Country Risk - an Externality of the Globalization Process

Iovitu Mariana () and Elena Iliescu
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Iovitu Mariana: Academy of Economic Studies, Bucharest

Ovidius University Annals, Economic Sciences Series, 2011, vol. XI, issue 1, 1050-1055

Abstract: Global economy generates conflicting issues regarding timeliness and relevance of the protectionist theory and also on interpreting country risk. Forasmuch, protectionism is seen as a tool for stimulating domestic industry and a means of defense against foreign competition, while economic globalization is assessed in terms of free movement of capital. Analysis of concepts like protectionism, globalization, economic patriotism and country risk, and also the eco-socio-political correlations arising from the dynamic evolution of these dimensions, requires updated interpretation of the Romanian economist Mihail Manoilescu’s ideas. Therefore, his question: “Do we have the right to force nature and make it enter into certain intellectual aesthetic frameworks like the “Procustean bed”?” leads us to conclude that it requires constant adaptation of theories to reality. Without taking any scientific risk, we consider that, so far, the development of economic science was within this trajectory. It remains for the future to confirm further this trend

Keywords: globalization; protectionism; country risk; externality; the eco-socio-political integration. (search for similar items in EconPapers)
JEL-codes: F01 F20 F41 (search for similar items in EconPapers)
Date: 2011
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