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Series: Vernon Series in Economics Vernon Series in Economics

Networks of International Trade and Investment

Understanding globalization through the lens of network analysis

Sara Gorgoni, University of Greenwich et al.

March 2018 / ISBN: 978-1-62273-065-0
Availability: Forthcoming

In recent decades, the globalisation of industries has led to a fundamental change to the way in which production is structured. There has been a disintegration of production, in other words, products are no longer manufactured in their entirety in a single location. This disintegration, or rather fragmentation, of production, has resulted in a shift-change in patterns of international trade and investment such as a rise in the trade of intermediate goods and in foreign direct investment activity (FDI). This international fragmentation of production, in which multinational enterprises (MNEs) have played a focal role, challenges our ability to understand and analyse the international economy. The global value chain is one leading theoretical approach that seeks to make sense of these changes. However, this approach is limited due to its functional difficulty in aggregating observations from firm-level to national-level. Changes in trade and FDI patterns have resulted in a more interconnected world economy. However, understanding the interdependencies between entities involved in the fragmented production process is essential in order to understand how production is organised today. Therefore, traditional methods and statistical approaches are no longer considered sufficient. This edited book makes a case for the use of network analysis alongside existing techniques in order to investigate pressing issues in international business and economics. The authors put forward a range of well-informed studies that examine compelling topics such as the role of emerging economies in global trade and the evolution of world trade patterns. This book looks at how network analysis, as both an approach and a methodology, can explain international business and economics phenomena, in particular, in relation to international trade and investment. This edited volume provides a comprehensive but accessible explanation of the applications of network analysis and some of the most recent methodological advances in its field, which provide an important contribution to research in international trade and investment.

Imperative of Economic Growth in the Eurozone: Competitiveness, Capital Flows and Structural Reforms

Edited by Antonin Rusek, Susquehanna University and Lubor Lacina, Mendel University, Czech Republic

November 2017 / ISBN: 978-1-62273-263-0
Availability: In stock
$62 £51 €58

European economic recovery appears to be taking hold. So is the European crisis over?  The acute phase of the crisis passed, however a number of medium and long term issues remain. The policies of “internal devaluations” are working, albeit slowly, to restore competitiveness in the countries most affected by the crisis. However, growth remains at best sluggish. The medium and long term outlook remains highly uncertain, fomenting social tensions and endangering political stability.   The restoration of economic dynamism is increasingly perceived as the answer to the question of the “European” future – economically, politically and socially. There is a broad consensus that dynamic structural reforms and the restoration of competitiveness at the level of the global economy are key answers to current European challenges. However, whatever the form these may take, the transfer of resources is implicit (and seemingly necessary), to underpin the current structure of eurozone. This indeed raises the question of governance – both fiscal and monetary. After all, the provision of resources implies an allocation – and it is hard to imagine that resources will be provided to the common pool unless the providers have some say with respect to allocation. And that requires some form of common (i.e. centralized) decision-making procedures, in all likelihood exceeding the common understanding of the acquis communautaire as it exists today – i.e. some form of the effective political arrangement. In this context, the basic idea which connects all contributions in this volume is the analysis of the problems which affected the Eurozone in the past decade and the challenges and dilemmas the Eurozone will face in the coming years.

Global Economy in Transition: the European Union and Beyond

Edited by Linda Winkler, Wilkes University and Harold Codrington, Central Bank of Barbados

