Aftermath: A New Global Economic Order? by Craig Calhoun, Georgi Derluguian

By Craig Calhoun, Georgi Derluguian

The worldwide monetary hindrance confirmed deep issues of mainstream financial predictions, in addition to the vulnerability of the world's richest international locations and the large strength of a few poorer ones. China, India, Brazil, and different counties are turning out to be swifter than Europe or the USA and feature weathered the obstacle greater. Is their development as a result of following traditional monetary guidance or to powerful nation management and occasionally protectionism? those concerns are easy to the query of which international locations will develop in comind a long time, in addition to the most probably conflicts over international exchange coverage, forex criteria, and financial cooperation.

Contributors comprise: Ha-Joon Chang, Piotr Dutkiewicz, Alexis Habiyaremye, James okay. Galbraith, Grzegorz Gorzelak, Jomo Kwame Sundaram, Manuel Montes, Vladimir Popov, Felice Noelle Rodriguez, Dani Rodrik, Saskia Sassen, Luc Soete, and R. Bin Wong

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If we add to this the enormous levels of workplace injuries across the world—from the meat-packing industry in the United States to the dismantling of huge iron-clad ships by unprotected workers in India—we begin to see the vast costs to society and to economies of narrow criteria for understanding and defining profitability. We need to change the logics through which we understand profitability and what is genuine prosperity. The triple crisis we confront should become an opportunity to regear our enormous capacities to make capital and to produce.

The ratio used to be much higher in the 1950s and the 1960s, but even after some privatization in the past couple decades, SOEs still produce 16 percent of Taiwan’s GDP. 5 With the WTO’s Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) in 1995, developing countries have been compelled to provide strong protection to IPRs, especially foreigners’ IPRs. However, when today’s developed countries themselves needed to “borrow” other people’s ideas, they did not respect foreigners’ IPRs very well.

For another example, in 1699 Britain banned the export of woolen cloth from its colonies to other countries (the Wool Act), essentially destroying the Irish woolen industry. This act also stifled the emergence of the woolen manufacturing industry in the American colonies. Third, policies were deployed to encourage primary production in the colonies. For example, in the 1720s, Walpole provided export subsidies (“bounties”) and abolished import duties on raw materials produced in the American colonies (such as hemp, wood, and timber).

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