The objective of this article is to provide a survey of basic facts about process of globalization. We can define globalization as the international economic integration through particular markets. Globalization is largely continual & objective process that began approximately in the middle of nineteenth century. Main factors determining globalization are technology & liberalization & also "desire of people to participate in globalization." On the other hand globalization reinforces these factors. Within globalization we can also see two following processes. The essence of the first one is centralization & concentration of production & capital & in the centre of second one stands a process of transnationalization. The results of these tendencies are creation & action of transnational corporations. Today these firms are major entities forming present globalization. It is also necessary to give certain attention to the role of state in current world. References. Adapted from the source document.
The aim of the article is to outline the theoretical grounds of regionalism &, in particular, to explain the basis of this new phenomenon, its forms (stages) & historical development. The core of the explanation is a "new" regionalism as the third wave of regionalism in the world economy: its interpretation, causes, diversity & cases of regional integration. Furthermore, trends in regional development of trade initiatives have been outlined (from the "old" to "new" regionalism, from a "looser" to "deeper" integration, from individual cases to "global" regionalism.) In the conclusion, areas requiring further examination in connection with the impact of regionalism on the Czech economy have been defined. Graphs, References. Adapted from the source document.
Despite a consensus on the benefits of liberal international economic regimes, there are important differences in the perspectives of different actors. This article deals with two ideal types of perspectives on international trade liberalization. The first of them is the liberal perspective, & the second is the perspective of economic nationalism. Differences can be found in a number of aspects. We discuss the perception of comparative advantage, economic growth & its determinants, the logic of absolute or relative gains from the global economy, I the causal i relationship between the level of economic development & free trade, the issue of competitiveness in the global economy & the problem of existence, & the role of strategic sectors of the economy. If there exist important differences in presumptions, interests & policy preferences between actors, what are the conditions & limits for the perceived compatibility of the defined perspectives? Under which conditions will an individual actor support the progress in the liberalization of world trade & what are the most important risks? How can the past successes in building the liberal economic regimes be interpreted & what are the prospects for the future? This article also attempts to contribute to the discussion of paradigmatic perspectives in the international political economy. Therefore the text confronts the liberal perspective & economic nationalism & discusses some important aspects of these theories. Adapted from the source document.
The essay deals with the development of theory in development economics as a subdiscipline of international economics, within the context of general economic theory. Although some authors believe that it started to develop during the 19th century (as some Latin American countries gained their independence at this time), most authors connect its origin with the decolonization process of the 1950s. The first part describes its rather "naive" beginnings, when it was believed that it is possible to discover a universal theory applicable to the whole "third world" -- such as theories of vicious circles of poverty, the best ways & tools for breaking them, etc. The second phase of development economics, spanning approximately 1970-1990, was characterized by disillusionment & produced a lot of mostly analytical works dealing with partial problems. The third stage (1990-present) has been characterized by a growing demand for the so-called new synthesis. As the authors believe, such a goal would be very difficult to achieve, but in essence, it is achievable by means of joint efforts based on the Millennium Development Goals, changes of international economic & political relations systems & changes in a wide range of global issues. Adapted from the source document.
The presented paper describes the first membership of Czechoslovakia in the International Monetary Fund in the post-war period & the circumstances of its expulsion from this institution in 1954. Although Czechoslovakia was one of the founding members of the Bretton-Woods institutions & its relationship with the IMF looked promising at the beginning, the communist political take-over in February 1948 implied substantial change in this development. It was followed by the introduction of a centrally planned economic system & by a shift in the country's foreign-political orientation toward the East. The reason for Czechoslovakia's exclusion from the Bretton-Woods institutions was its repeated non-performance of the member state duties according to the Articles of Agreements of the IMR The main problem was that Czechoslovakia systematically refused to inform the IMF about developments in its economy & consult relevant monetary & economic arrangements with the IMF. Adapted from the source document.
