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A literary criticism of the book "Wealth of Nations," by Adam Smith is presented. Topics discussed include how Smith acknowledged labor implications of the expansion of developing nations into manufacturing and commerce, factors associated with population structures such as fertility and mortality, and potential reasons behind the stagnation of agricultural societies.

The paper calculates the total factor productivities of producer services in China with Levinsohn-Petrin method. On this basis, from the perspective of export by geographical direction, analyses innovatively the influence of export on the enterprises productivities of producer services enterprises with DIFF-GMM. The conclusion is as follows: export to developed countries has hindered the improvement of TFP. While the impact of exporting trade to developing countries on productivities is not significant. [ABSTRACT FROM AUTHOR]

This study uses a new dataset to provide comparative gaps, benchmarking with best performers and policy syndromes of growth quality in 93 developing countries with data for the period 1990–2011. Sigma and Beta estimation strategies are used to provide between and within cross-country dispersions. The empirical evidence is based on: time, regions, income levels, resource-wealth, state fragility and time-consistent growth quality (GQ) performance. First , for ‘within dispersions’ the following outcomes are established: (1) GQ dispersions within fundamental characteristics have been decreasing over time, (2) From a time-dynamic view, countries within Asia and the Pacific have experienced the highest reduction in GQ differences while nations in the Middle East and North Africa (Central and Eastern European) region have witnessed the highest (lowest) differences, (3) From an income perspective, upper-middle-income (Low-income) countries have the lowest (highest) differences in GQ. (4) Resource-rich and Non-fragile countries have higher differences relative to their Resource-poor and Fragile counterparts respectively. Second, for ‘between dispersions’ and policy syndromes, we found two time-consistent extremities. (1) In decreasing need of policy intervention, the following are apparent for the Policy syndrome extreme: Hopeful, Fragile, Sub-Saharan African, Low-income and Resource-rich countries. (2) In the same line of policy inference, the following are apparent for the Syndrome-free extreme: Central and Eastern European, Asia and the Pacific, Latin American, Best Performing and Upper-middle-income countries. Their predispositions are clarified and policy implications discussed. [ABSTRACT FROM AUTHOR]

During recent years, the world has faced a growing anti-trade rhetoric, which has been translating in a strong appeal of domestic trade protectionist measures, situation that has been undermining trade multilateralization. The current paper examines the extent to which multilateral trade liberalization affects domestic trade policy liberalization. The analysis uses a panel dataset comprising 166 countries over the period 1995-2014. It suggests evidence that multilateral trade liberalization is strongly conducive to domestic trade policy liberalization. Moreover, as countries further develop, they experience a greater impact of multilateral trade liberalization on domestic trade policy liberalization. The take-home message of this analysis is that domestic protectionist trade policy measures would likely undermine the multilateralization of trade and prompt trading partners to react in the same way. This would ultimately result in trade wars, which would be damage for domestic economies and the world's economic performance. [ABSTRACT FROM AUTHOR]

This paper re-examines the relationship between inflation and economic growth in developing countries. Both the theoretical and the empirical literature are extremely divided on this issue. We apply a relatively new empirical technique - the continuous wavelet transform - to Bangladesh. Bangladesh is of interest because of its remarkable economic growth and poverty reduction during the last 30 years in combination with, for a developing country, a controlled inflation. The wavelet analysis is a contribution because it displays how the correlation and the lead-lag structure between variables change over timescales, taking into account that growth and inflation can follow several different cycles. Comovements between variables are generally studied in the time domain. Results from studies in the time-domain study can be sensitive to the frequency of observations. On the other hand, studies in the frequency domain are not easily translated into time domains that can be associated with economic policies. The wavelet methodology finds a balance between time and frequency domains. Our study finds that growth Granger causes inflation at all frequency scales, starting from the short run to the very long run. Inflation, on the other hand, Granger causes growth in the long run but not in the short run. This result has implications for Bangladesh, and as such for similar developing countries, where some policymakers believe that inflation must be kept at very low levels for sustained economic growth. [ABSTRACT FROM AUTHOR]

