International Economy Research Articles

Hunger in global war economies: understanding the decline and return of famines.

The resurgence of famines is a topic of concern. This paper explains the recent trajectory using the framework of contending 'global war economies'. It characterises the unipolar neoliberal world order era (1986-2015) as the 'Pax Americana' war economy, focusing on the United States dollar's roles. These were the decades of the liberal imperium, the corporate food regime, and counterinsurgent coalitions, which generated structural vulnerability to food crises and reduced the actual incidence and lethality of famine. The paper characterises the subsequent period (2016 onwards) as the challenge of the BRICS club, focusing on its efforts to rewrite the global political economy's rules, proactively hedging among diversifying currency regimes. This entails a scramble to secure strategic commodities and infrastructure in subaltern countries, which is intensifying conflict and food insecurity, and revising international norms in favour of reasserting sovereign rights. The global political-economic contestation and, especially, the associated normative regression are permissive of political and military triggers of famine.

The Infrastructural Power of the Cayman Islands and the US State Power: A Financial Networks Centrality Approach

ABSTRACT This paper explores the symbiotic relationship between the Cayman Islands and the centrality of the United States (US) in global financial networks, using their connection as a test case for a broader theory of how infrastructural power of states is achieved through transnational and networked strategies. The legal and financial infrastructure of the Cayman Islands is extensively used by US financial institutions. This infrastructure supports the development of a significantly US-centric fund industry, facilitating substantial investments into US capital markets. Additionally, it serves as a global conduit, channelling funds from regions such as Asia and Latin America into US markets, streamlining the process by which foreign investors acquire US securities, and supporting the development of complex USD-denominated financial products. This dynamic enhances the depth, liquidity, and complexity of US capital markets, thereby reinforcing US centrality in global financial networks and bolstering its geopolitical power through financial diplomacy, economic sanctions, regulatory influence, and control over critical financial infrastructure. The relationship underscores the infrastructural power of the Cayman Islands, whose financial and legal framework is essential for sustaining and amplifying US centrality. Consequently, this paper aims to integrate the transnational perspective on infrastructural power within the International Political Economy (IPE) and Geopolitics literature, demonstrating how the Cayman Islands function as a multifaceted networked site that strengthens, projects, and sustains US state power on a global scale.

Elite Dynamics and China's Influence in Latin America

ABSTRACTThe rise of China as a trading partner, lender and investor is among the most significant developments in the global political economy over the last two decades. This shift has created important new opportunities for developing countries, but it has also introduced new challenges, with benefits and drawbacks unevenly distributed across different nations. This article argues that understanding the developmental consequences of China's involvement requires studying not only Chinese priorities and modalities but also the interests and strategies of local elites. The development of Latin America has been profoundly influenced by these elite interests, which are shaped by the region's integration into the global economy. Elites may leverage the benefits of the relationship to China to enhance their rent‐seeking capabilities and limit competition, thereby hindering development and perpetuating inequality in Latin America. This argument is examined through the contrasting cases of Chile and Venezuela; while Chile's approach to China has been dominated by private sector elites, Venezuela's approach has been driven by governmental elites. In both cases, integration with China is shaped by and has in turn strengthened interests and strategies of the elites.

Анализ развития современной двусторонней торговли между РФ и КНР

Analysis of the development of trade and economic relations between the People's Republic of China (PRC) and the Russian Federation (RF) is an important aspect of research in the field of international economics and the development of economic relations between these two countries. Since 2022, trade turnover between them has been constantly increasing, setting new historical records. For about 14 years, China has been Russia's largest trading partner in many respects. The purpose of this article is to analyze the development of trade and economic relations between China and Russia over the past few years and identify prospects for future mutually beneficial cooperation. To do this, reports from customs departments of the two countries, expert reviews, and reports from public and private organizations have been used as the main sources of information. These sources provide detailed information on the flow of goods, currency transactions, investment projects, and other important aspects of the trade and economic relationship between the PRC (China) and Russia. Analysis of these sources revealed several key trends and factors affecting the development and prospects for mutual relations between the two countries. An increase in trade turnover was observed, as was an increase in China's share in Russian trade. Additionally, there was a diversification of the commodity structure and a deepening of investment cooperation. Problems faced by the two nations in the process of establishing economic ties were identified, along with their possible solutions. Based on this analysis, conclusions were drawn regarding the possible future evolution and prospects for mutually beneficial cooperation between China and the Russian Federation over the coming years.

