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01
Research Article · Volume 3, issue 2 · Pages 1–20
Open access
War, Trade, and Mercantilism: Reconciling Adam Smith's Three Theories of the British Empire
Barry R. Weingast
Adam Smith proposed two contradictory theories of the British Empire in the Wealth of Nations and suggested a third. The first view holds 1 that the empire was created for merchants eager to establish and maintain monopolies of the colonial trade. Smith concludes that “Great Britain derives nothing but loss” from the colonies. In the second view, Smith celebrates the European discovery of the new world, opening non-…
DOI 10.70150/97710e06View article record
02
Research Article · Volume 3, issue 2 · Pages 21–54
Open access
Differentiated Governance, Distributive Justice: Ethical Pathways for South Africa’s Informal-Illicit Nexus
Siyabonga P. Hadebe
South Africa’s economy is marked by dualism, comprising a globally integrated formal sector and a substantial informal economy that provides livelihoods for millions excluded from formal employment. In contexts of persistent unemployment, informal work becomes a necessity for survival rather than a choice. However, state policy often incorrectly conflates this economic necessity with illicit markets. This conflation…
DOI 10.70150/e4skga17View article record
03
Research Article · Volume 3, issue 2 · Pages 55–85
Open access
Prediction Markets
Emilio Barone, Federico Carli
This paper provides an English version of a study originally circulated as a working paper in November 2005 on prediction markets and subsequently published in Italian in Mondo Bancario (January–February 2006). The paper reviews the structure, functioning, and empirical performance of prediction markets, with particular emphasis on the Iowa Electronic Markets and other platforms active in the early 2000s. The analys…
DOI 10.70150/xrt21s70View article record
04
Research Article · Volume 3, issue 2 · Pages 86–99
Open access
Assessing the Impact of COVID-19 on the Chinese Economy: A Comprehensive Analysis
Mario Arturo Ruiz Estrada, Evangelos Koutronas, Donghyun Park, Minsoo Lee
This paper examines the macroeconomic impact of the COVID-19 shock on the Chinese economy through a multidimensional policy-modeling framework. The Massive Contagious Infectious Diseases Simulator (ECMCID-Simulator) employs macroeconomic indicators to examine how asymmetric infection dynamics propagate economic shocks across activity, labor, financial markets, investment flows, and aggregate output within strategic …
DOI 10.70150/yaf3xg15View article record
05
Research Article · Volume 3, issue 1 · Pages 24–34
Open access
Degrowth or Growth: A Life-or-Death Question for Humanity
Yeomin Yoon
The 200+ years of capitalist development has radically altered the entire Earth – especially increased atmospheric carbon dioxide that causes global warming. The prevailing global economic system will most likely place the world’s environment in danger, eventually posing a threat to humanity’s existence on the small Spaceship Earth. The most effective, moral, and rational solution would be “degrowth.” The degrowth m…
DOI 10.70150/31nr8s90View article record
06
Research Article · Volume 3, issue 1 · Pages 1–23
Open access
Entrepreneurial Dynamics, Human Development and Inequality: Evidence from 23 Countries Using GEM Data
Emiliano Alzate, Oscar Claveria
We propose a new approach for the visual inspection of the dynamic 1 interplay between several determinants of entrepreneurship and other socioeconomic variables. We focused on the evolution of these variables in 23 countries from 2010 to 2020. First, we ranked the countries according to their growth during the sample period. Second, we clustered the different states by means of a dimensionalityreduction technique t…
DOI 10.70150/sjyk5e78View article record
07
Research Article · Volume 2, issue 2 · Pages 1–33
Open access
The Common Law and Adam Smith's Wealth of Nations
Stephen Crosswell
Adam Smith developed a theory of the ‘four-stage’ advancement of society as England was entering the Industrial Revolution (the fourth stage) and becoming the leading commercial centre in the world. That transition was raising new and novel legal issues that required legal solutions more complex than the earlier three stages in human advancement, as innovation gave rise to new technologies and ways of working. He an…
DOI 10.70150/ggra8t94View article record
08
Research Article · Volume 2, issue 2 · Pages 34–49
Open access
A Comprehensive Simulation of the Russia-Ukraine Armed Conflict: Applying the Post-War Economic Impact Simulator (PEI-Simulator)
Mario Arturo Ruiz Estrada, Alam Khan
This paper introduces a new economic simulator in the case of a war, this new economic simulator is entitled “The Post-War Economic Impact Simulator (PEI-Simulator).” The primary objective of the PEI-Simulator is to analyse wars at various stages to assess their overall socio-economic impact in both the short and long term. Additionally, it shifts away from the traditional benefit-cost analysis of war, introducing a…
DOI 10.70150/3mgcmz58View article record
09
Research Article · Volume 2, issue 2 · Pages 50–72
