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THE CRISIS OF 2008 AND THE RISE OF THE SLOVENIAN CONSOLIDATION STATE
In: Teorija in praksa, S. 305-321
Abstract. The purpose of the article is to explain the creation of the Slovenian debt state and its transformation
into a consolidation state after the crisis of 2008. When
the crisis struck Slovenia in 2009, the banking system
was near collapse. Through the recapitalisations of the
banking system the public debt began to grow. After a
couple of years and under the structural pressures of rating agencies and pressures from the EU, the Slovenian
state had to adopt austerity measures to consolidate its
public finances, while limiting the scope of democracy.
The main finding of the article is that the crisis of 2008
fundamentally changed the Slovenian state.
Keywords: capitalist state, consolidation state, debt,
Slovenia, democracy
VPLIV SVETOVNE FINANČNE IN GOSPODARSKE KRIZE NA DELOVANJE NEVLADNIH ORGANIZACIJ ; IMPACT OF THE GLOBAL FINANCIAL AND ECONOMIC CRISIS ON THE FUNCTIONING OF NON-GOVERNMENTAL ORGANIZATIONS
V magistrskem delu obravnavam vpliv svetovne finančne in gospodarske krize, ki je nastala leta 2007 v Združenih državah Amerike ter se nemudoma globalizirala po vseh celinah, na delovanje nevladnih organizacij. V prvi vrsti gre za pereč problem sodobnega sveta, pri čemer pa je za nevladne organizacije, ki delujejo v človekovo dobrobit, značilno, da so večinoma še bolj aktivne v času raznih kriz. Glavni cilj magistrskega dela je ugotoviti, kako je svetovna finančna in gospodarska kriza vplivala na financiranje ter posledično delovanje nevladne organizacije Greenpeace ter s kakšnimi izzivi se dandanes srečujejo nevladne organizacije. Glavne uporabljene metode raziskovanja so metoda pridobivanja podatkov, statistična metoda in primerjalna analiza. Rezultati analize pokažejo, da je obdobje pred nastankom svetovne finančne in gospodarske krize (od leta 2005 do leta 2007) zaznamoval presežek prihodkov nevladne organizacije Greenpeace nad njenimi odhodki. V obdobju med svetovno finančno in gospodarsko krizo (od leta 2008 do leta 2009) je prišlo do upada presežka njenih prihodkov nad odhodki, obdobje po nastanku svetovne finančne in gospodarske krize (od leta 2010 do leta 2015) pa je zaznamovalo konstantno nihanje presežka njenih prihodkov nad odhodki. Na podlagi ugotovitev je nevladna organizacija Greenpeace v obdobju od leta 2008 do leta 2009 zaradi vpliva svetovne finančne in gospodarske krize beležila upad subvencij, dotacij, regresov, kompenzacij in drugih prihodkov ter posledično namenila manj finančnih sredstev za globalne okoljevarstvene aktivnosti. ; This master's thesis discuss the impact of the global financial and economic crisis, that emerged in 2007 in the United States and immediately globalized across all continents, to the functioning of non-governmental organizations. It represents a pressing problem of the modern world, wherefore non-governmental organizations are more active in times of various crises. The main goal of the master's thesis is to find out how the global financial and economic crisis affected non-governmental organization's Greenpeace financing and functioning and furthermore with what kind of challenges are non-governmental organizations encountered these days. The main methods of research used are the method of data acquisition, statistical method and comparative analysis. The results of the analysis show that the period preceding the onset of the global financial and economic crisis (from 2005 to 2007) was marked by a surplus of the non-governmental organization Greenpeace. In the period between the global financial and economic crisis (from 2008 to 2009) the surplus reduced. The period after the onset of the global financial and economic crisis (from 2010 to 2015) was marked by a constant fluctuation in the surplus. On the basis of the findings non-governmental organization Greenpeace due to the impact of the global financial and economic crisis (from 2008 to 2009) recorded a decline in subsidies, grants, regressions, compensations and other revenues, wherefore devoted less financial resources to global environmental activities.
