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Issue Report

Collection of full-length papers and in-depth analysis of economic and management issues.

Changes in the Global Economy and Responses after the Crisis

Changes in the Global Economy and Responses after the Crisis

HWANG In-Seong

Feb. 5, 2010

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Originally released on December 09, 2009

1. A New Paradigm for the Global Economy

Pursuit of a New Economic Order

With the global economy gradually freeing itself from the global economic crisis and entering a recovery phase, the post-crisis economic landscape is expected to be quite different. First, neo-liberalism which emphasizes market principles and the private sector's autonomous economic activity is waning and Keynesian economics which stresses the government's role and the need for stronger government intervention, control and supervision is making a strong comeback. Also, the fast recovery of BRICs from the crisis, which elevated the global status of emerging economies, has prompted changes in the dynamics of the global economy. As a result, major post-crisis issues that will arise are 1) post-crisis government economic management, particularly the execution of exit strategies, 2) international moves to tighten financial regulations, 3) the weakening of the dollar's global status, 4) efforts to resolve global imbalance and 5) changes in global governance.

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