Billions of hours are spent each year on water collection in developing countries. This paper explores whether improvements in water technologies, which decrease household distance to drinking water source and the time intensity of home production, enable changes in household time allocation and, thereby, productivity gains in Kyrgyzstan. Adults reallocate time to leisure and labor on the household farm. Average yearly household cereals production increased significantly. Results imply a rate of return to labor equaling $0.11/hour, approximately half the hourly farm wage. Absent evidence of improved adult health, results suggest that productivity gains were realized primarily through increased farm labor. [ABSTRACT FROM AUTHOR]

A comparative analysis of the United Nations (UN) resolutions on the development decades reveals an evolution of the UN policies: a gradual shift from the modernisation paradigm to the human development approach, even though the goal of economic growth was never entirely abandoned. Despite this evolution, all relevant resolutions define quantitative targets on inputs and outputs to be met through recommended policy measures involving state intervention in the economy and the society, introduced into developing countries’ plans for development, in accordance with the teachings of the modernisation paradigm. [ABSTRACT FROM PUBLISHER]

The aim of this article is to analyse empirically whether the level of institutional quality influences how financial development affects poverty for a sample of developing countries covering the period from 1984 to 2012. Using an interaction term constructed as a product between financial development and institutional quality we find that the pro-poor impact of financial development decreases as the quality of institutions rises. Such a differential effect can be ascribed to the capacity of banks to provide functions that mimic those performed by an institutional framework that works well. The results of this article can be used for policy management. [ABSTRACT FROM AUTHOR]

This paper uses a unique dataset from the World Bank's Enterprise Surveys in 47 economies to analyze the conditions under which firms leave heterogeneous markets. Consistent with expectations, we show that firm productivity (and age) are significant determinants of firm exit. Cross-country analysis shows, however, that the relationship between productivity as well as age and exit is mitigated by some country-level factors. In particular, we show either's effect is substantially weakened in low-income economies, economies with limited openness to international trade, and in economies with cumbersome bankruptcy procedures. To address issues of sample attrition and selection bias presented by survey-based estimates, corrections are applied using information when a firm's operating status is uncertain. The expected negative relationship between firm labor productivity and the likelihood of exit is robust to these corrections, as is the negative relationship between firm exit and age. [ABSTRACT FROM AUTHOR]

Studies relating ageing and countries' economic performance address mostly developed economies. However, extant studies demonstrate that less developed countries ( LDC) and emerging economies ( EE) are reaching the transition process faster than those from developed regions, which renders the speed of ageing, besides ageing, a critical variable to explore in this context. Comparing system dynamic panel data estimations for 40 LDC, 19 EE and 28 developed countries ( DC), between 1990 and 2013, we uncovered that ageing is detrimental to countries' economic growth, with noticeable nuances depending on countries' development level. The current level of ageing significantly and negatively impacts on DC's growth but not on that of LDC or EE. For these latter groups, the most relevant issue is the speed of ageing. The current annual growth of old age dependency ratio significantly diminishes EE's growth prospects whereas the lagged annual growth of the ageing index and the old age dependency ratio significantly curtails LDC's growth. Such results emphasize the need for urgent public policies that might mitigate the imbalance in LDCs' age structure before the speed of ageing leads LDCs to become even much poorer. [ABSTRACT FROM AUTHOR]

This paper analyzes how a country's degree of economic development affects the impact of banking crises on international trade. To this end, we estimate a gravity model of trade using a sample of 139 countries over the period 1975-2012. Our results show that middle income countries are generally the most negatively affected. In contrast, financial turmoil appears to have less impact on bilateral trade flows among high income countries and, more specially, among low income nations. The level of financial development, contract enforcement, as well as the extent of the use of banking credit within international trade all help to explain our findings. [ABSTRACT FROM AUTHOR]

