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Global Integration

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  • P. J. Lloyd

Abstract

This article argues that there are underlying changes in the world economy due to growing integration of the national economies which are more profound than the events in particular commodity markets, and that our national economic policies should be significantly shaped by these changes. Integration is defined in terms of the convergence of prices on international markets. It is occurring in the markets for commodities, factors and technologies. The freeing of trade multilaterally and unilaterally and the formation of regional trading arrangements have all played a part in greater global integration. Global and regional integration have changed the nature of the international markets in which we trade and require corporations to change their production and marketing strategies. Governments have an increasingly important role in negotiating international and regional agreements and in providing an environment that allows the domestic producers to compete on international markets. There is, however, no need to change the unilateral trading policies of Australia.

Suggested Citation

  • P. J. Lloyd, 1993. "Global Integration," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 26(1), pages 35-48, January.
    • Handle: RePEc:bla:ausecr:v:26:y:1993:i:1:p:35-48
    DOI: 10.1111/j.1467-8462.1993.tb00770.x
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    1. Timothy J. Hatton & Jeffrey G. Williamson, 1992. "International Migration and World Development: A Historical Perspective," NBER Historical Working Papers 0041, National Bureau of Economic Research, Inc.
    2. Carsten Kowalczyk, 1990. "Welfare and Customs Unions," NBER Working Papers 3476, National Bureau of Economic Research, Inc.
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