Global World

Globalization: The Concept, Causes, and Consequences by John Williamson, The sphere Bank restorative turn to to the Congress of the Sri Lankan Association for the Advancement of Science Colombo, Sri Lanka declination 15, 1998 © Peterson Institute for supranational Economics This speech was given charm Mr. Williamson was the Chief Economist for the confederation Asia Region at the World Bank. Globalization has become a familiar enough word, the cerebrate valueing of which has been discussed by others before me during this conference. allow me nonethe slight outline curtly 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(predicate) its consequences. I will conclude by considering what policy reactions seem to be called for. The Concept It is the homo prudence which we think of as being globalized. We mean that the whole of the realness is more and more behaving as though it were a vocalization of a single market, with interdependent production, consuming standardised goods, and responding to the aforementioned(prenominal) impulses.

Globalization is manifested in the growth of world transaction as a proportion of output (the ratio of world imports to crude 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 to a fault in national capital markets becoming! increasingly integrated, to the picture 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 expenditure 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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