The main purpose of this article is to show by selected case studies to what extent the euro has already managed to establish itself as one of the key international currencies from the point of view of various aspects, to what extent it fulfills the functions of an important international currency, and what are the prospects of the euro's position in the future. Various signals indicate that the euro already fulfills some conditions which would allow it to become a serious competitor to the dollar in a relatively short period of time. The article is also taking notice of some obstacles and drawbacks that the European Economic and Monetary Union (EMU) has to and will have to deal with.First of all, the author deals with the question of whether the eurozone is an optimum currency area. This is one of the principal theoretical problems which has been accompanying the EMU since the very beginning. Then he shifts his attention to the question, concerning what role does the euro play in the world economy at present from the point of view of the share of the eurozone on the world GDP, trade, officialforeign exchange reserves, selected indicators offinancial markets etc. Then he deals with the role of the euro in the world monetary system -- one of the main subsystems of the world economy. Here is presented a survey of countries which have accepted the euro as its single or main currency, and also countries whose currencies are narrowly linked to the euro by means of various exchange rate mechanisms. The next part of the article outlines the potential of the euro in its "conquest" offurther regions of the world. Both those where the euro is becoming or will become the number one currency (e.g. in the countries of Central and Eastern Europe) in a foreseeable future, and those where it will compete with the American dollar (e.g. in Latin America, in the Middle East etc.). In the final part, the author attemptes (use the same tense) to point out some problems which can influence what?missing subject, if and to what extent the euro really will become a strong and stable currency. At the moment, it is not yet possible to answer concisely and clearly the question of whether the euro will become an equivalent competitor to the American dollar. It is important whether the EMU will or will not break up in the course of the coming years or decades. So far, there have not appeared any signals of this kind. It will be substantial how the member countries of the eurozone will be able to handle the first serious crisis, e.g. analogical to that of 1992-1993. At that time, the exchange rate mechanism (ERM) was abandonned temporarily by the 1talian lira and permanently by the British pound. This crisis of the European monetary system has shown the difficulty or even incapacity to set such a monetary policy which would be simultaneously advantageous for all member countries of a certain monetary system. The question is whetlLer it is possible considering there are usually big differences in economical standing between individual countries. A similar or even a more serious crisis could emerge in a longer time horizon. The EMU thus stays a long term project and a long distance run. It is, however, possible to assume that within the next ten years, it could become totally clear whether the EMU project is a great success or a great error. Adapted from the source document.
This paper discusses the critiques forming the debate on the future of the two major global financial institutions -- the IMF & the WB. The author does not claim what the IMF & the WB really are, but reviews how they are seen by their critics. The article describes & summarizes the multifaceted critical discussion & proposes an elementary scheme formed by four basic positions. These are based on two variables: (1) moderation or radicalism of the critiques; (2) their affiliation with the right or the left side of the political spectrum. As a result, four basic critical positions emerge: right reformers, right radicals, left reformers, & left radicals. This paper characterizes each of them by overviewing the opinions of two representative participants of the discussion. 1 Diagram, 125 References. Adapted from the source document.
A phenomenon of globalization of world economy leads to diminishing of the borders between states. There is an important role of international trade in this process, which appears in much more heterogeneous forms than in the past. While the classical theory of foreign trade basically assumed commodity trade with the final products, due to fragmentation of production chains the major part of trade is performed with intermediate goods and also the trade in services becomes more and more dynamic. Increasing volume of the trade between countries is carried out without changing the ownership of traded goods, and vice versa -- changing the ownership of goods without crossing the border of the country. There is important role of multinational enterprises, which are currently behind most of the economic operations. The major implication of these phenomena is increasingly difficult possibility to capture the statistical data correctly and therefore to obtain objective data on the behaviour of the economy for analytical purposes and economic policy. Adapted from the source document.
The paper deals with the phenomenon of globalization. The author finds globalization highly questionable concept because there is deep disunity about its definition among the authors. In the first part of the paper different concepts of globalization are summed up. According to authors view there are two main approaches towards globalization -- the first considers it as (more or less lasting) integration & the second as a completely new contemporary process. The author regards globalization as a long lasting integration. But he finds that the present integration has a few specifics that are analyzed in the following part of the paper. In the consequent subchapters the author deals with two more topics -- the pros & cons of globalization & the durability of the process. The main conclusion of the paper is that globalization is a process that has been allowed by the governments by withdrawing from certain areas & thus releasing creative forces in the world markets. The process can be again (anytime) interrupted by the governments but it would bring serious consequences for the functioning of the world economy. Adapted from the source document.
According to the 1867 constitution the Habsburg Monarchy's armed forces consisted of the common army, the navy, the Austrian Landwehr and the Landsturm. The armed forces had authority over three ministries and were themselves subject to the rule of three parliamentary institutions. From the beginning the growth of the armed forces had not kept pace with that of the population as a whole. There was a low volume of conscripts and poor training of reservists. This resulted in a relatively small army both in peace time and during war and meant that by the spring of 1918 Austria-Hungary had practically exhausted its available human resources. This was exacerbated by the high number of losses, both through death and capture. On the battlefield the number of deaths is thought to have been between 905,000 and 1,200,000 with 1.8 million injured. At the same time the number of deaths and illness in the hinterland increased while the rate of fertility dropped. In order to resolve this the government applied a number of measures: the upper age limit of conscription increased, the necessary standards for recruitment were lowered, training period was shortened, more use of weapons, factory workers were replaced with women, prisoners of war and workers from the occupied territories. However at this time the importance of the "war economy" was also growing which resulted in an increase in firms requesting the release of their employees from military service. In 1918 the Habsburg Monarchy had not only exhausted its human resources but was also on the brink of economic collapse.