July 2017 / ISBN: 978-1-62273-276-0
Availability: In stock
$75 £68 €73

This volume covers various issues in global development and global economic transformation including factors affecting economies and development in the European Union (EU), the Ukraine, select countries in Africa, the Caribbean, the South Pacific as well as India and the United States. The global economy is in transition, from the 1990s' status quo to the “new normal” with heavy reliance on the internet, rapid communications, sophisticated payment systems, diminishing importance of size and distance and changing notions of the market. This volume discusses how this process is affecting economies across the globe and why an appreciation of it will help efforts by governmental bodies and the private sector to reassess societal relationships - both economic and political. This volume shows that challenges to policy-making and the achievement of social consensus on development issues are often quite similar in all countries, irrespective of size, geographical location, endowment and developmental status. The chapters speak to concerns that touch on a cross-section of issues which are driving transition and transformation at multiple levels. As a group, they compare economic factors across transnational economic or political associations (OECD, European Union, G20) or make comparisons across or within emerging markets or small states (BRICS, various African countries, the Caribbean, South Pacific). They include the presentation of a new model for transnational agreements, discussions of policies related to labor compensation and corporate governance, comparisons of nations across the world using indices of economic development and governance, an analysis of gender inequality in employment in the European Union, comparisons of tax burdens across the European Union and the USA, discussions of employee representation in corporate governance, and a look at grass-roots development and markets in developing economies. As a whole, in its breadth and cross-national perspective, the volume represents an important scholarly contribution to international economics.

Global Responsible Intergenerational Leadership

A conceptual framework and implementation guidance for intergenerational fairness

Julia M. Puaschunder, The New School

May 2017 / ISBN: 978-1-62273-178-7
Availability: In stock
$65 £54 €61

Today's grand policy dilemmas, from climate change, to over-indebtedness, to demographic shifts, have momentous long-term implications. Future generations will be constrained by our present decisions to an extent that is without precedent in advanced capitalist democracies. This book is an extensively researched and reasoned appeal in favor of intergenerational fairness - the ability to provide to future generations an at least as favorable standard of living as that enjoyed today. Intergenerational equity is an essential consideration in finding lasting solutions to the multifaceted crises of our time. As an implicit contract and transfer between living and future generations, intergenerational equity avoids discriminating against future generations. The book aims to theoretically define intergenerational equity and to frame it as a natural behavioral law, capturing human ethicality bounds. It follows a long and distinguished tradition of scholarly discourse in turning to natural law for solutions to major social predicaments. Outlining some of the causes of the current intergenerational imbalances regarding climate change and over-indebtedness it sets the basis for understanding their drivers and implications. A central proposition is that the natural human drive towards intergenerational fairness can be the basis for the necessary behavioral responses: the human-imbued moral compass of natural law can be a useful complement, if not alternative, to public policy. This book fills an important gap. Despite a resurgence of literature, the economic and social dimensions of intergenerational equity remain underexplored. Existing literature misses a holistic ethical framework of decision-making failures that addresses intergenerational concerns. Whilst evolutionary grounded, intergenerational fairness has not been recognized as a natural behavioral law – a human-imbued drive being bound by human fallibility. Practical implications and recommendations in advancing an agenda for the advancement of intergenerational equity are provided. Attention is drawn to the problem of providing the required leadership to promote the idea of intergenerational equity as a guiding principle in corporate, social and policy action. This book contributes both theoretical and practical insights and will be of interest to economists, sociologists, public policy makers and corporate executives tasked with tackling the most pressing contemporary challenges of mankind.

Agricultural Sector Issues in the European Periphery

Productivity, Export and Development Challenges

Edited by Persefoni Polychronidou, Central Macedonia Institute of Technology, Greece and Anastasios Karasavvoglou, Eastern Macedonia and Thrace Institute of Technology, Greece

May 2017 / ISBN: 978-1-62273-272-2
Availability: In stock
$40 £35 €38

Over the course of the past two decades peripheral European economies in the Balkans and in Eastern Europe have experienced significant structural changes and have adapted to the global economic environment. Agriculture and the processing, using and trading of agricultural products play an important role in their economies. This volume covers several issues facing the contemporary agricultural sector in these countries, such as the framework of the Common Agricultural Policy of the European Union, the identification of an opinion leader portrait in agriculture, the characteristics of using Information and Communication Technologies as tools in the partnerships and internal processes of enterprises throughout the whole agro-food supply chain, the increased need of small-scale artisanal food businesses to seek new markets abroad, the perceptions of Greek olive oil importers in the UK, the barriers that Greek yogurt entrepreneurs face during their export activities, the reasons for the differences in economic performance and the role of tangible and less tangible factors influencing development outcomes. It will be of interest to researchers studying economic development, agricultural economists, businesses active in the primary sector and students of applied economic analysis.