Conceptualizing National Security in an Era of Great Power Rivalry: Implications for International Economic Law

AbstractUntil recently, the national security exception in investment and trade was understood in terms of defense against military invasion or attack and possibly extendable to economic collapse. However, national security is increasingly understood far beyond the classical contours of territorial integrity. Driven primarily by the China-U.S. hegemonic competition, the new conceptualization is exemplified in a dramatic expansion in U.S. investment and trade measures based upon conceptualizing national security as encompassing threats to a fusion of interrelated spheres of national strength including economic, technological, and ideological power. Moreover, the U.S. now understands security as the retention of superiority in an array of power spheres and encompasses denying China access to emerging technologies. China has similarly expanded her definition of security which is often referenced as “national interests” and embraces political stability (Party dominance), social stability, ideological security, and the defense of Chinese overseas interests, all of which lie far outside the classical definition of security. The untethered expansion in both the U.S. and Chinese conceptualization of security raises significant ramifications for the international economic architecture. As the guardrails of security are abandoned in pursuit of policy goals, a potentially overly broad and excessive notion of security risks deepening several overlapping perils to the current international legal landscape. The focus of this article is on the expansion of the national security exception in investment and trade and potential implications arising from an unfettered expansion.

On the limits of economic activity: bridging degrowth and modern monetary theory for socio-ecological sustainability and justice

This paper advances recent work exploring synergies and tensions between two schools of political-economic thought—degrowth and modern monetary theory (MMT)—and posits that this synergy warrants closer attention from International Political Economy and Environment (IPEE) scholars. Thus far, degrowth policies have largely been proposed upon the assumption that governments are limited in budgetary terms. MMT theorists have offered an alternative perspective on fiscal policy space but generally provide insufficient ecological considerations. This paper asks how each school’s underlying assumptions about the limits of economic activity might inform the other’s framework of action. We find that while there are tensions between the two schools’ economic philosophies, there are possibilities for cross-fertilization, which ought to interest IPEE scholars. MMT could engage degrowth’s perspective of ecological limits and global socio-ecological justice in its discussions about what economies can ‘afford’, whereas degrowth could use MMT insights to shift from a ‘pay for’ to a ‘resource’ frame, while centering abundance before limits. Meanwhile, IPEE can provide insights to an MMT-informed degrowth transition by grounding this debate in material analyses of class and power. Our findings suggest that degrowth and MMT could provide a normative direction for IPEE research centered around meeting material needs within planetary boundaries.

Health in the age of asset manager capitalism.

A relatively small number of for-profit asset managers-financial intermediaries that invest capital on behalf of other investors-have emerged in recent decades to become some of the most influential commercial actors in the global political economy. Despite their important role in society, asset managers have received little attention from a public health perspective. In this article, we aimed to propose a conceptual framework of potential pathways and mechanisms through which asset managers may influence health and equity. The framework included asset class-specific pathways related to investments in publicly listed corporate equity, private equity, 'real assets' (e.g. housing, hospitals, farmland) and commodities. The framework also included more generalized pathways, focusing on ways in which the large and highly concentrated asset management sector can drive economic inequities, influence policy and political decision-making and shape the global 'development' agenda. We argue that measures challenging so-called 'asset manager capitalism', such as promoting and protecting the public ownership of companies and assets in essential sectors, are imperative to address the commercial determinants of ill health and inequity.

