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Vol.7 No.3
September 2019

 Page Number

 Article Information

1-14

The “Manufacturing Reshoring” Strategy in the United States and its Implications to China

Hui Pan and Di Zhu

DOI: 10.15604/ejef.2019.07.03.001

Abstract

The manufacturing reshoring is the strategic decision of the United States, based on the assessment of the development trend about the domestic and international market. Its fundamental goal is to promote the upgrading of the manufacturing industry and maintain America’s leadership during the new round of global technological revolution. In order to achieve the manufacturing reshoring goal, the U.S. government has formulated a series of policies and regulations, including technological progress policy, investment and financing policy, talent training policy, energy policy, market development policy and investment environment policy. Based on the data from the U.S. think tank, this paper systematically reviewed the latest developments in the total volume, technical composition, industrial structure, origins and whereabouts of the U.S. manufacturing reshoring, and concluded that U.S. manufacturing reshoring has a far-reaching negative impact on China’s manufacturing industry. The main findings are that China’s “industrial hollowing out”, weakened technology spillover effect of foreign direct investment (FDI), a reduction in competitiveness of Chinese manufacturing exports, and China’s heavy technology dependence on the U.S. are the results of U.S. manufacturing reshoring strategy. This paper thus proposed some countermeasures. First the Chinese government should actively lead manufacturing industry to conduct researches for technology advancement as well as industrial upgrade. Second, it should continue with the market reform, lower labor cost, improve business environment, and enhance the attractiveness of manufacturing industry. Third, with the help of “Belt and Road Initiative” strategy, it is recommended to spread the international market for China’s manufacturing and lessen its technological dependence on the U.S.

Keywords: Manufacturing Reshoring, FDI, United States, Recent Policies, Implications, China

15-21

Perspectives on the New Silk Road and World Dynamics

Albertina Dias

DOI: 10.15604/ejef.2019.07.03.002

Abstract

Since the beginning of times that the ancient civilizations have been always stretching their boundaries and join up to form larger structures, either because of trading their surpluses or simply to defend themselves from specific menaces or warfare. The development of these infrastructural connections – across both land and sea – allowed for the exchanging of commodities, knowledge skills and ideas. The Silk Roads have been connecting the East and the West, along with its Maritime routes – also known as the Spice Routes – thus considered to be the most important exchange system that existed during the Common Era. As a result of these developments, not only commodities were exchanged but also the intellectual and religious thinking. The word globalization may be rather controversial when considered under different perspectives yet, in the traditional sense, it means that trade volumes relative to GDP might have peaked and therefore, the term globalization would very much appropriate to refer to the Silk Roads’ trading. A greater global economic integration, and of course openness to the world allows countries to learn faster and therefore innovate faster and to leverage their position in the competitive environment, and to benefit from economies of scale. However, the conclusions seem not to be general. The same way trade and technological revolutions brought a great positive impact via lower consumer prices and increased availability of products and services, it is also a fact that for many countries, the negative impact of unemployment and lower wages has affected millions of people, and many times not only temporarily. This work is focused on these key historical moments worth to emphasize in order to understand the world dynamics and the futuristic perspectives on the New Silk and Belt Road. The contribution of this paper is twofold. First, that the entire discussion around the “hidden” and “suspicious” objectives of the BRI when based on insufficient or total lack of information ends up being irrelevant for the time being. And second, that based on the data and metrics provided by the BRI running projects, it is reasonable to think that the BRI might well be the engine behind a new global leadership and, on the other hand, that the Western countries seem to be lacking a global strategy and an anticipatory capacity in terms of positioning themselves – with healthy skepticism – either for immediate benefits or improved long-term projects.

