By J. Moses
OPEN States within the worldwide economic climate bargains an outside-in framework for analysing the way nationwide financial sovereignty is stricken by globalization. in keeping with the principally closed-economy assumptions of such a lot cross-national paintings on fiscal policy-making, this framework translates small-state behaviour when it comes to cost- and/or policy-taking: small open states are continually adjusting to altering foreign stipulations. in brief, financial coverage offerings are understood by way of either foreign and household pressures. This new framework is then utilized to a close case learn of Norwegian fiscal policy-making. The Norwegian case is very well matched for the duty, because it represents a best-case state of affairs if you think that politics nonetheless issues in an more and more international financial context. unlike the assumptions of such a lot cross-national experiences, even if, Norwegian complete employment used to be now not secured with an actively or constantly Keynesian coverage combine. particularly, Norwegian coverage mixes replaced usually according to exterior advancements.
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Extra info for Open States in the Global Economy: The Political Economy of Small-State Macroeconomic Management
To sum up, I believe the Norwegian case is critical in at least two ways. First, if the Left/Labor hypothesis is to be found anywhere, Introduction 17 Norway is the place. After all, what good are generalizations if they don’t ﬁt the most exemplary case? Second, because of Norway’s uniqueness, I intend to re-examine existing theory in light of her experience. Upon doing this I hope to have developed a more empirically-sensitive framework for understanding how small OPEN states manage their national economies.
But the effectiveness of these policies is rather suspect in more OPEN states. For example, if exports and imports constitute a signiﬁcant percentage of the economy’s GDP, a general stimulus program might prove very problematic. Decreasing the general economic activity of the country by increasing the tax burden or raising interest rates will probably decrease the competitiveness of the nation’s exports, but it might also decrease the country’s appetite for imports (by a concomitant amount). Thus, using monetary and ﬁscal policies to rectify trade imbalances requires very close attention to the nature of the external relationship.
This is in close proximity to the nature of international exchange during most of what is now called the Bretton Woods era. For a variety of reasons, ﬁnancial capital has become much more animated since the mid-1970s, and the assumptions upon which the previous story was constructed no longer seem applicable. As a result, the policy solutions provided are somewhat antiquated. The external balances of these countries are now much more susceptible to the inﬂuences of unfettered capital (that is, capital ﬂows which are not directly attached to trade in goods/services).
Open States in the Global Economy: The Political Economy of Small-State Macroeconomic Management by J. Moses