Sovereign Wealth Funds and the New Dynamics of Globalization in the Context of the Current Financial Crisis: International Competitiveness Through Outsourcing in Emerging Countries

Drãniceanu Doina ()
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Drãniceanu Doina: The Bucharest University of Economic Studies Head of Training Unit, Romanian Court of Accounts

Ovidius University Annals, Economic Sciences Series, 2013, vol. XIII, issue 2, 25-30

Abstract: At global economy level, changes occurred, consisting in transferring production abroad, owing to the comparative advantages of moving production to China or other developing countries, which translate into cost reductions at production level and, implicitly, into price advantages. The undeniable comparative advantages of China’s economy lead to the acquiring by China, from its exports, of important USD amounts, of which a big part are reinvested through investment funds, public investment vehicles widely used by the BRIC emerging countries. Although the present financial crisis has a global nature, emerging countries dealt with it much better, adopting policies able to render profitable their internal potential, which led to spectacular economic growth rates that exceeded the developed states’ economic growth rates. These economic realities also gradually generate developments in international political relations, which are able to induce changes in global politics to support the formation of a multi-polar international political system.

Keywords: financial crisis; globalization; international competitiveness; outsourcing; economic growth (search for similar items in EconPapers)
JEL-codes: F01 F23 F30 F59 F63 G01 (search for similar items in EconPapers)
Date: 2013
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