Essay on The Economic Model Within Global Economy

Essay on The Economic Model Within Global Economy

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The economic institution within a society, in this global era, is not divorced from the interactional relations between itself and the other institutions within a society on the one hand, and the interaction between it and other economic models. And thus, to understand the role of a certain economic model within global economy, we must examine it on three levels: on the state level, on the international economic level, and on the world system level.
Other institutions within a given society play the most important role in determining the level of flexibility, success, and ultimately, survival of an economic model. For instant, the changes that occurred within the family (among other institutions) in Great Britain as a reaction to new emerging economic system of industrialization had permit, to a large degree, this new system of economic production to be maintainable on the long run. If the family relations did not adjust to the emerging pressures under the new economic model, then the flexibility, longevity, and the survival of the economic system would have be jeopardize (Goody 2000).
On the other hand, surveying an economic model on the international economic level would determine the strength, the level of competition, and the efficiency of that economic model on the global scale. This has never been more important as it is now, especially with increasing level of globalization, dependency, and overreliance. Finally, however, while the rise and demise of world-systems is not a linear process, yet these world systems tend to function within a similar pattern. In this case, from observing the changes in structures and relations within a previous world system, we could look for similar signs that are emerging in a current world ...

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...ial sector. In other words, if the economic system could not withstand another financial collapse, Germany will most likely do better compared to the countries that did not invest in developing a strong working class, and a strong production based industrial system.
Adding to this, the strong relationship between management and workers led to an increase in stakeholding and institutional reciprocity, which is arguably the reason behind the German success. Streeck (1992) had termed this as the diversified quality production, where he argued that strong workers ' right had imposed constrains on the economic system in Germany, through wage determination, employment protection, building strong relationships between the managers and the workers, a strong training system, and a strong organizational structure of employment.
In short, Streeck describe the German model as:

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