World economy

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World share of GDP (PPP) (World Bank, 2011).

The world economy, or global economy, generally refers to the economy, which is based on economies of all of the world's countries' national economies. Also global economy can be seen as the economy of global society and national economies – as economies of local societies, making the global one. It can be evaluated in various kind of ways.

CONTENT : A - F , G - L , M - R , S - Z , See also , External links

Quotes[edit]

Quotes are arranged alphabetically by author

A - F[edit]

  • With lower start-up costs and a vastly expanded market for online services, the result is a global economy that for the first time will be fully digitally wired-the dream of every cyber-visionary of the early 1990s, finally delivered, a full generation later.
  • I appreciate that in China, people are hungry to prosper in the global economy. What they need is a body of elected representatives who will widely debate and freely pass a strong national energy policy. Selling China an oil company will only take pressure off its rulers and further delay the arrival of democracy.
  • Today, local economies are being destroyed by the "pluralistic," displaced, global economy, which has no respect for what works in a locality. The global economy is built on the principle that one place can be exploited, even destroyed, for the sake of another place.
  • Without even entering into the question of the world economy’s ultimate dictation within narrow limits of everybody’s productive activity, it’s apparent that the source of the greatest direct duress experienced by the ordinary adult is not the state but rather the business that employs him. Your foreman or supervisor gives you more or-else orders in a week than the police do in a decade.
    • Bob Black, The Libertarian as Conservative, (1984).
  • Luckily for the world economy, however, Gordon Brown and his officials are making sense. And they may have shown us the way through this crisis.
  • History moves in contradictions. The skeleton of historic existence, the economic structure of society, also develops in contradictions. Forms eternally follow forms. Everything has only a passing being. The dynamic force of life creates the new over and over again — such is the law inherent in reality.
  • If my theoretical studies have contained any subjective value judgment, then this has amounted at most to a preference for freedom and progress rather than state control of the economy and distribution of such scanty prosperity as may be available for distribution at a given moment. I have wanted to make it clear that this preference is a great common interest of all parties, both in the management of the world economy and in every individual nation. Such a position may be attacked, but it cannot be denominated as party-politics in the ordinary sense.
    • Gustav Cassel (1941, 440); as cited in: Carlson, Benny, and Lars Jonung. "Knut Wicksell, Gustav Cassel, Eli Heckscher, Bertil Ohlin and Gunnar Myrdal on the role of the economist in public debate." Econ Journal Watch 3.3 (2006): 524-5.
  • I would remind you that in the United States we had an increasing gap between the rich and the poor for about 20 years, as we moved into this new economic phase. The same thing happened when we changed from being an agricultural economy to an industrial economy. In the last 2 or 3 years, we started to see the gap close again. And the answer is not to run away from globalization. The answer is to make change our friend. The answer is to have broad access to information and information technology, to have broad-based systems of education and health care and family supports in every country, and to continue to try to shape the global economy.
  • Geographically, the global economy is now multi-polar, as new centres of production have emerged in parts of what had been, historically, the periphery of the world economy. The world is now more accurately described as a 'mosaic of unevenness in a continual state of flux'.
    • Peter Dicken Global Shift (2003) (Fourth Edition) Chapter 15, Winners and Losers, p. 509.
  • The world economy is not yet a community--not even an economic community...Yet the existence of the "global shopping center" is a fact that cannot be undone. The vision of an economy for all will not be forgotten again.
  • There are reasons to believe that the world economy is once again in the throes of a phase change. There are also reasons to believe that this phase change, like the preceding ones, will involve a paradigmatic shift in the organization of people around their work. If this is so, then our perceptions of what has happened in the past decade or more in the world of work may need to be modified; likewise our perceptions of where those changes are leading us
  • We have a booming global economy but we don't have a global society. Markets reduce everything, including human beings and nature, to commodities. Societies need more than this to prosper — such goals as political freedom and social justice.
    • Marshall William Fishwick in Popular Culture: Cavespace to Cyberspace (1999).

G - L[edit]

