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This year marks the 800th anniversary of one of the most famous documents in history, the Magna Carta. Nicholas Vincent, author of Magna Carta: A Very Short Introduction , tells us 10 things everyone should know about the Magna Carta.

The post 10 things you need to know about the Magna Carta appeared first on OUPblog.

The Great Recession of 2008–09 badly shook the global market, changing the landscape for finance, trade, and economic growth in some important respects and imposing tremendous costs on average citizens throughout the world. The legacies of the crisis—high unemployment levels, massive excess capacities, low investment and high debt levels, increased income and wealth inequality—reduced the standard of living of millions of people. There is an emerging consensus that global economic governance, as well as national policies, needs to be reformed to better reflect the economic interests and welfare of citizens.

Global recovery is sluggish and the outlook uncertain. The economies of the Eurozone, which may have fallen into a “persistent stagnation trap,” and Japan remain highly vulnerable to deflation and another bout of recession; in the advanced economies that are growing, recovery remains uneven and fragile. Growth in emerging and developing economies is slowing, as a result of tighter global financial conditions, slow growth of world trade, and lower commodity prices. Because consumption and business investment have been tepid in many countries, the gradual global recovery has been too weak to create enough jobs. Official worldwide unemployment climbed to more than 200 million people in 2013, including nearly 75 million people aged 15–24.

Professor Roubini, one of the few economists who predicted the 2008 crisis, has argued that the global economy is like a four-engine jetliner that is operating with only one functioning engine, the “Anglosphere.” The plane can remain in the air, but it needs all four engines (the Anglosphere, the Eurozone, Japan, and emerging economies) to take off and stay clear of storms. He predicts serious challenges, including from rising debt and income inequality.

Relatively slow growth in the advanced economies and potential new barriers to trade over the medium term have significant adverse implications for growth and poverty reduction in many developing countries. Emerging economies, including China and India, that thrived in recent decades in part by engaging extensively in the international economy are at risk of finding lower demand for their output and greater volatility in international financial flows and investments. A combination of weaker domestic currencies against the US dollar and falling commodity prices could adversely affect the private sector in emerging economies that have large dollar-denominated liabilities.

Rising inequality is holding back consumption growth. The ratio of wealth to income, as well as the income shares of the top 1% of income earners, has risen sharply in Europe and the United States since 1980, as Professor Piketty has shown.

The ratio of the share of income earned by the top 10% to the share of income earned by the bottom 90% rose in a majority of OECD countries since 2008, a key factor behind the sluggish growth of their household consumption. During the first three years of the current recovery (2009–12), incomes of the bottom 90% of income earners actually fell in the United States: the top 10%, who tend to have much lower propensity to consume than average earners, captured all the income gains. In developing countries for which data were available for 2006–12, the increase in the income or consumption of the bottom 40% exceeded the country average in 58 of 86 countries, but in 18 countries, including some of the poorest economies, the income or consumption of the bottom 40% actually declined, according to a report by the World Bank and IMF.

Some signs of possible relief may lie ahead. In September 2014, leaders at the G20 summit in Brisbane agreed on measures to increase investment infrastructure, spur international trade and improve competition, boost employment, and adopt country-specific macroeconomic policies to encourage inclusive economic growth. If fully implemented, the measures could add 2.1% to global GDP (more than $2 trillion) by 2018 and create millions of jobs, according to IMF and OECD analysis. (These estimates need to be treated with caution, as the measures that underpin them and their potential impact are uncertain, and the nature and strength of the policy commitments vary considerably across individual country growth strategies.)

Another potential sign of hope is the sharp decline in the prices of energy, a reflection of both weaker global demand and increased supply (particularly of shale oil and gas from the United States). The more than $40 a barrel decline in Brent crude prices is likely to raise consumers’ purchasing power in oil-importing countries in the OECD area and elsewhere and spur growth, albeit at considerable cost (and destabilizing effects) for the more populous and poorer oil exporters. It could also be a harbinger of energy price spikes down the road, as the massive investments needed to ensure adequate supplies of energy may not be forthcoming as a result of their unprofitability at low prices.

Major global challenges have wide-ranging long-term implications for the average citizen. By 2030, the world’s population is projected to reach 8.3 billion people, two-thirds of whom will live in urban areas. Massive changes in the patterns of energy and resource (particularly water) use will be needed to accommodate this 1.3 billion person increase—and the elevation of 2–3 billion people to the middle class.

A citizen-centered policy agenda would need to reform national economies to spur growth and job creation, placing greater reliance on national and regional markets and the sustainable use of resources; emphasize social policies and the economic health of the lower and middle classes; invest in human capital and increase access to clean water, sanitation and quality social services, including a stronger foundation during the early years of life and support for aging with dignity and equity; improve labor market flexibility to employ young people productively; and enhance human rights and the freedom of people to move, internally and internationally. These policies would need to be complemented by policies that use collective action to mitigate risks to the global economy.

