This article applies social entropy theory to the field of international trade law, suggesting that the observed degradation of the world trading system towards disorder is the consequence of insufficient 'energy' inputs in the form of effective, centralized legal and focused institutional frameworks. In support of this claim, the article draws attention to recognized institutional and substantive deficiencies in the World Trade Organization (‘WTO’) including trade round negotiation impasse, the rise of bilateralism, legal indeterminacy and inadequate enforcement procedures. These phenomena represent increasing disorganization, or entropy, in the world trading system, characterized most notably by growing income inequality between states and failure to achieve progress in further trade liberalization. While it does not propose either specific predictions or practical solutions to the dilemma of social entropy in the world trading system, the article does suggest that a more robust, authoritative and trade focused WTO is essential to counter the entropic tendencies within the supra-national trading system. This should help to ensure future growth and achieve the fuller distribution of economic prosperity through global trade.
{"title":"The Chaos Machine: The WTO in a Social Entropy Model of the World Trading System","authors":"D. Collins","doi":"10.2139/ssrn.2171647","DOIUrl":"https://doi.org/10.2139/ssrn.2171647","url":null,"abstract":"This article applies social entropy theory to the field of international trade law, suggesting that the observed degradation of the world trading system towards disorder is the consequence of insufficient 'energy' inputs in the form of effective, centralized legal and focused institutional frameworks. In support of this claim, the article draws attention to recognized institutional and substantive deficiencies in the World Trade Organization (‘WTO’) including trade round negotiation impasse, the rise of bilateralism, legal indeterminacy and inadequate enforcement procedures. These phenomena represent increasing disorganization, or entropy, in the world trading system, characterized most notably by growing income inequality between states and failure to achieve progress in further trade liberalization. While it does not propose either specific predictions or practical solutions to the dilemma of social entropy in the world trading system, the article does suggest that a more robust, authoritative and trade focused WTO is essential to counter the entropic tendencies within the supra-national trading system. This should help to ensure future growth and achieve the fuller distribution of economic prosperity through global trade.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"34 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86913114","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Throughout 2012 the macroeconomic situation has been characterized by the gradual decrease of the economic activity. It was the simultaneous slowdown of both the internal and external demand growth rates that was one of the factors contributing to the low dynamics of 2012. According to the preliminary data of the RF Ministry of Economic Development, in 2012 GDP growth rates made 103.4% versus the previous year, investments in fixed assets – 106.7%, retail trade turnover – 105.9%. In 2012 the growth rates of the industry slowed down to 102.6% versus 104.7% in 2011. The plunge in the agriculture production of 4.7% versus 2011 had a negative effect on the output.
{"title":"Real Economy: Trends and Factors","authors":"O. Izryadnova","doi":"10.2139/ssrn.2225896","DOIUrl":"https://doi.org/10.2139/ssrn.2225896","url":null,"abstract":"Throughout 2012 the macroeconomic situation has been characterized by the gradual decrease of the economic activity. It was the simultaneous slowdown of both the internal and external demand growth rates that was one of the factors contributing to the low dynamics of 2012. According to the preliminary data of the RF Ministry of Economic Development, in 2012 GDP growth rates made 103.4% versus the previous year, investments in fixed assets – 106.7%, retail trade turnover – 105.9%. In 2012 the growth rates of the industry slowed down to 102.6% versus 104.7% in 2011. The plunge in the agriculture production of 4.7% versus 2011 had a negative effect on the output.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90920880","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Economic output may drop for reasons related with supply, such as a fall in the number of the employed factors of production or increases in real costs; and for reasons related with demand, such as an increase in non-productive market power or a fall in aggregate demand, the worst type of recession in the past. Falls in aggregate demand happen when there are economic disruptions such as a savings-investment deficit or a trade-foreign investment deficit and they can be persistent when households, companies and banks’ solvency and liquidity ratios deteriorate. Due to economic rigidities, like the nominal value of paper money, the system needs to avoid a fall in monetary inflows to aggregate supply. Price stability policies cannot guarantee this aim when inflation rises. In contrast, full inflation-indexed economies can avoid or mitigate falls in aggregate demand and they can help governments to overcome recessions and to achieve a sustained growth.