Which trade barrier related to intermediate inputs forms a greater burden on the export performance of firms in developing countries? Using aggregated cross-country firm-level data covering 43 mostly developing economies, this paper estimates the marginal importance of the impact of various intermediate input trade cost barriers, namely tariffs, non-tariff barriers (NTBs) and services barriers, on firms' export behavior. In a cross-sectoral setting, this paper takes the firm's export performance in goods as a central focus to study the effects of these different trade barriers through the exporting firm's choice of use of intermediate inputs. The results show that the most significant trade barriers on inputs that impede export performance in developing countries are mainly NTBs and restrictions of services. [ABSTRACT FROM AUTHOR]

Decades of research regarding the effect of foreign aid on economic growth in less developed countries have produced inconclusive results. Research in this literature has been plagued by a variety of empirical impediments. Among them, measurement and endogeneity issues, sparse sets of control variables that may be correlated with both foreign aid and economic growth such as institutional quality, and disagreements regarding the appropriate econometric methodology. This paper highlights a further issue: the heterogeneous effects of foreign aid on growth across less developed countries. Previous studies have pooled all of the developing countries together, treating them as homogenous, despite that developing countries are vastly different across both observable and unobservable dimensions. Developing countries differ in their stages of development, per capita income, socio-economic, financial, and political characteristics. For this reason, the World Bank (2012) broadly classifies the developing countries into two categories: low income developing countries (LIDCs) and high income developing countries (HIDCs) based on per capita income. Our hypothesis is that the relationship between foreign aid and economic growth should be different among LIDCs and HIDCs. For this reason, we analyze the relationship between foreign aid and economic growth separately for LIDCs and HIDCs, producing estimates using samples which are more likely to be homogenous. Integrating the fullest set of control variables thus far in the literature such as unemployment rate, capital formation, government budget surplus, inflation rate, degree of trade openness, and corruption, and using GMM methodology in a dynamic setting we find that foreign aid has positive effects on growth in high-income developing countries and negative effects on growth in low-income developing countries. We also find that higher unemployment rates, higher inflation, and higher levels of corruption reduce economic growth in both LIDCs and HIDCs. Additionally, higher level of capital formation, a larger budget surplus, and higher degrees of trade openness contribute positively to economic growth in both LIDCs and HIDCs. We do not find any evidence that time trends in the data affect our results. The result remains after accounting for endogeneity concerns and when a measure of institutional quality proxied by corruption. The finding implies that foreign aid has beneficial effects in high-income developing countries which are at latter stages of development. This suggests that countries need to gain some "traction" before foreign aid can help. [ABSTRACT FROM AUTHOR]

While earlier studies focus on credit booms in advanced and emerging market countries, this paper examines the characteristics and determinants of credit booms in developing countries. The results find that credit booms in developing countries are less likely to be associated with systemic banking crises. Rather, they are more likely to be the result of financial deepening than of dangerous buildups of financial risks; the prevention of credit booms in developing countries may thus be associated with higher opportunity costs in terms of foregone growth opportunities. Random effect probit and tobit regressions find some evidence that credit booms are likely to start when the economy is expanding and if the financial sector is larger. Although monetary and fiscal policies do not help in preventing credit booms in developing countries, we find that prudential regulations and supervision can play a much more effective role in preventing 'bad' booms, while incurring substantially lower costs. Although 'bad' booms are hard to identify ahead of time, the duration and size of booms, as well as the level of credit aggregates, appear to be useful indicators in determining them. [ABSTRACT FROM AUTHOR]

The objective of this article is to fill an existing gap in the literature by constructing an index which attempts to assess the degree of a nation's immunity to economic risk by quantifying its level of economic independence and its ability to survive unilaterally. To do so, and following the conventional methodology of indices, the article first identifies the dimensions underlying economic independence and then selects the various indicators that best reflect each dimension. It then normalizes each indicator by using its highest and lowest historic goalposts. Finally, it averages the composite index using specific weights assigned first to each indicator and second to each dimension. The economic independence index, which was constructed for 112 countries, provides a gauge to such countries on where they stand in terms of economic resilience and how much risk they face if they were to stand alone economically, or pursue policies that are undesirable from the perspective of more economically powerful countries. This index thus provides a tool for governments to measure the direction and magnitude of government action needed to improve their respective nations' level of economic independence. [ABSTRACT FROM AUTHOR]

