Shift In Economic Power Research Articles

Childhood, Migration and the Pursuit of Happiness in MIDDLE‐CLASS EAST ASIA

ABSTRACTThis special issue explores the shifting landscape of global middle‐class migration within and from East Asia by taking the relationship between mobility, parenting ideals and changing educational desires as its focus. Contributions explore how East Asian middle‐class families balance the emergent emphasis on their children's well‐being with the demands of global competitiveness as these often‐antagonistic desires are projected onto old and new migration destinations against the background of global geopolitical and economic power shifts. Instead of reifying the simplistic binary of hierarchical, achievement‐oriented East Asian ‘Confucian educational norms’ versus democratic, well‐being‐focussed Western ideals, the contributions offer a nuanced understanding of how these educational ideals coexist within the social, cultural, political and economic contexts of families. By carefully assessing the dialectically entwined intimate experiences of parents and children, the articles collected here set out to broaden our understanding of how middle‐class families in Singapore, South Korea, Japan and China attempt to negotiate the tension between prioritizing children's happiness and maintaining global competitiveness result in a variety of strategies from migrating to less obvious international destinations to crafting domestic alternatives. Taken together, the articles reveal consistent patterns of middle‐class migration and child‐rearing decisions that contest and reshape conventional notions of success, attesting to a shift in global middle‐class migration trends and to the importance of child‐rearing in migratory decisions.

China’s grand strategy within 21st-century megatrends

The main aim of this study is to identify possible components of China’s grand strategy and check how they can influence global megatrends. Based on a literature review, four grand strategy components are identified: 1) building up military power, 2) consolidating power at the peripheries and pushing for more control over disputed territories, 3) expanding economic influence through the Belt and Road Initiative, and 4) establishing new standards in digital technologies and promoting cyber sovereignty. These strategic tools can directly affect the following megatrends that are commonly mentioned in the literature: shift of economic power, emerging markets, new economic order; digitalisation; globalisation; deglobalization, trade reduction; diversity of governance, trust in the political system; and scarce resources. Using data taken from Google Trends it is shown that in the 2004-2023 period the trends of Chinese grand strategy terms correlate most with terms that represent the following three megatrends: digitalisation, globalisation, and scarce resources.

Green Transition and the Business Sector in the European Union and Romania

Abstract Increasingly obvious over the last two decades, human society and the economies of all the countries in the world faced and continue to face increasingly accelerated, amplified, diverse and divergent economic, social, political and technological trends and developments, among which three so-called megatrends stand out for intensity and persistence: digitization and automation of production, greening of economies and global economic power shifts. Considering such issues, the paper focuses on a brief analysis of how the green transition affects the business sector (enterprises) in the EU countries, with a focus on Romania - an EU member state that registers a relatively low level of penetration of the circular economy. Indicators of the green economy and eco-innovation and referring to the economic dimension of the circular economy, were used for the analysis. The results show that the EU27 economies generally are leaders in most of the aspects concerning the greening of economies and their business sectors, but Romania reveal certain relative delays of the local business sector in moving towards production and business development methods characteristic of the ecological economy.

Oil Price Shocks in Major Emerging Economies

As the world economic power shifts from the advanced G7 countries—Canada,France, Germany, Italy, Japan, the United Kingdom, and the United States—to the seven largest emerging market countries (EM7)—Brazil, China, India, Indonesia,Mexico, Russia, and Turkey—the vulnerability of these emerging market countries to exogenous shocks is becoming of growing importance. This paper presents a comprehensive examination of the effects of oil price shocks on real economic activity in the EM7 economies in the context of two classes of empirical models.In general, we find that oil price uncertainty has statistically significant effects on the real output of the EM7 economies and that the relationship between oil prices and economic activity is in general symmetric. We also find that oil price uncertainty has in general a negative effect on world crude oil production.

