The word “globalization” is often used in reference to the 21st-century world economy. This new term describes a multitude of processes that transcend international borders, draw national economies closer together, and result in rapid trade expansion. Powerful market forces and stunning technological innovations drive the process of globalization and erode the traditional power of governments. Fear and hope keep pace with each other when it comes to the economic, social, and political consequences of the ongoing changes. We need to document the process of globalization, understand its mechanics, and identify the policy implications that arise as a result of its profound impact on the world economy and on the welfare of billions of people.
KeywordsEuropean Union Foreign Direct Investment Comparative Advantage Trade Policy Spot Market
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