Open access
India, South Korea, and Vietnam: A Triangle of Confidence in the Making
Taekmin Nam, Shikhar Dhingra, Loc Ngo
The world today is being pushed closer to a multipolar order by major events in recent times. In facing the ramification of such disruption, many countries have been left with their economies in shambles. Despite the odds, India, South Korea, and Vietnam are the three countries in Asia that have continued to show solid growth throughout the pandemic. Beyond the common economic resilience seen in the present time, th…
DOI 10.70150/13cg7150View article record
10
Research Article · Volume 2, issue 2 · Pages 73–106
Open access
The Role of Geographic and Sectoral Diversification, and the Herfindahl-Hirschman Index: Insights from Italian Provinces and Regions
Luigi Capoani, Piergiorgio Martini
This study examines the role of the Herfindahl-Hirschman Index (HHI) and a new diversification index that integrates geographical and sectoral factors to analyze economic activities in Italian provinces. The research highlights how local territorial heterogeneity influences urban and regional economics, emphasizing diversification as a strategy for growth. The findings underscore diversification’s importance in enha…
DOI 10.70150/wq5d0b20View article record
11
Research Article · Volume 2, issue 1 · Pages 29–46
Open access
Bitcoin Trading in Australian and Canadian Dollars, the Pound and Euro: Pre- and Post-COVID-19
Jackie Johnson
Much of the research relating to the impact on Bitcoin, of the COVID-19 pandemic focuses on the United States (US) market using Bitcoin prices in US dollars, but this is a market not open to a large proportion of the world’s population who must trade Bitcoin in their local currency. The aim here is to compare Bitcoin trading behaviour pre- and post-COVID-19 in four currencies, the Australian dollar, the Canadian dol…
DOI 10.70150/mjv15y38View article record
12
Research Article · Volume 2, issue 1 · Pages 1–28
Open access
Technological Conditions and the Rise and Fall of the Rules-Based System
Dan Ciuriak
This paper considers the role played by the evolution of technological conditions in the rise and fall of the rules-based system. I argue that the rules-based system was in fact endogenous to the economic and technological conditions under which it came to be: when industries are competitive, companies are covering their cost of capital, workers are being paid their marginal product, everyone is making a living, no-…
DOI 10.70150/4a5jcv40View article record
13
Research Article · Volume 1, issue 4 · Pages 1–23
Open access
The Incentive Argument in Pharmaceutical Patent Law
Aaron Sean Poynton
This paper critically examines the pharmaceutical industry and the incentive argument in patent law. It begins by framing an overview of the industry and patent law, focusing on U.S. and U.K. law, and multilateral agreements, and efforts by international organizations, such as the World Trade Organization (WTO). Next, the paper considers patent incentive arguments on both sides of the issue to provide a holistic and…
DOI 10.5281/zenodo.10529407View article record
14
Research Article · Volume 1, issue 3 · Pages 26–35
Open access
Forging a Moral Basis for Emerging Economies
Yeomin Yoon
Aristotle said that politics is the master science. What he calls politics is not what is now called political science but the culmination of ethics. Per Aristotle, economics, a dimension of ethics, posits the eudaimonia (human flourishing or well-being, erroneously translated as happiness) or summum bonum for human society and describes the regional structures of human social existence. Economics cannot, therefore,…
DOI 10.5281/zenodo.10059725View article record
15
Research Article · Volume 1, issue 3 · Pages 1–25
Open access
Business and Consumer Uncertainty During the Pandemic: A Sector Analysis in European Countries
Oscar Claveria
This paper examines the evolution of business and consumer uncertainty at sector level amid the coronavirus pandemic in 32 European countries and the European Union. Since uncertainty is not directly observable, we approximate it using a geometric discrepancy indicator. This approach allows us quantifying the proportion of disagreement in business and consumer expectations of 32 countries. We have used information f…
DOI 10.5281/zenodo.10045754View article record
16
Research Article · Volume 1, issue 2 · Pages 135–182
Open access
Who Cares About Workers’ Rights? The Effects of Violations of Trade Unions’ Rights on Donors’ Funding Decisions in the ILO
Paweł Gmyrek
This paper analyses the relationship between compliance with trade union rights and donors’ aid decisions as evidenced through multi-bilateral contributions to the ILO and a database of Labour Rights’ Indicators. Despite trade union rights being a fundamental worker right that all ILO Member states must uphold, the study finds that the level of labour rights violations is not systematically related to the volume of …
DOI 10.5281/zenodo.8175710View article record
17
Research Article · Volume 1, issue 2 · Pages 99–134
Open access
The U.S.–Lithuanian Defence Cooperation and Arms Acquisition from the U.S.
