News

06.06.2017

¹ 5-6,2017

Êiëüêiñòü ïåðåãëÿäiâ: 108

 

 

FAUX J. – U.S. trade policy – time to start over (in English) 

FAUX J. – U.S. trade policy – time to start over (in Ukrainian) 

V. M. H E Y E T S,

Professor, Doctor of Econ. Sci.,

Academician of the NAS of Ukraine,

Director of the Institute for Economics and Forecasting of the NAS of Ukraine,

Editor-in-Chief of the “Economy of Ukraine” journal

(Kyiv)

© Heyets Valerii Mykhailovych, 2017; e-mail: gvm@ief.org.ua

WHY IS IT TIME TO START OVER AGAIN?

Summary

At the break of millennia, a transition in the countries with predominance of planned determinism to market system of management is somewhat more than just an economic experiment, as this transition is a transformation of social life including all its social and political structures. As a result of the market revolution, the consequences turned out to be catastrophic. In many respects this also applies to Ukraine, whose economy for a quarter of the century never recovered its 1990 level. At the same time, the Western world, whose market principles of functioning we were guided by in the course of the reforms, embraced a systemic crisis. The consequence of this became, first of all, the dominance, in the final sense, of the paradigm of global corporatism which mane ideology is market fundamentalism that leads to ever-increasing social inequality.

Today the rise to power of the new US president and declared his country's development strategy largely mean the beginning of a new turn in the world policy, especially the economic one. The consequences of the policy can, in case of its successful implementation, significantly change the situation primarily in world markets, but not only there. Corresponding changes are also taking place in the EU.

Ukraine must also join the solution of existing contradictions, since many countries are already searching for an adequate response to the expected changes. We must respond to these challenges that cause a corresponding reaction in economic policy – «to start all over». With this in mind, the Institute of Economics and Forecasting of NAS of Ukraine carries out the necessary researches, since starting the reforms and moving towards European choice, we, according to existing rules, must take for granted the existing approaches in the EU (p. 31–38).

References

1. Brenner R. Ekonomika Global’noi Turbulentnosti: Razvitye Kapitalisticheskie Ekonomiki v Period ot Dolgogo Buma do Dolgogo Spada, 1945–2005 [The Economics of Global Turbulence. The Advanced Capitalist Economies from Long Boom to Long Downturn, 1945–2005]. Moscow, PH of High School of Economics, 2014 [in Russian].

2. Toffler A. Shok Budushchego [Future Shock]. Moscow, PH AST, 2002 [in Russian].

3. Toffler A. Tret’ya Volna [The Third Wave: The Classic Study of Tomorrow]. Moscow, PH AST, 1999 [in Russian].

4. Mekhanik A. “Inoe” vse-taki dano ["Other" is still given]. Ekspert – Expert, 2017, No. 7 (1017), pp. 39–40 [in Russian].

5. Tugan-Baranovsky M.I. Ocherki iz Noveishei Istorii Politicheskoi Ekonomii i Sotsializma, T. 1, v: Izbrannye Sochineniya v 2 t. [Essays from the Modern History of Political Economy and Socialism, Vol. 1, in: Selected Works, in 2 vol.]. L.I. Dmitrichenko (Ed.). Donetsk, Donetsk SUET, 2004 [in Russian].

6. Heyets V.M., Nebrat V.V., Suprun N.A., Tarasevych V.M. et al. Tuhan-Baranovs’kyi M.I. – Vchenyi, Gromadyanyn, Derzhavotvorets’ [Tugan-Baranovsky M.I. – Scientist, Citizen, Statesman]. Kyiv, Naukova dumka, 2015 [in Ukrainian].

A. A. G R Y T S E N K O,

Professor, Doctor of Econ. Sci., 

Corresponding Member of the NAS of Ukraine,

 Deputy Director of the Institute of Economics and Forecasting of the NAS of Ukraine

(Kyiv)

© Grytsenko Andrii Andriiovych, 2017; e-mail: agrytsenko@ief.org.ua

LOGICAL AND HISTORICAL BASES OF CARDINAL ECONOMIC CHANGES AND TRANSITION TO RECONSTRUCTIVE DEVELOPMENT

Summary

The logical and historical bases of changes in trade policy and other cardinal economic change are revealed. These foundations lie in deploying the internal contradictions of jointly-divided labor. At the present stage of the development of society, this has incarnated in contradictions between globalization, which is carried out through information, technological, financial and economic mechanisms and is subjectively represented by multinational corporations, and localization, which is carried out through spatial-territorial forms and is subjectively represented by national states.

