Economic Liberalization Research Articles

Виктор Валентинович Новожилов: недописанная глава «австрийской» книги

The increasing complexity of economic phenomena demands improved analytical tools. The 21st century saw a discernible trend where diverse economic schools and various social sciences converged to collaboratively analyze complex economic phenomena. Traces of this trend, however, can be discerned in an earlier period in Soviet science, as illustrated by the work of Viktor Novozhilov, a leading figure in the mathema­tical school of optimal planning during the late 1930s. Despite this subsequent focus, a series of articles from the 1920s, which positioned Novozhilov among the country’s foremost economists, reflect entirely different theoretical positions. Classified as a liberal economist in the comprehensive scientific biography by Nikolai Ya. Petrakov and Natalia S. Kozerskaya, the article aims to highlight the consistency of Novozhilov’s 1920s views with the approaches of the Austrian school of economics, using content analysis as the primary research method. The article views Novozhilov’s change in research approach as the scholar’s strategic response to repressive conditions, driven by his apprehensions about potential persecution. Novozhilov’s principal concept for determining socialist national economic efficiency was rooted in the principle of opportunity costs from the Austrian school. Future research may explore parallels between Novozhilov’s approach and Friedrich von Wieser’s perspective on the valuation of capital goods.

The Changing Dynamics of Japan–India Cooperation: A Case of ‘Rule-Based Order’ in Indo-Pacific

Japan and India are the two oldest and largest democracies in Asia. Since the inception of their diplomatic relations in 1952, the two countries have maintained a cordial relationship. They remain aloof during the Cold War period due to their ideological differences. After that, India following the economic liberalization followed by the “Look East” policy in the post-Cold War period had a positive impact on bilateral relations. This took a sudden gap due to India’s second Pokhran nuclear test in 1998 followed by Japanese economic sanctions. However, the relations normalized soon when Mori visited India along with other South Asian nations in 2000. The bilateral relations further improved when the two countries signed the “strategic orientation of Japan-India global partnership” during Koizumi’s visit in 2005. Since then, the two countries have been engaging in different aspects of strategic partnership, and a peaceful and stable Indo-Pacific along with the “rule-based order” has always been their priority. Thus, different scholars and statesmen from both countries started the discussion on building a new architecture of ‘rule-based order’ in the Indo-Pacific. To that end, Japan and India have continuously engaged themselves in bilateral and multilateral dialogue such as G4, Shangri-La Dialogue and Quad. Thus, this paper will try to see how far the two countries can persuade the international community to push the concept of “rule-based order” in the Indo-Pacific.

Presenting a Paradigmatic Model of Creativity, Innovation, and Entrepreneurship for Sustainable Economic Growth in Business Units (Case Study: Home Appliance Manufacturers)

Objective: The current research aims to present a paradigmatic model of creativity, innovation, and entrepreneurship towards sustainable economic growth in business units (Case study: Home appliance manufacturers). This study is applied in purpose and descriptive-analytical in nature. Method: The research method is qualitative. The population of this study includes academic experts and executive managers in the home appliance industry, calculated as 11 individuals through snowball sampling and theoretical saturation point. The data collection tool is semi-structured interviews. The analysis of this part is conducted using grounded theory. Findings: The qualitative research results propose the desired paradigmatic model, emphasizing the response to the main research question in the form of six main categories and subcategories. Conclusion: Causal factors including organizational entrepreneurship, development of products based on industry standards and competitive advantage. Contextual factors include government support, developmental infrastructures, and financial support for standardization in entrepreneurship. Intervening factors include the product quality condition for competitiveness, sustainability categories, and attention to labor. Strategies include reforming laws, developing science and technology parks, and accelerating capital turnover. Outcomes include commercial and economic liberalization, development of the innovation and technology ecosystem, and increased productivity. The core category includes technology, ideation, employment generation, and international competition.