  • Does the functioning of the world economy tend to concentrate wealth and power, or does it tend to diffuse it?
    • Robert Gilpin, The Political Economy of International Relations (1987), Chapter One, Nature of Political Economy, p. 14.
  • The world economy diffuses rather than concentrates wealth.
    • Robert Gilpin, The Political Economy of International Relations (1987), Chapter Three, Dynamics Of Political Economy, p. 85.
  • Structuralism argues that a liberal capitalist world economy tends to preserve or actually increase inequalities between developed and less developed economies.
    • Robert Gilpin, The Political Economy of International Relations (1987), Chapter Seven, Dependence And Economic Development, p. 274.
  • We live in a global economy, but the political organization of our global society is woefully inadequate. We are bereft of the capacity to preserve peace and to counteract the excesses of the financial markets. Without these controls, the global economy, is liable to break down.
  • The development of a global economy has not been matched by the development of a global society. The basic unit for political and social life remains the nation-state. International law and international institutions, insofar as they exist, are not strong enough to prevent war or the large-scale abuse of human rights in individual countries. Ecological threats are not adequately dealt with. Global financial markets are largely beyond the control of national or international authorities.
    • George Soros, The Crisis of Global Capitalism (1998).
  • To take what might seem an "objective", macro-economic approach to the origins of the world economy would be to treat the behavior of early European explorers, merchants, and conquerors as if they were simply rational responses to opportunities—as if this were just what anyone would have done in the same situation. This is what the use of equations so often does: make it seem perfectly natural to assume that, if the price of silver in China is twice what it is in Seville, and inhabitants of Seville are capable of getting their hands on large quantities of silver and transporting it to China, then clearly they will, even if doing so requires the destruction of entire civilizations. Or if there is a demand for sugar in England, and enslaving millions is the easiest way to acquire labor to produce it, then it is inevitable that some will enslave them.
  • We have to remember we're in a global economy. The purpose of fiscal stimulus is not simply to sustain activity in our national economies, but to help the global economy as well, and that's why it's so critical that measures in those packages avoid anything that smacks of protectionism.
  • In short, I believe in an America that is on the march - an America respected by all nations, friends and foes alike - an America that is moving, doing, working, trying - a strong America in a world of peace. That peace must be based on world law and world order, on the mutual respect of all nations for the rights and powers of others and on a world economy in which no nation lacks the ability to provide a decent standard of living for all of its people. But we cannot have such a world, and we cannot have such a peace, unless the United States has the vitality and the inspiration and the strength. If we continue to stand still, if we continue to lie at anchor, if we continue to sit on dead center, if we content ourselves with the easy life and the rosy assurances, then the gates will soon be open to a lean and hungry enemy.
  • [An] epochal innovation [consisting of the] spreading application of science to processes of production and social organization.
    • Simon Kuznets, Modern economic growth,'(1966), p. 487, as cited in: Peter Temin, ‎Gianni Toniolo (2008) The World Economy between the Wars. p. 7.
  • Plausible as the idea of the United States of Europe as a peace arrangement may seem to some at first glance, it has on closer examination not the least thing in common with the method of thought and the standpoint of social democracy . . . At the present stage of development of the world market and of world economy, the conception of Europe as an isolated economic unit is a sterile concoction of the brain. Europe no more forms a special unit within world economy than does Asia or America.

M - R[edit]

  • In the new conditions created by the global economy, the information revolution and the growth of smart technologies, it is more necessary than ever for all companies to be guided by their rich spiritual inheritance, as spiritual enterprises.
    • Ted Malloch, Doing Virtuous Business (Thomas Nelson, 2011) p. 134.
  • The greatest thing to come out of this [the war in Iraq] for the world economy, if you could put it that way, would be $20 a barrel for oil. That's bigger than any tax cut in any country.
  • We know that the nation that goes all-in on innovation today will own the global economy tomorrow. This is an edge America cannot surrender.
  • In an updated and expanded version of the four horsemen of the apocalypse, the Organisation for Economic Co-operation and Development (OECD) has identified five "global shocks" that will destabilise the world economy with increasing frequency in coming years. Rather than the traditional perils of conquest, war, famine and death, the OECD identifies viral pandemics, cyber attacks, financial crises, socio-economic unrest and geomagnetic storms as the five "global shocks" that will have to be endured.
  • The challenge we face is how to integrate the Muslim world into the global economy. Asia has become part of it, but not Africa or the Middle East.

    One could realistically think about a Marshall Plan with respect to this part of the world, to succeed in integrating the Muslim and Arab world into the global economy as we did in Europe after World War II. For example, we’ve wasted hundreds of billions of dollars on the Iraq war. Had we taken a third of this money and invested it into a Marshall Plan for the Middle East, the benefits would have been ten times more than wasting it on a war.

S - Z[edit]

  • It is virtually impossible to compete in today's global economy without a college degree.
  • At issue is not whether the global economy will pass away. It is passing away. Rising populations and debt combined with depletion of freshwater sources and fossil fuel make the status quo untenable. The only question is whether civil society will survive the transition.
  • Scientists and supercomputers have amplified our ability to look ahead. For decades, experts have warned us that human numbers, technology, hyper-consumption and a global economy are altering the chemical, geological, and biological properties of the biosphere.
  • The main sources of tension in today's world economy could be grouped under the following categories:
(i) the underdevelopment of a large part of world
(ii) competition between different economic systems
(iii) the passing of colonialism
(iv) economic instability, especially in primary markets, and
(v) national shortsightedness, especially in trade policy
  • Jan Tinbergen. Shaping the world economy; suggestions for an international economic policy. Twentieth Century Fund, 1962. p. 91.
  • The essential feature of a capitalist world-economy... is production for sale in a market in which the object is to realize the maximum profit is the essential feature of a capitalist world-economy. In such a system production is constantly expanded as long as further production is profitable, and men constantly innovate new ways of producing things that will expand the profit margin.
  • Indonesia is one of the least exposed economies in the region, with a vast domestic market and a relatively small share of exports to gross domestic product, so it is insulated from volatility in the global economy,
  • China is a large economy, it’s growing larger, but remember, it’s still a third or a quarter the size of the American economy. The Indian economy’s even smaller. The Chinese economy’s still not that much of a consumer economy. The Indian one is, but it’s small. So, for all those reasons, nothing will ever quite replace the American economy in its kind of systemic role that it plays. The American consumer, even today, the weight of the American consumer in the global economy is China plus India doubled. So, it’s tough to replace that.

See also[edit]

External links[edit]

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