New Challenges Facing the Global Economy

Introduction 7

Chapter 1. The evolution of development, economics and globalization 9
1.1. The birth of “development economics” as a discipline 9
1.2. The crisis of “development economics” in the 1980s 11
1.3. The rise and decline of neo-liberals 13
1.4. The limits of the “Washington consensus” 14
1.5. Globalization and economic development 16
1.6. Critique of globalization theories 18
1.7. The “misery” of a traditional development economics and the opportunities for a modern development economics 19
1.8. Conclusions 21

Chapter 2. Review of international economics 23
2.1. The balance of payments 23
2.2. The future of the US current account deficit 29
2.3. Exchange rates 36
2.4. Trading systems and global governance institutions 43
2.5. Review of concepts and formulas 52

Chapter 3. Asia overview 57
3.1. The People’s Republic of China 57
3.2. India 72
3.3. Japan 80
3.4. South Korea 86
3.5. Singapore 91

Chapter 4. The European Union and the Middle East 95
4.1. The European Union 95
4.2. Russia 108
4.3. The Middle East overview 120
4.3.1. Saudi Arabia 125
4.3.2. Turkey 128
4.3.3. Syria 130
4.3.4. Iraq 131
4.3.5. Egypt 132
4.3.6. Iran 133

Chapter 5. Latin America overview 135
5.1. Mexico 140
5.2. Brazil 141
5.3. Venezuela 142
5.4. Argentina 144

Chapter 6. Africa overview 145
6.1. Rwanda 147
6.2. Nigeria 148
6.3. Kenya 149

Chapter 7. Ideas wrap-up. Four practical mega lessons 151
7.1. Lesson one: always look on the bright side of life 152
7.2. Lesson two: don’t base your worldview on media stories but factful trends 153
7.3. Lesson three: we are in the age of miracles 154
7.4. Lesson four: trust and empower optimists not declinists 155

Chapter 8. Multinational Corporations behavior in times of emergency 157

Chapter 9. Post Pandemia COVID-19 World 165

Chapter 10. Dealing with new dilemmas in the world economy 171

References 181