This work considered the argument of the opponent of Western guilt and the final verdict was issued. The four thematic areas; colonialism, neo-colonialism, slave trade and trade barriers were used. The work found that these events were of enormous benefits to Third World countries though widely...

Adam Smith (1776) devoted the first three chapters to the division of labor in his Inquiry into the Nature and Causes of the Wealth of Nations. This process, carried far enough, eventually results in a divergence between the distributions of supplies and demands of such...

For decades, the OECD constituted an economic and political "club" of Western countries focused around the transatlantic axis. Today, it faces unprecedented challenges as the world economy shifts to the East and the South. In response, the OECD is undergoing meaningful reform: it is becoming...

For decades, the OECD constituted an economic and political "club" of Western countries focused around the transatlantic axis. Today, it faces unprecedented challenges as the world economy shifts to the East and the South. In response, the OECD is undergoing meaningful reform: it is becoming...

Recognising the declining weight of its members in the world economy, the OECD, formerly known as a ‘club of rich, industrialised nations’, is undergoing unprecedented organisational reform, including a more inclusive membership logic, engagement with new global players, and outreach to...

In a model of repeated games, we determine the conditions under which cooperation is an equilibrium outcome among the G-20 countries. We consider first, that members are uncertain about the lifespan of the G-20. Second, the nature of member countries and their interrelations can change because...

In this paper, we investigate the financial linkages between the East Asian economies with Japan and the US using the real interest rate parity (RIP) condition. We test for long-run RIP using an array of panel unit root tests, including a recent technique developed by Breuer et al. (2002). This...

The article examines the problems of cyclical economic development in the world economy. The trends in economic development and the degree of economic cycle volatility in the world during the 1970-2010 are analyzed. The phenomenon of the Great Moderation as a period of achieving the long-term...

The paper aims to critically examine the problems of public debt in Italy under the criteria of the Maastricht Treaty and subsequent decisions by Europe in tax matters. On this issue, the paper shows Italy's efforts in the direction of the Maastricht criteria, but also highlights the problems to...

The paper studies the causality relationship between economic openness and indigenous factors. The construction of the Openness Index and the Indigenous Index provides a measure on the extent of openness and indigenous development among world economies. The two indices are used to study their...