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In economics, the new international division of labour (NIDL) is an outcome of globalization.The term was coined by theorists seeking to explain the spatial shift of manufacturing industries from advanced capitalist countries to developing countries—an ongoing geographic reorganisation of production, which finds its origins in ideas about a global division of labor. [1]
Moreover, economic restructuring requires decentralization as states hand down power to local governments. Where the federal government focuses on mainly warfare-welfare concerns, local governments focus on productivity. Urban policy reflects this market-oriented shift from once supporting government functions to now endorsing businesses. [16] [17]
The Great Recession was a period of market decline in economies around the world that occurred from late 2007 to mid-2009. [1] The scale and timing of the recession varied from country to country (see map).
The Great Reset Initiative is an economic recovery plan drawn up by the World Economic Forum (WEF) in response to the COVID-19 pandemic. [1] The project was launched in June 2020, and a video featuring the then-Prince of Wales Charles was released to mark its launch. [2]
Global value chains are a network of production and trade across countries. The study of global value chains requires inevitably a trade theory that can treat input trade. However, mainstream trade theories (Heckshcer-Ohlin-Samuelson model and New trade theory and New new trade theory) are only concerned with final goods.
Deindustrialization is a process of social and economic change caused by the removal or reduction of industrial capacity or activity in a country or region, especially of heavy industry or manufacturing industry. There are different interpretations of what deindustrialization is.
(Reuters) -Bath & Body Works on Monday raised its forecast for full-year adjusted profit and projected a smaller drop in annual sales on strong demand for its candles and fragrances during the ...
The world economy or global economy is the economy of all humans in the world, referring to the global economic system, which includes all economic activities conducted both within and between nations, including production, consumption, economic management, work in general, financial transactions and trade of goods and services.