当代世界经济与政治(英文部分 第二章)

,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Click to edit Master title style,普通高等教育,“,十一五,”,国家级规划教材 当代世界经济与政治,(,第,3,版,),Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Click to edit Master title style,普通高等教育,“,十一五,”,国家级规划教材 当代世界经济与政治,(,第,3,版,),第二章 当代世界经济,The Bretton Woods system rested on three political foundations:,1. The concentration of power in a small number of states;,2. The existence of a cluster of important interests shared by those states;,3. The presence of a dominant power willing and able to assume a leadership role.,The Bretton Woods system enabled Europe and Japan to recover from the devastation of the war, established a stable monetary system, encouraged more open trade, finance, and investment, and in turn led to a period of rapid economic growth.,Floating Exchange rates,Floating exchange rates (as opposed to the fixed rates of Bretton Woods) were a central characteristic of the new international monetary system.,Floating rates probably were the only system that could have endured the serious economic shocks of the 1970s and 1980s, including the oil and debt crises and inflation.,Face with the new realities of interdependence and floating rate, the monetary power sought to coordinate economic policies in order to achieve long-term stability. The mechanism for the coordination was the G7.,From 1977 to 1981, the Carter administration,（卡特政府）,emphasized collective management of international economic relations. A principal objective in the early Carter years was to achieve world recovery from the recession of the mid-1970s through cooperation among the major industrialized countries.,Interdependence,By the 1970s, the Bretton Woods system was replaced by a new international economic system characterized by interdependence. Changes in the nature of international economic interaction and a shift in the balance of power among the key players led to a restructuring of the international economic order. As result, national economies became more interdependence and more sensitive to economic policy and events outside the national economy.,Globalization,The end of the Cold War had a profound impact on the international economic system. With the fall of the Berlin Wall and the collapse of the Soviet Union, the political bases of the global economy shifted dramatically.,In the 1990s, a third international economic system emerged, one which continues to the present day. This system was, to an important extent, an extension of the era of interdependence. Continued international liberalization combined with improved technologies increased international economic interactions as well as national sensitivity to that interaction.,Important changes fundamentally altered the character of the prevailing system, and the world entered a new era, that is,globalization,.,The impact of globalization was uneven. The speed of economic change accelerated and flows of capital and goods became more volatile, causing rapid and sometimes wrenching changes for hundreds of millions of people. Many countries, companies, and individuals were beneficiaries of globalization.,International Economic System,1945-Present,Dates Name of,System,Type of Management of Governance,1945-1971 Bretton Woods System Superpower management,1971-1989 Interdependence Collective management,1989-present Globalization Global economic governance,（二）跨国公司是世界经济中重要的非国家主体,跨国公司，是指在两个或两个以上国家同时进行经营活动的公司企业，它包括母公司及其在国外设立的分公司，是世界经济舞台上集投资、贸易、金融、服务等经济功能于一身的特殊主体。,A multinational corporation (MNC),is an enterprise that engages in,foreign direct investment (FDI),and that owns or controls value-added activities in more than one country. A firm is not really multinational if it just engages in overseas trade or serves as a contractor to foreign firms.,FDI (Foreign Direct Investment),Foreign direct investment is not a new phenomenon. From the time that people began to trade with one another, they set up foreign commercial operations. In another sense, foreign direct investment is a new phenomenon. The nature and extent of international business changed dramatically after 1945. The new investments tended to be in manufacturing, whereas previous investments had been in agriculture, banking, retailing, and raw materials.,The degree of multinationality of a specific firm can be assessed in a number of ways. For example, firms are considered to be more multinational if,(1)they have many foreign affiliates or subsidiaries in foreign countries;,(2)they operate in a wide variety of countries around the globe;,(3)the proportion of assets, revenues, or profits is high;,(4)their employees, stockholders, owners, and managers are from many different countries;,(5)their overseas operations are much more ambitious than just sales offices, including a full range of manufacturing and research and development activities.,National Economic Control,The potential conflict between multinational corporations and government in developed countries is the interference of MNCs in the national control of the economy. The sense of lost control reflects, in part, and intangible feeling that, as a result of foreign investment, decisions crucial to the national economy are made outside the nation. The fear of lost control of sensitive industries is particularly acute.,Countries, including the United States, have always been concerned about foreign ownership of such sectors as,communications, transportation, and finance,. Increasingly, public officials feel that industries with a large influence on the economy, such as the,automotive or petroleum industries, or those in the vanguard,（先锋）,of scientific and technological development, such as computers or electronic, should remain under national control.,The special characteristics of MNCs can cause conflicts with states, and their international scope has been known to create political problems.,2010,年谷歌退出中国市场,The rapid spread of multinational corporations, and especially of U.S. multinationals, has been characteristic of the contemporary world economy.,The top 500 MNCs accounted for over 90 percent of global FDI and more than half of world trade by the late 1990s. Of the top 500 MNCs, 441 were headquartered in the triad countries of North America, Western Europe, and Japan.,The potential for the,home country,to interfere with MNC activities is very real. If one consider the volume of transactions carried out by multinational corporations, however, the number of actual threats of home country interference is relatively small. Home government of industrialized nations appear to have adopted a policy of avoiding interference in the activities of MNC affiliates, except