On Population and the International Order

AbstractThis essay expores demographic effects on the international order over the postwar decades and potentially through the next half‐century. Such effects derive from the relative sizes of populations and labor forces among states, contrasts in age distributions (resulting from the regionally staggered timing of fertility decline), and high levels of international migration, fueled by economic disparities and civil conflict. In coming decades, differential population growth and aging—in some states, entrenchment of population decline—will shift the global distribution of labor away from East Asia and Europe and toward South and West Asia and especially Africa. Short‐range migration may be pressed by environmental change; longer‐range migration toward rich countries, much of it illicit and already an intractable public policy issue in many of them, will face increased societal resistance and stronger efforts to police entry. The future international order will see a states system with the Global North further demographically marginalized; India as an emerging economic‐demographic superpower, joining a fast‐aging China and plausibly a less internationally engaged United States; and a demographically dominant Africa with as yet a wholly unclear place in the global political economy. Although not part of standard demographic projections, there are extreme global warming scenarios and other disaster eventualities that could be radically transformative of this order.

Webtoons, Desperately Seeking Viewers: Interactive Creativity in Social Media Platforms and Cultural Appropriation of Global Media Production

Webtoons optimize interactivity and participation of media users in the world of digital media by consolidating a unique digital culture. This article examines the role of users in interactive media by exploring the case of webtoons in the context of a changing global political economy and cultural dominance. Korean platform monopolies have established a new business model for webtoons and developed it as a center of Korean creative power. While webtoons have increasingly expanded and attracted the global market and the global audience, some persistent social issues remain, including the precarious labor structure, monopolistic power in the industry, and ideological dominance in content. Although webtoon viewers are often recognized as cultural intermediaries and powerful agents for their contributions to interactive creativity, their role has fluctuated according to changing political-economic structures and industrial strategies. In the course of expanding to the global market and to new business areas such as intellectual property (IP), webtoons have evolved in new fashions while disclosing the ambivalent nature of participatory media and digital interactivity. This article elucidates the double faces of interactive creativity focusing on viewers’ participation in webtoon production in the context of changing webtoon industry and growing partnership with global media.

International Arbitration in China: 2023 in Review

2023 was a year of progress for international arbitration in China, as there was positive activity in the Ministry of Justice, in the Courts, and in the arbitral institutes, each paving the way toward making China a more favourable venue for international arbitration. There were also encouraging developments abroad as several foreign court decisions recognized awards issued in China under the rules of Chinese arbitration institutions, demonstrating increasing global acceptance of awards issued in China by Chinese institutions, such as the China International Economic & Trade Arbitration Commission.With major amendments proposed to modernize its arbitration law, updates of key arbitral institute rules to be aligned with international practices, and judicial and policy measures in aid of arbitration, China has taken concrete steps to strengthen itself as a more modern international arbitration jurisdiction.

International Trade, Economic Development, and Inflation: Panel Data Analysis from South Asian Economies

International Trade, Economic Development, and Inflation: Panel Data Analysis from South Asian Economies

Amazon deforestation and CO2 emissions: A macroeconomic approach using the GVAR

AbstractWe analyzed the relationship between economic variables, Amazon deforestation, and CO2 emissions in Brazil. We used a macroeconomic approach of a system of open economies (global vector autoregressive [GVAR]). We constructed the international economy using 34 countries, representing 77% of the world GDP and 80% of world CO2 emissions. GVAR allows us to simulate the world economy, capture spillover effects, incorporate the externality of gas emissions, treating Brazil as a small open economy, and including trade integration in the analysis. We found that domestic and external shocks affect Amazon deforestation and CO2 emissions; the principal external shock is the Chinese one, followed by the European and the US shocks. China, directly and indirectly, affects CO2 emissions and deforestation in Brazil through two channels (exchange rates and policy rates). The estimates showed that Brazilian currency and commodity prices are relevant for deforestation, while industrial production is for gas emissions. Other results are that (i) the Brazilian economy affects CO2 emissions in Latin America (and the principal influence of China is on Asia), and (ii) the Chinese shock loses importance when using bilateral trade in 1999–2001, when China was not a fundamental trade partner of Brazil. Alternative model configurations demonstrate that soybean prices and Argentina influence Brazilian carbon emissions and Amazon deforestation. Specifically, soybean prices emerge as a major driver of carbon emissions. These results suggest that geography and trade integration matter to understanding Amazon deforestation and CO2 emissions. Our estimates highlight the importance of government policies and international cooperation in curbing Amazon deforestation.

