Abstract
The implications of globalization have been interpreted as implying that it is no longer necessary for individual countries to pursue national trade policies. Trade deficits, it is argued, can now be readily financed by global financial markets. And since trade imbalances are the result of individuals’ decisions to save, such imbalances will in time be self correcting. Porter (1994) paraphrases the globalization thesis as follows:
In a world of global competition, it is argued, location is no longer relevant. Geography and political boundaries have been transcended. The firm, in particular, can shed its locational identity or dependence entirely (p. 35).
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Michie, J. (2000). The Implications of Globalization for Industrial, Trade, and Innovation Policies. In: Elsner, W., Groenewegen, J. (eds) Industrial Policies After 2000. Recent Economic Thought, vol 72. Springer, Dordrecht. https://doi.org/10.1007/978-94-011-3996-0_3
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DOI: https://doi.org/10.1007/978-94-011-3996-0_3
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