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Economic historian Robert Skidelsky suggested it was too soon to identify the characteristics of the new global economic order and it may be that no single order will emerge. For instance, with the rise of the BRICs and other emerging economies, there is less scope for a single power to effectively set the rules for the rest of the world.
Economies of scope is an economic theory stating that average total cost (ATC) of production decrease as a result of increasing the number of different goods produced. [2] For example, a gas station primarily sells gasoline, but can sell soda, milk, baked goods, etc. and thus achieve economies of scope since with the same facility, each new ...
The trilemma suggests that the backlash against globalization in the last few decades is rooted in a desire to reclaim democracy and national autonomy, even if it undermines economic integration. [7] Rodrik first presented the trilemma in a 2000 paper. [8]
International political economy (IPE) is the study of how politics shapes the global economy and how the global economy shapes politics. [1] A key focus in IPE is on the power of different actors such as nation states, international organizations and multinational corporations to shape the international economic system and the distributive consequences of international economic activity.
Economic nationalism or nationalist economics is an ideology that prioritizes state intervention in the economy, including policies like domestic control and the use of tariffs and restrictions on labor, goods, and capital movement. [1] The core belief of economic nationalism is that the economy should serve nationalist goals. [2]
Economic globalization is the intensification and stretching of economic interrelations around the globe. [3] [4] It encompasses such things as the emergence of a new global economic order, the internationalization of trade and finance, the changing power of transnational corporations, and the enhanced role of international economic institutions.
Protectionism, sometimes referred to as trade protectionism, is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations.
This was the period when its global power was at its peak: the United States was the greatest economic power the world had known, with the greatest military machine in history. [21] In February 1948, George F. Kennan 's Policy Planning Staff said: "[W]e have about 50% of the world's wealth but only 6.3% of its population. ...