General Issues and Regional Groups
Elgar original reference
Edited by Miroslav N. Jovanović
Chapter 11: Globalisation: An Anatomy
Miroslav N. Jovanović1 For wisdom is a defence as money is a defence, but the excellence of knowledge is that wisdom gives life to those who have it. Ecclesiastes 7:12 1 INTRODUCTION The purpose of this chapter is to contribute to the discussion about globalisation, which is one of the great economic and political stories of our times. It was also supposed to be one of the big new ideas in the ‘post-modern society’. Globalisation put a new emphasis on spatial economics and the importance of economic geography because of the spatial spread of certain economic activities in some geographical locations and the contraction of certain business in others. There were once hopes that globalisation would benefit everyone everywhere. As time passes by, globalisation’s downside becomes more and more apparent. There was an expectation, fuelled by the neoclassical equilibrium theory, that money would go to the developing countries, as the rate of return was supposedly higher there (because of its relative scarcity) than is the case in the developed world. What we have been witnessing is the flow in the opposite direction. Joseph Stiglitz wrote that ‘Globalisation seems to have unified so much of the world against it, perhaps because there appear to be so many losers and so few winners . . . Well-managed globalisation can make everyone, or at least most, better off. This has not happened’.2 The current wave of globalisation is on such an unprecedented scale that it has involved more countries and people than ever before....
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