The forms of manifesting this contradiction are analyzed. It is shown that for its solution it is necessary to coordinate global and local reproduction cycles at all levels - from the largest TNC to the settlement of the poorest country. Incoordination of such cycles generates uncontrolled migration flows of labor, material and financial resources, which, in turn, generates crisis phenomena of a various nature.

Overcoming of these contradictions is possible on the way of transition to a reconstructive type of development and search for adequate mechanisms of management. It is concluded that the solution of problems of stable equilibrium development should be based not on purely economic approaches with their principles of rationality and efficiency, but on economic ones, which give priority to not rationality and efficiency (although they are not excluded), but to the integrity of the reproduction of the country's economic life.

The characteristic of the essence and general mechanisms of reconstructive development is given, as well as their relationship with local mechanisms. It is shown that the mechanism of reconstructive development combines planned reflection (mutual disclosure of a need and an object of its satisfaction), neoclassical and Keynesian instruments of influence on supply and demand on the basis of institutional means of correction of conformity of needs and demand (on the one hand) and resources and supply (on the other) (ðð. 39–57).

References

1. Kolodko Grzegorz W. Kuda Idet Mir: Politicheskaya Ekonomiya Budushchego [Where the World is Going: the Political Economy of the Future]. Moscow, Magistr, 2014 [in Russian].

2. Reinert E.S. Kak Bogatye Strany Stali Bogatymi, i Pochemu Bednye Strany Ostayutsya Bednymi [How Rich Countries Got Rich ... and Why Poor Countries Stay Poor]. Moscow, PH of the State University – High School of Economics, 2011 [in Russian].

3. Sledz’ S. Erik Reinert: “Ne robit’ te, shcho vam kazhut’ robyty amerykantsi, a robit’ te, shcho amerykantsi robyly sami…” [Erik Reinert: “Don’t do what the Americans tell you to do, but do what the Americans did themselves…”], available at: http://gazeta.zn.ua/business/erik-raynert-ne-delayte-to-chto-vam-govoryat-delat-amerikancy-a-delayte-to-chto-amerikancy-delali-sami-_.html [in Ukrainian].

4. Il’enkov E.V. Chto takoye lichnost' [What an identity is], available at: http://www.bellabs.ru/Books/Person/Um-2.html [in Russian].

5. Gritsenko A. Institutsional’naya Politicheskaya Ekonomiya: Predmet, Metodologiya, Soderzhaniye [Institutional Political Economy : Subject, Methodology, Content]. Saarbrucken, Deutschland: LAP LAMBERT Academic Publishing, 2014 [in Russian].

6. Grytsenko A. Ekonomika Ukrainy na shlyakhu do inklyuzyvnoho rozvytku [Ukraine's economy on the road to inclusive development]. Ekonomika i prognozuvannya – Economy and Forecasting, 2016, No. 2, pp. 9–23 [in Ukrainian].

7. Hegel G.V.F.  Nauka Logiki. T. 2 [Science of Logic. Vol. 2]. Moscow, Mysl’, 1971 [in Russian].

8. Smith A. Issledovanie o Prirode i Prichinakh Bogatstva Narodov [An Inquiry into the Nature and Causes of the Wealth of Nations]. Moscow, Eksmo, 2016 [in Russian].

9. Scott R.E. Heading South: U.S. – Mexico Trade and Job Displacement after NAFTA. Washington, DC, Economic Policy Institute, 2011, May 3.

10. Bivens J. Using Standard Models to Benchmark the Costs of Globalization for American Workers without a College Degree.  Washington, DC, Economic Policy Institute, 2013, March 22.

11. Krugman P. Trade, Labor, and Politics. New York Times, 2016, March 28. 

12. Eshchenko P.S. Ukrainskaya “Velikaya Depressiya” i Kak iz Nee Vyiti? [Ukrainian “Great Depression” and How to Get out of It? ]. Kiåv, PH “Dakor”, 2017 [in Russian].

13. Khozyaystvo i Mysl’. Yubileinyi Monograficheskii Sbornik [Economy and thought. Jubilee Monographic Collection]. Yu.M. Osipov, E.S. Zotova (Eds.). Moscow, TEIS, 2015 [in Russian].

14. Grytsenko A. Rekonstruktyvnyi ekonomichnyi rozvytok: zmist, osnovni napryamy i vektor sotsial’noi spravedlyvosti [Reconstructive economic development: contents, guidelines and the vector of social justice]. Ekonomichna teoriya – Economic Theory, 2016, No. 4, pp. 5–18 [in Ukrainian].