REVISITING CHINA'S DEVELOPMENTAL STATE: LESSONS FOR AFRICA

Prominent development institutions and researchers have documented the ascendance of China in the global political economy and mainly explored how the global balance of power is affected by China's growing economic expansion. Political economists have argued that it is part of the generic economic power shift from the global north to south whilst security studies place emphasis on Chinese national geopolitical interests in several regions. This article discusses what lessons can be drawn from China's developmental state experience and how these can inform Sub-Saharan African developmental strategies. We argue that China's rise has been driven by both market and non-market institutions and show how peculiar contextual historical and socio-political factors have been integral to building the Chinese developmental state. This demonstrates the importance of building effective state institutions to support sustainable economic growth and human development. We highlight the principles shaping institutional mechanisms relating to the rapid economic growth and argue that African governments should apply these in their attempts to rebuild state capacity. However, we also point out that negative trends such as authoritarianism and persistent inequality should not be replicated. Rather, Sub-Saharan Africa should build democratic developmental states characterised by pro-poor sustainable inclusive growth.

Countries of BRICS group on Forex market

Motivation: The globalization process has deepened the links between economies in the global socio-economic system. It has resulted in the shift of economic power from high developed countries to economies that have entered the path of fast socio-economic development, especially emerging markets. The emerging economies’ dynamic economic growth empowers the reduction of the development gap in relation to high developed economies. In the context of emerging markets, the special importance is dedicated to so-called BRICS countries. The share of BRICS countries in total world production as well as in total global trade, increases. The huge population and the GDP growth per capita make these economies the important markets nowadays. The financial market, especially the foreign exchange market becomes more and more important in the world economy. Aim: The aim of the paper is to examine the participation of the BRICS countries in the global foreign exchange market. The paper assumes that the increase of the BRICS group importance on the global markets does not correspond with the increase in the importance of these economies currencies on the Forex market. The BRICS group’s turnover in global foreign exchange turnover will be examined. In addition, the share of these currencies in the segments of particular types of transactions will be examined. Results: The importance of the BRICS group in the global economy is growing. However, this growth is not accompanied by growth of interest in currencies of this group on Forex market. The share of transactions concluded with the use of currencies of BRICS group was only 5% in 2019. Whereas, total currency turnover of the BRICS group countries was only 3% in 2019. The share of BRICS countries in individual market segments can be considered stable, yet insignificant.

Oil Price Shocks in Major Emerging Economies

As the world economic power shifts from the advanced G7 countries — Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States — to the seven largest emerging market countries (EM7) — Brazil, China, India, Indonesia, Mexico, Russia, and Turkey — the vulnerability of these emerging market countries to exogenous shocks is becoming of growing importance. This paper presents a comprehensive examination of the effects of oil price shocks on real economic activity in the EM7 economies in the context of two classes of empirical models. In general, we find that oil price uncertainty has statistically significant effects on the real output of the EM7 economies and that the relationship between oil prices and economic activity is in general symmetric. We also find that oil price uncertainty has in general a negative effect on world crude oil production.

The role of geomedia in building intercultural competence : A qualitative case study within the context of a student exchange program between Austria, Germany and China

Structured student exchange programs are known to foster intercultural competence (IC). We conceptualize IC as a construct that ranges from the individual level to the interactive cultural level, and we complement existing models of intercultural sensitivity and processes of introspection. Several factors may influence IC, such as mediatization, the ubiquity of geomedia, and global economic power shifts – in our case the rising global influence of China. In our long-term, qualitative case study on Austrian/German and Chinese exchange students, we consider geomediatization as a new socio-technological regime that influences processes of social, cultural and physical orientation. The results indicate that, at the level of student exchanges, IC is a process of self-reflection and self-development. Geomedia play a major role in this process: they promise to provide a certain authenticity of experience, and sense of independence and safety, promises that are thwarted by exchange students’ strong platform dependence and reliance on “the bubble”.

BRICS: A Limited Role in Transforming the World

The emergence of BRICS is a reflection of the economic power shift from the north to the south. BRICS cooperation is driven by their shared identity as emerging economies. BRICS will play a bigger role in reshaping the world economic order through reform of the existing international institutions and within the framework of G20. It is in no way aimed at toppling the existing world order or forming an anti-West bloc. The strength of BRICS depends on continued domestic reforms within its member states, its institutionalization, and its cooperation with others both from the south and the north.

