The political trilemma of the world economy is a concept created by economist Dani Rodrik to capture the trade-offs that governments faced in their responses to globalization. [1] [2] [3] [4] [5] The trilemma holds that "democracy, national sovereignty and global economic integration are mutually incompatible: we can combine any two of the three, but never have all three simultaneously and in full." [6] According to Rodrik, states embraced globalization and national autonomy in the late 19th century, but sacrificed democratic decision-making. [7] In the post-World War II period, states sacrificed globalization while embracing democracy at home and national autonomy. [7] The trilemma suggests that the backlash against globalization in the last few decades is rooted in a desire to reclaim democracy and national autonomy, even if it undermines economic integration. [7] Rodrik first presented the trilemma in a 2000 paper. [8]
Industrial policy is government policy to encourage the development and growth of all or part of the economy in pursuit of some public goal. Historically, it has often focused on the manufacturing sector, militarily important sectors, or on fostering an advantage in new technologies. In industrial policy, the government takes measures "aimed at improving the competitiveness and capabilities of domestic firms and promoting structural transformation". A country's infrastructure is a major enabler of industrial policy.
Race to the bottom is a socio-economic concept describing a scenario in which individuals or companies compete in a manner that incrementally reduces the utility of a product or service in response to perverse incentives. For example, in the 1970s, car manufacturers in the United States competed to create safer cars primarily by increasing car weight, spurring their competitors to respond by manufacturing even-heavier cars. Over years, this resulted in much larger, fuel-inefficient vehicles with no improved safety. This phenomenon is in contrast with traditional competition (economics), which tends to improve goods and services.
Good governance involves of evaluating how well public institutions manage Community assests, conduct public affairs, and ensure the realization of human rights in a way that is largely free from abuse and corruption and properly takes into account the rule of law. Governance refers to "the process of decision-making and the process by which decisions are implemented " . Governance in this context can apply to corporate, international, national, or local governance as well as the engagement with the other sectors of society.
A trilemma is a difficult choice from three options, each of which is unacceptable or unfavourable. There are two logically equivalent ways in which to express a trilemma: it can be expressed as a choice among three unfavourable options, one of which must be chosen, or as a choice among three favourable options, only two of which are possible at the same time.
International political economy (IPE) is the study of how politics shapes the global economy and how the global economy shapes politics. A key focus in IPE is on the power of different actors such as nation states, international organizations and multinational corporations to shape the international economic system and the distributive consequences of international economic activity. It has been described as the study of "the political battle between the winners and losers of global economic exchange."
The impossible trinity is a concept in international economics and international political economy which states that it is impossible to have all three of the following at the same time:
Economic nationalism or nationalist economics is an ideology that prioritizes state intervention in the economy, including policies like domestic control and the use of tariffs and restrictions on labor, goods, and capital movement. The core belief of economic nationalism is that the economy should serve nationalist goals. As a prominent modern ideology, economic nationalism stands in contrast to economic liberalism and economic socialism.
Dani Rodrik is a Turkish economist and Ford Foundation Professor of International Political Economy at the John F. Kennedy School of Government at Harvard University. He was formerly the Albert O. Hirschman Professor of the Social Sciences at the Institute for Advanced Study in Princeton, New Jersey. He has published widely in the areas of international economics, economic development, and political economy. The question of what constitutes good economic policy and why some governments are more successful than others at adopting it is at the center of his research. His works include Economics Rules: The Rights and Wrongs of the Dismal Science and The Globalization Paradox: Democracy and the Future of the World Economy. He is also joint editor-in-chief of the academic journal Global Policy.
The resource curse, also known as the paradox of plenty or the poverty paradox, is the hypothesis that countries with an abundance of natural resources have lower economic growth, lower rates of democracy, or poorer development outcomes than countries with fewer natural resources. There are many theories and much academic debate about the reasons for and exceptions to the adverse outcomes. Most experts believe the resource curse is not universal or inevitable but affects certain types of countries or regions under certain conditions. As of at least 2024, there is no academic consensus on the effect of resource abundance on economic development.