15. Heyets V.M. Osoblyvosti vzaemozv’yazku ekonomichnykh i politychnykh peredumov rekonstruktyvnoho rozvytku ekonomiky Ukrainy [Peculiarities of interrelation of economic and political preconditions of a reconstructive development of Ukraine’s economy]. Ekonomika Ukrainy – Economy of Ukraine, 2016, No. 12, pp. 3–21 [in Ukrainian].

16. Hegel G.V.F.  Entsiklopediya Filosofskikh Nauk. T. 1. Nauka Logiki [Encyclopedia of Philosophical Sciences. Vol. 1. Science of Logic]. Moscow, Mysl’, 1974 [in Russian].

17. Shvab K. Chetvertaya Industrial’naya Revolyutsiya: vyzovy i vozmozhnosti [The Fourth Industrial Revolution: challenges and opportunities], available at: http://guralyuk.livejournal.com/2051302.html [in Russian].

18. Grytsenko A. Systemna kryza yak naslidok bazovoi destruktsii ekonomiky Ukrainy i shlyakhy ii podolannya [Systemic crisis as a result of base destruction of Ukraine's economy and ways to overcome it]. Visnyk NBU – Herald of the National Bank of Ukraine, 2014, No. 5, pp. 24–28 [in Ukrainian].

19. Hegel G.V.F.  Nauka Logiki. T. 1 [Science of Logic. Vol. 1]. Moscow, Mysl’, 1970 [in Russian].

V. R. S I D E N K O,

Doctor of Econ. Sci., 

Corresponding Member of the NAS of Ukraine,

Sci. Consultant on economic issues of the O. Razumkov Ukrainian Centre 

for Economic and Political Studies, 

Principal Researcher of the Department of Economic Theory, 

Institute for Economics and Forecasting of the NAS of Ukraine 

(Kyiv)

© Sidenko Volodymyr Romanovych, 2017; e-mail: v_sidenko@ukr.net

NEW US TRADE POLICY: GLOBAL INTERMISSION

Summary

 

Considering the latest changes in U.S. trade policy, the author refutes the loss of international competitiveness by the U.S. economy, stressing the country continues to be a major world center for the generation of new knowledge and the development of high-tech (new) economy.

The author emphasizes the globalization causes significant changes in the format of the territorial organization of production owing to the spread of global value chains, while transnational corporations become key economic actors that are guided by global (or macro-regional) rather than purely national criteria. Global criteria often do not coincide with the national ones; thus optimization processes within U.S. TNCs have a direct consequence of sub-optimal national trends in the U.S. economy.

The new U.S. trade policy means the oncoming of a period when globalization is to be decelerated, and national economic regulative instruments needed to eliminate global imbalances and asymmetries are to be relatively strengthened. As a result, it will face serious resistance and active opposition from the global financial capital and related international organisations, political parties and it’s controlled media. However, a return to the policy of far-reaching liberalization of goods, services, capital and labour now appears unrealistic, because it would produce critical political contradictions within the United States. Most likely, there will be a search for a compromise between champions of globalization and transnationalisation, on the one hand, and those supporting a priority revival of production capacity within the U.S., applying for this purpose a set of stimuli and appropriate protective measures.

The author comes to the general conclusion that neoliberal globalization is depleted and, therefore, cannot effectively evolve further on. However, the globalizing process is to revive in future in a significantly modified form, and a search for this new format determines the onset of a sort of “global intermission” (ðð. 58–66).

O. G.  B I L O R U S,

Academician of the NAS of Ukraine,

Honored Scientist of Ukraine,

Principal Researcher of the Institute for Economics and Forecasting of the NAS of Ukraine

(Kyiv)

Bilorus Oleg Grigorovich, 2017; e-mail: o.bilorus@gmail.com

INTROVERT GEO-ECONOMIC U-TURN OF THE UNITED STATES AND ITS POTENTIAL GLOBAL CONSEQUENCES

Summary

Since the second half of the twentieth century, internationalization and globalization of the processes of reproduction and formation of the world capital have caused a dramatic evolution of the American economic system. Transformation of industrial-corporate system of the United States into a post-industrial corporate and financial system has become the engine of the formation of a system of financial globalism. Dramatic structural shifts in the US economy, which were caused by intensive financialization and hyperfinancialization of the reproduction processes and rapid growth of the share of banking industry in the economic system, gave impetus to the chronic world financial crisis. Deformation of the reproduction processes in direction of increasing the share of financial capital in the overall structure of American global capital has become the pattern of the world development. Global corporate and financial monopolies go out of control of national states and their governments and become the basic “locomotives” for the formation and expansive development of the world-system of post-industrial globalism with its specific regularities and laws of development. The formation of these global corporate and financial monopolies acquires a malignant character and a worldwide scale.

