Franke Globalization of the Economy

Franke Globalization of the Economy - Globalization and its...

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Globalization and its critics (Summary) --Jeffrey Frankel Globalization has been extremely benefcial For the world at large (For economic as well as non-economic reasons). Two major drivers oF economic globalization; 1. Reduced costs to transportation and communication in the private sector 2. Reduced policy barriers to trade and investment on the part oF the public sector. Communication costs have Fallen rapidly as a result oF globalization. Although globalization has its Fair share oF advantages, one cannot ignore the patterns oF the past where powerFul Forces worked to drive countries apart. Two Benchmarks for Measuring Economic Integration: Post WW2 period isn ʼ t as striking as widely believed. 1. Judge by the standard oF 100 years ago 2. Judge by the standard oF what it would mean to have truly perFect global integration. Judging Globalization 2000 by the Standard of 1900 The most revolutionary breakthroughs had already happened by 1990. Reduced prices, greater access to goods and services around the world were all part oF the benefts oF globalization. Global integration as well as barriers placed by governments resulted the emergence oF a Far more economically Fragmented world in 1945 as compared to the world that had turned to war in 1914. Multilateral institutions such as the IM± and World Bank were Formed. The U.S initially led the way by reducing trade barriers and making available gold-convertible dollars. Nothing is inevitable abut the process oF globalization. ±or it to continue, world leaders must make choices oF the sort made in the aFtermath oF WW2, instead oF those made in the aFtermath oF WW1. Judging by the Globalization 200 Standard of Perfect International Integration
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Franke Globalization of the Economy - Globalization and its...

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