influences the decisions of political and economic actors today - such as the signing of the investment agreement between Brussels and Beijing, despite Washington's opposition. The EU's response to China's growing influence could be an attempt to mitigate Beijing's strategic challenge by creating a stronger transatlantic partnership, but it is uncertain that Washington will be willing to offer significant concessions to Brussels. An alternative scenario could involve strengthening the EU's "strategic autonomy", which would imply an attempt at a more independent geopolitical positioning, which would enable better relations with China and easier access to the country's huge market. The EU, the world's largest trading bloc and the largest trading partner of as many as 80 countries, will find it difficult to come to terms with its subordinate role in Sino-US competition and will remain focused on exploring synergies with both powers.

Media as a scholarly source of information: evidence from legal theses and dissertations

his study sought to determine the citation of media sources by law students in South Africa. Data were gathered from theses and dissertations of selected law schools in the country using specifically designed excel spreadsheets comprising columns for citations and sources, among others. The results, in relation to the research questions of the study, indicate that media, as a source of information, was the least cited while other secondary sources of information such as journal articles and books were among the most cited sources. Regarding usage of the media, the results show that newspapers had a high citation rate, followed by Television, radio, with magazines coming last. The study findings further indicate that two African economic giants, South Africa and Nigeria, were among the top origin of the media cited, alongside the United Kingdom, and the United States of America. The results further indicate that the Mail and Guardian, the British Broadcasting Corporation, and the Economist magazine, were the most cited forms of media. The study also indicates a positive but weak relationship between scholarly (citation) and public impact (circulation) of media sources. Keywords: Theses and dissertations, legal education, media, Newspapers, Magazines, Television and Radio

“A Yam between Two Rocks”: A Comparative Analysis of Disaster Coverage and Geopolitical Dynamics in Nepali and Indian News Reporting of the 2015 Gorkha Earthquake

The devastating Gorkha earthquake, measuring 7.8M on the Richter scale, struck Nepal on April 25, 2015, followed by a major aftershock on May 12, 2015. The earthquakes killed approximately 9,000 people and injured thousands more, garnering significant media coverage. We employ qualitative content analysis and media framing theories to demonstrate evidence of social construction in the Gorkha earthquake media coverage from two Nepali national and two Indian newspapers. Using a sample of 2,862 articles published within a year of the earthquake, five major frames: the disaster frame, disaster myths, the therapeutic community frame, recreancy, and international support emerged during the analysis. Our study demonstrates how media coverage reflects current geopolitical dynamics in the region, distinguishing impoverished Nepal from two emerging economic giants, India and China. We contribute to developing literature arguing that media coverage during disasters produces global human life hierarchies. Our study adds a class hierarchy dimension, where tourists are more valuable than locals, and even among tourists, those involved in high-end tourism attract additional media attention.

Internal and External Security Challenges of Nepal

Nepal has been a home to diversified settlement in terms of ethnicity, religion, dialect and culture since its outset in civilization. It also lies between two great military and economic giants of Asia – India and China – that are hostile to each other. While these bring abundant opportunities for Nepal, it possesses several internal and external security threats. Nepal suffers from cyber-attack, environmental degradation, pandemic, ethnic, racial or religious conflicts, inequality and poverty, extremism, human trafficking, corruption, migration and trans-boundary crime. In addition, Nepal also faces several security threats, traditional and non–traditional, including terrorism and insurgency. These threats possess serious implications on peace and security of Nepal and the South Asian region. There is a need of serious study about the major internal and external security challenges that Nepal faces in recent decades. This study aims at examining some of the major security challenges, explore the factors behind it, and attempt to suggest few policy recommendations to the government of Nepal to deal with them. The study is conducted by reviewing the primary and secondary sources of data. The primary data includes documents of the government agencies, press release, joint statement and organizational reports. It also includes the interviews with security experts, bureaucrats, policy makers and academicians. Similarly, secondary data includes books, news reports, academic journals, seminars report and reports of research institutes and think tanks. The study highlights that Nepal should prepare itself to meet with the emerging internal and external security challenges what have emerged in recent times. With the rise of India and China, two adversarial powers in the region, Nepal possess extreme challenges in days to come. Similarly, hardly any countries of the world had prepared itself to deal with recent pandemic like COVID-19 that has shattered even the most powerful countries of the world. Taking lessons from these, it is time for Nepal to learn and prepare to mitigate the challenges.

Role of information and communication technology in economic progress and increasing demand for renewable energy: evidence from China and India

ABSTRACT This paper intends to know the impact of information and communication technology (ICT) on the economic progress and renewable energy consumptions in two Asian economic giants namely India and China. To achieve the objectives, generalised method of moments (GMM) and pooled ordinary least square (OLS), fixed effect and random effect models have been applied using yearly panel data of individuals using internet as ICT, growth rate of gross domestic product (GDP) as economic progress, electric power consumption as energy consumptions and foreign direct investment (FDI). This study observes significantly positive impact of ICT on renewable energy consumptions while negative and insignificant impact on the economic progress in India and China. It is observed that countries are similar in renewable energy expansion, time spent on internet, electricity generation and policy support for renewable energy generation while they significantly differ in the number of internet subscribers, internet-based entrepreneurships and sources of renewable energy. This study proposes to apply ICT in all possible sectors to boost-up economic growth as well as to enhance the demand for renewable energy consumptions.