Strategy for the Development of the Investment Potential of the Tourism Industry of Ukraine in the International Economic System

The purpose of this study is to establish a robust strategic framework for the development of investment potential within Ukraine’s tourism industry during the post-conflict period. The methodology involves a systematic approach encompassing literature review, conceptual framework development, measurement of corporate responsibility, creation of indicative indicators, implementation stages, and cross-border cooperation. As a result, the article presents a model of the functional platform of the international economic system, which forms the concept of the State’s investment policy on the basis of corporate socio-economic responsibility and implements the strategy of development of the tourism industry. From the standpoint of a holistic view of the strategic development of the investment potential of the tourism industry, the range of measurement of corporate socio-economic responsibility of joint investment institutions and their partnerships is presented. A methodical approach to the formation of indicative indicators of the first and second levels, which activate the investment development of the tourism industry in the regions of the country, has been developed. The stages of implementation of measures for the strategic development of the investment potential of the tourism industry in the context of international turbulence are presented. The developed proposals can be successfully implemented when planning programs for the development of the tourism industry of Ukraine on the basis of cross-border cooperation of regional associations, in order to support the national economic system of Ukraine.

АНАЛІЗ ДІЯЛЬНОСТІ БАНКІВ НА ФІНАНСОВОМУ РИНКУ УКРАЇНИ

The article analyzes the activity of domestic banks in Ukraine's financial market and examines the state and dynamics of the banking system's assets, capital, and liabilities for 2020-2023. Ukraine's financial market is experiencing significant challenges due to martial law, but these hard conditions also driving radical change and innovation in the sector. Due to the specificity of their activity, banks occupy a special place in the market economy and have a significant impact on the development of the financial market and the economy of the country. The integration of the national banking system into the world financial space is one of the leading directions of economic globalization, which strengthens the requirements for domestic banking institutions to increase their competitiveness and efficiency in providing financial services. This makes it necessary to study the essence and peculiarities of the functioning of banking institutions in the financial market of Ukraine in the modern, changing conditions of the development of economic relations between subjects of the national and international economy. The trend of consolidation of the banking system and withdrawal from the market of unreliable banks or banks whose capital belongs to under-sanctioned owners has been revealed. It was determined that despite the decrease in the number of these institutions, there was no significant deterioration of the main quantitative and qualitative indicators of the bank's activity, which indicates the stability of the efficiency of their activity. The state, dynamics, and quality of the banking system's credit portfolio were studied, and banks' compliance with NBU prudential regulations regarding credit risk was analyzed. The consistently high value of 45% of the share of bank assets in GDP confirms the overall efficiency of these financial institutions. A positive thing is the reduction of NPL before the full-scale invasion, but with its onset, this indicator increased again. A characteristic feature of the activity of domestic banks at present is a significant increase in the interest of institutions in investments in securities, in particular, military government bonds, the share of investments in these securities in the total assets of banks is rapidly increasing. To stabilize the financial state of the country's economy under the influence of "force majeure" circumstances, the banking system must constantly adapt its activities on the financial market, acting as an intermediary in the circulation of capital and financial resources

Ordoliberalism in Spain: translations of Röpke’s publications

Röpke is considered one of the most prominent Ordoliberal economists. The objective of this work is to analyse the dissemination of Röpke’s works, within Spain, through diverse institutions: Instituto de Estudios Políticos, Revista de Occidente, Sociedad de Estudios y Publicaciones, CSIC and Fundación Villalonga. Most of these works appeared between 1946 and 1963. From 1976, after the Franco Dictatorship, some of his books were reissued. Grouped by topics, the main lines of argument exposed by Röpke are perceived as: Monetary Policy, Social Policy, International and European Economic Order, and the performance of small and medium-sized companies, within the economy.

