Is "globalization" exaggerated? Fad vs. reality
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Description: Shows how international trade is not much more important now than it was a century ago, and documents the "new global economy" media fad.
Is "globalization" and the "rise of the global economy" exaggerated? Is "globalization" exaggerated? The world economy was, to an extent never seen before, truly global. It was linked together by new technologies that made it possible to ship products cheaply from one side of the globe to the other, to communicate virtually instantaneously over huge distances. But it was also, more importantly, linked together by the almost universal, if sometimes grudging, acceptance of a common economic ideology: the belief that free markets, with secure property rights, were the only way to achieve economic progress; and in particular that a nation hoping to make its way forward needed to welcome foreign trade and foreign investors with open arms. And this shared ideology did indeed lead to unprecedented transfers of Western capital and technology to emerging economies - transfers facilitated by the fact that everyone knew that any country that strayed from the path would be punished by financial crisis, and would soon be obliged to accept the harsh austerity prescribed by teams of Western technocrats.
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| Page title: | Is "globalization" and the "rise of the global economy" exaggerated? |
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| Description: | Would you believe that the level of global economic integration is not much higher today than in 1913? Or that Japan is less export-oriented today than in 1938? There are a lot of misconceptions about 'globalization' which distort the debate about many issues. |
| IP-address: | 128.30.2.80 |
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| NS | Name Servers: USE2.AKAM.NET USE5.AKAM.NET |
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| Date | activated: 23-May-1985 last updated: 17-May-2013 expires: 31-Jul-2014 |