globalglossary - Terms on Globalization - From the...

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Terms on Globalization - From the Interhemispheric Resource Center’s Free Trade: The If’s, And’s and But’s (1993) Albuquerque, NM: Inter-hemispheric Resource Center. + globalization This term usually refers to economic integration on a world-wide level, especially the creation of global financial, production, and marketing systems. The larger process of globalization actually involves much more than economic integration, extending to many realms of worldwide integration including communication, transportation, and culture. Globalization has been driven by rapid technological advances that have dramatically cut the costs and improved the speed and efficiency of transportation and communication systems. Globalization has made it more difficult for individual countries to adopt independent economic policies such as capital controls. + controls on capital Economic policies such as exchange controls that limit capital (K) mobility and may contribute to a national industrial policy. A community or country could impose employment, training, purchasing, and reinvestment requirements on firms that want to do business. But in an epoch of globalization and transnat’l corporations, K controls can spark K flight. For this reason, multilateral controls are necessary. + economic integration: The dependence of nat’l economies on international flows of goods, services, and K. As econ. integration grows, nat’l policy options are increasingly ltd. by both the policies of other nations and the fear of hurting exporters or scaring away investors. As a dev. strategy, econ integration refers to the lowering of nat’l barriers to
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This note was uploaded on 04/09/2008 for the course RAZA 445 taught by Professor Carrillo during the Spring '08 term at S.F. State.

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globalglossary - Terms on Globalization - From the...

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