The paper discusses various issues that are linked to global economic prospects including the divergences and the risks of various economies/countries associated with it. It makes an attempt to study major economies including both the advanced countries and the EMDEs (Emerging Markets and Developing Economies) and their global economic outlook, the divergences and the associated risks. The quantitative tools that have been used for this investigation are growth forecasts, kurtosis of real GDP growth, and exponential distribution of world growth output of major economies/countries. The study is based on data for 16 year, i.e., 2001 to 2016, which have been collected and collated from international published sources such as World Bank Global Economic Forecast Reports, UN/DESA etc. The concluding observations of the paper are that a complete assessment of global economic prospects requires baselines forecasts as well as an assessment of risks. Assessment of risks conveys the policy makers that a sense of uncertainty prevails at the time of forecasting which might vary with incoming data, past forecast performance and changing expectations. [ABSTRACT FROM AUTHOR]

The stages and economic effects of economic integration in the theoretical literature draws from the empirical integration experiences in Europe and may not be entirely suited to developing country groupings. Economically, ASEAN comprises largely middle and low income countries with priority on national and economic development, emphasizing attracting investment and technological resources and globally competitiveness. ASEAN and the ASEAN Economic Community (AEC) is characterized as a region with wide geographic expanse, diverse economic development levels and pursuing economic integration led by its leadership rather than the private sector. Economic integration has proceeded on two simultaneous fronts - the market-driven proliferation of regional production networks and value chains and the FTA-driven trade and investment facilitation and liberalization. Economic cooperation and integration has been pursued with increasing intensity since the late 1970s. Much has been achieved as seen in the growing density of movements of goods, services, capital and investments and movements of labor and people well as schemes for closer and deeper cooperation. The still-incomplete AEC will be declared on 31 December 2015. But there is still much 'work in progress'. The AEC Blueprint 2025 highlights the priorities for the AEC for the next decade, eschewing deeper integration through customs union (CU) or common market but taking due consideration of the challenges from globalization and digitization and the clarion call for inclusive and sustainable development. [ABSTRACT FROM AUTHOR]

Transnational crime brings substantial foreign capital into a number of fragile and developing states. Yet the economic and political impacts of such capital have rarely been studied, due to the challenges of obtaining accurate data on illicit activities. We overcome this challenge by compiling a dataset on the amount and disbursement dates of ransom payments made by ship owners and insurers to Somali pirates from 2005 to 2012, along with sub-national commodity prices and trade flows in Somalia. Using a difference-in-differences strategy, we find that ransoms have effects similar to those associated with the Dutch Disease. These effects include appreciating the local currency, decreasing export competitiveness, and increasing import dependence. Our results illuminate a new and distinct channel through which illicit capital can undermine long-term economic development and foster an economic and political dependency on illicit sectors. [ABSTRACT FROM AUTHOR]

Population ageing and its influence on the economic growth has long been the focus of major concern. Using bibliometric techniques we found that: (1) although ageing has increasingly attracted more researchers within economics literature, the relative weight of ageing and economic growth related papers does not evidence a clear positive trend; (2) recent studies reveal the willingness of researchers to evaluate less immediate mechanisms relating ageing and economic growth; (3) the increase in the use of empirical methods reflects a trend to test economic phenomena with real-world data against the theory; (4) very few studies focus on developing and less developed countries. [ABSTRACT FROM AUTHOR]

