Abstract
The relationship between globalization1 and economic development is a topical and controversial one. Many economists see the benefits of globalization outweighing its disadvantages, and ascribe the rise in living standards, especially in Asia to the openness of trade brought on by globalization. Dissenting voices however, point to globalization as a contributing force to global inequalities and for locking poor countries into disadvantageous positions relative to richer countries (see for instance the summary in Wade, 2004). Following the financial crisis of 2008, many are arguing that financial integration and openness has gone too far, and that it is in the interest of developing countries to delay or roll back financial openness (for example, Obstfeld, 2008).
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Naudé, W., Krugell, W., Matthee, M. (2010). Globalization and Local Economic Growth in South Africa. In: Dallago, B., Guglielmetti, C. (eds) Local Economies and Global Competitiveness. Palgrave Macmillan, London. https://doi.org/10.1057/9780230294967_3
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DOI: https://doi.org/10.1057/9780230294967_3
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