in unusual circumstances.,One important area in which multinational corporations may interfere is in the politics of the home and host states.,As,with any corporation in the home or host country, the multinational is a potentially powerful political actor that can, and at times does, seek to influence,law and public policy,and that does have an impact on the,political environment,. MNCs might attempt to influence politics in host countries in several ways. In the most extreme case, MNCs might overthrow an unfriendly government or keep a friendly regime in power. In all of these actions, the firm may act on its own, at the instigation or with the support of the home government.,Domestic politicization of trade matter in the United States and throughout the world has been an important constraint on globalization.,The General Agreement on Tariffs and Trade (GATT),The major rule for implementing free trade under the GATT was,the principle of nondiscrimination,（非歧视）,. All of the contraction parties that is, all member states agreed to adhere to the most-favored-nation (MFN) principle,（最惠国原则）,which stipulated that “any advantage, favor, privilege,（特权）, or immunity,（豁免）,granted by any contracting party to any product originating in or destined for,（指定）,any other country,shall be accorded immediately and unconditionally,to the like product originating in or destined for the territories of all other contracting parties.”,（某一成员国提供给其他国民的任何利益、优惠、特权或豁免，均应立即无条件地适用于全体其他成员国国民）,A second element of nondiscrimination in the GATT was,the,provision for national treatment,（国民待遇条款）, a rule designed to prevent discrimination against foreign products after they enter a country.,In addition to establishing trade principle, the GATT provided a set of rules and procedures for what was to be the principal method of trade management in the postwar period:,multilateral trade negotiations,. The most important rule was,reciprocity,（互惠）, the concept that tariff reductions should be mutually advantageous.,United States Leadership,The great postwar economic strength of the United States and the lure,（诱惑）,of foreign markets were further reason for U.S. interest in leading trade liberalization.,Interdependence Structural Change and Protectionism,After 1967, important changes in the international trading system began to emerge and to undermine the GATT system of management and the liberal international trading order created by the GATT. Over the next two decades,structural changes,led to,domestic political challenges,to international management of trade and to,new forms of protection,. Government sought, with only limited success, to stem the tide of protectionism and to modernize the international trading regime.,The important change in the trading system in the 1980s was the movement away from multilateralism toward bilateral and regional arrangement.,Globalization,The trading system, had been transformed by the forces of globalization. International trade increased dramatically, creating ever greater interdependence. Furthermore, the nature of trade was transformed by new forms of trade in,services,and trade-related,intellectual property,and,investment,. Globalization created conflicting political demands. On the one hand, calls were made for expansion of trade liberalization and international management of old and new trade issues. On the other hand, many groups demanded protection and a halt to the forces of globalization.,The importance Financial System,The Asian Financial Crisis of 1997-1998,The roots of the Asian financial crisis lay in the Asian economic miracle of the 1980s. High savings rates, a strong work ethic, high levels of education, significant capital investment, responsible macroeconomic policies, and export-oriented trade strategies led to high growth rates, a significant improvement in standards of living, and a broadening distribution of wealth. In the 1990s, these so-called Asian tigers began to liberalized their capital market.,Unfortunately, these strong economic had weak financial system. Because of close links between banks, governments, and corporationsa situation known as,crony,（密友）,capitalism,bank lending often was directed to favored institutions without adequate attention to their financial soundness and sometimes basis on corrupt practices.,In large part because of this practice, and also because banks lacked the culture and practice of risk management, lending and rates did not accurately reflect risk. Financial institutions also were poorly regulated and supervised. Reporting and disclosure were inadequate, and there was no oversight of bad loan portfolios.,Challenges for Global Governance,Globalization has significantly altered the conditions for achieving cooperation and managing conflict in international economic relations. It has change the nature of the state, the major player in international relations. National sovereignty, national decision making, and national boundaries have not disappeared, and states remain the principal actors in international economic relations. However,states are increasingly open and subject to external influence.,Resistance to globalization,In America,the labor unions,fearing the loss of jobs to foreign competition,environmentalists,concerned that globalization will undermine national environmental laws and policies, and,isolationists,opposed to foreign influence and multilateral decision making. Other critics pointed to the,instabilities and inequities,of globalization.,Some of the regional organizations, especially the European Union and Mercosur, were formed in part to offset U.S.,predominance and enhance the role of their member-states in international economic decision making.,The linkages between the international economy and traditionally national areas of decision making have led to significant tension between state and international decision making. The challenges is to develop an economic order that reflects both,the sovereignty of the state,and,the need for multilateral management of growing international interaction.,Increasing international economic interaction was driven, in part,by technological change,.,Transportation and communication costs,declined dramatically after world war,. The combination of new computer and telecommunications technologies decreased the cost, increased the speed, and altered the possibilities of international economic production and exchange. New transportation technologies increased the volume and speed of trade and the movement of people. The reduction in communication and transportation costs enhanced the ability and willingness of actors to cooperate across national boundaries.,