The common desire of civilizations to reach out and interact with each other naturally gave rise to the process of globalization. Globalization has proven to be a dynamic process, triggered by technological changes and the decline in barriers to the free flow of goods, services, capital, and people. However, after decades of increasing economic integration, globalization shows signs of slowing down. The recent years have seen rapid changes in the global economy, in the context of events that drew attention to the vulnerabilities of globalization. In the present paper, I want to emphasize the impact the most significant events of the last 15 years have had on globalization and answer a very controversial question: ‘Is globalization coming to an end?’
Category - Cristina Elena POPA
Lucian Blaga University of Sibiu, Romania, ORCID: 0000-0003-1744-9165
India is currently the fifth country in the world in terms of GDP, after the USA, China, Japan and Germany, and on track to become the world’s third-largest economy by 2030, according to S&P Global. The key investments that the country has made in technology and energy together with the global offshoring after the COVID-19 pandemic, made the country one of the fastest-growing economies in the world. In this article, I want to present the stages that India went through to develop and become the world’s 5th largest economy, and answer the question: Is India ‘the next China’? Can India, in the near future, reach and even surpass the economic performance recorded by China and become a more attractive country for foreign investors?
Early school leaving (ESL) is a topic of utmost importance at both European and national level, with significant social and economic implications. Young people who leave school can face a lack of jobs, social exclusion, poverty and health problems. The reasons for such a decision are complex, being a twinning of personal, social, economic, educational and family factors. In the context of the effects of the 2007-2008 economic and financial crisis, coupled with a number of long-term challenges such as globalization, demographic decline and pressure on resource use, the European Council adopted on 17 June 2010, a 10-year program entitled the Europe 2020 strategy. This program aims to create the optimal conditions for each Member State of the European Union to develop and achieve a high level of employment, productivity and social cohesion. One of the objectives set in the Europe 2020 strategy in the field of education is to reduce the early school leaving rate below 10% in the EU and 11...
A burning topic today is the freedom of international trade, namely the degree of intervention of the state in the economy. Like most of the developed countries, the U.S. got rich and promoted its young industries by applying tariffs and quotas. Protectionist measures proved to be beneficial in the short term, but if prolonged, they are likely to discourage trade and confer too much power to the state. The U.S. President Donald Trump has decided to turn from free and open trade toward so-called fair trade based on "America first" policy. Thus, the U.S. free trade began to lose the fight with economic protectionism, and national interest gained ground at the expense of economic cooperation. The desire to make America great again will benefit some national companies, but others will suffer major losses.
From 2014-2018 Romania recorded the fastest growth rate among the CESE-6 countries (Bulgaria, Croatia, Czech Republic, Poland, Romania and Hungary). To achieve this performance, it embraced an economic growth model based on consumption rather than investment. The government’s strategy was to cut indirect taxes, increase public wages and old-age pensions but this generated higher inflation rates and larger budget and current account deficits. Thereby, according to the most recent Convergence Report issued in 2018 by the European Commission, Romania turned out to be the least prepared among the CESE-6 countries to adopt the euro. Reality has shown that an economy that relies too heavily on consumption and neglects investments is more vulnerable and has difficulties in supporting long-term economic growth. In order to improve the performance of its macroeconomic indicators and increase the living standard of the population, Romania must shift the growth model to investment.
After focusing on the Euro crisis, European leaders are now struggling with the biggest migrant crisis since Second World War. Up to now, over 1.1 million migrants have requested protection in Europe, and their number is growing every day. The functioning of the Schengen area is in danger due to control deficiencies at external borders. As it’s facing this challenge, the EU is constantly seeking solutions designed to restore the proper functioning of the system and prevent its collapse.