Purpose Although prior research has highlighted the importance of foreign direct investment (FDI) on a country’s internationalization, it has largely focused on developed countries. As a result, the FDI performance of a developing country, which differs fundamentally from that of developed countries in their environment, remains unclear. Under the newly development environment, the traditional FDI theories have been challenged by the increasing investments from emerging and transition economies. The theory system needs a fresh situation’s supplement urgently.Design/methodology/approach On the basis of a literature review, this paper constructed an empirical model to further study the moderating effects of context-specific factors on the influence of inbound foreign direct investment (IFDI) on outbound foreign direct investment (OFDI). China was chosen as the representation of a developing country, and its data of mutual investments with 125 countries from 2003 to 2014 were used to carry out hypothesis testing.Findings The analysis and results of this paper suggested: first, for China, the overall influence of IFDI on OFDI is positive. That is to say, IFDI’s positive spillover effect is greater than the negative competition effect. Second, innovational distance’s effect on FDI is complicated. It can either be positive or negative, which calls for further investigation. Third, economic distance negatively affects OFDI and negatively moderates IFDI’s effect on OFDI, especially the export. To some extent, the moderating effect that resulted from the competition effect will reduce overseas investment by extruding some of the local enterprises. Fourth, cultural distance’s effect is closely related to the spillover effect that will positively moderate IFDI’s influence on OFDI.Originality/value This paper enriched the international investment theoretical system by adding a mechanism of multiway international investment of a developing country. The research also has a guiding significance for developing countries’ governments in coordinating mutual international investments. Also, these results have important implications for how policymakers promote OFDI and put forward new theoretical avenues for conceptualizing the internationalization process. [ABSTRACT FROM AUTHOR]

Purpose Increasing the share of small and medium enterprises (SMEs) in public procurement through targeted support policies is often fraught with organisational and institutional challenges as can be seen from the experiences of many developed countries. This has profound implications for emulating such policies in developing countries where administrative capacities may be low for efficient policy management. The purpose of this paper is to widen the canvass of SME procurement policy discourse by exploring a developing country context.Design/methodology/approach The study provides qualitative assessment using insights from policy implementation-related theories. Due to limited reporting of target data on SME participation in India, the study conducts analysis based on key informant interviews with 20 public sector enterprises.Findings The evidence drawn from India mainly shows uneven performance among the procurers in achieving the SME procurement targets, and reveals serious policy implementation shortcomings. These findings correspond and complement the earlier studies on SME procurement in the developed world. The Indian case additionally reveals barriers which may be common to other developing countries such as the lack of policy-administrative capacity compounded by the prevalence of “efficiency syndrome” on the part of procurers.Originality/value By providing an in-depth developing country-specific assessment, the study helps informing assumptions underpinning SME-oriented procurement policies. The study, therefore, fills a gap in the literature on SME-oriented public procurement policy-making and its execution. [ABSTRACT FROM AUTHOR]

This article reviews the literature on the politics of bureaucracy in the developing world, with a focus on service delivery and bureaucratic performance. We survey classic topics and themes such as the developmental state, principal-agent relations, and the efficient grease hypothesis, and we link them to new research findings in political science, sociology, and economics. We identify the concept of embeddedness as an important yet still underexplored framework that cuts across disciplines and may be used to understand bureaucratic performance and service delivery. Looking forward, we outline a framework for conceptualizing bureaucratic action by exploiting variation across time, space, task, and client, and we identify promising areas for further research on the bureaucrat-citizen encounter in developing countries. [ABSTRACT FROM AUTHOR]

What is the relationship between globalization and poverty? Developing economies have long turned to international trade and finance as a solution for development, yet 35% of the world's population still lives below the international poverty line. Economists and political scientists explore this relationship but are far from reaching a conclusion. We review this literature and argue that to understand the relationship between globalization and poverty, we must ultimately understand the political motivations underlying the policies directed at the poorest. Specifically, we contend that scholars need to identify the ideological positions of developing country governments, an identification that moves beyond the conventional left-right divide that prevails in developed nations. We provide theoretical guidance on how scholars might begin to operationalize ideology on a global basis and why this is necessary to evaluate the globalization-poverty linkage. Further, we provide some preliminary quantitative and qualitative tests of our argument. Ultimately, scholars from both disciplines must begin to evaluate government commitment to pro-poor redistribution (rather than the extent to which policy is beholden to vested elite interest groups) in order to assess the relationship between trade and poverty. [ABSTRACT FROM AUTHOR]