To prevent another global crisis, there is an urgent need to strengthen global economic governance, including through global trade agreements that favor the bottom half of income distribution; reform of the international monetary system, including the functioning and governance structure of the international financial institutions; encouragement of inclusive finance; and institution of policies to discourage asset bubbles. To achieve sustainable growth, all countries need to remove fossil fuels and other harmful subsidies and begin pricing carbon and other environmental externalities.

Worldwide surveys show that citizens everywhere are becoming more aware and active in seeking changes in the global norms and rules that could make the global system and the global economy fairer and less environmentally harmful. This sense is highest among the young and better-educated, suggesting that over time it will increase, potentially leading to equitable results for all citizens through better national and international policies.

Headline image: World Map – Abstract Acrylic, by Free Grunge Textures. CC-BY-2.0 via Flickr.

The post Where is the global economy headed and what’s in store for its citizens? appeared first on OUPblog.

        

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Peter Spiro is Charles Weiner Professor of Law at Temple University. A former State Department lawyer, National Security Council staff member, and U.S. Supreme Court law clerk, he has written on international, immigration, and constitutional law for may of the nation’s top law reviews as well as such publications as Foreign Affairs, The Wall Street Journal, and The New Republic. In his book Beyond Citizenship: American Identity After Globalization Spiro examines how technology has forced many people to spend at least part of their careers overseas and the effect this has had on the concept of “citizenship.” Be sure to check out the round table discussion of Beyond Citizenship here. In the post below Spiro looks at how this is playing out currently.

Citizenship practice is an area of profound contemporary instability. Our conceptions of citizenship are being transformed, with the result that membership in the state no longer enjoys the primacy it once did. This will have pervasive implications for the nature of the state as a location of governance.

Citizenship policy isn’t often above the fold in the newspapers, but there is a lot going on. Here are three items from last week which give some taste of the new ways citizenship is being contested.

1. In Jamaica and several other smaller states, there are heated controversies surrounding the holding of political office by dual citizens (see this story, for example). Many dual citizens are voting in political elections. Why not take it to the next level? Some countries have constitutional bans on office-holding by dual citizens. Many others don’t, and there is pressure in countries such as Jamaica to shelve theirs. In a world in which old-fashioned notions of allegiance don’t stand for much, why disqualify individuals who would otherwise be chosen to serve.

2. The world soccer federation wants to clamp down on players who change their citizenship, with a special concern that Brazilians will otherwise come to dominate the World Cup, not just playing for Brazil (see the story here). The fact that there is a perception of a problem here shows that countries themselves don’t care if their teams actually consist of fellow national. They’re more interested in winning than in sticking to national solidarities.

3. In Australia there is pushback against a new test for naturalization applicants (see here). The test is incurring a 10% failure rate. How to justify depriving individuals of equal status because they can’t pass a test? That’s the dilemma of citizenship in the age of rights. Citizenship is inherently exclusionary, and that doesn’t sit well with contemporary rights sensibilities.

In my book Beyond Citizenship, I look at how globalization is overwhelming the institution of citizenship. There is a powerful nostalgia to defend and restore the state and its liberal virtues, but that won’t be enough.

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Provencal Red Flowers products at Zazzle

I'm Back Online!!! Oh my, am so relieved. I was actually beginning to feel very depressed about being offline for so long, isn't that pathetic? I felt so out of touch with everyone and also realised how much I actually do on the internet ... work, play, pay bills, research : pretty much everything, sigh.

Anyway, here I am and once I have gone through the hundreds of emails in my inbox (ack!) I shall be racing around catching up on everyone's blogs and art with relish yay.

I've been busy and haven't actually had much time for drawing and have been doing lots of text designs due to suggestions and requests from friends and others, but I did do a few doodles and here's a simple one that's inspired by the Provencal motifs I see around me. I'm not crazy about my new scanner, I should have stuck to the old tried and true brands, and this one is driving me nuts as it needs tons of tweaking to get the image as close to the original as possible. Ah well.

Here's one of the text designs I've done, I'll upload the rest later on bit by bit. I'm just so pleased to be back online that am going to rush off and spend the rest of the day getting everything done! See you later :)

Bonjour!! I'm now in France!! I still can't quite believe it and am loving it here. If anyone would like to know a bit more about what's up in my life, I've blogged over at my Musings blog, so head over there.

Meanwhile, I have been suffering without my coloured pencils and sketchbooks. Who knew I'd depend sos much on having the huge range of colours I had at home? They are now in storage with all the rest of my art supplies and what's left of my material possessions, waiting for me to find a more 'permanent' abode here in France. So I have only managed a doodle and a text design in between the huge chaos of packing, moving and semi-settling in. Not really happy with either but at least I got something small done!!

