West to East: A New Global Economy in the Making?

This book covers new trends in the global economy as a result of geopolitical shifts. Given the rise of the East (especially China and India) and strong Arab economies in the Middle East, clear signs are emerging that the axis of power may be shifting from the West (America and Europe) to the East. This shift—including any intentions towards de-dollarization—plus its implications need to be thoroughly investigated. In addition, the influence of the digital revolution in finance (cryptocurrencies, CBDCs, FinTech, etc.) are changing the global landscape. What also cannot be overlooked, are the disruptive effects caused by the new Trump administration in the United States on the global economy.

A key question is what are the implications of these significant global developments for economic sustainability? Are researchers and policymakers seeing a new form of capitalism emerging or is it new socialism? Achieving the Sustainable Development Goals (SDGs) remain a high priority to most countries around the world, but the progress of many has been derailed by the COVID-19 pandemic. If economic inclusion—as part of the SDGs—remains a central objective, these latest developments will have a significant impact on it going forward, especially in view of growing geopolitical tension. The role of global economic institutions will be crucial in furthering globalization or preventing de-globalization. A higher level of international collaboration, especially from an inclusive economic perspective, will be needed to steer the global economy in a direction that will result in genuine economic progress for all.

Addressing all these aspects, the book specifically includes the following special features: comparative trends (graphs and tables) of the geopolitical and geoeconomic shifts over the past few decades; illustrations of changes in the financial system; new analyses of traditional economic theories (e.g., capitalism and socialism); criteria for an inclusive economy and how they help to attain the SDGs; new dissections of the digital revolution in the context of the geopolitical shifts; and proposals on how to deal with the challenges from a global economic governance perspective. Sustainable economic progress is paramount, but the challenge of balancing global priorities, geopolitical forces, and inclusive innovation, requires comprehensive investigation. In a world where power is fluctuating, technologies are transforming the economy, and global norms are being rewritten, this book offers timely insights into how inclusive and sustainable economic futures can still be imagined—and realized.