This paper examines the size of real exchange rate (RER) misalignment in seven developing Asian counties and Japan. An analytical framework is developed to estimate the equilibrium RERs, which are then used to derive the RER misalignments. The estimation results from the model indicate that RERs have been misaligned in most of the Asian countries during the sample period, although not to the extent claimed in some studies. The real exchange behaviour in these countries is mostly consistent with the economic fundamentals and the magnitude of measured RER misalignment is not alarming. [ABSTRACT FROM AUTHOR]

The article discusses the deterioration of North Carolina's property rights and economic development which is being compared to the level of a third world country. It cites that countries with weak property rights have low foreign investment, more political coups and high economic volatility. The article also discusses the score drop of U.S. in the Heritage Foundation Property Rights Index.

The term 'the least developed countries' (LDCs) is widely understood to designate, exactly as stated, the world's least developed countries. In conjunction with the 2015 United Nations (UN) triennial review of the LDC category, this article attempts to critically evaluate the UN's list of LDC countries in the light of various indicators - economic, social, political, military and security related, and psychological. It concludes that the official and actual lists of LDCs, despite important similarities, are not completely identical. The term 'the LDCs' as used by the UN is therefore not fully consistent with the reality it attempts to designate and describe. [ABSTRACT FROM AUTHOR]

A transnational feminist policy analysis of the Trafficking Victims Protection Act: Noyori-Corbett C., Moxley D.P. A transnational feminist policy analysis of the Trafficking Victims Protection Act Although originally the Trafficking Victims Protection Act (TVPA) sought to prosecute traffickers, protect victims, and prevent trafficking, the most essential aim of the act involving prevention, especially in victims' countries of origin, has not been dominant in combating trafficking. The authors used a transnational feminist framework of policy analysis to reveal the TVPA's limitations in addressing the diminished status of poor women in the developing world. Using five key questions emanating from transnational feminism, the authors illuminate the extent to which the act is unresponsive to the economic realities that make women in developing countries vulnerable to human trafficking. Based on their analysis, the authors offer considerations for the future re-authorization of the Act, emphasizing a shift from a paradigm involving the criminalization of victims to one embodying prevention. [ABSTRACT FROM AUTHOR]

This study examines the signaling hypothesis of dividends by testing empirically the market reaction to dividends announcements. Furthermore, this study examines the information content of dividends announcements with respect to future earnings changes for a sample of firms listed at Amman Stock Exchange (ASE) during the period 2005 to 2010. The sample consists of 183 observations and 132 observations for dividend release sample and no-dividend release sample, respectively. The Event Study Methodology (ESM) is applied to examine the market reaction to dividend release announcements. The market model is used to generate the expected returns. Also, the t-test is used to examine the significance of the mean and cumulative abnormal returns. Furthermore, a regression model is used to examine the signaling hypothesis. To test the information content of dividend changes on earnings prospects, we individually incorporate the linear model with CAR to form the model. The findings of the information content of dividends applying the ESM methodology show that there is a significant positive abnormal return on the announcement days. Also, it shows that there is an overreaction straight after the announcement day, then a correcting attempt in the post event and then it goes back to normal, which is consistent with the signaling hypothesis. For the no-dividend release sample, the results show no significant abnormal return on and around the announcement days which is again consistent with the signaling hypothesis. Our results are consistent with AlShattarat et al. (2012) suggestions that there could be value relevance for dividends rather than dividends’ change. Also, the findings present a strong relationship between dividends announcements and the profitability mainly in the year of announcements and the subsequent year, whereas this relationship does not exist in the second year of announcements. The findings of this study could have significant policy implications for Jordan’s existing corporate governance practices and firms’ disclosure environment. The results are specific to Jordan, but they do shed light on the generality of the rival models of dividend policy. [ABSTRACT FROM AUTHOR]