Fundamentals of Institutional Quality and Economic Freedom

ABSTRACT: Social scientists have extensively studied the causes of good institutions, including the origins of economic freedom. Results concerning the causes of different kinds of institutions are often similar, often concluding that the geography, environment, and culture are important factors. However, a recent political economy framework suggests that certain dimensions of economic freedom, namely specific dimensions of the size of government (government consumption, transfers and subsidies, and the top marginal tax rate), differ systematically from other dimensions of liberalization. This paper explores these arguments by constructing an index of a set of consensus predictors of institutional quality: ethnic fractionalization (predicts negatively), the natural log of the population size (negatively), absolute latitude (positively), natural resource rents (negatively), the presence of the country in the Americas (negatively), British legal origins (positively), the presence of the country in Eurasia (positively), and island geography (positively). The countries with the “best” fundamentals for institutional quality are Iceland, Ireland, Malta, Finland, and Cyprus, while the five with the “worst” fundamentals are Angola, Nigeria, Chad, Burkina Faso, and Ghana. It then takes this index of “fundamentals” of institutional quality and shows that, although they predict economic liberalism as a whole (as measured by the Economic Freedom of the World index) as they would predict other measures of institutional quality, they predict oppositely (i.e., corresponding to larger governments) for the dimensions of the size of government listed above. The result is congruent with the predictions of the political economy model. Additionally, this result is not contingent on the inclusion of any one of the “fundamental” variables, although natural resource rents and absolute latitude appear to be the most important variables. Countries with considerably more economic freedom than would be predicted by their fundaments include Peru, Singapore, the United States, Chile, and Canada; should deviations from fitted values be seen as presaging future movements in institutions, these countries are the most likely to see upcoming declines. The aforementioned political economy model implies that these findings are the result of complexities involved in the interaction between state capacity and different dimensions of economic liberalization.

Impact of Democracy and Economic Liberalization: The Case of Bangladesh

Impact of Democracy and Economic Liberalization: The Case of Bangladesh

Chicago Boys: Economic Liberalization and the Chilean Economy

Chicago Boys: Economic Liberalization and the Chilean Economy

W.H. Hutt, economic liberalism, and "iron-clad" white rule before the rise of South African apartheid

W.H. Hutt, economic liberalism, and "iron-clad" white rule before the rise of South African apartheid

The institutionalisation of the social and solidarity economy in France as a meso-space

Nowadays, the social and solidarity economy (SSE) is seen as a relatively specific economic system within contemporary economies. Despite a relative lack of interest in the SSE, certain “institutional” economists—in particular regulationists–have underlined its specificity within an array of various institutional arrangements in capitalist economies. More specifically, regulationist studies view the SSE, or some of its components at least (e.g., cooperatives, mutual insurance, etc.) as relatively autonomous meso-economic spaces within capitalist regimes. From this perspective, this article aims to shed light on how the SSE has become, over time, a relatively unified and autonomous meso-economic space around three main periods, corresponding to three historical compromises of the SSE as a meso-space with regard to its constituent elements (entities, legal rules, ideologies, etc.) and its integration into the evolution of French capitalist regimes. The first (liberal) compromise (1790–1880) was characterised by the emergence of the original, fragmented SSE entities, in a regime dominated by economic liberalism. The second (republican) compromise (1880–1970) saw the institutionalisation and division of large SSE “families” (e.g., cooperatives, mutual insurances, associations) under the guidance of the social state. The third (neoliberal) compromise (since 1970) reflects the recent unification and institutionalisation of the SSE as a meso-economic space, but whose unity and autonomy in the face of contemporary capitalist pressures remain fragile.

Digital Transformation and Organizational Performance: A Study of the Nigerian Immigration Service

O This study examines the long-term relationship between foreign direct investment (FDI), gross national income (GNI) per capita, exports and economic growth in Zambia from 1994 to 2023. The primary objective is to analyse the impact of FDI, GNI per capita and exports on Zambia's economic growth. FDI is recognised as a catalyst for economic development, facili-tating technology transfer, capital formation and employment creation. Despite Zambia's his-torical dependence on copper exports and high government expenditure, economic liberalisa-tion since 1991 has aimed to diversify the economy and attract FDI. Using secondary data from the World Bank and regression analysis using Jamovi software, the study assesses the impact of FDI and other macroeconomic factors on Zambia's GDP. The results show that while FDI contributes positively to economic growth, GNI per capita and exports have a more significant impact. In particular, a unit increase in FDI is associated with a moderate but significant increase in GDP, highlighting its role in productivity and sectoral development. The study highlights the need for Zambia to strengthen its institutional framework, improve infrastructure and invest in human capital to sustain FDI inflows and reduce economic vul-nerabilities. Diversifying investment beyond natural resources is critical for long-term growth and resilience. Future research should further explore sectoral and regional dynamics with disaggregated data and qualitative methods to capture detailed impacts on employment, in-come distribution and environmental sustainability. This study contributes to the literature by providing a comprehensive analysis of the role of foreign direct investment (FDI) in Zambia's economic development, and by providing evidence-based insights for policymakers to opti-mise economic strategies and attract diversified investment for sustainable development.

