National Economic Sovereignty Research Articles

Мудрость истории и вызовы времени (к 220-летию кафедры политической экономии МГУ)

Nowadays, the world is going through a complicated period of formation of a new world economic order, when Russia embarked on the path of formation and ensuring its national economic sovereignty. In this regard, the history of the Department of Political Economy of Moscow University sounds in a special way, which since the beginning of the XIX century, at all stages of the Russian state and society, has sought to systematically generalize and propose solutions to social and economic problems. This is the merit of both political economy - the basic systemic economic theory, and the dedicated professors of the department to its. Moreover, the turbulent XXI century is rapidly implementing digital and quantum technologies, artificial intelligence, and modifying the role of man in the economy and market civilization concerned with the protection and preservation of the natural environment.

Chapter 6. Establishing The Public Purpose of National Economic Sovereignty In A New Constitution.

Chapter 6. Establishing The Public Purpose of National Economic Sovereignty In A New Constitution.

Механизмы встраивания предприятий малого и среднего бизнеса в модель мобилизационной экономики России

Subject/topic. The article is devoted to the development and justification of promising mechanisms for the implementation of the mobilization model of the Russian economy in the unprecedented conditions of the negative impact of the external environment on the priority aspects of ensuring the national economic sovereignty of the Russian Federation. The subject of the study is the mechanisms for embedding small and medium-sized businesses (SMEs) in the model of the mobilization economy of Russia. Goals/objectives. Expansion of the range of scientific knowledge and development of practical recommendations for the development and application of the best mechanisms for embedding SMEs in the model of the mobilization economy of Russia. Methodology. The study is based on the application of general scientific methods of synthesis and deduction, as well as on the results of the foresight session to develop scenarios for the involvement of small and medium-sized businesses in the mobilization model of the Russian economy. The assessment of prospective indicators of the dynamics of the number of SMEs is based on the materials of an expert survey, in which 10 executives of federal and regional structures to support small and medium-sized businesses took part. Results. Prospective mechanisms for embedding small and medium-sized businesses in the model of the mobilization economy of Russia are substantiated: inclusion in the system of market cooperation, including through involvement in cluster mechanisms, systems of contracting relations and the performance of work and the provision of outsourcing services; active use of SMEs in loop mechanisms of import substitution, parallel imports and distributed digital financing of foreign economic activity and cross-border transfer of innovations; comprehensive assistance in the development of the digital segment of innovative small business; activation of the entrepreneurial potential of SMEs through the expansion of opportunities to participate in the state contract system and the fundamental inclusion in the state defence order system, as well as in the implementation of large-scale projects financed on the basis of state guarantees and targeted mobilization loans. Conclusions/relevance. Competent integration of SMEs into the mobilization model for the development of the Russian economy will make it possible to obtain the necessary and expected result from its practical implementation. Application. The results of the study can serve as the basis for the development of state policy measures for the development of a model of the mobilization economy of Russia, considering the factor of involving small and medium-sized businesses.

Saving the ‘indigenous banks’: moral politics of economic sovereignty in Ghana’s 2017–19 financial crisis

AbstractNine Ghanaian private banks collapsed during the country’s 2017–19 financial crisis. Apart from public audits that revealed liquidity problems and large portfolios of non-performing loans, the crisis generated vibrant debate on ‘indigenous banks’ as integral to national economic sovereignty. At the centre of these debates was a contested central bank-led project to inject equity in five struggling Ghanaian banks through a special purpose vehicle (SPV), Ghana Amalgamated Trust (GAT). Set against the historical dominance of foreign banks in West Africa and Ghana’s recent history of political fault lines, this article explores the moral discourses and popular discontents of harnessing an SPV – a device typically used to isolate financial risk – for a desire for African economic sovereignty. Drawing on banking archives, public debates and fieldwork in a private bank selected as a benefactor of the SPV, I focus on the contests of value that emerge when costly banking sector reforms meet a critical public that doubts the sincerity of politicians and bankers as economic ‘reformers’. Arguing that ‘indigenous banks’ became a moral category that embedded abstractions of finance in a nationalist discourse of affect and sentiment, this article illuminates the long history of centring domestic ownership of financial infrastructures in postcolonial African economic policymaking.