Despite significant flows of Foreign Direct Investment (FDI) and the perceived benefits (i.e. in terms of economic growth and innovation of productive techniques) that this type of flows can have on the receiving economies, very little has been learned about its potential contribution to employment generation in the host countries. The difficulty in measuring the impact of FDI on employment generation stems from the fact that these flows that tend to generate higher levels of economic activity and employment can potentially also lead to employment losses that may occur from increased competition, technological improvements that make production relatively more capital intensive, or from the use of different business practices. We examine the relevance of FDI in generating employment in host countries by estimating the impact on changes in subsidiary employment caused by changes in the level of foreign investment in such subsidiary. Using Javorcik and Sparteneau (2005) approach, we measure FDI as the change in a subsidiary’s assets controlled by a given MNC from another country. We use annual data derived from the OSIRIS database to create a sample of 5,641 subsidiaries operating in 66 host countries during the 2006-2008 time period and estimate a simple labor market specification using pooled OLS regression techniques with robust standard errors to correct for cluster sampling. Our results indicate that the heralded positive impact that FDI should have on employment at the subsidiary level is not a typical occurrence, but it does exist under specific circumstances. We show that the FDI has a positive effect on subsidiary employment in host countries located in the Americas, and when FDI originates from Asian-based MNCs. We also find a positive effect on subsidiary employment for FDI in the manufacturing and mining sectors, when FDI comes from a MNC headquartered in a low- and middle-income country, and when the subsidiaries operate in low- and middle-income countries. Furthermore, the analysis shows that FDI has a positive impact on subsidiary employment generation for companies that reduce their disinvestment, and for subsidiaries operating in countries where the country-level FDI as a share of GDP is smaller. These findings suggest that countries and policymakers should take these factors into consideration when formulating policies to enhance employment opportunities in their countries through higher levels of FDI, but it is not realistic for countries with different characteristics to expect the same effect on employment from foreign investment. [ABSTRACT FROM AUTHOR]

This article analyzes the sources of gridlock in the Group of 20 since the global financial crisis. It engages with this question through Mark Beeson and Stephen Bell's framework, which identifies two processes of socialization operating concurrently within the G-20: hegemonic incorporation and collectivist cooperation. While hegemonic incorporation seeks to socialize the rising Southern powers into the US-led world order, their inclusion over time drives the G-20 toward more collective and cooperative forms of global governance. The article argues that the GFC has altered this equation in two ways: by accelerating the shift of economic power from the North to the South, and by undermining the hegemony of neoliberalism in the South. These two developments have made the United States less willing to offer the concessions necessary for hegemonic incorporation while, at the same time, bolstering the confidence of the Southern powers. Consequently, the article proposes that both hegemonic incorporation and collectivist cooperation are undermined, leading instead to gridlock and fragmentation. The article illustrates this argument through a case study of the gridlock surrounding the issue of global imbalances. [ABSTRACT FROM AUTHOR]

The paper argues that the opposing ideas of order/disorder, peace/war and normality/abnormality exist within each other, making a discernible boundary between them a fallacy created by the language of law. Therefore, even when a resistance to the order is carried out, it is with the aspiration of assimilation into this phantom world community. I analyze how the concept of nation-state is reinforced through territorial identities, best portrayed through liberation struggles, thus demonstrating how these transgressions, though projected by the international order to exist separate from the order (normality) as an 'abnormality', is in fact facilitated through (the normality of) law. [ABSTRACT FROM AUTHOR]

Aim/purpose - We want to draw academics and market practitioners attention to threats form political risk's area that affect national financial markets in both developed and developing economies. Design/methodology/approach - We analyzed the wide concept of political risk on the basis of international literature as well as national statistical data and international comparative indicants for selected developed and developing economies around the world. Findings - Growing significance of political risk was signaled, although both types of economies are exposed to different aspects of the threat. We confirmed that developing states are threatened by bigger number of political bothers, whereas advanced countries are susceptible to some forms of violence. Research implications/limitations - Imply that economies with better economic stance have lower level of political risk, although, their highly developed and integrated financial markets are responsible for the transfer of analyzed risk. Unfortunately, the scarcity of reliable time series about political risk hampered a deeper empirical analysis. Originality/value/contribution - Presentation of political threats to financial market stability. [ABSTRACT FROM AUTHOR]