A conceptual model of the subject area of alter-globalization

The article highlights certain aspects of a conceptual model of the subject area of alterglobalization and estimates the implementation of an alternative global transformation pro gram. The research paper also evidences the relevance of an alter-global development model, which enables the fulfilment of new principles for the functioning of the world system and is based on social partnership, social protection and diversification.Prerequisites and consequences of the alternative global movement are identified and critical imperatives for the development of globalization are outlined. A number of imperatives for structural shifts which determine an alter-global model of the world economy development are indicated. The impact of these imperatives will strengthen over time, namely: global expansion of rights and freedoms, diffusion of global influence, demographic changes and lack of food and resources.The etymology of tectonic shifts in the development of the world economy is analyzed and its bifurcation points which require a transformation from a global model of development to alter-global are identified. Today, the major shifts are as follows: accessibility of technologies, aging of the population, urbanization, global growth of the middle class and shift of economic power to the east. The “black swan” theory is considered and factors that cause “black swans” events to occur are explored.The “black swan” theory is extrapolated and a number of potential unexpected events are described. These events could significantly threaten the current global economic order and can be prevented or resolved through the implementation of the alternative global concept of world development.It is found that pandemics, climate changes, economic collapse, wars and geopolitical changes are potential “black swans” of the current global economic order. The crisis background of the global economy is considered and it is shown that the threat of global instability and contradictions in economic interests can result in the collapse of the current economic order. Finally, the conclusions are made and prospects for further research on the subject area of alter-globalization are highlighted.

Sponsorship behaviour of the BRICS in the United Nations General Assembly

The formation of informal groupings of states is a manifestation of the global shift in economic power. One such a grouping is the BRICS, consisting of Brazil, Russia, India, China and South Africa, which stands out for its importance due to its economic weight, its coverage across continents and the numerous internal differences. The BRICS have collectively flexed their muscle and expressed their intentions to extend their cooperation at the United Nations (UN). Proposals in the United Nations General Assembly (UN GA) take the form of resolutions, which can be written and co-written by the UN member states. This so-called sponsoring of resolutions is a way to push agenda items forward. Using a large-N network analysis, we examine the patterns of co-sponsorship of the BRICS of resolutions adopted in the UN GA plenary sessions. We find that the BRICS cooperate on fields such as economic issues, however, they do not form a coherent bloc when it comes to resolution sponsorship. These results raise the question in what way the BRICS actually cooperate at the UN level.

Emerging Asian Economies: Are they really a challenge to the current Status Quo?

The gradual shift of economic power towards Asia and in particular towards China is explored in this article using Immanuel Wallerstein’s and Fernand Braudel’s models of “world-economy” and of “historical capitalism”. Although some raw macro-economic data would suggest that economic power seems to have been gradually and inexorably shifting away from the Western economies and towards China, a more subtle analysis shows that a number of other factors, such as the difficulty to deal with the limits to growth in China as well as its limited institutional capacity seem to undermine the challenge to the current status quo.