{"title":"Economic Recessions and Recoveries","authors":"Xavier Barrull","doi":"10.2139/ssrn.2171269","DOIUrl":"https://doi.org/10.2139/ssrn.2171269","url":null,"abstract":"Economic output may drop for reasons related with supply, such as a fall in the number of the employed factors of production or increases in real costs; and for reasons related with demand, such as an increase in non-productive market power or a fall in aggregate demand, the worst type of recession in the past. Falls in aggregate demand happen when there are economic disruptions such as a savings-investment deficit or a trade-foreign investment deficit and they can be persistent when households, companies and banks’ solvency and liquidity ratios deteriorate. Due to economic rigidities, like the nominal value of paper money, the system needs to avoid a fall in monetary inflows to aggregate supply. Price stability policies cannot guarantee this aim when inflation rises. In contrast, full inflation-indexed economies can avoid or mitigate falls in aggregate demand and they can help governments to overcome recessions and to achieve a sustained growth.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"77 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76765195","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Tripartism can be understood as policy of decision making related to industrial relations to where all the three key players, i.e. employers, workers and governments plays an equal and fair role. Apart from the Industrial Dispute Act 1947 various other areas of Indian industrial relations includes the elements of tripartism. The government bodies which are responsible for policy making related to labour welfare tries to implement tripartism in their working also.
{"title":"Tripartism in Indian Industrial Relations","authors":"A. Pandey","doi":"10.2139/SSRN.2204403","DOIUrl":"https://doi.org/10.2139/SSRN.2204403","url":null,"abstract":"Tripartism can be understood as policy of decision making related to industrial relations to where all the three key players, i.e. employers, workers and governments plays an equal and fair role. Apart from the Industrial Dispute Act 1947 various other areas of Indian industrial relations includes the elements of tripartism. The government bodies which are responsible for policy making related to labour welfare tries to implement tripartism in their working also.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"70 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75949548","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper explores the link between migration and industrial diversification. Economic theories of migration typically focus on wage differential across sectors as the primary explanatory variable. In this paper instead we focus on the behavioral aspects of the agents, which may lead to different levels of migration resulting in different degrees of specialization and industrial congregation. We analyze the related issue of industrial diversification in a two sector set up with one traditional sector which is technologically saturated and an upcoming sector where there is a lot of scope for technological improvements. It is the entrepreneurial nature of the agents, rather than the wage difference, that drives the migration which in-turn helps in technological advancement of the upcoming sector. In this context we compare the equilibrium level of migration and the socially optimal level of migration. The level of migration, and hence, industrial specialization or diversification, are decided not only by the behavioral aspects but also the expectations. Expectations and the optimizing behavior of the agents are crucial in deciding the final level and the speed with which economies reach the steady state.
{"title":"Sectoral Migration and Industrial Diversification: Role of Behavior and Expectations","authors":"Anurag Singh, Ankush Asri","doi":"10.2139/ssrn.2183820","DOIUrl":"https://doi.org/10.2139/ssrn.2183820","url":null,"abstract":"This paper explores the link between migration and industrial diversification. Economic theories of migration typically focus on wage differential across sectors as the primary explanatory variable. In this paper instead we focus on the behavioral aspects of the agents, which may lead to different levels of migration resulting in different degrees of specialization and industrial congregation. We analyze the related issue of industrial diversification in a two sector set up with one traditional sector which is technologically saturated and an upcoming sector where there is a lot of scope for technological improvements. It is the entrepreneurial nature of the agents, rather than the wage difference, that drives the migration which in-turn helps in technological advancement of the upcoming sector. In this context we compare the equilibrium level of migration and the socially optimal level of migration. The level of migration, and hence, industrial specialization or diversification, are decided not only by the behavioral aspects but also the expectations. Expectations and the optimizing behavior of the agents are crucial in deciding the final level and the speed with which economies reach the steady state.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"31 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83163443","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The purpose of this paper is to describe and analyze the policies of China in the fields of development aid and their implications for global governance. The paper takes a comprehensive perspective on the various facets of such policies from the institutional arrangement, to key features of China's aid policies in the different stages of China's domestic reform and in the relations with recipient countries from different regions. A comparative perspective is undertaken, both vertically, through time, to have a good understanding of the evolution of China's strategies and practices in the development aid, and horizontally, with respect to the reflections among traditional donors at the international level. The paper starts with an analysis of domestic political economy of China's foreign aid policy with an emphasis of institutional arrangement and role of State Owned Enterprises (SOEs). It will then examine some new trends of international development policies of traditional donors and compare them with China's strategies and practices. The authors then draw some key features of China's aid policy by looking into its practices in three different regions (Africa, Asia and Latin America). The paper concludes with a summary and analysis of implications of China's foreign aid policy for global governance on international development.