Technical change is a major driving force for economic growth and development, thus technological change and innovations could be a powerful process that opens up opportunities to increase social welfare and benefits for societies. Whether opportunities turn into real benefits and allow for broad participation depends on a number of factors. In this contribution we focus on three questions. First, what are the drivers of and the gains from technological change? Second, is there broad participation in the gains from technological change? Third, what mechanisms generate asymmetric participation or even non-participation? Reviewing the literature, we obtain two sets of answers, one set for developed countries (DCs) and one for less developed countries (LDCs). For DCs, technology is still the driving force for aggregate progress. Innovations are driven by a combination of private and public R&D investments and the diffusion of innovations is spurred by innovative competition. Due to various reasons - such as technical bias, educational attainment, new firm concepts, globalization and outsourcing, disempowerment of labor unions, decreasing labor share in aggregate income, or agglomeration effects - we identify major differences in participation in gains across different groups. Further, technology that originated in DCs is transferred to LDCs. We identify the channels of technological transfer that allow LDCs to potentially participate in the benefits. Here, the development of the modern sector with links to international value chains plays a major role. However, global diffusion of technology and its gains are very diverse. Reasons for this diverse participation in gains include power structures in global value chains combined with an excess supply of labor and the malfunctioning of local governments and institutions in LDCs. [ABSTRACT FROM AUTHOR]

For more than 50 years, the Abdus Salam International Centre for Theoretical Physics has fostered the growth and sustainability of physics and mathematics in the developing world, benefitting hundreds of thousands of scientists. What began as a dream by its founder, Pakistani Nobel Laureate Abdus Salam, has become a first-rate international research hub connecting scientists from all corners of the globe. As the social and economic situations in many developing countries has shifted, ICTP has responded with the creation of relevant research and training programmes that continue to boost science in disadvantaged parts of the world. Today, ICTP remains a beacon of hope for scientists who aspire to greatness. [ABSTRACT FROM AUTHOR]

International migrants’ remittances are among the most researched subjects in contemporary globalization scholarship and policy studies. Most studies have examined the impacts of remittances on households in developing countries, and the findings are often positive and optimistic. Many of the existing studies have, however, presented only the positive economic impacts of remittances on households, with very little attention being paid to the equally important social impacts of remittances within the broad kinship networks that drive Africans’ lives and livelihoods. Remittances affect migrants’ kinship networks, patterns of family interactions, obligations, and expectations in the households left behind as kin attach meaning to remittances and construct values from them in ways that ultimately make remittances more intertwined and complex. Using primary and secondary data gathered in 2015 and 2016, this article discusses what we still need to know in terms of the relationship between international migrants’ remittances and their kinship networks at home beyond near-linear economic impacts. That is, although positive relationships may exist between remittances and household well-being in developing countries, can other narratives of kinship be used to understand the impacts of remittances and how they can be sustainably used for development? [ABSTRACT FROM AUTHOR]

The article explains the impact of democracy towards financial development in relation to economic growth. Topics discussed include the study being done using an empirical model on the effects on democracy on financial development in 78 developing and emerging countries from 1982 to 2011, the potential of political elites in disrupting economic growth of democratic countries, and results promoted the essence of political institutions in assessment of growth effect in financial development.

While the Internet of Things (IoT) is not new, its key components are becoming increasingly affordable now, which makes the technology extremely attractive for the Global South. By collecting data from various IoT sources, combining them with data from other sources and using big data analytics, decisions can be made and actions can be taken that can have important economic, social, ecological and environmental implications in these countries. The most visible impacts of the IoT in these countries include improvements in agricultural and food systems, enhancement of environmental security and resource conservation, achievement of better healthcare, public health and medicine, and enhancement of the efficiency of key industries. This paper provides an overview of how the IoT is currently being used in the Global South. It also discusses the opportunities and challenges that IoT initiatives present there. The analysis indicates that the IoT may address some of the institutional bottlenecks, technological challenges and key sources of high transaction costs. On the other hand, various sources of underdevelopment may act as barriers to full utilisation of the IoT. [ABSTRACT FROM PUBLISHER]