Search results

1

Can Global Imbalances Continue? The State of the United States Economy

100%

Siddiqui K.

Argumenta Oeconomica Cracoviensia

|

2020

|

issue 2(23)

11-32

EN

Objective: This study investigates the issue of global imbalances by exploring, in a historical context, the interconnections between the United States current account imbalances and the processes underlying allocative inefficiency, financialisation and austerity politics. Research Design & Methods: A comprehensive review of published studies is the research methodology used in this article. Published secondary data from both governments and international institutions are presented and discussed. Findings: The study find that the deep nature of the current imbalances and economic crisis in the United States could adversely affect the rest of the world. Although the IMF and other institutions of global governance have now questioned the effectiveness of neoliberal policies, the severe measures the IMF advocates in response to current account deficits could presage yet another era of anti-growth austerity measures in the United States. Implications/Recommendations: There are features of the current account US imbalances situation that have the potential to exacerbate negative trends and to further fuel adverse economic and political outcomes. The study suggests that a coordinated, US-led international response to a future global recession could be even more deficient than the current response to climate change. Contribution: The paper makes a contribution to the literature on the failures of global governance and critically examines the economic risks of the current situation that are being compounded by the political approach of the Trump Administration, which characterises US trade partners as adversaries in need of coercion through tariffs and strident rhetoric.

2

POLITICAL ECONOMY OF JAPAN’S DECADES LONG ECONOMIC STAGNATION

100%

Siddiqui K.

Equilibrium. Quarterly Journal of Economics and Economic Policy

|

2015

|

vol. 10

|

issue 4

9-39

EN

It is hard to imagine that after Japan’s miracle post-war growth it would go on to suffer more than two decades of stagnation. Although there have been some short-lived periods of recovery, such as in 1995-96, the average growth rate over the period of 1991-2014 was a mere 1%. Despite historically low interest rates and a series of fiscal stimuli, the growth has not revived. Despite the long economic stagnation, Japan still retains its strength in many areas. Its human and physical capital formations are among the highest in the world. The volume it spends on research and development is equally impressive. It still has world-leading firms and modern technologies. The methodology to be followed here is derived from the aims of the study and comparisons of international statistics provide the main means of addressing the research questions and the objectives of this paper. The study concludes that the neoliberal ‘market-centred’ policies have brought inequality, stagnation, and fiscal crisis to the state. Therefore, a radical critical political economy is required to analyse the situation more objectively, one which would mean increased levels of welfare and people-led measures

3

Economic Policy – State versus Market Controversy

100%

Siddiqui K.

Equilibrium. Quarterly Journal of Economics and Economic Policy

|

2015

|

vol. 10

|

issue 1

9-32

EN

There was a wide ranging debate in the 1950s and 1960s in the developing countries about the role of the state in their economy when these countries attained independence, with developing their economies and eradicating poverty and backwardness being seen as their key priority. In the post-World War II peri-od, the all-pervasive ‘laissez-faire’ model of development was rejected, because during the pre-war period such policies had failed to resolve the economic crisis. Therefore, Keynesian interventionist economic policies were adopted in most of those countries. This is a theoretical paper, which is based on a review of published papers in the field of economic policies, especially about the debate on the role of the state and market. In this study, a wide range of data sources are presented, which in-cludes statistics generated by a number of organisations that are not agencies of a particular government. This is useful since data are compiled by a wide range of organisation such as IMF, World Bank and WTO. Secondary data would help our study to answer the research questions. There seems to be greater potential for examining statistical data produced by various organisations that are relatively independent of the national government. The study finds that more than two decades of pursuing neoliberal policies has reduced the progressive aspects of the state sector. The on-going crisis in terms of high unemployment, poverty and inequality provides an opportunity to critically reflect on past performance and on the desirability of reviving the role of the state sector in a way that will contribute to human development.

Refine search results

2 Equilibrium. Quarterly Journal of Economics and Economic Policy

1 Argumenta Oeconomica Cracoviensia

3 Siddiqui K.

1 2020

2 2015

Can Global Imbalances Continue? The State of the United States Economy

POLITICAL ECONOMY OF JAPAN’S DECADES LONG ECONOMIC STAGNATION

Economic Policy – State versus Market Controversy