{"title":"China's International Aid Policy and its Implications for Global Governance","authors":"S. Cheng, Ting Fang, Hui-Ting Lien","doi":"10.2139/SSRN.2169863","DOIUrl":"https://doi.org/10.2139/SSRN.2169863","url":null,"abstract":"The purpose of this paper is to describe and analyze the policies of China in the fields of development aid and their implications for global governance. The paper takes a comprehensive perspective on the various facets of such policies from the institutional arrangement, to key features of China's aid policies in the different stages of China's domestic reform and in the relations with recipient countries from different regions. A comparative perspective is undertaken, both vertically, through time, to have a good understanding of the evolution of China's strategies and practices in the development aid, and horizontally, with respect to the reflections among traditional donors at the international level. The paper starts with an analysis of domestic political economy of China's foreign aid policy with an emphasis of institutional arrangement and role of State Owned Enterprises (SOEs). It will then examine some new trends of international development policies of traditional donors and compare them with China's strategies and practices. The authors then draw some key features of China's aid policy by looking into its practices in three different regions (Africa, Asia and Latin America). The paper concludes with a summary and analysis of implications of China's foreign aid policy for global governance on international development.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"22 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75302259","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The foreign direct investment (FDI) and its impact on performance of domestic firms has been studied in many empirical papers, which, however, present rather ambiguous results. I argue that this is due to some limitations of prevalently used methodology, which does not separate the FDI spillover effects from the changes in competitive environment faced by domestic firms. I propose a novel estimation strategy that allows me to disentangle FDI spillovers from the effects of competition changing in response to the entry of a foreign firm. I consider this issue on the industry level and I compare the effects of FDI to the impact of international trade on the domestic economy. My analysis covers the time period 2001 - 2007 and concerns both Western and Eastern European countries. My identification strategy leads me to confirm the presence of positive spillovers stemming from FDI.
{"title":"The Impact of FDI on the Host Economy","authors":"Pavla Nikolovová","doi":"10.2139/ssrn.2175345","DOIUrl":"https://doi.org/10.2139/ssrn.2175345","url":null,"abstract":"The foreign direct investment (FDI) and its impact on performance of domestic firms has been studied in many empirical papers, which, however, present rather ambiguous results. I argue that this is due to some limitations of prevalently used methodology, which does not separate the FDI spillover effects from the changes in competitive environment faced by domestic firms. I propose a novel estimation strategy that allows me to disentangle FDI spillovers from the effects of competition changing in response to the entry of a foreign firm. I consider this issue on the industry level and I compare the effects of FDI to the impact of international trade on the domestic economy. My analysis covers the time period 2001 - 2007 and concerns both Western and Eastern European countries. My identification strategy leads me to confirm the presence of positive spillovers stemming from FDI.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"75 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90787171","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Since the late 1970s there has been a remarkable and persistent increase in wage inequality in the US and other industrialized countries. Researchers have also documented an increase in the dispersion of individual earnings, household (pooled) earnings, household disposable income, and (less consistently) consumption. Some of the changes in inequality are exogenous and reflect transformations in labor markets and institutions,1 while others are endogenous and reflect individual and household behavioural responses to such changes in terms of labor supply, asset accumulation, and participation in government insurance programs. The first goal of this paper is to discuss what we know about the effect of shifts in the distribution of income on aggregate consumption. We focus in particular on changes in inequality, volatility, and expectations, and highlight the pervasive role of heterogeneity. Our second goal is to asses the role of changes in the income distribution in explaining the joint evolution of aggregate consumption and income over the Great Recession.
