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This paper aims to provide an economic rationale for Islamic finance.

Its methodology is simple. It starts with listing the contributions to economic analysis relevant to the required rationale in the theories of banking, finance, price, money and macroeconomics, to identify the main rationale for Islamic finance. A concise description of the author’s model for an Islamic economic system, within which Islamic finance can be operational, is provided.

The paper finds distinct advantages of Islamic finance, when properly applied within the author’s model. Islamic finance can therefore be a candidate as a reform agenda for conventional finance. It opens the door for significant monetary reform in currently prevalent economic systems.

The first limitation of the paper is that the distinct benefits of Islamic finance are all of macroeconomic types which are external to Islamic banking and finance institutions. They are therefore not expected to motivate such institutions to apply Islamic finance to the letter, without regulators interference to ensure strict application. The second limitation is the necessity to set up enabling institutional and regulatory arrangements for Islamic finance.

The results are unique as they challenge the received doctrine and provide non-religious rationale for Islamic finance.

Since the outbreak of COVID-19, tremendous changes have taken place in the US economy – the economic growth in the whole year of 2020 was negative, and though it enjoyed a significant rebound for the first half of 2021, the growth rate began to decline rapidly by the third quarter, and inflation suddenly rises rapidly, which after came the all-time highs of the “misery index” consisted of the inflation rate and unemployment rate. All signs indicate that the US economy will likely enter a “stagflation” crisis.

This paper analyzes the institutional and social contradictions in the United States during the neoliberal era from the perspectives of domestic social structure of accumulation (SSA) and international SSA based on the SSA theory.

The current risk of stagflation in the US economy is a concentrated outbreak of the long-term accumulated contradictions in neoliberal SSA under the impact of the epidemic, which is the product of the irreconcilable contradictions inherent in the capitalist mode of production.

Based on this analysis, the paper points out that with the deepening of the crisis, the neoliberal SSA is likely to end and a new SSA will be established gradually.

This study aims to investigate current deglobalization against globalization and to hypothesize reasons and drivers of deglobalization. In addition, the study suggests an empirical model to test whether deglobalization exists in the world economy. The consequences of deglobalization are discussed.

Various measures for deglobalization are introduced for monitoring the deglobalization of a country, and statistical measures are reported. The research framework for deglobalization and empirical models are suggested. The relationship between deglobalization and globalization is being modeled using three KOF globalization indexes: economic, political and societal. This study used panel data from 1970 to 2017 for developed and developing countries to determine the degree of deglobalization.

Deglobalization has been found empirically since the global financial crisis. Deglobalization is estimated by the decreasing trend of import share in a country's gross domestic product and is influenced by manufacturing imports, country's income divide and political globalization. Both economic and societal globalizations have negative influence on deglobalization. Deglobalization is more apparent in developed countries than in developing countries, and the deglobalization trend will continue in diverse formats.

This study limits the use of few variables to test the antecedents of deglobalization. Another study can be done to extend preceding variables and estimate the consequences of deglobalization, which may segregate the globalization effect. The international business executive should understand the complexity of deglobalization and consider business benefits and risks to be encountered.

This study used panel data from 1970 to 2017 for developed and developing countries to determine the degree of deglobalization.

This paper makes a novel attempt to estimate the potential impact of credit risk on foreign direct investment (FDI hereafter), thereby focusing on a completely unexplored area in the existing empirical literature.

To provide a comprehensive understanding of the relationship between credit risk and FDI inflows, the study incorporates all the eight-member economies of the South Asian Association of Regional Cooperation (SAARC hereafter) and analyzes a panel data set, over the period 2011 to 2019, extracted from the World Development Indicators, using the suitable econometric techniques for the efficient estimations of the specified models.

The results indicate a negative and statistically significant relationship between the credit risk of the banking sectors and FDI inflows. Similarly, market size and inflation rate appear to be the two other main factors behind the increasing FDI inflows in the SAARC member economies. Interestingly, the size of the market became irrelevant in attracting FDI inflows when the Indian economy is excluded from the sample due to its higher economic weight. On the other hand, FDI inflows are not dependent on the level of trade openness, with most of the specifications showing either an insignificant or negative coefficient of the variable.

The obtained results are unique and robust to alternative methodologies, and hence, the SAARC economies could consider them as the critical inputs in formulating the appropriate policies on FDI inflows.

The findings are unique and original. The authors have established a relationship between credit risk and FDI for the first time in the SAARC context.

This study mainly focuses on the potentiality of the e-commerce industry's opportunities and limitations in the Kingdom of Saudi Arabia (KSA) specifically toward non-oil revenue sectors.

E-commerce contribution to the retail market industry becomes more global and more flexible with the rapid growth of the Internet and information technology revolution. A new way of conducting business is rendered by e-commerce, which helps to make a profit electronically.

The main contributions of e-commerce are management of company operations, easy and cheaper ways of extending their markets and coordinating with the value chain across different borders. In addition, the Internet and e-commerce are responsible for removing language barriers, cultural diversification and extending the market to the national boundaries. The countries would have many innovative and dynamic aspects by the beginning of the global market that increases national revenue, market, employment opportunity, capital and access to technology and information.