Keywords: Silk Road, China, BRI, World Dynamics, Globalization, International Trade

22-33

Application of Financial Inclusions in Indonesia: A Study on Vulnerable Group

Yolanda Masnita, Hermien Triyowati, and Khomsiyah

DOI: 10.15604/ejef.2019.07.03.003

Abstract

Financial inclusion refers to all efforts aimed at eliminating all forms of price and non-price barriers to people’s access to financial services. Financial inclusion is a national development strategy and an influential agenda. The aims of this research are to examine any informal norms or limitations that affect the realization of financial inclusion. Regulative, normative, procedural, and declarative cognition as relaxed norms are thought to influence the implementation of financial inclusion, especially for vulnerable groups. Financial inclusion aims to encourage economic growth through income distribution, poverty alleviation, and financial system stability. This strategy is targeted at groups experiencing obstacles in accessing financial services, especially groups with the greatest needs and financial services that have not been fulfilled, such as poor people and vulnerable groups, in four different locations in Indonesia. As a result of testing several financial inclusion instruments for 254 respondents in this group, it was found that users of financial institution services, both men and women, had similar roles and needs; though government regulation through normative aspects has a positive effect, the procedural elements hurt financial inclusion. Moreover, government regulation through declarative cognitive aspects (the ability to use the dimensions of memory and cognitive skills) has a positive effect on financial inclusion.

Keywords: Financial Inclusion, Regulative, Normative, Procedural, Economic Growth, Financial Sector

34-43

Socially Responsible Public Procurements as a State Policy towards the Public Procurement Market (Context of the Public Supervision over the Public Procurement Market)

Jaroslaw Odachowski

DOI: 10.15604/ejef.2019.07.03.004

Abstract

The very essence of public procurements is usually perceived as a platform for the flow of services, supplies and public works between contracting entities and contractors. The former ones, due to the availability of public funds, are obliged to select contractors and conclude contracts with them through appropriate procedures, rather than in a manner resulting solely from the principle being the civil law freedom of contracts. The contractors, on the other hand, usually participate in the mentioned procedures, pursuing their particular interests focused on the desire to reach profits. Introduction to the Polish legislation of the EU directives of the provisions concerning the so-called socially responsible public procurements signifies a change in the said arrangement. On the one hand, the ordering entity has a possibility of applying different requirements (the so-called social criteria), the purpose of which is to trigger positive social impacts (e.g. promoting ‘decent work’, supporting ‘social inclusion’ or even taking into consideration the issues of ‘ethical trade’). On the other hand, contractors, who generally pursue their interest, can participate in the process of developing the mentioned effects. Therefore, the functioning of the discussed category of public procurement should be included in the context of a specific state policy in relation to the public procurement market. This policy defines the role of the ordering parties and the contractors – in the described way. The existence of socially responsible public procurements, considered at the level of state policy (including the necessity to comply with the law), implies at the same time the legal shape of public supervision of the state over the public procurement market.

Keywords: Public Procurement, Public Supervision over the Public Procurement Market, Social Policy, Socially Responsible Public Procurements, Ordering Entities, Contractors

44-51

Statistical Evaluation of the Energy, Economic and Social Potential from Renewable Sources in Romania

Violeta-Monica Radu, Mariana Pipirigeanu György Deak, and Petra Ionescu

DOI: 10.15604/ejef.2019.07.03.005

Abstract

Worldwide, reducing energy consumption and increasing energy efficiency are the main objectives of an integrated approach to economic, energy and climate policy. The energy sector has vital importance for the economic and social development and improves the quality of life. Ensuring sufficient energy supply and broad access to energy services, particularly in the green from renewable sources is a basic requirement of sustainable development. The use of renewable energy has many potential benefits, including a reduction in greenhouse gas emissions, a diversification of energy supply and a reduction in dependency on fossil fuels markets. The development of renewable energy sources can also have the potential to stimulate employment by creating jobs in the new “green” technologies sector. In this context, the study aims to achieve a statistical evaluation on the energy potential from renewable sources in Romania. It also will carry out an assessment of the renewable energy sources available at national level and their potential benefits. Based on the results obtained, we emphasize that economic growth can be achieved by adopting a common vision based on efficient and non-polluting alternatives for the energy production.

Keywords: Renewable Energy, Economic Development, Sustainable Development, Statistical Analysis

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