Abstract
The phenomenon of globalization is not new to the world economy. The global economic history is replete with the regimes of restrictive trade practices of different orders. The trade between nations in pre-seventeenth century was primarily motivated to acquire new goods, which were not available within a nation and whose acquisition did not adversely affect domestic production and employment. All the ancient oceanic expeditions sponsored by the royalties for either explorations of new lands or hitherto inaccessible regions known for their wealth and prosperity were aimed primarily to secure new commodities and also precious metals such as gold and silver not easily sourced in the known regions. The trade in competitive products which hurt national production and employment was curbed and not encouraged. It was an era of regimented and restricted trade.
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Notes
- 1.
It gives an excellent account of the application and impact of Markowitz’s theory and tools of measuring risk on fund and investment management in the USA during the period.
- 2.
John Williamson coined the term Washington Consensus giving articulation to the new reform policy in the emerging markets. See John Williamson [4].
- 3.
The years refer to the year of publication of their works propounding new theories.
- 4.
Houthakker and Magee, op.cit., p. 113.
- 5.
IMF, World Economic Outlook – Spillovers and Cycles in the Global Economy, Chapter 3, Exchange Rates and the Adjustment of External Imbalances, Table 3.2, April, 2007.
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Williamson J, editor. Latin American adjustment: how much has happened. Washington, DC: Institute for International Economics; 1990.
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Nayak, S. (2013). Enter the Globalization: A Paradigm Shift. In: The Global Financial Crisis. Springer, India. https://doi.org/10.1007/978-81-322-0798-6_7
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DOI: https://doi.org/10.1007/978-81-322-0798-6_7
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