Perhaps the most important long-term strategic imperative for the United States in the XXI century has become a reverse reorientation of economic development in the direction of advancing the development of the real economy and braking the overproduction of bogus money. In this case, given the particular complexity of the problems, the strategy of a radical strategic u-turn of the economy and introvert orientation cannot be successfully implemented in the medium term. In the long term the global economic interest of the United States, obviously, is to really enter the markets of transition countries, where the relative level of competitiveness and saturation is the most favorable for American long-term programs and investments.

A new possible “Marshall Plan” for transitive Eastern Europe (with special emphasis on the recovery and development of the economy of Ukraine, undermined by aggression of Russia) could become a long-term strategic program and an intra-American “Marshall Plan” for the technotronic re-industrialization of the United States and the strengthening of post-industrial global leadership of this unique democratic world superpower. The strategic partnership of Ukraine and the United States is a major factor of our country's integration into the EU and NATO in conditions of global safe co-development (p. 67–77).

References

1. Bilorus O.G. Ekonomichna Globalistyka. Svit-Systema Globalizmu [The Economic Globalistics. The World-System of Globalism]. Kyiv, “Ukraine” University, 2016 [in Ukrainian].

2. Bilorus O.G., Luk’yanenko D.G., Gavryluyk O.V. et al. Globalizatsiya i Bezpeka Rozvytku [Globalization and Security of Development]. O.G. Bilorus (Ed.). Kyiv, Institute of World Economy and International Relations of the NAS of Ukraine, 2001 [in Ukrainian].

3. Hawrylyshyn B. Do Efektyvnykh Suspil’stv. Dorohovkazy v Maibutne [Towards More Effective Societies: Road Maps to the Future]. Kyiv, Pul’sary, 2013 [in Ukrainian].

4. Brzezinski Z. Velikaya Shakhmatnaya Doska [The Grand Chessboard]. Moscow, Int. Rel., 1999 [in Russian].

5. Brzezinski Z. The Grand Chessboard: American’s Primacy and Its Geostrategic Imperatives. New York, Basic Books, 1997.

6. Gazin V. Kapitalizm: dialektika formatsii [Capitalism: the dialectic of the formation]. Zerkalo nedeli – Week’s Mirror, 2016, No. 50 [in Russian].

T. I.  ² E F Y M E N K O, 

Professor, Doctor of Econ. Sci.,

Corresponding Member of the NAS of Ukraine,

President of the SESI “Academy of Financial Management”

(Kyiv)

© Iefymenko Tetiana, 2017; e-mail: efimenko@afu.kiev.ua

REFORMING AND UNIFYING THE INFORMATION SPACE OF BUSINESS ACTIVITY

Resume

Globalization processes occur under the influence of evolution of potential threats to market equilibrium and balanced social economy in the monetary, resource and other spheres. Therefore, problems of complicating the manifestations of the crisis are at the focus of developers of strategic directions for the sustainable development of sovereign states.

These issues were also discussed in the course of academic debate on the provisions of the well-known Report of the Institute of Economic Policy (USA) on the content and the logical and historical basis for a swift turnaround in the trade policy of this state. Dynamic fundamental changes in the prevailing global value chains cause the need to restructure the algorithms of business processes on mega-, macro- and micro-levels. The consequences of injustice in the exchange of goods and services, accompanied by distortion of the information space and sectoral dimensions of the world economy, are researched by international organizations of the professional community created recently on a voluntary basis in the forms of pretty influential organizations. Their activities are focused on performing the socially significant tasks in the format of global and national partnerships (primarily in the financial sector of the economy). Particularly successful is the activity of comprehensive public structures dealing with international accounting and financial reporting standards as well as the formation of integrated managerial thinking on the basis of unified indicators of sustainable development, when the obligation to disclose information sources (often confidential ones) is assumed by economic agents that belong to the sphere of both state and corporate governance (ðð. 78–89).

References

1. Bergmann E. von. Die Wirtschaftskrisen. Geschichte der nationalökonomischen Krisentheorien. Stuttgart, W. Kohlhammer, 1895. 

2. Mises L. Individ, Rynok i Pravovoe Gosudarstvo [The individual, market and the rule of law state]. D. Antiseri, M. Baldini (Eds.). SPb, Pnevma, 1999 [in Russian].

