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Is Globalisation in Danger?

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  • Martin Wolf

Abstract

This paper compares the globalisation experience of the late 19th century with that of the post world war period. It notes the enormous changes in the world economy arising from the increasing participation of the developing countries in the world goods, labour and capital markets and the reduction in the cost of communications that has underlined these changes. More importantly globalisation was made by a consensus on trade, debt and macroeconomics which has led to policy reforms in developing countries including China whose entry into the WTO provides a high watermark in globalisation of the latter period. The paper notes that globalisation is not in danger of reversal given that the forces that led to this outcome in the earlier period have become weak. Ideas, interests, international relations and stability achieved in the post World War period gives ground for qualified optimism about the continuation of globalisation.

Suggested Citation

  • Martin Wolf, 2003. "Is Globalisation in Danger?," The World Economy, Wiley Blackwell, vol. 26(4), pages 393-411, April.
    • Handle: RePEc:bla:worlde:v:26:y:2003:i:4:p:393-411
    DOI: 10.1111/1467-9701.00529
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    Cited by:

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    2. Hopper, Trevor & Lassou, Philippe & Soobaroyen, Teerooven, 2017. "Globalisation, accounting and developing countries," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 43(C), pages 125-148.
    3. Nicholas Crafts, 2004. "Globalisation and Economic Growth: A Historical Perspective," The World Economy, Wiley Blackwell, vol. 27(1), pages 45-58, January.

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