Tree of Hearts card is up over at Zazzle.

I did this text design:

Love makes me Happy card at Zazzle.

And no prizes for guessing that there's a love/hearts theme going through my mind at the moment. No no no, I'm not in love or attached at the moment, but Valentine's Day is around the corner and my commercially-minded panicked brain is hard at work thinking up designs for products and gifts, sigh. Apologies but I can't quite help it at the moment :)

On the bright side ... I've discovered a great art store close by and have practiced surprising restraint but managed to bag myself a set of watercolour pencils and good paper, so will be back to drawing again soon. Can't wait as my fingers are itching to get sketching again.

I'm also planning to start taking lots of photos and doing some drawings of what's around me though there's so much that's charming that I'm on overkill at the moment and in quite a bit of a daze still. Thank you to everyone who has messsaged me wishing me all the best and wondering when I'd be back here. I'm amazed that anyone noticed me missing at all so truly appreciate your wishes. Huge hugs and cheers from France!

I just haven't had the time to do very much else but pack, get everything ready for the move and recover from exhaustion. Am suffering from lack of sleep! But I did manage to do a bit of text design and produced a Valentine's then Happy 16th birthday design.

Valentine Hearts card at Zazzle

Sweet Sixteen Card at Zazzle

My colored pencils are packed away and in storage till I need them to be shipped over to France, which means that it may be six months before I see them again. I have a basic minimum of twelve with me so will do with that till I can get my hands on more. Meanwhile I guess I'll do more digital text designs.

I can't believe it but tonight is my last night here In Australia! Looks like I may be offline for a while and only have access to limited internet connection which means that I will not be able to visit your blogs and check out all the wonderful art till I get a connection of my own. I can see myself suffering from all kinds of withdrawal, eek. But I shall be back as soon as I can and hope everything goes well with everyone out there. Cheers.

The matching Pink Leaf Sticker for the card received two Awards for Best Sticker of the Day (6th January) and Top Ten Sticker Views at Zazzle :D

I just haven't had the time to do very much else but pack, get everything ready for the move and recover from exhaustion. Am suffering from lack of sleep! But I did manage to do a bit of text design and produced a Valentine's then Happy 16th birthday design.

Valentine Hearts card at Zazzle

Sweet Sixteen Card at Zazzle

My colored pencils are packed away and in storage till I need them to be shipped over to France, which means that it may be six months before I see them again. I have a basic minimum of twelve with me so will do with that till I can get my hands on more. Meanwhile I guess I'll do more digital text designs.

I can't believe it but tonight is my last night here In Australia! Looks like I may be offline for a while and only have access to limited internet connection which means that I will not be able to visit your blogs and check out all the wonderful art till I get a connection of my own. I can see myself suffering from all kinds of withdrawal, eek. But I shall be back as soon as I can and hope everything goes well with everyone out there. Cheers.

The matching Pink Leaf Sticker for the card received two Awards for Best Sticker of the Day (6th January) and Top Ten Sticker Views at Zazzle :D

Fantastic at 50 Card at Zazzle

My Fabulous at 40 products were so well received that I decided to do one for the 50s ... something I'll be needing myself soon enough! So I spent what little free time I had, in between the multiple phone calls and bookings and confirmations that occupied my day yesterday (am so sick of 'Hold' music!), drawing the above design.

Today I shall pick the pencil up again and set it to paper though I have as yet no idea of what to draw. First I have a huge load of clearing up to do, sigh.

And I'll eventually draw something for the 60s. I've been toying with a few ideas: Sexy at 60, Seductive at 60, Serene at 60, Stupendous at 60 .... ack, am at sea. Which would you prefer? Any contributions would be very much appreciated ...

Carrying on with the text design theme plus my decision to be positive about life and the future ... here's my latest attempt!

I have a tablet pc ... the screen can be twisted so that it folds down flat on the keyboard. If you want to see it, it's here: toshiba tablet pc. It's absolutely wonderful as you can write and draw directly on the screen. So I begin with a rough sketch of the type onto the background (on photoshop) to make sure that everything fits where it should, then I just keep on refining and smoothing it till I get the final result, then decide on whether I want it in colour or not.

There's quite a soothing, therapeutic effect in using the pen on the screen, it's smooth (unlike paper) and quite different but still enjoyable, so I've had fun doing text designs and they seem quite popular on my products which is really nice :)

It does not replace drawing in any way ... so I'll be back sketching madly pretty soon ... probably doodling more Christmas related fun stuff, as I'm still busy planning and preparing for a trip and then a huge move -- both pretty stressful, but I remind myself to breathe and to Love Life!