3. Mises L. Chelovecheskaya Deyatel’nost’: Traktat po Ekonomicheskoi Teorii [Human Action: A Treatise on Economics]. Moscow, Ekonomika, 2000 [in Russian].

4. Mises L. von. The Theory of Money & Credit. New Haven, Yale University Press, 1953.

5. Hayek F.A. Individualism and Economic Order. Chicago, University of Chicago Press,  1996.

6. Schumpeter J. Theory of Economic Development. An Inquiry into Profit, Capital, Credit, Interest and the Business Cycle. Cambridge, MA, Harvard University Press, 1934.

7. Reinhart C.M., Rogoff K.S. This Time Is Different: Eight Centuries of Financial Folly. Princeton, NJ, Princeton University Press, 2011.

8. Arrow K.J. The Economics of Information, in: Collected papers of Kenneth J. Arrow. Cambridge, MA, The Belknap Press of Harvard University Press, 1984, Vol. 4, pp. 136–152.

S. A. K O R A B L I N, 

Doctor of Econ. Sci., 

Deputy Director

Institute for Economics and Forecasting of the NAS of Ukraine

(Kyiv)

© Korablin Sergii Îleksandrovóch, 2017; e-mail: skorablin@ukr.net

NEOLIBERAL MAINSTREAM: WHEN AMERICA IS AGAINST

Summary

Economic reasons and conditions of the attractiveness of neo-liberal doctrine in international relations have been analyzed. It is shown that, as a rule, the principles of free competition and self-regulating markets are advocated by countries that have obvious competitive advantages on the markets. When these advantages disappear, interest in free competition disappears. It is replaced by some types of protectionism (including strict administrative prohibitions).

In this respect, J. Faux’s Report can be considered as an example of lobbying for US economic interests, which contradicts the modern neoliberal mainstream. At the same time, it reflects real international practice, pursuing not the purity of market competition, but the specific national interests of its participants.

These features lead to the fact that the principles of free competition are used in international politics exclusively for the case of markets for commodity/services and capital, while competition in the global labor market remains beyond the brackets of the neoliberal mainstream. There can be no theoretical justification for such discrimination of the labor market, of course, especially given that it is precisely labor that makes the economy an economy, “animating” all other resources involved in its turnover.

The only explanation for this illogicality can be the fact that the neo-liberal doctrine – willingly or unwillingly – focuses only on those markets where the competitive advantages of industrial countries are strong. In the same place, where these advantages are minimal, and the risks for industrial economies are high (in the global labor market), there is no question of free competition – neither in the plane of neoliberal concepts and their practical applications (the Washington Consensus), nor at the level of national policies and charters of international organizations (IMF, World Bank, ILO) (ðð. 90–105).

References

1. Kissinger H. Mirovoi Poryadok [World Order]. Moscow, AST, 2016 [in Russian].

2. Smith D. Trump signs order to begin Mexico border wall in immigration crackdown.  The Guardian, 25 January, 2017, available at: https://www.theguardian.com/us-news/2017/jan/25/donald-trump-sign-mexico-border-executive-order .

3. Stiglitz J. Velikoe Razdelenie. Neravenstvo v Obshchestve, ili Chto delat’ Ostavshimsya 99% Naseleniya? [The Great Divide: Unequal Societies and What We Can Do About Them]. Moscow, Eksmo, 2016, p. 40 [in Russian].

4. Stiglitz J. Globalization and Its Discontents.  London, Penguin Books, 2002, p. 221.

5. Reinert E.S. Kak Bogatye Strany Stali Bogatymi, i Pochemu Bednye Strany Ostayutsya Bednymi [How Rich Countries Got Rich ... and Why Poor Countries Stay Poor]. Moscow, PH of the State University – High School of Economics, 2011 [in Russian].

6. Delyagin M., Sheyanov V. Mir Naiznanku. Chem Zakonchitsya Ekonomicheskii Krizis dlya Rossii?  [The world inside out. How will the economic crisis end for Russia?]. Moscow, PH “Kommersant”, Eksmo, 2009, p. 67 [in Russian].

7. Roubini N., Mihm S. Nuriel’ Rubini: Êak Ya Predskazal Krizis: Ekstrennyi Kurs Podgotovki k Budushchim Potryaseniyam  [Crisis Economics: A Crash Course in the Future of Finance]. Moscow, Eksmo, 2011, p. 186 [in Russian].