The Future of Conservatism?

AbstractThe Case for Conservatism is the first report of the Onward think tank's Commission on The Future of Conservatism. It examines present discontents and offers a set of principles for addressing them. It argues that Conservatives need to shift their ideological position away from the economic liberalism of Margaret Thatcher and the social liberalism of David Cameron and adopt a position which is socially conservative and economically interventionist in order to rebuild a successful electoral coalition and an effective programme for government. They seek to re‐found Conservatism on the pillars of family, community and nation, and the obligations of citizenship rather than the freedom of the individual. They provide a distinctive voice on where Conservatism has gone wrong and how it should change, but they may struggle to become the dominant voice shaping the party's future, because the doctrines of economic liberalism still command strong support.

Переклад як інструмент комунікації фахівців з міжнародних економічних відносин

The communication skills of specialists in international economic relations determine the ease of overcoming linguistic and cultural boundaries in today’s globalized world. As businesses expand into international markets, the demand for professionals with a high level of language competence, including translation and interpretation skills, is high. The article substantiates that translation competence is an integral part of the professional competence of applicants for economic direction, since integration processes and international cooperation increase the requirements for foreign language proficiency not only in the interpersonal sphere, but also in the economic, especially in the field of international business. In the course of the study, the main key challenges and barriers to effective communication in international business are identified and characterized, namely: cultural differences, language barriers, non-verbal communication signals, technological challenges, time zone differences, cross-cultural misunderstandings, translation and interpretation. Emphasis is placed on translation and interpretation, as it is an important tool for facilitating communication between speakers of different languages. Correct translation and interpretation requires not only knowledge of the language, but also cultural competence, understanding of the context and knowledge of the subject. The authors identify the main areas of application of translation and interpretation in international business, including: legal and regulatory documents; financial reports and market analysis results; marketing and promotional materials for international markets; translation of technical specifications, instructions and documentation for products; diplomatic negotiations, international conferences and diplomatic correspondence on economic issues. Thus, translation is an effective tool for effective communication, cooperation and negotiations in international economic relations. By overcoming language barriers, fostering intercultural understanding, and the exchange of information and ideas, translation plays a vital role in promoting economic cooperation, trade liberalization, and sustainable development on a global scale.

Constructing Turkish Foreign Policy: From the “Grand Strategy” to the “Strategic Depth”

The Grand Strategy in the conventional Turkish foreign policy has been built on the defensive, secularism/security-based, pro-status quo and Western-oriented pillars while rejecting the Ottoman legacy since 1923. The Kemalist elite holding power in many institutions defined Turkey’s place strictly in the Western bloc in line with their identity, ideology, and quest to modernize and industrialise the country during the Cold War. However, from the 1980s onwards, several dynamics have opened new windows for change in both domestic and international politics including economic liberalisation, end of global bipolarity, new governmental initiatives abroad, de-securitization, democratization, and Europeanization. The JDP (Justice and Development Party) came to power in 2002, set a new orientation, goals, priorities, and tools for foreign policy within the guideline of the Strategic Depth Doctrine. An identity and ideology-driven, Middle Eastern-oriented, and pro-active foreign policy fuelling from the aspirations to utilize the Ottoman legacy to make Turkey a leading geopolitical actor in regional and global affairs was pursued until the collapse of the vision with the 2011 Arab Spring. In this article, firstly the characteristics of the conventional Turkish foreign policy and the factors that have constructed it, then the transition period, and finally the radical shift in JDP’s first decade will be critically assessed.

