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Measuring Economic Development And The Impact Of Economic Globalisation

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  • ROUKANAS Spyros

    (University of Piraeus, Greece)

Abstract

The aim of this article is to measure economic development and the impact of economic globalisation under the prism of global political economy. Global political economy is a field of study that has its roots in international relations. The growth of world economic transactions after the collapse of the Bretton Woods system in the 1970s created the need for a new field of study, in order to explain the interdependence between politics and economics on the international level. Global political economy is the field of study that also examines the implications of economic globalisation for national economies and for the global economy. The concept of economic development is broader than economic growth, which is related to GDP growth. The concept of economic globalisation has changed the prospects of economic development for certain developed and developing economies. The main changes of economic globalisation are closely related to the following aspects of national economies: trade, finance, and production. The analysis of this article will reveal the effects of economic globalisation on different aspects of economic development. These aspects are studied under the prism of indexes such as Financial Development Index, openness to trade, Human Development Index, the GINI Index and other inequality indexes. The aftermath of the global economic crisis of 2007-2008 placed at the epicentre the interdependence of national economies and the issue of economic inequalities. The study of the aforementioned indexes will highlight the alterations that have occurred from the manifestation of the global economic crisis until today. The article is focusing on the following countries: China, Germany, Greece, and the United States for the last decade (2009-2019), on the basis of the available data.

Suggested Citation

  • ROUKANAS Spyros, 2020. "Measuring Economic Development And The Impact Of Economic Globalisation," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 15(3), pages 185-207, December.
    • Handle: RePEc:blg:journl:v:15:y:2020:i:3:p:185-207
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    File URL: http://eccsf.ulbsibiu.ro/RePEc/blg/journl/15313roukanas.pdf
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    References listed on IDEAS

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    1. Era Dabla-Norris & Kalpana Kochhar & Nujin Suphaphiphat & Franto Ricka & Evridiki Tsounta, 2015. "Causes and Consequences of Income Inequality; A Global Perspective," IMF Staff Discussion Notes 15/13, International Monetary Fund.
    2. Ms. Era Dabla-Norris & Ms. Kalpana Kochhar & Mrs. Nujin Suphaphiphat & Mr. Franto Ricka & Ms. Evridiki Tsounta, 2015. "Causes and Consequences of Income Inequality: A Global Perspective," IMF Staff Discussion Notes 2015/013, International Monetary Fund.
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    Cited by:

    1. Janina Jędrzejczak-Gas & Anetta Barska & Joanna Wyrwa, 2021. "Economic Development of the European Union in the Relation of Sustainable Development—Taxonomic Analysis," Energies, MDPI, vol. 14(22), pages 1-20, November.

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