O. L.  Y A R E M E N K O,

Professor, Doctor of Econ. Sci.,

Leading Researcher of the Department of Economic Theory

Institute for Economics and Forecasting of the NAS of Ukraine

(Kyiv)

© Yaremenko Oleg Leonidovych, 2017; e-mail: yaremenkooleg2@gmail.com

GLOBAL IMBALANCES AND NEW PROTECTIONISM: AN INSTITUTIONAL HYPOTHESIS

Summary

Part of the causes of current aggravation of trade, financial and geo-economic imbalances and conflicts is within the value-institutional plane. Over the past 25 years, the space of TNCs’ economic power has rapidly spread through new technologies and innovative financial instruments. Competitive pressure has forced TNCs to move into a global space, to absorb global human, natural and technological resources. World capitalism attracts to modern technologies huge masses of people with different values, preferences and motives. Different social epochs and civilizations converged on the same resource space: from archaic and traditional societies to post- and neo-modern, with a variety of their rhythms of social life.

Thanks to global markets, information networks, liberalization of terms of international trade and capital flows, as well as market transformations in countries of state socialism, the number of interacting entities over the past 25 years has increased by an order of magnitude (by a factor of 10); at the same time the complexity of the system could grow by several orders (100 or more times). Institutions of industrial origin are not able to effectively reduce the uncertainty of such a broad and complex financial and economic space. Failures, shocks, crises will accompany the mutual adaptation of the actual complexity of the global economy and the integrating capabilities of its institutional order. "New protectionism" as a change in approaches to assessing the gains and losses of globalization by the US can be the beginning of a reduction in the imbalances in the institutional distribution of responsibility between sovereign states and international institutions in accordance with the actual distribution of resources and economic power in modern society. The new model of globalization will continue the processes of deepening the positive interdependence, but on the basis of adapting the sovereign identity and social responsibility of nation states to new technological and institutional-social realities (p. 106–122).

References

1. Crafts N. Whither Economic Growth? Finance & Development, 2017, Vol. 54, No. 1, pp. 2–6, available at: http://www.imf.org/external/pubs/ft/fandd/2017/03/crafts.htm.

2. Krugman P. End this depression now! Princeton, W.W. Norton & Company, 2012. 

3. Blanchard O. Where Danger Lurks. Finance & Development, 2014, Vol. 51, No. 3, pp. 28–32.

4. Ferrero À., Gertler M., Svensson L. Current account dynamics and monetary policy. National bureau of economic research. Working Paper 13906, April, 2008.

5. Legg A., Prasad N., Robinson T. Global imbalances and the global saving glut. A panel data assessment research discussion paper. November, 2007, available at: https://www.rba.gov.au/publications/rdp/2007/pdf/rdp2007-11.pdf.

6. Obstfeld M., Rogoff K. Global Imbalances and the Financial Crisis: Products of Common Causes. Santa Barbara: University of California, Berkeley and Harvard University, November, 2009, available at: http://eml.berkeley.edu/~obstfeld/santabarbara.pdf.

7. Borio C. The financial cycle and macroeconomics: What have we learnt? BIS Working Papers, No. 395, December, 2012, available at: http://www.bis.org/publ/work395.pdf.

8. Heyets V.M., Grytsenko A.A. Vykhid z kryzy (Rozdumy nad aktual’nym u zv’yazku z prochytanym) [The way out from a crisis (Reflections about actual things after the reading)]. Ekonomika Ukrainy – Economy of Ukraine, 2013, No. 6, pp. 4–19 [in Ukrainian].

9. Grytsenko A. Global’na kryza yak forma suchasnoi finansovo-ekonomichnoi dynamiky [The global crisis as a form of the modern financial economic dynamics]. Ekonomika Ukrainy – Economy of Ukraine, 2010, No. 4, pp. 37–46 [in Ukrainian].

10. Sidenko V. Modyfikatsiya svitovoi ekonomiky pid vplyvom novitnikh faktoriv global’noi transformatsiinoi kryzy [A modification of the world economy under the action of the newest factors of the global transformation crisis]. Ekonomika Ukrainy – Economy of Ukraine, 2012, No. 5, pp. 18–31 [in Ukrainian].

11. Artiomova T. Metodolohichna anatomiya global’noi finansovo-ekonomichnoi kryzy [Methodological Anatomy of the Global Financial and Economic Crisis]. Ekonomichna teoriya – Economic Theory, 2011, No. 2, pp. 16–33 [in Ukrainian].

