Sovereign Wealth Funds and the New Dynamics of Globalization in the Context of the Current Financial Crisis: International Competitiveness Through Outsourcing in Emerging Countries
AbstractAt global economy level, changes occurred, consisting in transferring production abroad, owing to the comparative advantages of moving production to China or other developing countries, which translate into cost reductions at production level and, implicitly, into price advantages. The undeniable comparative advantages of China’s economy lead to the acquiring by China, from its exports, of important USD amounts, of which a big part are reinvested through investment funds, public investment vehicles widely used by the BRIC emerging countries. Although the present financial crisis has a global nature, emerging countries dealt with it much better, adopting policies able to render profitable their internal potential, which led to spectacular economic growth rates that exceeded the developed states’ economic growth rates. These economic realities also gradually generate developments in international political relations, which are able to induce changes in global politics to support the formation of a multi-polar international political system.
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Bibliographic InfoArticle provided by Ovidius University of Constantza, Faculty of Economic Sciences in its journal Ovidius University Annals, Economic Sciences Series.
Volume (Year): XIII (2013)
Issue (Month): 2 (May)
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Web page: http://www.univ-ovidius.ro/facultatea-de-stiinte-economice
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financial crisis; globalization; international competitiveness; outsourcing; economic growth;
Find related papers by JEL classification:
- F01 - International Economics - - General - - - Global Outlook
- F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
- F30 - International Economics - - International Finance - - - General
- F59 - International Economics - - International Relations, National Security, and International Political Economy - - - Other
- F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development
- G01 - Financial Economics - - General - - - Financial Crises
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