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Globalization: tooMuch or is too Little?

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  • Moshe Syrquin

Abstract

The paper examines the effects of the globalization process in order to assess its advantages and its costs. Integration and growth of the world economy are identified as the principal economic manifestation of globalization. Accordingly, two criteria are adopted to measure its effects: the extent of market segmentation for homogeneous goods and factors price and the volume of international transactions. The paper argues that the developments in information and transport technology have historically increased the speed of adjustment of price and indeed have reduced the segmentation of the markets of goods and factors. Moreover, on the basis of statistical data, it demonstrates that the international trade, by increasing the inter-country interdependence, has been an engine of growth. The globalization process has also caused some negative effects (such as the widening of the disparities in the income among and within the countries) because the mechanism for accommodating disruptive change are not always in place or do not operate smoothly. Therefore, an effective global governance is needed to avoid such effects and to allow all countries to join the globalization process.

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Bibliographic Info

Paper provided by Università Cattolica del Sacro Cuore, Centro di Ricerche in Analisi economica e sviluppo economico internazionale (CRANEC) in its series CRANEC - Working Papers del Centro di Ricerche in Analisi economica e sviluppo economico internazionale with number crn0402.

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Date of creation: 2004
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Handle: RePEc:crn:wpaper:crn0402

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Keywords: patents; economic integration; trade; economic development; governance;

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References

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  1. Baier, Scott L. & Bergstrand, Jeffrey H., 2001. "The growth of world trade: tariffs, transport costs, and income similarity," Journal of International Economics, Elsevier, vol. 53(1), pages 1-27, February.
  2. Scott Bradford & Robert Z. Lawrence, 2004. "Has Globalization Gone Far Enough: The Costs of Fragmented Markets," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 349, July.
  3. Peter H. Lindert & Jeffrey G. Williamson, 2003. "Does Globalization Make the World More Unequal?," NBER Chapters, in: Globalization in Historical Perspective, pages 227-276 National Bureau of Economic Research, Inc.
  4. Hummels, David, 1999. "Toward a Geography of Trade Costs," GTAP Working Papers 1162, Center for Global Trade Analysis, Department of Agricultural Economics, Purdue University.
  5. Carrere, Celine & Schiff, Maurice, 2004. "On the geography of trade : distance is alive and well," Policy Research Working Paper Series 3206, The World Bank.
  6. Greif, Avner, 1994. "Cultural Beliefs and the Organization of Society: A Historical and Theoretical Reflection on Collectivist and Individualist Societies," Journal of Political Economy, University of Chicago Press, vol. 102(5), pages 912-50, October.
  7. N. F. R. Crafts, 2000. "Globalization and Growth in the Twentieth Century," IMF Working Papers 00/44, International Monetary Fund.
  8. Richard E. Baldwin & Philippe Martin, 1999. "Two Waves of Globalisation: Superficial Similarities, Fundamental Differences," NBER Working Papers 6904, National Bureau of Economic Research, Inc.
  9. Helliwell, J.F., 1999. "Balanced Growth: the Scope for National Policies in a Global Economy," Working Papers 20, John Deutsch Institute for the Study of Economic Policy.
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