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After the voyages of Christopher Columbus et al. opened up new opportunities for trade with the New World and Asia, newly-powerful monarchies wanted a more powerful military state to boost their status. Mercantilism was a political movement and an economic theory that advocated the use of the state's military power to ensure that local markets ...
In the post-World War II period, states sacrificed globalization while embracing democracy at home and national autonomy. [7] 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 ]
Assume that world interest rate is at 5%. If the home central bank tries to set domestic interest rate at a rate lower than 5%, for example at 2%, there will be a depreciation pressure on the home currency , because investors would want to sell their low yielding domestic currency and buy higher yielding foreign currency.
The World Economy: Historical Statistics is a landmark book by Angus Maddison. Published in 2004 by the OECD Development Centre , it studies the growth of populations and economies across the centuries: not just the world economy as it is now, but how it was in the past.
John Maynard Keynes (right) and Harry Dexter White at the Bretton Woods Conference in 1944. The post-war displacement of Keynesianism was a series of events which from mostly unobserved beginnings in the late 1940s, had by the early 1980s led to the replacement of Keynesian economics as the leading theoretical influence on economic life in the developed world.
Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global Capitalism (2009) is a book by economists George Akerlof and Robert Shiller written to promote the understanding of the role played by emotions in influencing economic decision making. According to the authors, economists have tended to de-emphasize the ...
The essential argument of the world-system theory is that in the 16th century a capitalist world economy developed, which could be described as a world system. [56] The following is a theoretical critique concerned with the basic claims of world-system theory: "There are today no socialist systems in the world-economy any more than there are ...
The Great Divergence: China, Europe, and the Making of the Modern World Economy is a 2000 nonfiction book by Kenneth Pomeranz, published by Princeton University Press, [1] on the subject of Great Divergence in the world history. [2] The book won the John K. Fairbank Prize for 2000. [3] It was a joint winner for World History Association Book ...