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VPLIV FINANČNE KRIZE NA POSLOVANJE ZAVAROVALNIC V EVROPI ; THE IMPACT OF THE FINANCIAL CRISIS ON THE PERFORMANCE OF INSURANCE COMPANIES IN EUROPE
In: Maribor
Finančna kriza, ki se je začela v ZDA leta 2007, je vplivala na vse panoge svetovnega gospodarstva. Največ pozornosti je bilo v tem obdobju namenjene krizi bančnega sistema, ki ga je kriza prizadela najbolj intenzivno. A tudi zavarovalniškemu sektorju kriza ni prizanesla. V prvem delu magistrske naloge smo ugotavljali značilnosti evropskega in slovenskega zavarovalniškega sektorja, njuno stopnjo razvitosti, strukturo in zgodovinski razvoj. Ugotovili smo, da so krize sestavni del svetovne ekonomije in ugotovili vlogo zavarovalniškega sektorja kot blažilca krize. Vpliv finančne krize na poslovanje zavarovalnic smo v magistrski nalogi raziskali na geografskem področju Evrope in z vzorcem štirideset največjih zavarovalnic po bilančni vsoti. Poslovanje zavarovalnic v obdobju pred in v krizi smo analizirali na podlagi najpomembnejših finančnih kazalnikov, kot so cena delnice, čisti dobiček, celotna sredstva in kapital, tržna kapitalizacija, dobiček na delnico, ROA, ROE, beta, število delnic in multiplikator čistega dobička. Finančne kazalnike smo sprva razložili s teoretičnega vidika, nato pa v sklopu analize izpostavili njihove prednosti in slabosti pri uporabi za nakupne odločitve delnic. Statistično analizo smo opravili s pomočjo enostavne regresijske in korelacijske analize. Rezultati regresijske analize so nam dali odgovor na vprašanja o dejanskem vplivu krize na posamezno zavarovalnico in finančni kazalnik. Prav tako o moči in obsegu krize, ki smo jih nato posplošili na celotni zavarovalniški trg Evrope. Uporabljene statistične analize so nam potrdile vpliv krize na evropski zavarovalniški trg, vendar je bil ta znotraj zavarovalnic in finančnih kazalnikov zelo raznolik. S korelacijsko analizo smo ugotavljali, kakšna je medsebojna koreliranost zavarovalnic pri posameznem finančnem kazalniku. Glede na vse večjo stopnjo globalizacije in integracije evropskega in svetovnega gospodarstva smo ugotovili, da ima to vpliv tudi na zavarovalnice, ki so med seboj v veliko primerih korelirane. V analizo smo vključili tudi slovenski zavarovalniški sektor, in sicer zavarovalnico, ki od leta 2008 kotira na Ljubljanski borzi vrednostnih papirjev, Zavarovalnico Triglav, d. d. Slovenski zavarovalniški sektor smo primerjali z evropskim in tako ugotavljali razlike in podobnosti, ki so se dogajale v analiziranem obdobju. Že v prvem delu smo ugotovili, da slovenski zavarovalniški sektor po razvitosti zaostaja za evropskim povprečjem. Razvojni zaostanek pa se zaradi hitrega razvoja slovenskih zavarovalnic počasi zmanjšuje. Prav razlika v razvitosti slovenskega in evropskega zavarovalniškega trga je močno vplivala na končne rezultate analize, ki so potrdili neznaten vpliv krize na slovenski zavarovalniški sektor. ; Die Finanzkrise, die in Vereinigten Staaten im Jahr 2007 begann, hatte Auswirkungen auf alle Sektoren der Weltwirtschaft. In diesem Zeitraum hatte die größte Aufmerksamkeit die Krise des Bankwesens, die von der Krise am intensivsten betroffen war, aber auch der Versicherungssektor war von der Krise nicht verschont. Im ersten Teil der Masterarbeit schreiben wir über die Eigenschaften der europäischen und slowenischen Versicherungssektoren und über deren Entwicklungsstand, Struktur und der historischen Entwicklung. Wir stellten fest, dass Krisen ein Bestandteil der Weltwirtschaft sind, und dass die Versicherungssektoren die Rolle als Stoßdämpfer einnehmen. In unserer Magisterarbeit erforschten wir die Auswirkungen, die die Finanzkrise in dem geografischen Gebiet Europa, auf die Versicherungsanstalt hatte. Die Forschungsarbeit wurde an einer Stichprobe, die aus vierzig größten Versicherungsanstalten bestand und die mithilfe der Bilanzsumme durchgeführt wurde. Geschäftstätigkeit der Versicherungsanstalten in der Zeit vor und während der Krise wurde auf der Grundlage der wichtigsten Finanzkennzahlen wie Preis pro Aktie, Reingewinn, Bilanzsumme und Kapitalsumme, Marktkapitalisierung, Gewinn pro Aktie, ROA, ROE, Beta und andere. Finanzkennzahlen wurden zunächst von theoretischer Sicht erklärt. Danach untersuchten wir in Rahmen der Analyse ihre Vor- und Nachteile bei der