The economics of globalism
Keywords:Changing economic circumstances, globalism
As factors of production become increasingly mobile throughout the world, the idea of individual national market places is increasingly becoming irrelevant. The author considers three inferences to be found in the recent literature: that the ability of governments to manage economies has been undermined; that trade flows are no longer good indicators of competitiveness; that current account balances no longer matter.
JEL: F10, F60
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