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The Geopolitics of GlobalizationThe Consequences for Development$
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Baldev Raj Nayar

Print publication date: 2007

Print ISBN-13: 9780195693034

Published to Oxford Scholarship Online: October 2012

DOI: 10.1093/acprof:oso/9780195693034.001.0001

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The Advance of Globalization from Shallow to Deep Integration

The Advance of Globalization from Shallow to Deep Integration

Chapter:
(p.15) Chapter 2 The Advance of Globalization from Shallow to Deep Integration
Source:
The Geopolitics of Globalization
Author(s):

Baldev Raj Nayar

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195693034.003.0002

This chapter explains how economic globalization refers to the integration of different regional markets into a world market in which goods and services are exchanged at the local community or neighbourhood level, and in which individuals and communities find it more beneficial to engage in this exchange than produce everything they require themselves. The author then discusses the distinctive aspects of present-day globalization: the level of trade flows, the composition of the trade, FDI inflows, the transnationalization of production, and the scale of foreign exchange trading. The author concludes by discussing the mobility of labour, and compares international migration trends before World War I with those current today. Whether the deep integration of the market will lead to the retreat of the state remains open as an empirical question.

Keywords:   globalization, market efficiency, market expansion, transaction costs, economic integration, labour migration, foreign exchange trading, trade flows, foreign direct investments, goods and services

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