Brexit: Reasons, Political Background, Implications

In the 1960s after the collapse of the colonial empire, the European direction became more important for Britain than relations with overseas territories. For Britain membership in the EEC and subsequently in the EU was a forced measure for the lack of an alternative. Britain gained a strong position in the integration group, but became “an inconvenient partner” in it, demanding special conditions. In the country there was a constant interand intra-party struggle on the “European question”. Eurosceptics were concerned about the country’s loss of national sovereignty and identity, dissatisfied with the social model of the EU in the spirit of social democracy. Euro-optimists considered self-isolation from the continent as disastrous for the country. The logic of integration led to deepening not only economic cooperation, but also political, which caused the rise of europetceptism in Britain in the conditions of the economic crisis of 2008- 2009, the crisis of the Eurozone and the migration crisis. Against this background, Prime Minister D. Cameron was forced to hold a referendum on Britain’s membership in the EU. The results of the referendum on Britain’s membership in the EU demonstrated a split in society: just over half of the British voted for the country’s withdrawal from the EU. The country is divided on social, age, and regional grounds. Not only socially vulnerable, but socially prosperous sections of the population voted for Brexit. As a result of globalization, the former concern immigration, the latter – the shift of economic power to the East. The political consequences of Brexit are serious. The political consequences of Brexit are serious. Scotland, having voted for the EU, is aiming to hold a new referendum on independence, Northern Ireland is wary of closing the border with Ireland. In the political arena, the struggle between eurosceptics and euro-opportunists did not stop, prompting the replacement of the leader and the Prime Minister (Conservative Party) and the aggravation of the crisis in the Labor Party. The successor of D. Cameron as head of the cabinet, T. May had to announce early parliamentary elections, hoping to strengthen the position of the ruling party and supporters of its line on the eve of difficult negotiations on the conditions for Britain’s withdrawal from the EU.

A conceptual model of the subject area of alter-globalization

The article highlights certain aspects of a conceptual model of the subject area of alterglobalization and estimates the implementation of an alternative global transformation pro gram. The research paper also evidences the relevance of an alter-global development model, which enables the fulfilment of new principles for the functioning of the world system and is based on social partnership, social protection and diversification. Prerequisites and consequences of the alternative global movement are identified and critical imperatives for the development of globalization are outlined. A number of imperatives for structural shifts which determine an alter-global model of the world economy development are indicated. The impact of these imperatives will strengthen over time, namely: global expansion of rights and freedoms, diffusion of global influence, demographic changes and lack of food and resources. The etymology of tectonic shifts in the development of the world economy is analyzed and its bifurcation points which require a transformation from a global model of development to alter-global are identified. Today, the major shifts are as follows: accessibility of technologies, aging of the population, urbanization, global growth of the middle class and shift of economic power to the east. The “black swan” theory is considered and factors that cause “black swans” events to occur are explored. The “black swan” theory is extrapolated and a number of potential unexpected events are described. These events could significantly threaten the current global economic order and can be prevented or resolved through the implementation of the alternative global concept of world development. It is found that pandemics, climate changes, economic collapse, wars and geopolitical changes are potential “black swans” of the current global economic order. The crisis background of the global economy is considered and it is shown that the threat of global instability and contradictions in economic interests can result in the collapse of the current economic order. Finally, the conclusions are made and prospects for further research on the subject area of alter-globalization are highlighted.

The G-20 Since the Global Financial Crisis: Neither Hegemony nor Collectivism

This article analyzes the sources of gridlock in the Group of 20 since the global financial crisis. It engages with this question through Mark Beeson and Stephen Bell's framework, which identifies two processes of socialization operating concurrently within the G-20: hegemonic incorporation and collectivist cooperation. While hegemonic incorporation seeks to socialize the rising Southern powers into the US-led world order, their inclusion over time drives the G-20 toward more collective and cooperative forms of global governance. The article argues that the GFC has altered this equation in two ways: by accelerating the shift of economic power from the North to the South, and by undermining the hegemony of neoliberalism in the South. These two developments have made the United States less willing to offer the concessions necessary for hegemonic incorporation while, at the same time, bolstering the confidence of the Southern powers. Consequently, the article proposes that both hegemonic incorporation and co...

The Spatio-Temporal Evolution of Geo-Economic Relationships between China and ASEAN Countries: Competition or Cooperation?

In the last 30 years, China’s economic power has experienced great changes and has brought about a profound impact on the world economy. This led us to ask a question: do changes in China’s economic power shift the geo-economic relationships between China and its neighboring countries? To answer this question, we researched the evolution of geo-economic relationships between China and the Association of Southeast Asian Nations (ASEAN) countries. Using the Euclidean distance method, we explored the changes in these geo-economic relationships between China and ASEAN countries from 1980 to 2014. Our findings resulted in five conclusions: (1) Over time, geo-economic relationships between China and ASEAN countries remained relatively stable. (2) Geographically, the main geo-economic relationships between China and continental ASEAN countries were complementary, while the main geo-economic relationships between China and island ASEAN countries were competitive. (3) Geopolitics and geo-culture were attributed to the changes in geo-economic relationships. (4) The evolution of geo-economic relationships was characterized by path dependence. (5) Geo-economic relationships between China and ASEAN countries could be classified into four types: game type, with high cooperation and competition; complementary type, with high cooperation and low competition; fight type, with low cooperation and high competition; and loose type, with low cooperation and competition. Our findings contribute to improving the understanding of geo-economic relationships.

