The USA in World Integration
Edited by Thomas L. Brewer and Gavin Boyd
Chapter 1: Internationalization and globalization of the American economy
Frederic L. Pryor Although the meaning of ‘globalization’ varies among those using the term, most would agree that it is a process occurring when communications between peoples of different nations increase, when economic decision-makers develop a wider orientation taking into account a larger group of nations and the constraints of geography on economic, political, social, and cultural arrangements gradually become less important.1 Such a ‘taking account’ of other nations may occur, not just because of greater opportunities to do so, but also because of greater vulnerability of the nation to the actions of others. Such globalization can be manifested either by an increasing scope of cross-border linkages or a greater intensity of such interaction. In this chapter I spend the major part of the analysis on the measurement of economic dimensions of globalization. Although in the ﬁnal section I focus on some particular impacts of globalization on the US economy, I leave to others the more difﬁcult task of determining globalization’s overall economic impact.2 In going about the task of measurement, it is analytically convenient to distinguish between two particular aspects of the process which, for short, will be called the ‘old’ and the ‘new’ globalization. The former (often called ‘internationalization’) deals with international trade of goods and services as well as the international ﬂows of labour and capital; the latter deals more directly with the changing orientation of economic decision-making by governments, productive units and individuals, as manifested by increased international communications and the ﬂow of money. The...
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