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1. Introduction When historians look back on the second half of the twentieth century they will likely see the economic renaissance of East Asia as one of the seminal events. Starting with Japan in the 1950s, it rolled on to Taiwan, South Korea, Hong Kong, and Singapore in the 1960s and 1970s; later (but less so) to Southeast Asia; and into China in the 1990s. It represents the first major challenge to the global hierarchy of military, economic, and cultural power created by the British Empire and its European counterparts in the eighteenth and nineteenth centuries, and led by the United States since the Second World War. It has begun to restore the region to the forefront of world development, which it earlier occupied for more than a thousand years before being eclipsed in the new Western-centric world order (Arrighi 2007). Our focus is on the world order of Northeast Asia, created by Japan in the late nineteenth and early twentieth centuries and then integrated into the emerging Ame...

DebatePolitical Responses to the Economic Crisis: Is itDifferent this Time?CeDRICDUPONT ANDFLORENCEPASSYGraduate Institute of International and Development Studies,Geneva University of LausanneResponding to the financial and economic crisis that began in 2007-2008–commonly called theGreat Recession–has been a challenging and pressing problem for many governments, but inparticular, for the advanced capitalist countries of Western Europe. These countries haveexperienced their most severe economic downturn since the 1930s. In this issue of the SPSR, weasked a set of prominent scholars to discuss and revisit several of the key existing results andexpectations in comparative political economy in light of the events observed so far. While it isstill too early to come up with a full understanding of the political dynamics in motion, this setof contributions provides a series of interesting observations and results that should stimulatefurther debate and research. In the remainder of this in...

International Journal of Management and Economics 2018; 54(2): 85–98 Leokadia Oreziak* Fiscal federalism and a separate budget for the euro area https://doi.org/10.2478/ijme-2018-0012 Received March 2, 2018; accepted June 27, 2018 Abstract: The core objective of this paper is to determine the main political and economic conditions and challenges related to the possible evolution of the integration process in the euro area toward fiscal federalism and fiscal union as a way to increase the capacity of the area to cope with future economic and financial crises. The issue of a separate budget for this area is of particular interest in this article. The idea of such a budget has recently become the subject of lively public debate in the European Union and has been a factor in encouraging the European Commission to propose new solutions at the end of 2017 in the field of economic governance of the euro area, including the establishment of a European Monetary Fund. The analysis carried out in...