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Economic and social approaches in external relations

Andreea-Oana Enache
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Andreea-Oana Enache: Institute of National Economy, Romanian Academy, Romania

Romanian Journal of Economics, 2021, vol. 53, issue 2(62), 123-135

Abstract: If we were to look for a valid general term to define the period of the last two centuries in which global economic growth and cooperation between states have registered new development valences, it would certainly have attributed globalization. In business, the term is commonly used in economic contexts to describe an integrated economy marked by free trade, free flow of capital, and the use of foreign labor markets by corporations to maximize profits and benefits for the "common good of society". Globalization is mainly driven by the convergence of economic, political and cultural systems that need and in fact even promotes the increasing interaction of states and their relations of interdependence and integration of citizens regardless of origin. However, the main benefits of globalization can also have a flip side, causing risks that a less interdependent global economy would not face. Risk factors in international economic relations are diverse and may vary due to causes that are not strictly economic, such as geographical location, various historical conflicts, certain cultural conceptions or isolated events that may cause domino effects. The objective of the paper is to analyze the information and discover common points that can identify the risks in international relations, from an economic point of view. In order to achieve this goal, many methods and techniques of statistical analysis will be used. They were selected because of the ease with which they manage to solve real and common situations from the proposed problems.

Keywords: Globalization; Risk factors; International markets; Statistical methods; Quantitative analysis (search for similar items in EconPapers)
JEL-codes: C1 C13 D40 D81 F6 (search for similar items in EconPapers)
Date: 2021
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Handle: RePEc:ine:journl:v:53:y:2021:i:62:p:123-135