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Why are some countries rich and others poor? In 1500, the income differences were small, but they have grown dramatically since Columbus reached America. Since then, the interplay between geography, globalization, technological change, and economic policy has determined the wealth and poverty of nations. The industrial revolution was Britain's path breaking response to the challenge of globalization. Western Europe and North America joined Britain to form a club of rich nations by pursuing four polices-creating a national market by abolishing internal tariffs and investing in transportation, erecting an external tariff to protect their fledgling industries from British competition, banks to stabilize the currency and mobilize domestic savings for investment, and mass education to prepare people for industrial work. Together these countries pioneered new technologies that have made them ever richer. Before the Industrial Revolution, most of the world's manufacturing was done in Asia, but industries from Casablanca to Canton were destroyed by western competition in the nineteenth century, and Asia was transformed into 'underdeveloped countries' specializing in agriculture. The spread of economic development has been slow since modern technology was invented to fit the needs of rich countries and is ill adapted to the economic and geographical conditions of poor countries. A few countries - Japan, Soviet Russia, South Korea, Taiwan, and perhaps China - have, nonetheless, caught up with the West through creative responses to the technological challenge and with Big Push industrialization that has achieved rapid growth through investment coordination. Whether other countries can emulate the success of East Asia is a challenge for the future. ABOUT THE SERIES: The Very Short Introductions series from Oxford University Press contains hundreds of titles in almost every subject area. These pocket-sized books are the perfect way to get ahead in a new subject quickly. Our expert authors combine facts, analysis, perspective, new ideas, and enthusiasm to make interesting and challenging topics highly readable.
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"In co-operation with the International Economic History Association."
This introduction to all aspects of international economics, business and finance is the clearest guide available to the economics of the world we live in. Written in a highly engaging style, packed full of up to the minute, real world case studies and pitched at introductory level, the book does an expert job of drawing students in and will leave them equipped with a comprehensive toolkit and methods and essential facts. .
Understanding the New Global Economy: A European Perspective argues that globalisation is facing economic and political headwinds. A new global economic geography is emerging, cross-border relationships are changing, and global governance structures must come to terms with a new multipolar world. This book clarifies the fundamental questions and trade-offs in this new global economy, and gives readers the tools to understand contemporary debates. It presents a range of possible policy options, without being prescriptive. Following a modular structure, each chapter takes a similar approach but can also be read as a stand-alone piece. State-of-the-art academic research and historical experiences are weaved throughout the book, and readers are pointed towards relevant sources of information . This text is an accessible guide to the contemporary world economy, suited to students of international economics, political economy, globalisation, and European studies. It will also be valuable reading for researchers, professionals, and general readers interested in economics, politics, and civil society.
A complete and accessible overview of how politics and economics collide in a global context This text surveys the theories, institutions, and relationships that characterize IPE and highlights them in a diverse range of regional and transnational issues. The bestseller in the field, Introduction to International Political Economy positions students to critically evaluate the global economy and to appreciate the personal impact of political, economic, and social forces.
The international tax system is in dire need of reform. It allows multinational companies to shift profits to low tax jurisdictions and thus reduce their global effective tax rates. A major international project, launched in 2013, aimed to fix the system, but failed to seriously analyse the fundamental aims and rationales for the taxation of multinationals' profit, and in particular where profit should be taxed. As this project nears its completion, it is becomingincreasingly clear that the fundamental structural weaknesses in the system will remain. This book, produced by a group of economists and lawyers, adopts a different approach and starts from first principles in order to generate an international tax system fit for the 21st century. This approach examines fundamental issues of principle and practice in the taxation of business profit and the allocation of taxing rights over such profit amongst countries, paying attention to the interests and circumstances of advanced and developing countries. Once this conceptual framework is developed, the book evaluates the existing system and potential reform options against it. A number of reform options are considered, ranging from those requiring marginal change to radically different systems. Some options have been discussed widely. Others, particularly Residual Profit Split systems and a Destination Based Cash-Flow Tax, are more innovative and have been developed at some length and in depth for the first time in this book. Their common feature is that they assign taxing rights partly/fully to the location of relatively immobile factors: shareholders or consumers.
Financial collapse. Global recession. The revival of free-market policies. Massive and increasing inequalities. Housing bubbles and record foreclosures. Severe strain in the European Union. Emergence of China and other major players on the international economic scene. Every day, media outlets bombard us with news and possible explanations for the financial, economic, and political crises. In The United States and the Global Economy, Frederick S. Weaver gives readers a concise introduction to the patterns of change in international financial and trade regimes since World War II in order to clarify recent global economic turmoil. Weaver has compiled a clear chronology of major events in the international economy to show how they have reflected and shaped changes in the domestic economy of the United States. Although U.S. dominance over the world economy is not as complete as it once was, the U.S. domestic economic processes continue to have profound effects on global economic affairs. The United States and the Global Economy is serious but not grim, and it familiarizes readers with the vocabulary of key elements of international economic analysis and their relationships, such as balances of trade and balances of payments; foreign direct investment and foreign portfolio investment; and the meaning of most-favored-nation agreements. The United States and the Global Economy is a concise, informative book that is of interest to anyone seeking to understand the current international economic and political disarray.
Ideal for a one-semester course in international economics, this book is accessible to those within and outside of economics programs.