Akcioni plan zelene tranzicije za Srbiju - zahtev za hitnom, sistemskom, sveobuhvatnom i promišljenom akcijom

The dominance habit, at the core of human nature, continually pushes people into conflict with each other as well as against nature. This tendency has been exacerbated to the extreme during the period of economic neoliberalism. Since economic neoliberalism has lasted for more than four decades, a great many structural imbalances and anomalies of the economic system have emerged. Consequently, the economy, society, and the entire planet have remained in an unsustainable mode. In contrast to the exponential progress made since the start of economic liberalism, during the period of economic neoliberalism the economy and society entered regression, incapable of capitalizing on the growth potential from the last two industrial revolutions (3IR and 4IR). The economy entered a structural crisis because economic rules and policy platform brutally ignored planetary boundaries and the laws of nature as well. Precisely, without inbuilt corrective mechanisms aimed at mitigating the main fractures of the system, the economy has been floating between simultaneous destructions on the supply and demand side, and finally entered a structural, multi, and permanent crisis, simply, a "permacrisis". Furthermore, external asymmetric shocks, such as climate change, pandemics, and geopolitical disputes, have continuously deepened the fractures of the system and created new ones. In this paper, we intend to argue that when the pieces relevant for the functioning of the planet, envisioned as the "system dynamics" of three layers, cannot fit together, it is necessary to start with the reshuffling of the socio-economic layer, as the root cause of today's major planetary problems not only in the economy and society but also in the physical system and biosphere. The imperative of a new era is that economic rules should respect planetary boundaries and be compatible with the laws of nature, primarily reversibility and evolution. The aforementioned implies the necessity to initiate the transition from a "new normal", actually, abnormal, to a "better normal". Negative rebounds can only be reversed through the creation of a new context capable of internalizing negative externalities resulting from prior development. The ultimate outcome of such a radical change could be the birth of a sustainable (and inclusive) economy, both towards people and nature. The transition from an old to a new system is inevitable to steer the economy and society away from the permacrisis and put it on a sustainable trajectory. If the new economy intends to be in harmony with nature, the related transition could be named the "green transition" or the path back to a green planet as the context in which the seeds of human life were originally nurtured. Following the aforementioned logic, the paper is organized into six parts, excluding the Introduction and Conclusion. In Part 1 and Part 2, our focus will be on the root causes of structural imbalances (and anomalies) within the socio-economic system and the physical system, respectively, in the Anthropocene era. Part 3 presents a literature review of the attempts to mitigate inbuilt structural imbalances of economic neoliberalism. The intention is to address the green transition as a prerequisite for a sustainable economy and society. In Part 4, we delve into the strategic audit of Serbia's economy fact sheet at the outset of the green transition. The starting point in advocating for Serbia's return to a sustainable economy path is to provide an accurate diagnosis of the situation, addressing both macro and micro aspects, including everything in between. Part 5 offers an empirical test of attitudes towards SDGs/ESG sustainability metrics in Serbia's business community. Empirical data suggests a subtle inclination toward the environmentalization of the economy and sustainability-related disclosure. Consequently, in Part 6 we discuss the government's role in preparing the green transition action plan.

China's State Capitalism and International Responses: A Comparative Analysis of Infrastructure Investment Strategies

Abstract: By introducing the Belt and Road Initiative (BRI), an international infrastructure investment strategy, China attracted a lot of attention. China's approach to state capitalism has opened a window of opportunity for other infrastructure investment strategies. In response, the world's largest and liberally minded economies, such as the United States of America, Japan, and the European Union, have focused on connectivity and embarked on similar strategies. In this article, I conduct a comparative analysis of infrastructure investment strategies. I analyze key tenets of the BRI and international responses through the prism of principles, priorities, funding, financing, governance, and implementation. The comparison of strategies highlights more commonalities than differences, and I identify several instances in which liberal economies act in contradiction to their variety of capitalism. The results suggest that China has opened a window of opportunity for proactive infrastructure investment strategies, and major economies have responded in kind. With overlapping emphases in similar geographic regions, these strategies lead to competition. Consequently, recipient countries profit from an advantageous negotiating position when seeking to attract foreign direct investment in infrastructure projects.