Entscheidung von Aktieneinkauf. Statistische Analyse wurde mithilfe der einfachen Regressions- und Korrelationsanalyse durchgeführt. Die Ergebnisse der Regressionsanalyse gaben uns Antwort auf die Fragen, ob die Krise tatsächlich Einfluss auf die einzelnen Versicherungsanstalten und Finanzkennzahlen hatten und auch über dem Ausmaß und Stärke der Krise, das wir danach auf den gesamten europäischen Versicherungsmarkt verallgemeinert haben. ¬Die genutzte statistische Analyse hat uns den Einfluss der Krise auf dem europäischen Versicherungsmarkt bestätigt, aber er war sehr heterogen innerhalb Versicherungsunternehmen und Finanzkennzahlen. Die Korrelationsanalyse wurde verwendet, um festzustellen, ob die Versicherungsanstalten miteinander bei einzelnen Finanzkennzahlen in Korrelation sind. Mit dem steigenden Niveau der Globalisierung und Integration der europäischen und globalen Wirtschaft, sind wir der Meinung, dass dies eine Auswirkung auf Versicherungsanstalten hat, die sind nämlich in vielen Fällen in Korrelation. Die Analyse umfasste auch den slowenischen Versicherungssektor, und zwar Versicherungsanstalt Zavarovalnica Triglav d.d., die seit 2008 an der Börse codiert ist. Den slowenischen Versicherungssektor verglichen wir mit dem Europäischen, um so Unterschiede und Ähnlichkeiten zwischen den beiden festzustellen. Im ersten Teil stellten wir fest, dass der slowenische Versicherungssektor in der Entwicklung, im Vergleich zu dem europäischen Durchschnitt, im Rückstand ist. Der Entwicklungsrückstand hat sich durch die rasante Entwicklung der Versicherung in Slowenien vermindert. Der Unterschied zwischen der Entwicklung des slowenischen und europäischen Versicherungsmarktes hat einen großen Einfluss auf die endgültigen Ergebnisse der Analyse. Wir fanden heraus, dass die Krise unwesentliche Auswirkungen auf dem slowenischen Versicherungssektor hat.
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Vzpon skrajne desnice v Evropski uniji ; The rise of far-right in the European union
Skrajno desne ideje so v evropskem prostoru prisotne že stoletja. Včasih zaradi določenih situacij pridejo na plano, v kratkem pa potem tudi izginejo. Evropska unija, ki se je izgradila na pogorišču skrajnih idej in sistemov, se je ponovno srečala s težko situacijo. V letu 2008 je staro celino zajela svetovna finančna kriza, ki je do temeljev pretresla dotedanjo uspešno evropsko integracijo in pri tem obudila skrajne ideje. Finančni krizi je po nekaj letih sledila migrantska, ki je že tako težko situacijo naredila še težjo. V določenih državah so se začele prebujati skrajne populistične in nacionalistične ideje, ki so krivca za nastalo situacijo iskale znotraj Evropske unije, v njenih institucijah in migrantih, ki so zaradi različnih razlogov prihajali v varno Evropo. Vzpon skrajno desnih strank je imel v posameznih državah različne motive, zakaj je stranka prišla na oblast oz. je imela v državi velik pomen. Vprašanje, ki se pojavlja ob trenutni situaciji v Evropski uniji, je, kako bodo skrajne ideje vplivale na nadaljnjo integracijo oz. dezintegracijo Evropske unije. ; Far-right ideas have been present in the European area for centuries. Certain situations cause them to emerge every now and then, before they disappear again not long after. The European Union, which was built on the ruins of radical ideas and political systems, is once again facing this menacing threat. In 2008, the old continent was hit by the global financial crisis, which shook the so far very successful European integration to its core and began to awake certain extremist notions. After a few years, the financial crisis was followed by the migrant crisis, which had since only exacerbated the situation. Populist and nationalist ideas, which were starting to resurge in some European countries, were looking for a scapegoat for the new state of affairs in the European Union and within the walls of its institutions and migrants, who were arriving into safe Europe for various reasons, made for a perfect target. The rise of far-right political parties had different motives in individual countries, regardless whether a particular party seized power or simply grew in prominence. The question that the European Union is facing at the moment is how these extremist ideas will influence further integration or disintegration of Europe.
