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In neo-classical economic theory, hyperinflation is rooted in a deterioration of the monetary base, that is the confidence that there is a store of value that the currency will be able to command later. In this model, the perceived risk of holding currency rises dramatically, and sellers demand increasingly high premiums to accept the currency.
No agreed definition of what a superpower is exists and may differ between sources. [8] However, a fundamental characteristic that is consistent with all definitions of a superpower is a nation or state that has mastered the seven dimensions of state power, namely geography, population, economy, resources, military, diplomacy, and national ...
Hyper-globalization is the dramatic change in the size, scope, and velocity of globalization that began in the late 1990s and that continues into the beginning of the 21st century. It covers all three main dimensions of economic globalization , cultural globalization , and political globalization .
Economic policy could also affect demand, monetary policy by affecting interest rates and fiscal policy either directly through the level of government final consumption expenditure or indirectly by changing disposable income via tax changes. The various sources of variations in aggregate demand will cause cycles in both output and price levels.
In international relations, power is defined in several different ways. [1] Material definitions of state power emphasize economic and military power. [2] [3] [4] Other definitions of power emphasize the ability to structure and constitute the nature of social relations between actors.
Economic power refers to the ability of countries, businesses or individuals to make decisions on their own that benefit them. Scholars of international relations also refer to the economic power of a country as a factor influencing its power in international relations .
Costas Panayotakis has argued that the economic inequality engendered by neoliberalism creates inequality of political power, undermining democracy and the citizen's ability to meaningfully participate. [335] Despite the focus on economic efficiency, some critics allege that neoliberal policies actually produce economic inefficiencies.
A potential superpower is a sovereign state or other polity that is speculated to be or have the potential to become a superpower; a sovereign state or supranational union that holds a dominant position characterized by the ability to exert influence and project power on a global scale through economic, military, technological, political, or cultural means.