CHALLENGES AND OPPORTUMITIES FOR RURAL WOMEN ENTREPRENUERS OF TUMAKURU DISTRICT – A SOCIOLOGICAL STUDY

Women entrepreneurship is gaining importance in India in the wake of globalization and economic liberalization. Women entrepreneurs tend to be highly motivated, self-disciplined & self-directed. Women's entrepreneurship is important for women's position in society, and economic development of women will lead to development of family, community and country. It opens up new avenues for creating employment opportunities for women and men. The present paper focuses on parameters to be focused to enhance the entrepreneurial skill of rural women and in turn their empowerment. Rural women's economic and social development is necessary for overall economic development of society and nation. Rural women are now increasingly run their own business yet their entrepreneurial potential, managerial skill and socio-economic contribution remain largely neglected. Women entrepreneurship development is the instrument of women empowerment. Empowerment through entrepreneurship leads to self-fulfillment and makes women aware about their status, existence, right and their position is in the society. In modern era, women are becoming socially empowered, and economically empowered through business ownership. On the other hand, empowerment of rural women is also very significant. Economic empowerment of rural women will lead to the development of our country and it is very necessary to give keen attention over the empowerment of women in the rural areas for the real development of our country in all spheres.

Polish system of business insurance in agriculture and related areas during the accession processes and EU membership. Selected aspects. Part II: The period of Poland’s EU membership

The preparation period for Poland’s membership in the European Union, which lasted nearly 15 years and involved both the transposition of EU legislation, including insurance legislation, and the structuring of the national insurance system for the broadly defined agriculture and rural areas, failed (despite the adoption of the European model) to effect changes that would sufficiently help the agricultural insurance system recover from the long-lasting crisis it had faced since 1990. The opportunities offered by the Community policy, related i.a. to the expansion of the insurance portfolio to include modern types of insurance covering various types of risks, as well as the traditional form of risk transfer well-known from earlier periods in the history of Polish insurance, such as insurance mutuality, were not fully utilised either. In the post-accession period, it has been accompanied by a significant expansion of the group of structural tools for agricultural risk management, which extend beyond the area of insurance. The reasons for the structural crisis of business insurance in agriculture and related areas (in the years 1990–2004) lay both in statutory reasons (abolishment of the statutory agricultural insurance system) and mistakes in the implementation of the market insurance model in Poland. The latter were particularly manifested in the dogmatic and selective approach to the underlying principle of systemic freedom of contract in agricultural insurance, with a simultaneous approval of the legal and economic obligation to conclude such contracts in other types of insurance cover. The subject of the issues included in the present study (Parts I and II)2 is the analysis of the establishment and implementation of the insurance model of the indicated sectors against the background of legislation and practice in the unified agricultural insurance market during the implementation of processes preparing Poland’s accession to the European Union (EU) – Part I of the study, and then the implementation of the new insurance system in the market model – Part II of the study. The authors’ analysis of the legal and organisational regulations of the agricultural insurance system in force in the years 2004–2022, taking into account the regulations and other instruments of influence offered/implemented by the EU authorities and institutions, proves and confirms the claim that the negative effects of political and market transformations of the early period of market economy have been evident throughout the entire period of Poland’s membership in the EU to date. These were further aggravated by external natural and social phenomena and a range of internal causes3. The latter, related to the conclusion and execution of insurance contracts, are marked by a profound commercialisation of the contractual relationship and imbalance between the parties to the contracts under civil law (in favour of the supply side), which is characteristic of the liberal economy system. By analysing selected legal acts, available reports and scholarly literature on the subject, as well as drawing on their own experience as participants in the business insurance market in Poland, the authors of the study point first and foremost to systemic and, consequently, organisational solutions as one of the basic sources of the crisis of the business insurance system in Polish agriculture and related areas. In view of the above, the aim of Part II of the study is, therefore, first of all to identify the symptoms of irregularities causing increasing exposure to risk, and located in insurance legal relationships established in the agricultural insurance sector after Poland’s accession to the EU. They invariably demonstrate the need for a continuous modernisation of the system, taking into account both the benefits and the problems associated with common agricultural policy and agricultural risk management in the single European market. Key words: insurance crises, Polish agricultural insurance system, agricultural insurance system in the EU, agricultural insurance, risk management in agriculture.

