Globalisation and Trade: A Symposium

• Published in: World economy Vol. 20; no. 5; pp. 695 - 707
• Main Author: Arndt, Sven W
• Format: Journal Article
• Language: English
• Published: London Basil Blackwell for the Trade Policy Research Centre, etc 01.08.1997; Blackwell Publishing Ltd
• Subjects: Economic theory; Economists; Global economy; Globalism; Globalization; International trade; Studies; Trade; Trade policy; Trade relations; Trade theory; Workshops; World economy; World trade; United States > US
• ISSN: 0378-5920; 1467-9701
• DOI: 10.1111/1467-9701.00097

The world economy has become more open and integrated in recent years. Countries are more engaged in international trade and the importance of tradables relative to non-tradables in national output is rising everywhere. Capital flows more freely among countries and workers cross borders more readily than ever before. While the general trend toward greater openness is widely acknowledged, there is disagreement on the extent and novelty of these developments. There is disagreement on whether all this is on balance good or bad - for the world economy and for individual countries and their citizens. A summary of the deliberations of a workshop of globalization experts held by the Lowe Institute of Political Economy and the Graduate Institute of International Studies is presented. The objective of the workshop was to assess globalization in terms of its causes, dimension, and major attributes, and to examine its implications for economic theory, economic measurement, and economic policy.