Global World

Globalization: The Concept, Causes, and Consequences by John Williamson, The knowledge domain Bank soda water turn to to the Congress of the Sri Lankan Association for the Advancement of Science Colombo, Sri Lanka celestial latitude 15, 1998 © Peterson Institute for supranational Economics This speech was given slice Mr. Williamson was the Chief Economist for the confederation Asia Region at the World Bank. Globalization has become a familiar enough word, the pissed valueing of which has been discussed by others before me during this conference. allow me nonetheless(prenominal) outline concisely what I understand by the term. I shall then go on to consider what has caused it. The batch of my paper is devoted to discussing what we know, and what we do not know, roughly its consequences. I will conclude by considering what policy reactions seem to be called for. The Concept It is the homo economic system which we think of as being globalized. We m ean that the whole of the humanness is more and more behaving as though it were a partly of a single market, with interdependent production, consuming standardised goods, and responding to the equal impulses.

Globalization is manifested in the growth of world transaction as a proportion of output (the ratio of world imports to unadulterated world product, GWP, has grown from some 7% in 1938 to about 10% in 1970 to over 18% in 1996). It is reflected in the explosion of foreign direct investment (FDI): FDI in exploitation countries has increased from $2.2 billion in 1970 to $154 billion in 1997. It has resulted alike in national capital markets becoming! increasingly integrated, to the smudge where some $1.3 trillion per day crosses the foreign transfer markets of the world, of which less than 2% is directly attributable to trade transactions. time they cannot be measured with the same ease, some other features of globalization are perhaps even more interesting. An increasing administer of inhalation consists of goods that are available from the same companies almost anywhere in the world. The...If you want to get a full essay, outrank it on our website: OrderCustomPaper.com

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