Abstract
Among authors who favor the world-system theory, in which the world economy is the key component, there are major differences in the dating of the birth of a global economic system or world-system or world economy. In this chapter these differences are presented and discussed. The notion of world economy is a historical construct that undoubtedly has in recent decades a validity that could be arguable for former periods. The chapter discuss the notion of world governance, or governance of the world economy, a notion considered as very important by authors trying to ascertain what are the tools to promote economic development and stability at the global level.
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Notes
- 1.
Frank & Gill (1992), “The five thousand year world system: An interdisciplinary introduction”, Humboldt Journal of Social Relations 18(1), 1–79.
- 2.
Kuczyinsky (1978), “Kondratieff cycles: Appearance or reality?”, in Flinn, ed., Proceedings of the 7th international economic history congress, Volume II; Tylecote (1993), The long wave in the world economy: The present crisis in historical perspective, 207.
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Wallerstein (2011), Modern world-system III: The Second era of great expansion of the capitalist world-economy, 1730s–1840s; Shannon (1989), An introduction to the world-system perspective, 21, 43, 136, etc.
- 4.
Morgenstern (1959), International financial transactions and business cycles, Ch. II.
- 5.
Spence (2011), The next convergence—The future of economic growth in a multispeed world, ch. 4.
- 6.
Exports share in GDP for China and Russia from WDI, accessed November 2022.
- 7.
Krugman (2008), “Synchronized sinking”, New York Times, August 23.
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Marx & Engels [1848] (1969), Manifesto of the communist party.
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Luxemburg (2013), The industrial development of Poland (1897), in Hudis, ed., The complete works of Rosa Luxemburg, Volume I—Economic writings I.
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Wallerstein (1984), The politics of the world-economy: The states, the movements and the civilizations, 35.
- 11.
Kose & Terrones (2015), Collapse and revival: Understanding global recessions and recoveries.
- 12.
See, for instance, the views of Richard Easterlin in Happiness in economics (2003), and The reluctant economist (2004) and the essays by Esteva on “Development”, by Robert on “Production”, and by Latouche on “Standard of living” in Sachs, ed. (1992), The development dictionary.
- 13.
Maier & Imazeki (2013), The data game, ch. 7. In June 2014, The New York Times, The Wall Street Journal and other newspapers reported on the decision of the statistical authorities of the UK to consider black market activities including prostitution and sales of illegal drugs in the computation of British GDP.
- 14.
Münchau (2010), The meltdown years: The unfolding of the global economic crisis, 1–2, 6, 209.
- 15.
Eckes & Zeiler (2003), Globalization and the American century, Table A9, 268.
- 16.
Eckes & Zeiler (2003), Globalization, Table A6, 265.
- 17.
Eckles & Zeiler (2003), Globalization, Table A.8, 267.
- 18.
Yarbrough & Yarbrough (2006), The world economy: International trade, 6–10.
- 19.
Appelbaum (2013), “In surprise, Fed decides to maintain pace of stimulus”, New York Times, September 18, A1, B5.
- 20.
Bernanke (1983), “Nonmonetary effects of the financial crisis in the propagation of the Great Depression”, American Economic Review 73(3), 257–276.
- 21.
Against the common view that the Great Depression in the US lasted the entire 1930s, the economic recovery after the extreme contraction of the early 1930s started in 1934, when GDP grew by 11%, and continued with 9% growth in 1935. The unemployment rate dropped 11 percentage points in four years since its depression peak in 1933. But all this happened immediately after the massive bank failures of 1933. If Bernanke’s idea that bank failures were key to maintain the depression is correct, it seems quite logical to think that the massive bank failures of 1933 should have been followed by a protracted depression of the real economy. They were followed, however, by immediate recovery.
- 22.
Rickards (2012), Currency wars—The making of the next global crisis, 127–133; Rothkopf (2008), Superclass—The global power elite and the world they are making.
- 23.
Rickards (2012), Currency wars, 133.
- 24.
Spence (2011), The next convergence, Ch. 40.
- 25.
Yueh (2020), “G20 summit: Much promised, less delivered”, BBC News, November 16.
- 26.
Spence (2011), The next convergence, 35.
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Tapia, J.A. (2023). A World Economy. In: Six Crises of the World Economy. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-38735-7_5
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DOI: https://doi.org/10.1007/978-3-031-38735-7_5
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