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A PARADIGMATIC SHIFT? ECONOMIC CRISES AND LABOUR MARKET POLICIES ON THE EU'S (SEMI-)PERIPHERY
In: Teorija in praksa, S. 945-968
Ireland, Portugal and Slovenia – three states with different historical legacies and institutional frameworks – promoted labour market flexibility and active labour market policies before and during the 2008 crisis. These policies were postulated as basic poli-cies on the EU level. However, a significant change came with the COVID-19 crisis when governments in all three states implemented measures much more resembling neo-Keynesian policies. In the article, we show that the crucial mechanisms for the various labour market poli-cy choices made in these three countries were due to the two crises being of distinct types, the (non)coincidence of interests of a range of actors and classes, and the dif-ferent policy frameworks promoted by the EU. Keywords: crises, flexibility, labour market, European union, semi-periphery, COVID-19
Lessons of the New International Economic Order for the Contemporary World Economy
In: Teorija in praksa, S. 411-442
Although the new international economic
order (NIEO) has mostly been assessed as a failure, its
ideas still seem relevant in today's crisis environment.
The new context clearly shows that the existing liberal
international order is ineffective and calls for deep
changes like in the times of the developing countries'
fight for the NIEO. The article considers whether its
principles remain of relevance today, which ones have
been amended and which should be newly introduced,
all based on NIEO-related lessons. Dilemmas between
international law or a rules-based order as a framework for global governance and whether the proposed
new inclusive global economic order is to be based on
values (and if so, which) are evaluated.
Keywords: new international economic order, new
inclusive global economic order, rules-based order, values, principles, international law, global governance,
lessons
Solidarity and reciprocity in times of recession. Understanding the old and new values in late capitalism ; Solidarnost in vzajemnost v času recesije. Razumevanje starih in novih vrednosti in vrednot v poznem kapitalizmu
The financial crisis and its consequences in European societies show the weaknesses of the current economic system. Especially in the so-called peripheral countries we can notice a dramatic increasing in unemployment, reduced public spending and security, poverty, evictions, etc. The neoliberal policy followed by most European governments offers little chance for a solution to this problem. ; Finančna kriza in njene posledice v evropskih družbah kažejo na pomanjkljivosti sedanjega gospodarskega sistema. Še posebej v t. i. obrobnih državah se dramatično povečujejo brezposelnost, nižanje porabe, občasnost del, prisilno preseljevanje delovne sile, revščina, deložacije itd. Neoliberalna politika, ki ji sledi večina evropskih vlad, ponuja malo možnosti za rešitev nastale situacije.
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IMPACT OF DIGITALISATION AND INVESTMENTS IN INTANGIBLE CAPITAL ON THE NON-FINANCIAL PERFORMANCE OF FIRMS IN SLOVENIA
In: Teorija in praksa, S. 109-135
Article examines the impact of digitalisation and intangible capital investment on the non-financial performance of firms in Slovenia. Article examines the relationship between: (1) digitalisation and firms' nonfinancial performance; (2) digitalisation and firms' attitude to digitalisation; (3) investments in intangible capital and firms' non-financial performance; where we (4) also expect differences by industry and between firms operating in global value chains. Considering survey data, the SEM approach shows that, digitalisation and intangible investment both have positive effects on non-financial performance. Level of digitalisation depends on the importance attributed to digitalisation, whereas the importance of digitalisation depends on the expected long-term benefits of digitalisation for the firm. Level of digitalisation is dependent on the anticipated long-term benefits of digitalisation. These have a positive, yet non-significant impact on a firm's level of digitalisation. Despite business agility having an impact on the importance of digitalisation for businesses that is less than the expected benefits, it is still highly significant. Other results were not statistically significant. Keywords: intangible capital, digitalisation, firm performance
GENDER INEQUALITY ON DISPLAY IN THE FLEXIBILISATION OF EMPLOYMENT DURING THE COVID-19 CRISIS IN SLOVENIA
In: Teorija in praksa, S. 576-597