{"title":"Changes in the Income Distribution and Aggregate Consumption","authors":"Luigi Pistaferri, Itay Saporta Eksten","doi":"10.2139/SSRN.2189360","DOIUrl":"https://doi.org/10.2139/SSRN.2189360","url":null,"abstract":"Since the late 1970s there has been a remarkable and persistent increase in wage inequality in the US and other industrialized countries. Researchers have also documented an increase in the dispersion of individual earnings, household (pooled) earnings, household disposable income, and (less consistently) consumption. Some of the changes in inequality are exogenous and reflect transformations in labor markets and institutions,1 while others are endogenous and reflect individual and household behavioural responses to such changes in terms of labor supply, asset accumulation, and participation in government insurance programs. The first goal of this paper is to discuss what we know about the effect of shifts in the distribution of income on aggregate consumption. We focus in particular on changes in inequality, volatility, and expectations, and highlight the pervasive role of heterogeneity. Our second goal is to asses the role of changes in the income distribution in explaining the joint evolution of aggregate consumption and income over the Great Recession.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"37 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83800902","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2012-10-31DOI: 10.1016/J.EJPOLECO.2015.04.003
Sergio Galletta, Mario Jametti
{"title":"How to Tame Two Leviathans? - Revisiting the Effect of Direct Democracy on Local Public Expenditure","authors":"Sergio Galletta, Mario Jametti","doi":"10.1016/J.EJPOLECO.2015.04.003","DOIUrl":"https://doi.org/10.1016/J.EJPOLECO.2015.04.003","url":null,"abstract":"","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"131 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76112346","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This address to UNCTAD's 49th Trade and Development Board explores what Rio 20 failed to do: move us toward international consensus on what is appropriate state behavior in the pursuit of a green economy. We have a panoply of unilateral measures employed to capture both environmental and industrial policy-type benefits – from renewable energy subsidies to aviation levies – but little consensus on their propriety. Some are clearly WTO-illegal, some are not, and others occupy a legal grey area. But more important than legality is the question: can they actually be effective both environmentally (in disseminating more green technology) and economically (in fostering mature new entrants and innovators in the green tech space)? And how do we balance any global environmental benefits against the impacts on trading partners? Such questions cannot be answered in the WTO, and are caustic to the WTO's dispute settlement mechanism. But we have no other suitable venues for discussion.
{"title":"Big Green Gaps: Our Inability to Tackle the Messy Issues at the Interface of Trade, Development and the Green Economy","authors":"A. Cosbey","doi":"10.2139/SSRN.2191287","DOIUrl":"https://doi.org/10.2139/SSRN.2191287","url":null,"abstract":"This address to UNCTAD's 49th Trade and Development Board explores what Rio 20 failed to do: move us toward international consensus on what is appropriate state behavior in the pursuit of a green economy. We have a panoply of unilateral measures employed to capture both environmental and industrial policy-type benefits – from renewable energy subsidies to aviation levies – but little consensus on their propriety. Some are clearly WTO-illegal, some are not, and others occupy a legal grey area. But more important than legality is the question: can they actually be effective both environmentally (in disseminating more green technology) and economically (in fostering mature new entrants and innovators in the green tech space)? And how do we balance any global environmental benefits against the impacts on trading partners? Such questions cannot be answered in the WTO, and are caustic to the WTO's dispute settlement mechanism. But we have no other suitable venues for discussion.","PeriodicalId":70912,"journal":{"name":"政治经济学季刊","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2012-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90984756","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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