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Globalization - challenges for economic policy

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  • Miklós Szanyi

    (Institute of World Economics, Centre for Economic and Regional Studies)

Abstract

Economic systems work in specific technological environment that determine not only the production process (the real economy), but also markets, business models, consumption patterns (the way of life) and also the institutional background of the economy. These parts of the system must evolve in a balanced way. The regulation and control over economic processes (economic policy) must also comply. The process of globalization has set up new technological and business conditions since the 1970s and 80s. New challenges have emerged for economic policy. This paper analyzes very briefly four major challenges and the initial yet still not adequate policy responses to them. The four areas are financialization, digitalization, active structural policy options and sustainable development. The main message is that the world still lacks adequate policy responses to the challenges. This fact is the more worrisome since the new technological paradigm, the cyberbusiness and industry 4.0 is evolving with considerable speed.

Suggested Citation

  • Miklós Szanyi, 2019. "Globalization - challenges for economic policy," IWE Working Papers 263, Institute for World Economics - Centre for Economic and Regional Studies.
    • Handle: RePEc:iwe:workpr:263
    as

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    File URL: https://vgi.krtk.hu/publikacio/no-263-2021-02/
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    economic policy; globalization; financialization; digitalization developmental state; sustainable development; economic patriotism;
    All these keywords.

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • F68 - International Economics - - Economic Impacts of Globalization - - - Policy
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • K34 - Law and Economics - - Other Substantive Areas of Law - - - Tax Law
    • O25 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Industrial Policy

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