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Microelectronics and Market Efficiency

In: Globalization and Economic Ethics

Author

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  • Albino Barrera

Abstract

Twentieth-century globalization has been described as “much ado about nothing” because by traditional measures of trade and financial openness, the quarter century preceding World War I was just about as, if not more, integrated as our contemporary era.1 Scholars have disputed this claim, noting that similarities between these two periods of globalization are more apparent than real because of fundamental differences in their trade and production structures.2 In particular, contemporary production has been subdivided along key components that are then farmed out to specialized export-manufacturing sites around the world especially in the NICs of Asia and Latin America.3 Moreover, trade in the past two decades has been increasingly a global exchange in ideas (such as financial instruments) rather than in traditional goods and commodities.4 Closer inspection of these recent shifts in business organization and in the composition of international trade reveals an even more significant contrast—the emergence and impact of ICTs.

Suggested Citation

  • Albino Barrera, 2007. "Microelectronics and Market Efficiency," Palgrave Macmillan Books, in: Globalization and Economic Ethics, chapter 0, pages 19-47, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-60976-1_2
    DOI: 10.1057/9780230609761_2
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