West to East: A New Global Economy in the Making?

This book covers new trends in the global economy because of geopolitical shifts. Given the rise of the East (especially China and India) and strong Arab economies in the Middle East, clear signs are emerging that the axis of power may be shifting from the West (America and Europe) to the East. This shift—including any intentions towards de-dollarization—plus its implications need to be thoroughly investigated. In addition, the influence of the digital revolution in finance (cryptocurrencies, CBDCs, FinTech, etc.) are changing the global landscape. What also cannot be overlooked, are the disruptive effects caused by the new Trump administration in the United States on the global economy.

A key question is what are the implications that these significant global developments have for economic sustainability? Are researchers and policymakers seeing a new form of capitalism emerging or is it new socialism? Attaining the Sustainability Development Goals (SDGs) remain a high priority to most countries around the world, but the progress of many have been derailed by the COVID-19 pandemic. If economic inclusion—as part of the SDGs—remains a central objective, these latest developments will have a significant impact on it going forward, especially in view of growing geopolitical tension. The role of global economic institutions will be crucial in furthering globalisation or preventing de-globalisation. A higher level of international collaboration, especially from an inclusive economic perspective, will be needed to steer the global economy in a direction that will result in genuine economic progress for all.

The book includes the following special features: comparative trends (tables) of the geopolitical and geoeconomic shifts over the past few decades; illustrations of changes in the financial system; new analyses of traditional economic theories (e.g. capitalism and socialism); criteria for an inclusive economy and how they help to attain the SDGs; new interpretations of the digital revolution in the context of the geopolitical shifts; and proposals on how to deal with the challenges from a global economic governance perspective.