National Retro and the Re-mattering of History in Twenty-First-Century Hungary

AbstractThis article investigates the international genre of “retro” and how it is used in Hungary to re-matter the nation’s modern past, repositioning the country within a twentieth-century European history where it was never cut off by an “Iron Curtain” from the modern West. It does this by selecting for modern consumer goods and popular culture from both East and West that fit international criteria for retro. For both young and old, retro “matters” the past in a way that affirms contemporary market sensibilities, infusing it with value through assertions of market equivalence in the past and new value as commodities in the present. If Hungarian Retro works as a form of nostalgia for some, it is for an era of perceived national prestige, value, and economic sovereignty relative to the demoralized present. While distinct from right-wing nationalist politics, Hungarian Retro nonetheless shares in the project of erasing a stigmatized state socialism from national history. This article builds on scholarship on the role of the material in producing the nation in everyday life. It contributes a perspective that brings together: (a) the domestication of international commercial and popular trends; (b) the global hierarchy of prestige based on national exports and imports; and (c) the constitution of value in citizens via the qualities of consumer goods both produced and consumed.

Внешнеполитический курс Китая и навязывание США Китаю биполярного противостояния

The article analyzes the US policy in terms of rebuilding bipolarity in the world community, where the Communist Party of China is designated as the main enemy of progressive humanity, an attempt is made to reform alliances of supporters of confrontation with China and countries that are confidently striving to pursue sovereign foreign and domestic policies. For the United States, this positioning corresponds to the tradition of foreign policy activities in the world community. In addition, it is based on the success of the policy of counteracting the camp of socialism and the USSR, and it was proposed to implement the same course in relation to the CPC of the PRC. A study of the main conceptual provisions determining the content of the PRC’s foreign policy strategy was carried out, it was proved that China does not seek to become a hegemon in the world community, but economic leadership and its economic interests will try to promote in all possible ways, excluding military actions. The economic expansion of the PRC can only be counteracted by the countries gaining genuine national economic sovereignty and building up national competitiveness, an interstate foreign policy strategy pursued by countries on the basis of realizing national interests and reaching an agreed consensus in sensitive sectors of economic interaction.

QUINTESSENCE OF UKRAINE’S FINANCIAL SECURITY STRENGTHENING IN THE CONTEXT OF ECONOMIC SPACE VOLATILITY

The formation of a stable financial system is one of the important tasks facing the state. The lack of a comprehensive strategy to strengthen Ukraine’s financial security leads to fragmentation and insufficient predictability of the country’s financial policy. This directly threatens Ukraine’s national security and economic sovereignty. The author’s developments in the directions and mechanisms of ensuring the financial security of the state are aimed at forming a strategic vision of the development of the domestic financial market, promoting consolidation and effective interaction of state authorities, first of all the Ministry of Finance of Ukraine, the National Bank of Ukraine, the Committee on Financial Policy and Banking of the Verkhovna Rada Ukraine and society. This article provides for the study of factors affecting the financial security of the state, the comparative analysis of approaches to the definition of financial security used in foreign and domestic practices. As a result of the analysis, a comprehensive signal system of indicators of financial security assessment of the state will be proposed in scientific work, principles of its strengthening will be developed, mechanisms for ensuring financial stability in the context of strengthening the financial security of the state are substantiated. The results of the evaluation will serve as a basis for substantiation of strategic directions, identification of instruments and measures for ensuring the financial security of the state by the bodies of macroprudential supervision, determination of ways of development of competition in the financial market. Appropriate developments will facilitate timely and adequate management decision making in the context of high volatility of the economic space, which will ultimately serve as a basis for strengthening the financial security and development of the Ukrainian economy as a whole. In Ukraine, the financial policy of economic growth is the basis for the development of the state, improving the well-being of the population, establishing new social standards. Financial stability is an important factor in influencing economic development, the social sphere, economic transformation, demographic change, the well-being of society, and financial security as a component of economic security. Against this background, the issue of ensuring the financial security of the country and developing strategic directions for its enhancement is urgent.

Sri Lankan Economic Sovereignty: Insights of Potentially Alarming Trends

This study attempts to examine Sri Lanka’s macroeconomic evolutions which could be potentially harmful to national economic sovereignty. The study was based on time series secondary data for the time period spanning from 1970 to 2016. The operational methodology adopted is a descriptive statistical trend analysis on macroeconomic variables such as Gross Domestic Product (GDP), Gross National Income (GNI), Net Factor Income from Abroad (NFIFA), Exports, Imports, Current Account Balance and Foreign Debt. The findings of the study revealed that the adverse Trade Balance ever since the liberalisation of the Sri Lankan economy in 1978 has been behind much of the ill-effects resulting in heavy foreign indebtedness. Growing factor payments abroad as a ratio of GDP provides suggestive evidence of gradual weakening of national ownership of the Sri Lankan economy. The findings of the study indicate that the solution for such malaise possibly exists in policies anchored outside the hitherto adopted mainstream economic doctrine.