Donatas Palavenis
The study aims to characterize the U.S. and Lithuanian defence cooperation from 1990–2020, including arms procurements. Findings suggest close defence cooperation between countries at the Presidential, Congressional, and Defence Ministry/Secretary levels. The most developed cooperation areas are joint participation in international operations, improvements of the Lithuanian Armed Forces’ capabilities, and an increas…
DOI 10.5281/zenodo.8096835View article record
18
Research Article · Volume 1, issue 2 · Pages 66–98
Open access
Ethics in International Trade
Robert W. McGee
This paper examines ethics in international trade from several different ethical perspectives, including consequentialism, utilitarianism, virtue ethics and deontology. The views of Aristotle, Plato, Adam Smith, Bentham, Kant, Pareto, Rawls, Flew, Nozick, Bastiat and others are discussed and contrasted. Flow charts are provided to reflect the utilitarian and rights approaches to trade. Utilitarianism is shown to be …
DOI 10.5281/zenodo.8086948View article record
19
Research Article · Volume 1, issue 2 · Pages 43–65
Open access
The Ethics of African Regional and Continental Integration
Dirk Kohnert
Economists around the world agree that promoting intra-regional trade is an important driver of economic growth. This is also true for Africa, which, however, with a share of less than 3 %, has so far only played a marginal role in world trade. The decision of African leaders on the creation of an African Continental Free Trade Area (AfCFTA) in 2018 was not merely a political decision with economic implications. The…
DOI 10.5281/zenodo.8083250View article record
20
Research Article · Volume 1, issue 2 · Pages 25–42
Open access
How Does Digitalization Impact Economic Growth? Evidence from China and the USA
Umer Shahzad, He Xiaoyin
Digitalization is a key component of the world economy from past recent years. Based on that in our study, we are taking part in the literature on how digitalization changes the economy of the USA and China. The study aims to investigate the impact of the Internet on the economic growth of China and the USA from 1990 to 2019. After we used the CobbDouglas production function, the outcomes analysis that there is a po…
DOI 10.5281/zenodo.7995266View article record
21
Research Article · Volume 1, issue 2 · Pages 1–24
Open access
The US GDP Growth and Sustainability Debt
Haider Ellalee, Walid Y. Alali
After the US dollar replaced gold, the US debt became attention worldwide, thus the demand for the US dollar continued, as the extremely low interest of the dollar. This helped the US government to borrow great amounts of debt as well as kept the creditors pleased. Due to the pandemic, the US economy retrograded because of the tax cut and unproductive rescue spending plan plus surpassing spending of the government. …
DOI 10.5281/zenodo.7983126View article record
22
Research Article · Volume 1, issue 1 · Pages 302–357
Open access
Economic Growth with Foreign Trade on the Reverse Gear: India's Re-experimentation
Jayanta Kumar Mallik
Concerns about the de-globalization attributable to protectionist trade practices are growing. The evidence that the actions of the countries concerned are inimical to their own interests might lead to an effective solution of the problem. Guided by this thought, this paper probes the role of foreign trade and other factors in India’s economic growth. Tariffs increased in India from 2011, a de-facto reversal of the …
DOI 10.5281/zenodo.7858240View article record
23
Research Article · Volume 1, issue 1 · Pages 278–301
Open access
Expending Cities and Commercial Cultures: Impact of Urbanization on Foreign Trade
Beining Liu, Kaitong Liang
The prosperity of urbanization is accompanied by the rise of foreign trade. Urbanization, as a phenomenon of economic expansion of cities and towns, breeds cultures that make local people attach importance to, and are willing to engage in business, which could promote the regional foreign trade. Using the urbanization rate of permanent residents in each city as an indicator, and the number of earthquakes recorded be…
DOI 10.5281/zenodo.7855376View article record
24
Research Article · Volume 1, issue 1 · Pages 221–277
Open access
Impact of Natural Environment, Regional Integration, and Policies on FDI