12. Bilorus O. Suchasna svitova finansovo-ekonomichna kryza yak proyav total’noi kryzy systemy globalizmu [The current world economic crisis as a manifestation of the total crisis of the system of globalism], available at: http://soskin.info/ea/2008/11-12/200801.html.

13. Erbas N.S., Sayers C.L. Institutional Quality, Knightian Uncertainty, and Insurability: A Cross-Country Analysis. IMF Working Papers, July, 2006, available at: http://www.imf.org/external/pubs/ft/wp/2006/wp06179.pdf.

14. Kliesen K.L. Uncertainty and the Economy, available at: https://www.stlouisfed.org/publications/regional-economist/april-2013/uncertainty-and-the-economy.

15. Popov V. Global Imbalances: Non conventional View. CEFIR and NES Working Paper, 2011, No. 160, available at: http://www.cefir.ru/index.php?l=eng&id=35&yf=2011.

16. Richter R. Efficiency of Institutions From the Perspective of New Institutional Economics With Emphasis on Knightian Uncertainty, available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2105604.

17. Yaremenko O.L. Dovira yak informatsiinyi protses, v: Tvorennya prostoru suspil’noi doviry v Ukraini XXI stolittya [Trust as an information process, in: Creation of a space of public trust in Ukraine of the XXI century]. Proceedings from International Scientific and Practical Conference. Kyiv, SHEI “University of banking affairs”, 2016, pp. 289–291 [in Ukrainian].

18. Hayek F.A. Pagubnaya Samonadeyannost’. Oshibki Sotsializma [The Fatal Conceit. The Errors of Socialism]. Moscow, “Novosti”, 1992 [in Russian].

19.Mann S.R. Chaos Theory and Strategic Thought, available at: file:///C:/Documents%20and%20Settings/ASUS_BRAIN/My% 20Documents/Downloads/ADA528321%20(1).pdf.

T. I. A R T Î M O V A,

Doctor of Econ. Sci.,

Principal Researcher of the Department of Economic Theory,

Institute for Economics and Forecasting of the NAS of Ukraine

(Kyiv)

Artomova Tetiana Ivan³vna, 2017; e-mail: vobulimans85@ bigmir.net 

GLOBAL ECONOMIC LEADERSHIP IN THE CONTEXT OF VALUE ANALYSIS

Summary

Under the influence of political and economic initiatives of newly-elected US president and his administration, discussions on transforming the existing world order intensified significantly within intellectual circles. A denoted reformatting of forces and centers of global political and economic influence is associated with the strengthening of China's position in the global economic space. At the same time, the American political elite have no consent on the strategy concerning the Middle Kingdom, and, consequently, a split of views is brewing. In turn, this shows that the positions of the current global leaders are weakening; they are less able to intelligently organize not only the global economic space, but also the system of their own intra-economic relations. Under these conditions, the “monolithic” monotonicity of the “Chinese project”, backed by obvious economic achievements, could prove to be very in demand in the world.

However, the strongest argument in favor of the ability of a certain people to come out with a global historical mission is the continuous spiritual work of his outstanding thinkers. In this respect, China has something to rely on, because its value baggage was created during several millennia of civilizational development. At the turn of the XIX-XX centuries, huge intellectual efforts were made to rethink and modernize the historical heritage, crystallize the value doctrine of Chinese society and substantiate the universal significance of Confucian doctrine to the world.

Meanwhile, China's original value doctrine remains traditional. It is of a sociological and philosophical character and today needs further modernization - economic-theoretical rethinking. In this regard, China, with all the depth of its moral and ethical teachings, cannot claim the place of an unconditional global leader. Despite its growing economic strength from year to year, it is not in itself, but the ideological preferences of the West, (in particular the US as a center for professional economic research and the methodological monopolist of the mainstream), cause the global economic hegemony (ðð.106–122).

References

1. Gospodstvo Kitaya. K chemu vedet politika Trampa [The domination of China. What is the policy of Trump]. Korrespondent – Correspondent, 2017, January 30, available at: http://korrespondent.net/world/3807903-hospodstvo-kytaia-k-chemu-vedet-polytyka-trampa [in Russian].

2. Stena, a ne strela. Pustuyushchii postament mogushchestva [The wall, not the Arrow. The empty plinth of power]. 2008, September 25, available at: http://conspirology.livejournal.com/3016.html [in Russian].

3. Kissinger Í. On China. N.Y., Penguin Press, 2011.

4. Friedberg A.L. A Contest for Supremacy: China, America and the Struggle for Mastery in Asia. N.Y., W.W. Norton and Company, 2011.

