What Signal Paradoxes of Global Economy

The technological and institutional transformation of the global economy is accompanied by paradoxes that arise at its various structural levels. The global COVID-19 pandemic and its consequences have strengthened the paradoxical situations. The main paradox of globalization receives an unexpected a...

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Autor principal:	T. A. Malova
Formato:	article
Lenguaje:	EN RU
Publicado:	MGIMO University Press 2020
Materias:	paradoxes of global economy shock of a coronavirus pandemic macroeconomic paradoxes a paradox of public goods european commission economic recovery plan International relations JZ2-6530
Acceso en línea:	https://doaj.org/article/e703ec746ca8449da829101fc4aed93b
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id	oai:doaj.org-article:e703ec746ca8449da829101fc4aed93b
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spelling	oai:doaj.org-article:e703ec746ca8449da829101fc4aed93b2021-11-23T14:50:42ZWhat Signal Paradoxes of Global Economy2071-81602541-909910.24833/2071-8160-2020-3-72-225-242https://doaj.org/article/e703ec746ca8449da829101fc4aed93b2020-07-01T00:00:00Zhttps://www.vestnik.mgimo.ru/jour/article/view/1630https://doaj.org/toc/2071-8160https://doaj.org/toc/2541-9099The technological and institutional transformation of the global economy is accompanied by paradoxes that arise at its various structural levels. The global COVID-19 pandemic and its consequences have strengthened the paradoxical situations. The main paradox of globalization receives an unexpected and dramatic verification by the spread of the SARS-COV-2 virus. Disruption of international communications as the only possible way to combat the spread of infection in the short term contradicts the need to restore its interconnectedness in the long term. The institutional contradictions within global economic governance does not correspond to the digital path of the global economy development. Macroeconomic paradoxes signal the need for a transition from the dominant monetary regulation to fiscal expansion. Monetary regulation mechanisms, even in their non-traditional forms, are ineffective given the coincidence of the coronavirus pandemic with high volatility in global stock markets and oil and gas markets. Fiscal stimulation undertaken by states in the face of the spread of virus can be interpreted as a pilot project for the implementation of some of the basic ideas of the Modern Monetary Theory (MMT). The solution of the microeconomic paradox of public goods is possible on the basis of the principle of "rationality" as a priority social concept. Paradoxically, the shock of the pandemic, which “blew up” the course of things, provoked an unprecedented decline in business activity in a number of sectors of the economy, under certain conditions, can turn the vector towards economic growth and development. The paradoxes of the global economy signal that the current socio-economic model of the global economy has exhausted its endogenous development potential. Resolving paradoxical situations requires updating scientific views and patterns of their implementation. The European Commission's economic recovery plan addresses the future generation of the European Union. The shock of the coronavirus pandemic accelerates the transfer of values and technologies to the new paradigm of global world.T. A. MalovaMGIMO University Pressarticleparadoxes of global economyshock of a coronavirus pandemicmacroeconomic paradoxesa paradox of public goodseuropean commission economic recovery planInternational relationsJZ2-6530ENRUVestnik MGIMO-Universiteta, Vol 13, Iss 3, Pp 225-242 (2020)
institution	DOAJ
collection	DOAJ
language	EN RU
topic	paradoxes of global economy shock of a coronavirus pandemic macroeconomic paradoxes a paradox of public goods european commission economic recovery plan International relations JZ2-6530
spellingShingle	paradoxes of global economy shock of a coronavirus pandemic macroeconomic paradoxes a paradox of public goods european commission economic recovery plan International relations JZ2-6530 T. A. Malova What Signal Paradoxes of Global Economy
description	The technological and institutional transformation of the global economy is accompanied by paradoxes that arise at its various structural levels. The global COVID-19 pandemic and its consequences have strengthened the paradoxical situations. The main paradox of globalization receives an unexpected and dramatic verification by the spread of the SARS-COV-2 virus. Disruption of international communications as the only possible way to combat the spread of infection in the short term contradicts the need to restore its interconnectedness in the long term. The institutional contradictions within global economic governance does not correspond to the digital path of the global economy development. Macroeconomic paradoxes signal the need for a transition from the dominant monetary regulation to fiscal expansion. Monetary regulation mechanisms, even in their non-traditional forms, are ineffective given the coincidence of the coronavirus pandemic with high volatility in global stock markets and oil and gas markets. Fiscal stimulation undertaken by states in the face of the spread of virus can be interpreted as a pilot project for the implementation of some of the basic ideas of the Modern Monetary Theory (MMT). The solution of the microeconomic paradox of public goods is possible on the basis of the principle of "rationality" as a priority social concept. Paradoxically, the shock of the pandemic, which “blew up” the course of things, provoked an unprecedented decline in business activity in a number of sectors of the economy, under certain conditions, can turn the vector towards economic growth and development. The paradoxes of the global economy signal that the current socio-economic model of the global economy has exhausted its endogenous development potential. Resolving paradoxical situations requires updating scientific views and patterns of their implementation. The European Commission's economic recovery plan addresses the future generation of the European Union. The shock of the coronavirus pandemic accelerates the transfer of values and technologies to the new paradigm of global world.
format	article
author	T. A. Malova
author_facet	T. A. Malova
author_sort	T. A. Malova
title	What Signal Paradoxes of Global Economy
title_short	What Signal Paradoxes of Global Economy
title_full	What Signal Paradoxes of Global Economy
title_fullStr	What Signal Paradoxes of Global Economy
title_full_unstemmed	What Signal Paradoxes of Global Economy
title_sort	what signal paradoxes of global economy
publisher	MGIMO University Press
publishDate	2020
url	https://doaj.org/article/e703ec746ca8449da829101fc4aed93b
work_keys_str_mv	AT tamalova whatsignalparadoxesofglobaleconomy
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What Signal Paradoxes of Global Economy

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