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This paper explores the macroeconomic effects of trade tariffs in the context of the recent trade conflict between the United States and China. The focus is laid on two trade war scenarios, and one of them takes into account the effects of the COVID-19 pandemic on the global trade flows. After deploying the partial equilibrium SMART model, the authors conclude that solely due to the trade war with China, in 2020, the US total trade balance will improve by 41,020 million USD (0.21% of real GDP), while 43,777 million USD (0.22% of real GDP) of the US imports will have to be sourced from other countries. The US trade intensity with China and welfare will decline. However, our study has found that the potential economic consequences of COVID-19 will reduce the relative effects of the trade war. The study has revealed that the United States economy will benefit from the trade war, which can be explained by a relatively weak China’s retaliatory response. Nevertheless, the US agriculture and automotive sectors will suffer most.
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This study examines the impacts of income, energy consumption, financial development, globalization (economic, trade, and financial globalization), industrialization, and urbanization on Turkey’s ecological footprint (EF) in the context of the environmental Kuznets curve (EKC) hypothesis via the augmented autoregressive distributed lag (augmented ARDL) bounds testing approach for the period 1980-2016. The findings of this research are as follows: (i) the EKC hypothesis is not valid in Turkey, (ii) energy consumption intensifies EF in the short-run, (iii) industrialization and urbanization increase environmental degradation, (iv) globalization -including its economic, trade, and financial dimensions- negatively affects EF in the long-run, (v) financial development deteriorates EF in the short-run. Based on these findings, alternative policy recommendations are made.
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The current slowdown in international trade, apparently linked only to the pandemic crisis, actually has its roots in the long economic and financial crisis that began in 2007, which has stimulated economic nationalism and the adoption of neoprotectionist policies for more than ten years. Even if the prevailing narrative, also in the academic field, continues to be that of “globalization”, those policies, implemented by large areas and major world powers, have caused a long phase of “de-globalization”, characterized by the renewed use of the modern border to enclose economies. Productive and trading blocs and major powers have tried with the closure to make political and economic spaces (separated by the timid rebirth of globalization at the end of the bipolar period) coincide again. This has had serious consequences for developing regions and “emerging countries”, which have seen their political and economic stagnation worsen, with new dangers for global stability. The contemporary geo-economy is now facing closed and counterbalanced “super-regions”, which are regionalizing and redesigning the overall geo-economic balance of the planet.
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Z inicjatywy prof. Pawła Soroki powołany został zespół badawczy, którego zadaniem jest opracowanie raportu o skutkach kryzysu wywołanego przez wprowadzenie stanu prawnego zwanego pandemią COVID-19. Szczegółowe informacje na temat raportu znajdują się na stronie internetowej zespołu: raportokryzysie.pl. Dzięki uprzejmości koordynatora projektu, Przegląd Geopolityczny ma możliwość opublikowania części wyników badań zespołu dotyczącej kwestii geopolitycznych, jeszcze przed ich ogłoszeniem w formie publikacji książkowej.
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This research work contribute to the never ending debate in the finance-growth literature by examining the complimentary and substitution effects of banks and stock market as they both affect economic growth in Nigeria. A revisit of this subject matter is necessary to check the preparedness of Nigeria’s financial system to key into the global finance goal of ‘financialization’ and also to overcome financial issues militating against her economic growth. Dwelling on the issues of sustainability and liquidity which is paramount for the gains of financial development to translate to economic growth, linear and interaction models that equate bank, stock market and growth variables to economic growth are specified and estimated. Particularly, our findings reveal the importance and strength of the value of stock traded to economic growth when it interacts with bank variables and when on its own. Contrary to previous studies in developed countries, substitution effects are observed in the short run while complimentary effects are observed in the long run. It is believed that this could have been caused by too much of government intervention and control. We therefore recommend an institutional-centric approach for Nigeria’s financial system.
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EU planning for the years 2014–2020 introduced a new instrument for financing territorial cohesion policy – namely Integrated Territorial Investments (ITI). There is a notable lack of analyses concerning the evaluation of Poland’s use of this innovative instrument for the uptake of EU funds. The aim of the article is to evaluate the implementation of ITI in Poland in the context of the system of obtaining and spending EU funds for the territorial cohesion policy in the years 2014−2020. The analyses were carried out in a normative economic perspective using secondary data on EU funds within the framework of regional operational programs. The research shows that the implementation of ITI in Poland has had the intended effect of meeting the conditions for obtaining EU funds for integrated territorial investments. However, this opportunity was not fully exploited due to the lack of tradition of cooperation between local government units other than in urban functional areas. Furthermore, the implementation of ITI in Poland indicates the danger of evaluating the effects of ITI in the context of contracting or certification of EU funds, which is not in line with the European Commission’s guidelines for this instrument. Thus, the 2014–2020 period was not fully used by Polish beneficiaries to prepare for the new rules for receiving EU funds under the regional cohesion policy.