Economic Policy Coordination as a Game Involving Economic Stability and National Sovereignty

The economic crisis has paved the way for reconsideration of the Eurozone's constitutional design. This paper shows that what may seem as a massive empowerment of European institutions at the cost of national economic sovereignty in actual constitutional practice has left economic policy coordination largely unchanged. By means of conceptualising its previous and current patterns as a game between supranational and national institutions, it is shown that the scale of change has been widely exaggerated. The new Eurozone design has mitigated in practice the extent to which national economic sovereignty has been undermined, but only at the cost of shifting to the European Central Bank the burden of shoring up the stability of the common currency; such burden the ECB is bound to prove unable to sustain in the long run.

The two sterling crises of 1964: a reply to Oliver

Oliver's Comment on my recent article challenges my argument that there were two sterling crises in the autumn of 1964. He argues that there was one only and that the Labour government mishandled it. Oliver has, however, reached these conclusions on the basis of a partial reading of the evidence and a failure to grasp how the changing international context imposed constraints on national economic sovereignty.

The future of the euro: Let's get real

ABSTRACT After three years of recurrent crisis, what is the future of the euro? For some skeptical observers, mounting tensions in the euro zone are fast approaching a breaking point. Europe's daring monetary experiment, we are told, is doomed to end in spectacular failure. For others, by contrast, the outcome ultimately will be not less union but “more Europe” – an even tighter merger of national economic sovereignty. Tested by adversity, the euro will emerge more successful than ever. Who is right? The correct answer is: Neither. Skeptics are wrong because they underestimate Europe's deep political commitment to the euro's survival, in some form or other. Euro-enthusiasts are wrong because they overestimate the amount of “give” in Europe's domestic politics. The euro will neither fail nor succeed. Defective but defended, it will simply endure.

Trade decisions devoid of judicial activism: “too much too soon” for the dispute settlement body?

World Trade Organisation Judges, that is those who sit on the Panels and Appellate Body of the World Trade Organisation (WTO) Dispute Settlement Body (DSB), have been increasingly dogged by criticisms of “judicial activism” in their decisions. Legal jurisprudence invites consideration of this issue. First, for the sake of academic examination, to question the viability of cloaking with compulsory jurisdiction, a dispute settlement body faced with the task of resolving matters which hinge on questions of national economic sovereignty. Second, for a practical assessment and review of this attempt by national representatives gathered under the political umbrella of a trade‐negotiating organisation to replicate the judicial style dispute settlement process of modern legal systems. The problems giving rise to threats of “judicial activism” are broadly two‐fold: (a) the increased complexities in trade disputes, and (b) the procedural teething worries of a still‐evolving judicial dispute organ. This paper examines these factors.

Corn Culture and Dangerous DNA: Real and Imagined Consequences of Maize Transgene Flow in Oaxaca

"Genetic pollution" in Oaxaca has become Exhibit A for critics of crop genetic engineering and the focus of angry charges and counterclaims by biotechnology researchers. Like many disputes about science and technology, this one is linked to economic and resource-control conflicts. To understand why this controversy is so intense, we need to locate the scientific findings and claims about crop gene flow within the broader frame of international agro-food restructuring and its consequences for agrarian communities. The dispute over maize transgene flow in Mexico has unfolded in the context of U.S. and "life industry" agendas for trade liberalization and worldwide expansion of intellectual property rights. Equally germane is the cultural and economic significance of corn and of small-scale farming in Mexico, where rural livelihoods have been hard hid by neoliberal reforms. Whether or not the contested report in Nature (November 2001) stands up to scientific scrutiny, it is probable that the introgression into Mexican local maize varieties of Bt transgene constructs from genetically engineered U.S. corn has occurred, despite Mexico's ban on GE grain planting. The possible risks posed by traveling transgenes are not well understood, but there are plausible scientific reasons for concern about possible hazards to agricultural biodiversity and agro-ecosystems. More troubling, however, are the likely consequences -for local food security, cultural survival, and national economic sovereignty- of the private ownership of staple-crop genetic resources and of the influence on trade policy, agricultural research, seed and food markets, and farming-system options of a small number of powerful states and transnational firms. Processes at the global level (e.g., in the WTO), regional level (e.g., trade pacts in the Americas) and local level (farmers' successes in agroecology and organizing) suggest that the political space for alternative agendas may be opening. Despite the privatization and narrowed focus of much research funding, genetics, ecology, crop science, and participatory research have much to contribute to widening this space by evaluating sustainable-farming options as well as biotechnology applications.