Abstract. Many risks are associated with the Covid-19 crisis and related lockdown measures in the areas of employment, the economy, and everyday life. Working parents have faced the challenge of combining their work and family obligations following the closure of schools and kindergartens. A considerable number have encountered a bigger risk of unemployment and the linked financial instability. The extensive literature analysing changes during Covid-19 suggests that women have tended to suffer more, been faced with both less stability since their employment statuses appear to be more precarious, and been disproportionally affected by the heavier burden of balancing family care and work obligations. Our own analysis of the most reliable survey data available shows corresponding changes in Slovenia, confirming that the crisis reveals certain less visible, already existing inequalities along with particular new gender inequalities, and in this respect also presents specific research design conditions for assessing otherwise hidden disparities. The results indicate the consequences for the subjective well-being of women compared to men of the more precarious employment and the stronger demand for family care. Keywords: Covid-19, gender inequalities, employment flexibility, work from home, family care, life satisfaction
Regionalizacija slovenije -- izzivi in dileme
In: Lex localis: revija za lokalno samoupravo ; journal of local self-government ; Zeitschrift für lokale Selbstverwaltung, Band 5, Heft 4, S. 19-39
ISSN: 1581-5374
The regionalization of Slovenia implies that it is about a demanding professional & political project, which is expected to be completed in 2008 by establishing the regions. The beginning of their functioning is planned as from 1 January 2009. In order to provide this process, some constitutional amendments were introduced in 2006 The regional legislation with its associated implementing regulations should implement them. The bills on regions, their financing, regional elections & establishment of regions (these bills are already being discussed in the National Assembly of the Republic of Slovenia) are a touchstone for introduction of regions & for a successful beginning of their functioning. There is a variety of challenges & dilemmas regarding regional competences & the number of regions, own tax resources, regional authority organization & other issues. Very few international standards & good local & regional self-government principles are adhered to in Slovenia. For this reason, some criticism has come from the Council of Europe & the European Union. Although regionalization is an internal matter of the states concerned, the European principles regarding the objectives of regionalization, division & sharing of powers between levels of government, the scope of regional self-government, sharing of tax revenues & public finance, the connection between the regionalization processes & European & world processes, etc. cannot be avoided. References. Adapted from the source document.
ANALIZA RAZMERIJ IN PODOBNOSTI DROBNOPRODAJNIH CEN MED IZBRANIMI MESTI V SLOVENIJI IN NA HRVAŠKEM ; ANALYSIS OF THE RELATIONSHIPS AND SIMILARITIES OF RETAIL PRICES BETWEEN THE SELECTED CITIES IN SLOVENIA AND CROATIA
In: Maribor
V izbranem obdobju 2003–2012 smo s pomočjo nekaterih glavnih ekonomskih kazalnikov uspeli preučiti gospodarske razmere Slovenije in Hrvaške ter ugotovili, da se je po letu 2008 z začetkom finančne in gospodarske krize gospodarska aktivnost začela zmanjševati ter s tem vplivala na poslabšanje vseh ekonomskih kazalnikov. Stopnje gospodarske rasti so tako v letu 2012 bile negativne v obeh državah, prav tako se je v obeh državah zmanjšal pokazatelj gospodarske razvitosti, BDP na prebivalca po pariteti kupne moči, ki je v Sloveniji leta 2012 znašal 84 % povprečja EU-28, na Hrvaškem pa le 62 % evropskega povprečja. Po uradnih statističnih podatkih je nacionalna raven cen v letu 2012 v Sloveniji dosegla 82,9 % povprečja EU-28, medtem ko je na Hrvaškem dosegla 69,9 % evropskega povprečja. V empiričnem delu smo analizirali ravni cen 578 artiklov blaga in 91 storitev, najprej na nacionalni ravni med Slovenijo in Hrvaško, nato pa še med posameznima paroma mest Ljubljana-Zagreb in Maribor-Varaždin. Ugotovili smo naslednje:Raven cen opazovanega vzorca blaga in storitev je v Sloveniji za 13 % višja v primerjavi s Hrvaško. Raven cen opazovanega vzorca blaga in storitev je v Ljubljani za 15 % višja v primerjavi z Zagrebom. Raven cen opazovanega vzorca blaga in storitev je v Mariboru za 12 % višja v primerjavi z Varaždinom. Med Slovenijo in Hrvaško ter med posameznima paroma mest Ljubljana-Zagreb in Maribor-Varaždin obstaja sorazmerno visoka stopnja podobnosti drobnoprodajnih cen. Relativna kupna moč slovenskih plač je v primerjavi s hrvaškimi višja za dobro petino. ; Between the selected period 2003–2012 we were able to examine economic conditions of Slovenia and Croatia with the help of some