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Great Depression, which unveiled flagrant contradictions and imbalances of the capitalist economy, caused deep transformations in socialist political thought. In the 1930s socialist thinkers and commentators intensively discussed potential forms of the new (and usually post-capitalist) economic regime. In the Polish context, the ideas of Daniel Gross, basically forgotten thinker and senator (1929-1935), seem to be particularly interesting and unusual. The following article is presenting Gross’s notorious inflationary agenda in wider theoretical framework, as a part of the comprehensive plan for economic transformation. Gross believed that the foundation of the future socialist economy laid in general prosperity and high level of popular consumption on the domestic market. In contrast to other socialist authors, he argued that proper monetary policy was much more important than socialization of the means of production. His unorthodox views on the rules of future socialist economy and possible ways of economic transformation were not much popular in Polish Socialist Party in the 1930s, but in fact they were quite close to the economic agenda of the West European Social Democracy in post-war decades (up till 1970s).
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The last ERM II accession before July 2020 was in 2005. After the establishment of the Banking Union of the EU, starting from 2014, there was no enlargement of ERM II by EU Member State that is outside the Euro area. Therefore, the accession on 10 July 2020 of Bulgaria and Croatia to the ERM II on one hand and to the Banking Union on the other hand through the mechanism of the so-called close cooperation with the ECB represents a particular interest. The participation in these two mechanisms is a precondition for the accession to the Euro area and the adoption of the single currency. The comparison between the two countries shows that their path to the ERM II and the Banking Union is quite similar. However, there are also few peculiarities.
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Objective: The article discusses a somewhat forgotten theory of the German economist Silvio Gesell concerning money free from interest, and even charged for its possession, i.e. the Gesell tax. The article presents the escape from money and whether investment in real estate is justified, as well as the limitations of such investment. Research Design & Methods: The author analyses the subject literature. The theoretical issues presented in S. Gesell’s source works were interpreted in the light of contemporary economic processes and theoretical studies on his work. Findings: One of the modern expressions of Gesell’s theory is negative nominal interest rates, which have become a contemporary policy tool. While until recently even the theoretical application of such a tool was rarely considered, it has now become an important consideration in the economic reality of many economies. The natural defence of those with savings is to flee money that is burdened with fees. Real estate investment is an alternative vehicle to cash, though it is not without its limitations. Implications / Recommendations: Negative nominal interest rates have become a monetary policy tool, and there are indeed conditions that justify their use. However, it is natural for those with free cash to run away from “taxed” negative cash flows into investments that will maintain the value of their capital. One such investment is investing in real estate, though it is not without its limitations. Contribution: The author discusses the Gesell tax, a rarely analysed theory that has a contemporary, practical expression. He links it with real estate, a subject that is widely discussed today.
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This paper deals with the study of the modern English language terminology of biotechnology within the framework of the cognitive paradigm. The study of biotechnological terminology from the standpoint of cognitive linguistics is associated with the study of the role of epistemological categories and their linguistic expression in the studied terminology. It has been established that certain categories play an important role both in the birth of a scientific concept and in the formation of a name reflecting it. The author aims to reveal the functional features of the category of space in the language of biotechnology and to identify a set of tools in the English language that serve to express this category. The epistemological category of space is widely represented in biotechnological terminology, since it has pragmatic significance, which is explained by the need to accurately indicate the specific shape, size, location and movement of objects used by humans for manipulation. Thus, from the point of view of the cognitive approach, one of the bases for the classification of concepts in biotechnological terminology is the category of space. The concepts of space (PLACE, CONTENT, FORM, MOVEMENT) have paramount importance in the formation of biotechnology concepts. Linguistic means of representation of these space concepts are widely represented in the biotechnological terminology of the English language. They are special morphemes, special spatial vocabulary, syntactic constructions, which have space information.
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Based on the understanding that the EU is building a value-based digital society, this research aims to recapture the narrative of the smart city and to introduce the latter as an actor in EU digital policy. It starts from the acknowledgement that smart cities are reduced to mere business-led strategies and lack direct grassroots engagement that would bring value to the urban landscape. Then, it deconstructs the main pillars of the digital society as proposed by the current Commission and searches for areas of congruence between smart cities and the model for the digital society. To illustrate this congruence, the article analyses policy documents at the European and local level and features a case study of Darmstadt, designated Germany’s Digital City in 2019.