Centre-right politics is the set of right-wing political ideologies that lean closer to the political centre. It is commonly associated with conservatism, Christian democracy, liberal conservatism, and conservative liberalism. Conservative and liberal centre-right parties have historically been more successful in the Anglosphere, while Christian democracy has been the primary centre-right ideology in Europe.
Ricardo Hausmann is the former Director of the Center for International Development currently leading the Center for International Development's Growth Lab and is a Professor of the Practice of Economic Development at the Harvard Kennedy School at Harvard University. He is also a former Venezuelan Minister of Planning and former Head of the Presidential Office of Coordination and Planning (1992–1993). He co-introduced several regularly used concepts in economics including original sin, growth diagnostics, self-discovery, dark matter, the product space, and economic complexity.
Immigration is the international movement of people to a destination country of which they are not usual residents or where they do not possess nationality in order to settle as permanent residents. Commuters, tourists, and other short-term stays in a destination country do not fall under the definition of immigration or migration; seasonal labour immigration is sometimes included, however.
Sophie Meunier is a senior research scholar in Public and International Affairs at Princeton University's School of Public and International Affairs. She is the Director of Princeton's Program in Contemporary European Politics and Society and the Co-director of the European Union Program at Princeton, which she founded with Andrew Moravcsik. She also served as Acting Director of the Liechtenstein Institute on Self-Determination at Princeton (2023-2024). She was elected Chair of the European Union Studies Association, the world's premier scholarly association for the study of the European Union and the process of European integration (2023-2024). A Franco-American political scientist, she is an expert in European integration, the politics of European trade and investment policy, and the politics of anti-Americanism. Meunier is a faculty fellow in Yeh College at Princeton University.
Dennis J. Snower is an American-German economist, specialising in macroeconomic theory and policy, labor economics, digital governance, social economics, and the psychology of economic decisions in "caring economics".
Hyper-globalization is the dramatic change in the size, scope, and velocity of globalization that began in the late 1990s and that continues into the beginning of the 21st century. It covers all three main dimensions of economic globalization, cultural globalization, and political globalization. The concept first arose in the 2011 work by Dani Rodrik, an economist and professor of International Political Economy at the Kennedy School of Government at Harvard University, who described it in The Globalization Paradox. Rodrik criticized the state of globalization, questioning the wisdom of unlimited economic integration beyond national borders. He sees a conflict between the workings of the nation state and free flow economic globalization that has gone too far "toward an impractical version that we might call hyperglobalization".
South Korea is 5th largest export economy in the world and the 6th economic complexity according to Economic Complexity Index (ECI) with the top export destinations centralized in China with a total population of 51,324,823 in 2019.
Philipp Genschel is a German political scientist. He currently holds the Joint Chair in European Public Policy at the Robert Schuman Centre for Advanced Studies and the Department of Political and Social Sciences of the European University Institute in Florence, Italy. Before joining the EUI, he was a professor of political science at Jacobs University Bremen, Germany, and a research associate at the Max-Planck-Institute for the Study of Societies in Cologne, Germany.
Raquel Fernández is an economist and currently the Julius Silver, Roslyn S. Silver and Enid Silver Winslow Professor of Economics at New York University. She is also a fellow of the Econometric Society.
Elections to the European Parliament saw declining voter turnout between 1979 and 2014. However, voter turnout in 2019 European elections increased by 8 points compared to 2014. In spite of this exception for all Member States, the electoral mobilization remains weak compared to the national parliamentary elections. Moreover, turnout significantly differs from one country to another in Europe and across a time: in 2019 Belgium citizens participated the most with 88.47% and Slovaks the least with 22.74%. The potential factors that might influence these trends and their implications have attracted great scholarly attention. Identifying and analysing the factors that determine the relative low turnout at European elections is therefore critical, as it is one element that weakens the democratic legitimacy of the European Parliament.
Opposition is a fundamental element of democracy. Without the right to challenge and criticise ones government, its policies and its actions, democracy cannot develop. Political opposition, "when B is opposed to the conduct of government A", can include opposition from parties not in government, as well as actors other than political parties.