F59 - International Relations and International Political Economy: OtherReturn

The article deals with industrial policy in the BRICS countries, which is an important instrument of their development. First, the importance of industrial policy is stated. There are numerous approaches to it: the extreme ones are the neoliberal approach, advocating no interventions of the state in the market; the other extreme is interventions either directly by subsidies to chosen branches or indirectly by building institutional surroundings which are comfortable for industrial development. The development of theoretical approaches to industrial policy is also discussed: from structuralists to new structuralists, who try to connect a market as the main mechanism with an industrial policy. Industrial policies practised in Brazil, Russia, India, China and South Africa are then described. Some statistical data are given which illustrate the position of the BRICS countries in the present-day world as for their industrial performance. China seems to be the relatively most successful in this respect. Finally, some questions concerning state capitalism and industrial policy are discussed.

The article deals with the world functioning from the view of the hegemonic stability theory, which proposes that open international systems are connected with a dominant state existence, and possibly its post-hegemonic functioning in the form of country co-operation. The question is demonstrated on the example of the US dollar performing the role of the key world currency in both private and official use at present: it prevails in foreign currency transactions, in international reserves, in overseas bank deposits and loans, etc. Problems of the global economy, especially global imbalances, have led to suggestions by China, other countries and the International Monetary Fund to reform the global monetary order. These suggestions have taken the form of a multi-polar system of more currencies belonging to the economically most important countries (dollar zone, euro zone, Asian currency zone). Other suggestions include a system based on Special Drawing Rights, where a change ought to be made in the basket currencies adequately to the world economic situation, and a system of creating a new global currency. The advantages of a new global currency would be especially no connection to national economy developments, higher stability and no risk on assets denominated in this currency due to the highest rating. It is discussed which attitudes of the main countries such as the USA, BRIC and others could be possible in the view of the theories mentioned.

Even though the efforts to foster global economic governance have been a longstanding issue of global economic policies, their effectiveness has been questioned by the current crisis. The crisis has revealed many systemic issues that would require global solutions on the one hand, but on the other hand, these solutions are more difficult to achieve. Based on an analysis of basic systemic issues of global trade and finance, the aim of this paper is to explore whether the current crisis leads to fostering supranational features in global economic governance. The issue is first studied at the theoretical level the outcomes of which are subsequently applied to recent evolutions in global governance, which seems to be the most appropriate level to face global systemic issues. According to the authors, more supranational features should be reflected namely in a more effective and intensive coordination of macroeconomic policies of systemically important countries in order to keep the global economic system stable. In the conclusion, the authors try to make a specific recommendation for the eventuality that the hypothesis on stronger supranational coordination cannot be fully confirmed.

The European Commission is going to discuss a revision of Directive 2003/96/EC, restructuring the Community framework for the taxation of energy products and electricity. The first proposals include a new energy taxation system, where the current energy tax is divided into two components - an energy component and a CO2 component. This article first presents theoretical concepts regarding environmental and CO2 taxation; then it concentrates on current national systems of CO2 taxation in European Union Member States with a focus on the energy and transport sectors. After making an overview of CO2 taxation, the article focuses on a comparison of national systems of CO2 taxation and indicates similarities in the taxes in their application in both the energy and transport sectors. The authors deal with all taxes that have their current tax base based on CO2 emissions or have CO2 emissions as one part of their tax base. The analysis is provided for a period until the end of 2009. Finally, the results of the comparison of CO2 taxation are discussed. The article also includes a brief overview of existing ex-post analysis of CO2 taxation in the Nordic countries of the European Union.

In this article, the author first sums up basic premises that the energy policy of the Russian Federation builds upon; then, using Russian politicians' and experts' statements, he shows how this policy is perceived in Russia these days. After that, he sums up briefly the extent and importance of the Russian raw-material base. He goes on to analyse particular targets that the energy policy pursues. He mainly focuses on economic targets (economic performance increase, state income increase, economic modernization) and foreign policy targets. Finally, the future development of Russian energy policy is sketched, especially of the Russian raw-material base.

The text deals with the position of small countries, defined as countries with populations under 16 million, in today's globalized world. Their advantages and disadvantages, but especially the opportunities that globalization offers these countries, are discussed. Small countries can overcome their smallness by market acquisition, acquisition of missing production factors, regionalism and advantages of membership in international organisations and taking advantage of the existence of international financial markets. Governments also play an important role. The article is illustrated with A. T. Kearney Globalization Index for the economic, personnel, technological and political dimensions of globalization processes.

The process of the economic globalization limiting the autonomy of national subjects completed the disintegration of the Westphalian system. The rebirth of regionalism, as another phase of the world economy regionalization, is a logical defensive reaction. However, apart from the regional labour division, a new regionalism emerges, interconnecting even distant subjects. Next to the usual economic reasons, the new regionalism is motivated also by the strengthening of regional resistance. It is the strategy that plays a major role in the development of regionalism.

There are many sophisticated discussions about the possible effects of the regional economic cooperation. Their results have been ambiguous. However, it is evident that regional trade agreements (RTAs) have been increasingly transforming international trade, especially since the second half of the 1990s. The region of South-East Asia has become more interested in such cooperation only after the Asian financial crisis in 1997. Especially the case of Japan proves how the Asian governments have changed their approach to the international economic cooperation. They shifted the emphasis from the multilateral negotiations under the umbrella of the WTO to regional and bilateral agreements. However, despite its fast pace the process of regionalism in South-East Asia is still at the very beginning. It remains to be seen whether the Asian countries will stay on the level of broader FTAs or whether they will follow the European example of a deep economic and political integration.

Globalization, multilateralism and regionalism are the most significant tendencies of today's world economy. Their mutual relation has bee so far studied mainly as a dilemma between globally free trade and world economy's fragmentation through competing trade blocks. With the upsurge of globalization and sharp global competition in globalization latest wave, multilateralism and regionalism has, however, changed markedly. Subsequently, their mutual relations have changed as well. Based upon the study of New Regionalism, which leads towards more complex and open trade agreements, it seems that multilateralism and regionalism can be understood as compatible dimensions of broader efforts on an economic reform of globalized world order. It is, today, formed by a deep and transparent global governance (WTO) and a global network of complex economic integration agreements (New Regionalism). The aim of this article is to study the development of their interaction and conditions of their multi-dimensional coexistence.