This volume on globalisation and development is part of a larger Elgar Handbook series on globalisation. Its chapters engage two multidimensional concepts: globalisation and development. In doing so, it does not impose a particular conception of either. Rather, authors were given full rein to treat these subjects as they thought best in light of their particular subjects. The volume is structured around seven subjects: international trade, international production, international finance, migration, foreign aid, a broader view and challenges. The volume’s chapters provide important insights into each of these realms of globalisation and development.
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Roy E. Allen
Roy E. Allen
Since the 1970s, the rapid expansion and globalization of financial markets shadows most other developments in international economics. This chapter documents and defines financial globalization and discusses what caused it: developments in information-processing technologies; government deregulation; and the more global nature of all economic activity. International interest rate and financial strategy ‘parities’ are presented as new, dominant, dynamic patterns in the global economy. Financial market globalization has been a driving force behind recent imbalances in trade and investment between countries. And, the self-adjustment mechanisms within the global economy have been irreversibly changed by financial globalization.
- Elgar Research Reviews in Economics
Raghbendra Jha and Raghav Gaiha
Studying an international system implies having a definition of a nation, in order to assess to what extent the analysis of an international phenomenon can be different from an analysis which does not take into consideration the existence of nations. This chapter stresses that several definitions of a nation can be given, but what is important is defining a nation from the point of view of monetary problems. By comparison with the traditional definition of a nation in trade theory, a monetary area – or a monetary nation – can be defined as an area of circulation of a currency. The chapter also discusses whether or not a monetary area should coincide, for instance, with a political area.
Marek Belka, Ewald Nowotny, Doris Ritzberger-Grünwald and Pawel Samecki
Edited by Peter C.Y. Chow
- New Horizons in International Business series
Kaname Akamatsu set forth the flying-geese theory of economic development as back as the 1930s, drawing on his statistical studies of Japan’s trade in manufactures in 1870_1939. He considered essential the old-fashioned, highly nationalistic, infant-industry protection strategy, a strategy that was designed to propel the three-step sequence of import, domestic production, and export, all by indigenous firms in avoidance of incursions by foreign interests. Arm’s-length trade was the major mode of exchange. Since then, however, the world economy has drastically changed. Multinational corporations (MNCs) are now ubiquitous, setting up production and marketing facilities in each other’s economies. The three-step sequence is carried out instantaneously at the hands of MNCs: local production is initiated simultaneously for export as well as for import substitution. MNCs’ involvement in the three-step sequence is explored.