The cultural capitalists: Notes on the ongoing reconfiguration of trafficking culture in Asia.

Most analysis of the international flows of the illicit art market has described a global situation in which a postcolonial legacy of acquisition and collection exploits cultural heritage by pulling it westwards towards major international trade nodes in the USA and Europe. As the locus of consumptive global economic power shifts, however, these traditional flows are pulled in other directions: notably for the present commentary, towards and within Asia.

The G-20 since the global financial crisis: Neither hegemony nor collectivism

This article analyzes the sources of gridlock in the Group of 20 since the global financial crisis. It engages with this question through Mark Beeson and Stephen Bell's framework, which identifies two processes of socialization operating concurrently within the G-20: hegemonic incorporation and collectivist cooperation. While hegemonic incorporation seeks to socialize the rising Southern powers into the US-led world order, their inclusion over time drives the G-20 toward more collective and cooperative forms of global governance. The article argues that the GFC has altered this equation in two ways: by accelerating the shift of economic power from the North to the South, and by undermining the hegemony of neoliberalism in the South. These two developments have made the United States less willing to offer the concessions necessary for hegemonic incorporation while, at the same time, bolstering the confidence of the Southern powers. Consequently, the article proposes that both hegemonic incorporation and co...

ASEAN TENDENCY TO THE REGIONAL LEADERSHIP IN TRADE IN SERVICES

Extremely dynamic and significant structural changes are transforming the world economy and international trade. Comparing with analogous experience of economic history it is worth to pay attention not only to the fast speed of global transformation but also to its wide scope that influences practically the whole world. The shift of economic power from West to East and from North to South, from industrially developed countries to the developing ones, especially Asian, is the obvious base of these transformations. In contrast to the world tendencies of the 20th century with two dominant centers namely USA and EU, in the 21st century the developing Asian countries with more dynamics of development rise on the global arena. Economies of Association of Southeast Asian Nations (ASEAN) are not an exclusion from these tendencies. Whereas their speed growth in the last four decades was conditioned by high level of industrial production export, the services sector and trade in services began to gain importance not so long ago. Association of Southeast Asian nations unites ten countries with total population more than 622 million people and total GDP more than 2.6 trillion US dollars. These countries are well integrated into the world economy and successfully gain profit from this integration. In particular the ASEAN integration helped to raise regional trade flows without trade diversification, to improve trade logistics, to decrease total trade costs and to increase regional investment flows. The article deals with analysis of values, dynamics and structure of trade in services in Association of Southeast Asian Nations. A complex analysis of trade in services with respective breakdown into separate branches was carried out. This article analyzes the importance of complex legal-regulatory measures for successful promotion of trade in services within the region as well as with the rest of world.

Creeping tiger: India's presence in Africa

The world today has become increasingly integrated and multi-polar. In particular, the dynamism of emerging economies and many developing countries in recent years has sparked a shift in economic power from west to east and north to south. The 'rise of the South' has become a stimulus for expanding South-South economic links, most notably in trade, but also in foreign direct investment (FDI), aid and remittances. The emergence of a number of large developing countries as major players on the international stage has brought the question of South-South cooperation to centre-stage once again. Once such example is increasing India-Africa trade. In the past few years, the economic ties between India and Africa have followed an upward trend due to the economic and technological boom in India. Apart from the trade relations, India investment has substantially increased in African continent as it holds a great potential. This paper tries to study the effects of the increased economic power of India and the emergence of investment opportunities in Africa. It also provides a systematic analysis of the current scenario of trade of India with Africa along with possible recommendations.