Reviewing Airport Privatization: An Experience of India

This study has reviewed the airport privatization scenario in the Indian context. It has examined the circumstances of airport infrastructure under the Public-Private Partnerships (PPPs) model. The Government of India (GoI) is justifying the development of airports through PPP mode due to their necessity to provide standard services and efficiency of the projects. However, the deficiency in investments and viability gap are being levy in the form of development. It has synthesized several works of literature. It looks at the historical changes and the ways that evidenced the changes. It has reviewed the developing scenario of airport PPP in India. During the 1990s economic liberation, the activities of PPPs emerged in the airport and aviation of India. India has 24 years history of airport PPPs. This study aims to provide a review of airport PPP experience in India. PPPs in the Indian airport industry are examined in sound regulation. The Government of India has adopted PPP schemes instead of going into full privatization of airports. Since the 2000s, PPP models have been adopted in the development of new airports and the reformation of operational and nonoperational airports. In the year 2006, Indira Gandhi International Airport, (IGIA) in Delhi, and Chhatrapati Shivaji International Airport (CSIA) in Mumbai were partially privatized. After the successful implication of PPPs, in the airport infrastructure the numbers are growing. In the year 2020, six airports were privatized through the PPP model by Adani Enterprises. To date, there are 21 airports in the pipeline of privatization.

Using synthetic control method to estimate the growth effects of economic liberalisation: Evidence from transition economies

AbstractWe examine the contribution of institutional reforms to economic growth. To this end, we distinguish between several classes of institutional reform in the approach to economic liberalisation. Based on a sample of 24 current and former transition economies for the period 1980–2016, we estimate the counterfactual scenarios related to each distinctive institutional approach to the economic liberalisation by making use of the synthetic control method. Our evidence uncovers notable contrasts in the long‐term effectiveness of designated policy approaches in recovering from the transitional recession. A variety of synthetic control estimates suggests that a sustained big bang approach (rapid reforms) appears to be the most effective approach, while an abortive and gradualist approach tends to produce a permanent breakdown of the growth trajectories relative to the estimated counterfactuals. The point estimates survive an extensive battery of placebo tests. By employing the same methodological tool kit, future research could examine the impact of transition reforms on other socio‐economic variables, such as the poverty rates, income inequalities, health and environmental outcomes.

The Retreat from ‘High Technology’ in Post-War Britain

Abstract This article argues that the 1970s saw an important change in the attitude of the British state to civil technological projects. It focuses on supersonic aviation and nuclear power policy as its case-studies, which were the key areas of techno-nationalist investment in the post-war period. It shows that Whitehall became radically more sceptical about state-led Research and Development, scrapped many core long-term projects, and cut back others. The politics and timing of this shift matter for our wider understanding of post-war British history, the history of technology, and histories of ‘neo-liberalism’. Thatcherism is supposed to have brought with it the decisive move away from industrial intervention by the state. Such a characterisation, while containing important truths, makes it difficult to see that the retreat from the most spectacular industrial investments of the British state in fact occurred during the 1970s in what was an economic liberalism from within, rather than a ‘neo-liberalism’ from without. This paper also challenges the narrative that the ‘technological disillusion’ of the 1970s came via the New Left and environmentalists, demonstrating the importance of an expert critique focused on economic and industrial arguments that emerged from inside the state itself.

Has the Feminist Economics Intellectual Project Lost its Way? An Analysis of the Journal’s Evolution

This article analyzes the methodologies, scope, and impact of manuscripts submitted to and published in Feminist Economics from 1995 to 2019. The analysis finds that in addition to becoming increasingly empirical, Feminist Economics publications have also become increasingly intersectional. However, quantitative empirical submissions, relative to other methodological approaches, are more likely to be desk rejected and less likely to be eventually published if they proceed to peer review. The increasing attention to gender in the mainstream of the economics discipline, proxied by the prevalence of gender analyses in the discipline’s top thirty journals, is also associated with increased desk rejection, reflecting a rise in submissions that take a mainstream “add gender and stir” approach. Ultimately, this study aims to understand how feminist economics has evolved since the inception of the journal and to spark conversation about how to continue to make the journal and economics more feminist in the future. HIGHLIGHTS Publications in Feminist Economics have become increasingly intersectional. Non-empirical work has been favored in the publication process. Special issue articles garner more citations on average. Intersectional articles garner fewer citations on average. More “gender” papers lacking feminist engagement have been submitted over time.