At present, KSA's national revenue mostly depends on oil and its related commodities, while other trades compete with the global market and increase national income. So, it is essential to increase other Saudi products to reach a global business level through e-commerce. Moreover, the study suggests accessing new markets and participating in global production to improve e-commerce structure without affecting current employment patterns, industry structure, productivity and Saudi culture.

New economic geography theorists, who have revived the importance of local roots and highlighted the significance of cities as a source of international competitiveness, have spurred the global marketing of Incheon. An examination of the new economic geography literature examines the nature of the new localism based on clusters, involving spatial proximity and concentrated face-to-face transaction, agglomeration economies and local knowledge networks. The territorial expression of these ideas is evident in competitive cities and knowledge cities. Both types of cities are embodied in civic attempts to market Incheon as an international city through the development of the international harbor and international airport and a knowledge city at Songdo. As there is no reference to Incheon in the place marketing literature there is a need to market it as Seoul-Incheon and itemize the Capital Region 's key assets and strategic advantages, including logistics and Pentaport - five ports in one - to build a presentation that attracts foreign direct investment and foreign expertise and provokes an energizing debate on the Korean Government's plan to position the country as the hub for international commerce in Northeast Asia. Critics of this place marketing approach designed to make Incheo'} a prosperously middle-class city suggest more evidence is needed before it can be assumed firms locate in cities as a base for export activities to boost their competitiveness. Perhaps there is need to give up the preoccupation with the local focus in cluster analysis and give equal attention to global connections.

This paper aims to test purchasing power parity (PPP) hypothesis for Greece, Italy, Ireland, Portugal and Spain, which are known as the GIIPS countries.

The authors conduct a comprehensive analysis by using unit root approaches without and with structural breaks and non-linearity.

The PPP is valid for the GIIPS countries. Considering structural breaks in non-linear framework plays a crucial role.

There is no empirical study testing PPP hypothesis by focusing on the GIIPS countries. This study further takes into account for structural breaks and non-linearity in the real exchange rates of these countries.

The notion that China is factory of the world is now changing. Factories in China are shifting their production base to neighboring Asia, primarily because of higher input costs in China, a volatile Chinese exchange rate, and protectionist measures targeted against Chinese exports. In this paper, we examine the location substitution effect for China: Chinese firms are exporting primary, intermediate and machinery items, meant for producing final output in the Greater Mekong Subregion (GMS). Results suggest that GMS countries are exporting finished items to China, that are increasingly getting manufactured using primary and intermediate inputs imported from China.

The world currency is endowed with two inherent contradictions, namely, the general contradiction of all currencies and the special contradiction between the quality and quantity of the world currency. The paper aims to discuss these issues.

In the wake of the Second World War, the USA, with its strong economic and military strength, established an international monetary system centered on the US dollar (USD). This gave USD the status of “world currency” and bounded it to the US imperialist hegemony with mutual integration and interaction, making it possible for USD capital to conduct international exploitation and wealth plundering extensively around the world.

The contradiction between the capital logic and the power logic, which is inherent in capital accumulation models of the new imperialism, also indicates the inevitable decline of USD.

This constitutes an important feature of the new imperialism. However, as a sovereign currency, USD has inextricable and inherent contradictions while exercising its function as the world currency.

The aim of the paper is to identify the determinants of the marketing and managerial knowledge transfer from a foreign subsidiary located in a post-transition country to its headquarters established in a developed country.

The authors combined the critical literature studies and empirical research, where the method of Computer-assisted Telephone Interview (CATI) was applied. The empirical data was gathered from 231 manufacturing foreign subsidiaries established in Poland (as one of the post-transition economy). To test the hypotheses logistic regression was applied.

The knowledge accumulated in the foreign subsidiary, the amount and level of novelty of innovation in the foreign subsidiary and its strategic autonomy is crucial for the occurrence of the reverse knowledge transfer. However, the more powerful the foreign subsidiary is, the less eager it is to transfer marketing and managerial knowledge to the headquarters.

The study is concentrated just on the manufacturing sector in the Polish economy. The results are based on the opinions and perception of managers, but they represent the corporate perspective (not their individual ones).

The study provokes asking the question about the proper level of strategic autonomy of a foreign subsidiary. The implication related to the autonomy is much about the proper strategy for human resources management. The obtained results indicate that the intensity of innovation in a foreign subsidiary “translates” to the outflow of knowledge from a foreign subsidiary to its headquarters. Thus, encourages headquarters to let their subsidiaries innovate still monitoring their power.

FSs are entities more or less embedded in the host markets, thus their strength and sustainable existence is important for their stakeholders, in particular – internal entities such as employees and external entities such as suppliers, and other cooperating organisations and institutions in the host market. The contribution of FSs to the innovation performance and knowledge pool of external partners is determined much by their absorptive capacity. Thus, the results obtained indirectly point to the importance of external agents ability to absorb and exploit the knowledge.

The originality of the paper concerns three issues. Firstly, the previous studies are mainly focused on either developed or emerging markets and as a result, the peculiarity of post-transition economies, like Poland has been neglected. Secondly, the determinants of reverse knowledge transfer are presented from the corporate perspective. Thirdly, authors focus on marketing and management knowledge distributed from a foreign subsidiary to its headquarter.