Walid Y. Alali
FDI is an important source of capital, technology, and skills transfer for both developing and developed economies, this paper explores the effects of three determinants of bilateral FDI, including natural barriers, the “at-the-border” barrier (regional trade agreement), and the “behind-the-border” barrier (domestic regulatory environment). An augmented gravity model is deployed to carry out the test for the inter-O…
DOI 10.5281/zenodo.7837529View article record
25
Research Article · Volume 1, issue 1 · Pages 131–145
Open access
Trade Liberalization and Poverty in Nigeria (1981-2018): An Empirical Study
Michael O. Ogundipe
This study looked at the effects of trade liberation on reducing poverty in Nigeria. To investigate the data properties, a number of tests were run, including cointegration, the unit-root test, and descriptive statistics. The Auto-Regressive Distributed Lag (ARDL) method was used in this study to examine the variables' short-run and long-run effects. The outcome demonstrated that trade is statistically important in …
DOI 10.5281/zenodo.7820979View article record
26
Research Article · Volume 1, issue 1 · Pages 146–220
Open access
A Framework Explaining Inflation Surprises
Douglas H. Carr
Four major inflation surprises mark the modern economic era: diminished response of inflation to stimulus since the 1990’s, increasing financial bubble cycles, resilience of inflation during the Great Financial Crisis, and, of course, the pandemic inflation. To explain these surprises, this paper presents a new framework for analysing inflation as driven by three major components: a Natural Rate of Inflation reflect…
DOI 10.5281/zenodo.7823904View article record
27
Research Article · Volume 1, issue 1 · Pages 116–130
Open access
Trade Agreement as a Model of Development: The Case of the Japan-Philippine Economic Partnership Agreement (JPEPA)
Al Faithrich C. Navarrete, Virgilio M. Tatlonghari
The Japan-Philippines Economic Partnership Agreement (JPEPA) includes comprehensive provisions that aims to foster economic growth. The provision on Tariff Elimination is expected to increase trade between the two countries. A modified Gravity Model was used in order to estimate the impact of Tariff Elimination to Exports of the Philippines to Japan using the weighted average of tariffs imposed by Japan to Philippin…
DOI 10.5281/zenodo.7807777View article record
28
Research Article · Volume 1, issue 1 · Pages 1–54
Open access
Cross Countries Economic Performances - SPF Approach
Walid Y. Alali
The differences in technical inefficiency (inefficient allocation of production inputs) explain the diverse cross-country economic performances, using estimating a “global” stochastic production frontier (SPF) model, and (Rodrik (2000)’s taxonomy of institutions), to compare the mean level of technical inefficiency for each country per period. Our model, consider three variables’ dimensions – human capital, openness…
DOI 10.5281/zenodo.7802727View article record
29
Research Article · Volume 1, issue 1 · Pages 55–85
Open access
Effect of Capital Ratios on Listed Banks Stock Returns: Evidence from Pakistan
Umer Shahzad, He Xiaoyin
The study examined the market-valued capital ratio (MLR) as an indicator to measure the riskiness of banks. After examining the cross-section relationship between market-value capital ratios and banks’ stock returns in the Pakistani banking sector from 2005 to 2018 by using Fama & French three-factor model. The study shows that banks in Pakistan with lower market capital ratios have had higher average stock returns …
DOI 10.5281/zenodo.7805766View article record
30
Research Article · Volume 1, issue 1 · Pages 86–115
Open access
Swiss Defence Industry in the Global Arms Trade – Successes and Challenges
Donatas Palavenis
When we talk about the Defence Industry (DI), arms transfers, and military expenditures we mostly refer to data accumulated by the Stockholm International Peace Research Institute (SIPRI). In the SIPRI Top 20 list of largest exporters of major arms for 2019, small states hold consecutive positions: Israel takes 8th place, Switzerland is 13th, and Sweden, Norway, and Belarus place 15th, 17th, and 20th respectively. T…
DOI 10.5281/zenodo.7805803View article record