Globalization - challenges for economic policy

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

No 263, IWE Working Papers from Institute for 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.

Keywords: economic policy; globalization; financialization; digitalization developmental state; sustainable development; economic patriotism (search for similar items in EconPapers)
JEL-codes: F13 F23 F36 F42 F68 K22 K34 O25 (search for similar items in EconPapers)
Pages: 50 pages
Date: 2019-11
New Economics Papers: this item is included in nep-int
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Persistent link: https://EconPapers.repec.org/RePEc:iwe:workpr:263

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