5. Nathan A.J. Chego khochet Kitai? [China’s search for security], available at: http://www.globalaffairs.ru/book/Chego-khochet-Kitai-15369 [in Russian].

6. Berger Ya.M. Ekonomicheskaya Strategiya Kitaya [China's Economic Strategy]. Moscow, Forum, 2009 [in Russian].

7. Rumayntsev E. Drugoi ugol zreniya. Kak v KNR teper’ vidyat Vtoruyu mirovuyu voynu [How the Second World War is now viewed in PRC]. Rossiya v global’noi politike – Russia in global affairs, 2015, No. 5, pp. 101–113 [in Russian].

8. Martynov D.E. “Utopiya” Zapada i “Velikoe Edinenie” Kitaya: k probleme retseptsii i evolyutsii terminologii  [“Utopia” of the West and “Great Unity” of China: to the problem of reception and evolution of terminology]. Voprosy filosofii – Questions of philosophy, 2010, No. 7, pp. 137–148 [in Russian].

9. Vasil’ev L.S. Problema tszin tyan’, v: Kitai. Yaponiya: Istoriya i Filologiya [The Jing Tien Problem, in: China. Japan: History and Philology]. Moscow, PH of oriental literature, 1961, pp. 24-38 [in Russian].

10. Mikheev V., Lukonin S., Jeh S. Kitai: rezhim lichnoi vlasti i novaya pyatiletka  [China: Personal Power Regime and New Five-Year Plan]. Mirovaya ekonomika i mezhdunarodnye otnosheniya – World Eñonomy and International Relations, 2016, No. 10, pp. 5–16 [in Russian].

11. Artomova T.I. Stoimost’ i Tsena: Logiko-Istoricheskii Protsess Formoobrazovaniya [Cost and Price: Logical-Historical Process of Shaping]. Kyiv, Osnova, 2006 [in Russian].

12. Gritsenko A. Struktura rynochnoi transformatsii inversionnogo tipa [Structure of market transformation of the inversion type]. Ekonomika Ukrainy – Economy of Ukraine, 1997, No. 1, pp. 4–10 [in Russian].

13. Ol’sevich Yu. K relyativistskoi ekonomicheskoi teorii [To the relativistic economic theory]. Voprosy Ekonomiki – Questions of Economy, 1995, No. 6, pp. 4–14 [in Russian].

T. O.  O S T A S H K O,

Doctor of Econ. Sci.,

 Corresponding Member of the NAS of Ukraine,

Principal Researcher with assignment of duties as a 

Head of Department of Sectoral Forecasting and Market Conjuncture,

Institute for Economics and Forecasting of the NAS of Ukraine

(Kyiv)

© Ostashko Tamara Oleksiivna, 2017; e-mail: tostashko@ukr.net

PROTECTIONISM WITHIN THE US TRADE POLICY: CONCLUSIONS FOR UKRAINE

Summary

Based on the analysis of the possible consequences of the strengthening of protectionist policy in the United States, it was concluded that such a trend wou

» All news

News
¹9,2017
PROBLEMS OF THE ECONOMIC THEORY UDC 330.342 A. I.  K R... »
¹8,2017
UDC 339.74 GRZEGORZ W. K O L O D K O, Professor, Director of the... »
¹7,2017
SCIENTIFIC DISCUSSIONS UDC 338.24.021.8:94(477) V. M.  T A... »
¹ 5-6,2017
    FAUX J. – U.S. trade policy – time to start over (in... »
¹4,2017
UDÑ 339.97 V. R.  S I D E N K O, Doctor of Econ. Sci., Corresponding... »
3,2017
FINANCES.  TAXES.  CREDIT UDÑ 306.1 T. I.  ²... »
¹2,2017
GOVERNING THE ECONOMY: THEORY AND PRACTICE UDÑ 330.342.3:338.45:330.46 Yu.... »
¹1,2017
UDC 336.1:316.34 P. S.  E S H C H E N K O, Professor, Doctor... »
¹12,2016
UDC: 330:338.1 V. M.  H E Y E T S, Professor, Doctor of... »
¹11,2016
SCIENTIFIC DISCUSSIONS UDC 338.45.01 V. L.  M A Z U R, Professor,... »
C O N T E N T S, No. 10, 2016
FINANCES.  TAXES.  CREDIT UDC 336.1 V. P.  K... »
C O N T E N T No. 9, 2016
  C O N T E N T  No. 9, 2016 UDK 339.9                                               ... »
All news»


© "The economy of Ukraine"
Site development - LookMy.info