Global Imbalances, Declining Hegemony And The Need For A New Global Governance

The objective of the paper is to show that the recovery from the current economic crisis in US and in EU requires a new policy paradigm and a new global governance. The author argues that, contrary to the recent austerity policies in EU and US, a new level of government involvement is required in order to keep aggregate demand stable, make full employment possible, and to create a transparent financial sector, serving the real economy and encouraging productive investments. Moreover, at global level, two main issues seem to affect negatively the markets: first the lack of an independent international currency, and second the instability of one of the biggest market, the Eurozone.

Provided by: Universita Degli Studi Roma Tre Topic: Big Data Date Added: May 2011 Format: PDF

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