Choice of Islamic Law in Settlement of International Economic Disputes

Choice of Islamic Law in Settlement of International Economic Disputes

THEORETICAL BASIS OF THE FORMATION AND DEVELOPMENT OF GREEN BUILDING

Green construction is a key element of Ukraine's sustainable development, as it contributes to reducing the impact on the environment and increasing the energy efficiency of buildings, which is critically important in the face of global climate change and modern challenges. Green construction also supports Ukraine's integration into the international economy through the implementation of environmental standards, which increases the competitiveness of domestic companies. The purpose of the article is to single out the theoretical basis of the formation and development of green construction, as well as to determine the main problems in this field in Ukraine and ways to solve them. The analysis of Ukrainian and foreign studies have showed that the development of green construction in Ukraine has significant potential, especially under the condition of effective implementation of international standards and their adaptation to local realities, which will contribute not only to the preservation of the environment, but also to economic development, improving the quality of life and health population. The theoretical basis of the formation and development of green construction is systematized. The legislative and regulatory framework for green construction aimed at supporting ecologically sustainable development and construction in Ukraine has been analyzed. The main problems faced by green construction on the way to its development in Ukraine (insufficient regulatory framework, high cost of implementing ecological technologies, low level of public awareness and environmental culture, lack of qualified specialists, technical limitations and infrastructure challenges) are identified, and also given possible solutions to these problems. It is noted that for the further development of green construction, it is necessary to implement comprehensive strategies, which include stimulating investments in the green sector, developing and implementing new technologies, raising quality standards, and promoting environmental education. It is emphasized that government support through financial instruments, such as tax incentives and subsidies, can also contribute to increasing the number of green buildings.

The Impact of Economic Policy Changes on International Trade and Relations

Economic policies continue to remain central in determining relations among nation states in the global economy that is progressively characterised by integrated globalisation. The newer changes in the course of economics; or due to the geopolitical conflicts, advancement in the field of technology, the impact of COVID-19, commerce worldwide has experience newer changes. A review of these policies is presented in this paper with a view of assessing their direct and indirect effect on international trade. Analyzing the experience of various countries, including both developed ones and the countries in the process of development, this paper aims to reveal how nations responded to these changes, as well as what strategies can work, and what difficulties can be encountered. Besides, the paper contains a prognosis of future developments of the international economy, having several scenarios and guidelines for practical implementation. These disconnects highlight the relevance of the critical philosophy in economic policy formulation since the globe economic policy should balance internal economic stable and international trade cooperation.

Casuality Relationship between International Trade and Economic Growth in Tanzania Using Time Series Data from 2001 - 2020

Casuality Relationship between International Trade and Economic Growth in Tanzania Using Time Series Data from 2001 - 2020

The Geoeconomic Turn in International Trade, Investment, and Technology

This thematic issue brings together a set of articles that empirically map the state of the ongoing geoeconomic turn in the global political economy from an international political economy (IPE) perspective. Changes in the modus operandi of the global political economy urge the development of new conceptual and theoretical tools to grasp the new geoeconomic reality of world affairs. At the same time, the contemporary study of geoeconomics remains theory-centred and focused on its security dimension, thereby underplaying the empirical nuances and variegated aspects of these developments. We therefore make the case for an empirically grounded study of concrete cases and instances of the geoeconomic turn, which can then deliver insights for further theory-building. Likewise, many aspects of the geoeconomic turn cannot be explained by security logics only, but have political economy roots that need to be brought to the foreground. Our thematic issue excavates these dynamics across four key challenges for the global economy: the role of states and firms in a geoeconomic world; global technological competition; the green transition; and implications of the geoeconomic turn for the non-Western world. Collectively, the contributions demonstrate that the geoeconomic turn is only starting to concretely (and partially) materialize and that these transformations, in many cases, tend to replicate existing power structures that prioritize capital(ist) interests related to profit-maximisation over societal interests, ecological sustainability, or social equity. We close by delineating prospects for further IPE research into the ongoing geoeconomic turn in the global political economy.