of the major economic indicators and found out that after 2008 with the beginning of the financial and economic crisis, economic activity began to decline, thereby affecting the deterioration of economic indicators. In 2012 the economic growth rates were negative in both countries, as well as the indicator of economic development has been reduced. GDP per capita in purchasing power parity in Slovenia has reached 84 % of the EU-28 average and Croatia only 62 % of the European average. According to the official statistical data, the national price level in 2012 in Slovenia reached 82,9 % of the EU-28 average, while in Croatia it has reached 69,9 % of the European average. In the empirical part, we have analyzed the price levels of 578 goods and 91 services, at first on the national level between Slovenia and Croatia, and then by individual pairs of cities Ljubljana-Zagreb in Maribor-Varaždin. We have found out the following: The price level of the observed sample of goods and services is 13 % higher in Slovenia as compared to Croatia. The price level of the observed sample of goods and services is 15 % higher in Ljubljana as compared to Zagreb. The price level of the observed sample of goods and services is 12 % higher in Maribor as compared to Varaždin. Between Slovenia and Croatia, and between pairs of cities Ljubljana-Zagreb in Maribor-Varaždin, there is a relatively high degree of retail price similarity. Slovenian relative purchasing power of wages is higher by about one fifth in comparison with the Croatian.
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ZADOLŽEVANJE IN RAZDOLŽEVANJE V SLOVENIJI ; INDEBTEDNESS AND DELEVERAGING IN SLOVENIA
In: Maribor
Zadolževanje in razdolževanje je trenutno zelo aktualna tema tako v Sloveniji, kot tudi v svetu. V magistrski nalogi smo raziskali, kako so se zadolževala in razdolževala slovenska gospodinjstva in podjetja v obdobju 2004 -2015 in trende primerjali s trendi v državah EU. Podatki kažejo, da so slovenska gospodinjstva približno polovico manj zadolžena kot gospodinjstva ostalih članic Evropske unije. Čisto drugačna pa je situacija v sektorju podjetij, saj so slovenska podjetja v krizo vstopila z visoko stopnjo zadolženosti. Opazne so tudi bistvene razlike v strukturi financiranja slovenskih in tujih podjetij. Na osnovi raziskave ugotovljamo, da so se slovenska gospodinjstva in podjetja pred krizo bolj zadolževala od subjektov v ostalih članicah Evropske unije in kasneje začela izvajati proces razdolževanja. ; Indebtedness and deleveraging is currently a very topical issue in Slovenia, and as well in the world. In this Masters thesis we have researched indebtedness and deleveraging for Slovenian householders and companies in the period 2004-2015 and compared this trends with trends in other European Union states. The data show that Slovenian householders are approximately 50 % less overindebted then hoseholders in other European Union states. Quite different is situation in the corporate sector, where Slovenian companies entered the crisis with high debt levels. We also noticed significant differences in the financial structure of Slovenian and foreign companies. Based on our research we established that before the crisis Slovenian householders and companies were borrowing more like householders and companies in other states of the European Union, and started with proces of deleveraging much later.
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COVID-19: THE CHILD OF GLOBALISATION OR THE MOTHER OF DE-GLOBALISATION?
In: Teorija in praksa, S. 860-881
Abstract. The objective of the article was to evaluate
the relationship between the Covid-19 pandemic and
globalisation (GLO) and de-globalisation (de-GLO) tendencies.
Based on a theoretical evaluation of this relationship
as well as historical development, it concludes
that Covid-19 is not the mother of de-GLO but its child,
born in a completely new global context facilitating the
pandemic. The roots of the pandemic's conception are
more deeply embedded in the capitalist system, in its
principal elements (market system, consumerist development
model…). GLO as a global division of labour is
not over; the factors enhancing GLO are winning over
those slowing it down, provided that GLO becomes more
egalitarian and more human. A fully-fledged de-GLO
would be inefficient and painful. While the pandemic
is not a black swan, it could have been predicted. Such
an unprecedented crisis impersonated by the pandemic
also offers an opportunity to fundamentally rethink of
our theories, way of life and development paradigm
and, not the least, the whole system to be better prepared
for future similar crises.
Keywords: Globalisation, de-globalisation, Covid-19,
development model, anthropocentrism, system, history
of GLO, future of GLO, post pandemic