Globalisers vs Communitarians: Public Intellectuals Debate Thailand’s Futures

In the past decade Thailand’s bubble of prosperity expanded beyond the wildest dreams of investors and burst in the faces of those who had inflated it. By being the fastest growing economy in the world as well as the epicentre of the 1997 Asian financial crisis, Thailand became a cautionary tale of hypergrowth. During the boom and especially after the bubble economy burst there were heated debates in Thailand’s highly energised public sphere about the accelerating pace of change, about political reform, and about the possible futures for the country and its people. All Asian countries subjected to the International Monetary Fund’s (IMF) regime of austerity saw their national economic sovereignty compromised, and in this respect the financial crisis of 1997 had clear parallels with previous threats to Thailand’s sovereignty in the nineteenth and early twentieth centuries. Then, as in the late 1990s, the ruling elites allowed sovereignty to be compromised.In this essay I endeavour to map out the intellectual contours of post‐boom Thailand. While accepting that these public debates are concentrated in the Bangkok megalopolis, I would suggest that it would be a mistake to dismiss the dominant themes of these debates as fatally elitist or Bangkok‐centric. The public intellectuals engaging the issues have close ties to non‐governmental organisations (NGOs) and other activists elsewhere in the country. At the core of these debates is the need to empower local communities in order to contend with the pressures of international financial organisations such as the IMF, the World Bank and the Asian Development Bank (ADB).

Financial Globalization

The paper studies how global financial markets can be restructured so as to be more stable while also providing some national economic autonomy. An impossibility theorem sets the stage for the analysis of reform alternatives. Then, the relative merits of alternative exchange rate regimes and of different degrees of capital-market-flow regulation are considered. The paper concludes by opting for a combination of : floating exchange rates; slowing down and taxing foreign capital inflows; and greater national economic sovereignty.

On Economic Sovereignty: European Nation-States Between Globalization and Regional Integration

European monetary unification has once again brought the issue of national economic sovereignty to the front: often regarded as the quintessential attribute of national sovereignty in the realm of economics, monetary powers have been most solemnly foregone and transferred to a supranational authority, independent from political bodies. Insistence by the French minister of Finance that restructuring French banking sector should take place within the national borders, frustration over the impossibility for continental member states to go on imposing an embargo over British beef, the opening of the so-called Millennium round of international trade negotiations in late November in Seattle, the loud reactions of the German government and press to the hostile takeover bid over Mannesmann, a giant “German” telecommunication company, by the “British” Vodafone: over recent months, there have been many examples of the ambivalent way in which European nation states react to the consequences of globalization and international monetary integration.

National economic sovereignty and the Single European Currency

Considers how membership of a Single European Currency would affect Single European Currency members’ national economic sovereignty. First defines concisely national economic sovereignty. Explores economic life in the Single European Currency. A picture of a converged Single European Currency area economy emerges. Then considers what influence Single European Currency members would have on the Single European Currency area’s macroeconomic policy, finding members’ influence, their national economic sovereignty, depends on the Single European Currency’s institutional structure. Explores three institutional structures, a Council of Ministers approach, a federal approach and the Maastricht plan, the European Union’s (EU’s) actual plan for the Single European Currency. Finds that both a federal and a Council of Ministers approach appear to offer Single European Currency members some degree of national economic sovereignty, while the Maastricht plan appears to offer Single European Currency members very little national economic sovereignty. Analyses the Exchange Rate Mechanism (ERM), to assess what national economic sovereignty EU countries currently enjoy. It becomes apparent that in order to prevent excessive exchange rate instability EU countries must set their monetary policies to the satisfaction of the Financial Market, EU free capital mobility undermining EU countries’ national economic sovereignty. The ERM’s and the Maastricht plan’s preference for price stability over democratic accountability leads to an investigation of the significance of a economy’s average inflation rate. Finds evidence of a negative correlation between EU countries average inflation rates and their private sectors level of profitability. Concludes by asking if a Single European Currency, which favours enforcement of price stability over democratic accountability, is good for European business or not.