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International audience ; For mercantilism, the main objective of economic action is to increase the power of the Prince (Machiavelli). With the rise of capitalism and the market economy, liberal economists strongly criticized state management of the national economy. The centralization of political power was often seen as a major brake on the market economy and thus on economic development. Since 1990, the history of capitalism seems to have stopped being written within national borders. We are moving from the wealth of nations to the wealth of the world. However, despite the existence of the World Trade Organization, there is in fact no supranational authority capable of imposing rules on multinational markets, which are often speculative and interested mainly in short-term profit, thus threatening the sovereignty of nations. Yet market system generalization is often perceived as a factor of democracy. This statement is debatable. As states have lost most of their economic power, the electorate is the victim of a democratic illusion comparable to Keynes' monetary illusion. The risk is the progressive establishment of international plutocratic systems which, within each state, will defend private interests, sometimes in competition from state to state. War and economic war are not over. ; Pour le mercantilisme, l'objectif principal de l'action économique est d'accroître le pouvoir du Prince (Machiavel). Avec l'essor du capitalisme et de l'économie de marché, les économistes libéraux ont fortement critiqué la gestion étatique de l'économie nationale. La centralisation du pouvoir politique était souvent considérée comme un frein majeur à l'économie de marché et donc au développement économique. Depuis 1990, l'histoire du capitalisme semble avoir cessé de s'écrire à l'intérieur des frontières nationales. On passe de la richesse des nations à la richesse du monde. Cependant, malgré l'existence de l'Organisation mondiale du commerce, il n'existe en fait aucune autoritésupranationale capable d'imposer des règles aux ...

International audience ; For mercantilism, the main objective of economic action is to increase the power of the Prince (Machiavelli). With the rise of capitalism and the market economy, liberal economists strongly criticized state management of the national economy. The centralization of political power was often seen as a major brake on the market economy and thus on economic development. Since 1990, the history of capitalism seems to have stopped being written within national borders. We are moving from the wealth of nations to the wealth of the world. However, despite the existence of the World Trade Organization, there is in fact no supranational authority capable of imposing rules on multinational markets, which are often speculative and interested mainly in short-term profit, thus threatening the sovereignty of nations. Yet market system generalization is often perceived as a factor of democracy. This statement is debatable. As states have lost most of their economic power, the electorate is the victim of a democratic illusion comparable to Keynes' monetary illusion. The risk is the progressive establishment of international plutocratic systems which, within each state, will defend private interests, sometimes in competition from state to state. War and economic war are not over. ; Pour le mercantilisme, l'objectif principal de l'action économique est d'accroître le pouvoir du Prince (Machiavel). Avec l'essor du capitalisme et de l'économie de marché, les économistes libéraux ont fortement critiqué la gestion étatique de l'économie nationale. La centralisation du pouvoir politique était souvent considérée comme un frein majeur à l'économie de marché et donc au développement économique. Depuis 1990, l'histoire du capitalisme semble avoir cessé de s'écrire à l'intérieur des frontières nationales. On passe de la richesse des nations à la richesse du monde. Cependant, malgré l'existence de l'Organisation mondiale du commerce, il n'existe en fait aucune autoritésupranationale capable d'imposer des règles aux ...

International audience ; For mercantilism, the main objective of economic action is to increase the power of the Prince (Machiavelli). With the rise of capitalism and the market economy, liberal economists strongly criticized state management of the national economy. The centralization of political power was often seen as a major brake on the market economy and thus on economic development. Since 1990, the history of capitalism seems to have stopped being written within national borders. We are moving from the wealth of nations to the wealth of the world. However, despite the existence of the World Trade Organization, there is in fact no supranational authority capable of imposing rules on multinational markets, which are often speculative and interested mainly in short-term profit, thus threatening the sovereignty of nations. Yet market system generalization is often perceived as a factor of democracy. This statement is debatable. As states have lost most of their economic power, the electorate is the victim of a democratic illusion comparable to Keynes' monetary illusion. The risk is the progressive establishment of international plutocratic systems which, within each state, will defend private interests, sometimes in competition from state to state. War and economic war are not over. ; Pour le mercantilisme, l'objectif principal de l'action économique est d'accroître le pouvoir du Prince (Machiavel). Avec l'essor du capitalisme et de l'économie de marché, les économistes libéraux ont fortement critiqué la gestion étatique de l'économie nationale. La centralisation du pouvoir politique était souvent considérée comme un frein majeur à l'économie de marché et donc au développement économique. Depuis 1990, l'histoire du capitalisme semble avoir cessé de s'écrire à l'intérieur des frontières nationales. On passe de la richesse des nations à la richesse du monde. Cependant, malgré l'existence de l'Organisation mondiale du commerce, il n'existe en fait aucune autoritésupranationale capable d'imposer des règles aux ...

The article reviews V. S. Pan'kov's "Globalizatsiia ekonomiki: sushchnost, proiaveleniia, vyzovy i vozmozhnosti dlia Rossii" ["Globalization of the Economy: Essence, Manifestations, Challenges, and Opportunities for Russia"]. The study under review is oriented toward the comprehensive resolution of problems relating to the evolution of Russia as a subject, and not only an object, of globalization. The value of the monograph largely lies in its use of sources from a variety of different countries, including Russia. Pan'kov avoids conventional and superficial definitions of economic globalization. While stressing the generally progressive character of economic globalization, the author at the same time reveals the contradictions and negative aspects of the current liberal (neo-liberal) model that are highlighted by anti-globalists and alter-globalists. K. Cargill

Economic globalization is a complex phenomenon where the links between social security expenditures and globalization are not well understood so far. This study summarizes new key findings and highlights new theoretical insights in the field of social security systems, labor standards, taxation and economic globalization. Moreover, new thoughts on the links between social security systems and migration as well as between free trade areas and social market economy development are presented. The book analyzes the role of a changing age dependency using a Branson model and it derives implications for the stock market price index, the exchange rate and the interest rate. Economic globalization needs to be politically managed and through the Transatlantic Banking Crisis and the Euro Crisis the need to more carefully draw the rules of the game for financial globalization has been highlighted. Unstable financial markets have a large potential to undermine social market economies and social security systems. The rising income inequalities within countries raise more policy challenges for Europe than for the US.