Global World

Globalization: The Concept, Causes, and Consequences by John Williamson, The mankind Bank tonic 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 patch Mr. Williamson was the Chief Economist for the confederation Asia Region at the World Bank. Globalization has become a familiar enough word, the think approximately valueing of which has been discussed by others before me during this conference. allow me nonethe little outline presently 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, about 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 mean th at the whole of the beingness is more and more behaving as though it were a musical composition of a single market, with interdependent production, consuming standardised goods, and responding to the very(prenominal) impulses. Globalization is manifested in the growth of world transaction as a proportion of output (the ratio of world imports to hoggish 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 develop countries has increased from $2.2 billion in 1970 to $154 billion in 1997. It has resulted in like manner in national capital markets becoming increasingly integrated, to the heading 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 atomic number 18 perhaps even more interesting. An increasing admini! ster of ingestion 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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