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Globalization and its Limits

In: Transnational Corporations and the Global Economy

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  • William S. Milberg

Abstract

World economic developments are increasingly characterized not by their growth dynamics but by their links to the process of ‘globalization’. While the term globalization has often been used to describe wide ranging and often times dramatic changes in the world over the past ten years, it has most commonly been used to describe economic developments. But in this realm too the term has already acquired a wide array of uses. For some, globalization simply refers to the emergence of a new international division of labour alongside greater geographical dispersion of economic activity. The rise in international competitiveness of Western Europe and Japan has already eroded the dominant position of the United States in the world economy and replaced it with regional spheres of economic influence (Ohmae, 1985; Dicken, 1992; Hirst and Thompson, 1992). More recently, the rise of the newly industrialized economies of East Asia and Latin America, along with the emerging economic influence of China harbours a further equalizing of the distribution of world output, trade and financial flows (United Nations, 1995a).

Suggested Citation

  • William S. Milberg, 1998. "Globalization and its Limits," Palgrave Macmillan Books, in: Richard Kozul-Wright & Robert Rowthorn (ed.), Transnational Corporations and the Global Economy, chapter 2, pages 69-94, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-26523-7_3
    DOI: 10.1007/978-1-349-26523-7_3
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