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The 2008 economic recession, followed by the sovereign debt crisis, made it clear that the original design of EMU was unsustainable. Together with the most urgent adjustments, the need for a profound reform of the system has been on the agenda for more than a decade. Despite significant steps being taken, no comprehensive reform has yet been delivered. In this paper, the background and the focus of the EMU reform will be reviewed. The research argues that it is necessary to create a better balance between the common shock absorption instruments (i.e., risk sharing) and to give a greater role for markets as incentives for fiscal and financial discipline (i.e., risk reduction). A new synthesis of the two dominant narratives could form the conceptual core of EMU reform. In this way, the need to create a sustainable system of resilience (the ability to respond and adapt) can be the decisive factor. At the heart of the EMU reform there can be deeper economic and financial union, resilient structures, the increase of risk sharing and the reduction of inherited risk.
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This study examined impact of macroeconomic instability and corruption on economic performance in developing countries. For this purpose, longterm relationship between 1995-2019 was examined using Kao (1999) and Pedroni (1999, 2004) cointegration tests. Results, macroeconomic instability and corruption have affected economic performance in long run. Flexibility of long-term relationship between variables was analyzed using PDOLS, FMOLS and DOLSMG estimators. The results showed that macroeconomic instabilities negatively and significantly affect economic growth and FDI, which represent economic performance. As macroeconomic instability increases, economic revival will be negatively affected by this, while foreign capital investment in country will decrease. Consequently, implementation of policies that will reduce macroeconomic instability and uncertainties will increase economic recovery and encourage foreign capital investments in host countries. Impact of corruption on economic growth and FDI was found to be positive. Decreasing corruption in research countries favors economic growth and facilitates foreign investment increases.
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The subject of the article is the current state of discussions on corporate social responsibility (CSR). The aim is to show that the dispute concerning CSR models leads to promoting new proposals of a CSR model, as exemplified by the creating shared values (CSV) model created by Mark R. Kramer and Michael E. Porter, and the conception of the Company-Idea proposed by Jerzy Hausner and Mateusz Zmyślony. The author’s intention is to present argumentation supporting the thesis that there is an urgent necessity to reformulate the traditional models of CSR. The author is convinced that we can find promising inspirations in both new conceptions of CSR.
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The purpose of this polemical article is to answer two research questions: (i) What is the place of food safety culture in EU law? (ii) Is the Polish food control system prepared to verify its implementation in food businesses? To achieve this goal, the authors conducted a review and critical analysis of literature sources, EU law, in particular concerning food safety, including national law, private standards for food safety management systems, and official reports, and they applied the method of synthesis and logical concluding. The article refers to important changes in EU law initiated by amendments to the Codex Alimentarius regarding food safety culture. The establishment and maintenance of a positive food safety culture is fundamental to the successful functioning of any food safety management system, because of its important impact on human behaviour in providing safe and adequate food. The article indicates the role of private food law in this regard, the implementation of which, although optional, is often essential to meet the market requirements. The authors doubt whether Polish food control institutions are ready to expand the scope of their activities by verifying the implementation of food safety culture in food businesses. A serious obstacle to making such significant changes is the major weakness of the food control system, which has been observed for years, and serious problems related to food safety hazards and threats in Poland. The authors constructively critique – for the first time – the organizational and legal circumstances for implementing and verifying food safety culture in the Polish food industry and its environment.
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The objective of this paper is to examine Global Supply Chains (GSC) from the perspective of human rights. Economists and international business scholars focus on the economic nature of this phenomenon and its complex international structure. International institutions (such as the WTO, OECD and others) direct their efforts to the regulation of the relations within the structure and to the measurement of the contribution of GSC to national economies and global trade. Human Rights activists, on the other hand, are tackling violations of human rights at the various stages of the supply chains. At present, politicians, regulators and a limited number of scholars are also trying to deal with the issue of human rights within GSC from a different angle – namely, the behaviour of business with regard to human rights issues in international business activities. The paper builds on the author’s previous research on global supply chains in their role as stakeholders within the corporate governance system. The author adheres to the view that the study of human rights issues in the context of GSCs demands an interdisciplinary research approach and utilizes an adequate conceptual framework that should be further developed. Theoretical observations are combined with a survey on the business attitude towards human rights. Venue for following studies is drafted.
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