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Myth and Realities of Globalization and Economic Development

By Globus Press

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Globalization ideas can claim an impressive intellectual ancestry, including Adam Smith, Marx and John Stuart Mill, Hecksher and Ohlin, John Maynard Keynes and Lenin, to name only the most distinguished. Perhaps not surprisingly given this diverse list of thinkers, beyond a broad agreement that economic activity has a tendency to expand beyond its initial national setting, connecting a growing number of more widely dispersed economic locations, most contemporary observers have differed in their description of the globalization process, and have failed to construct a consistent theoretical explanation of what is driving it and where it might be going. In part, this struggle to construct a coherent framework reflects terminological confusion over the closely related but nevertheless distinct concepts of openness, integration and interdependence. In part, it reflects, theoretical problems in linking trade, capital flows and foreign direct investment. This text is a one-stop resource for all researchers, teachers, and students involved in this crucial area of study.

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