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Globalization

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  • F. Gerard Adams

Abstract

The rapid globalization of the world economy is causing fundamental changes in patterns of trade and finance. Some economists have argued that globalization has arrived and that the world is “flat†. While the geographic scope of markets has increased, the author argues that new patterns of trade and finance are a result of the discrepancies between “old†countries and “new†. As the differences are gradually wiped out, particularly if knowledge and technology spread worldwide, the traditional theoretical Heckscher and Ohlin comparative advantage basis for trade will fade. Trading relationships in the "new" economy will be based on the locational theories of the new economic geography.

Suggested Citation

  • F. Gerard Adams, 2008. "Globalization," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 9(2), pages 153-174, April.
    • Handle: RePEc:wej:wldecn:334
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    File URL: https://www.worldeconomics.com/Journal/Papers/Article.details?ID=334
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    Cited by:

    1. Emiliano Brancaccio, Orsola Costantini, Stefano Lucarelli, 2015. "Crisi e centralizzazione del capitale finanziario (Crysis and Centralization of Financial Capital)," Moneta e Credito, Economia civile, vol. 68(269), pages 53-79.
    2. Fofack, Hippolyte, 2009. "Determinants of globalization and growth prospects for Sub-Saharan African countries," Policy Research Working Paper Series 5019, The World Bank.

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