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Is Globalisation Taking Us for a Ride?

Journal of Economic Integration, Vol. 25, No. 3, pp. 501-549, September 2010

49 Pages Posted: 27 Sep 2010  

Miroslav N. Jovanovic

University of Geneva, Global Studies Institute

Abstract

Globalisation is one of the great economic and political stories of our times. It was supposed to be one of the great new ideas. The current wave of globalisation is just a subset of huge structural changes that are the outcome of the Schumpeterian evolution in technology, and spatial intensity and scope of interactions between many actors at all levels of the economy. There is, however, a lot of confusion and disagreement in discussions since the process of globalisation means different things to different people.

If globalisation is the outcome of the behaviour of transnational corporations, then this process is made possible by new technologies that permit spatial fragmentation of production and value chain, as well as reduction in the cost of transport and communications. The power of firms is increased to the detriment of the power of the state. Even so, governments supported by the general public and non-governmental organisations are able (but not always willing) to cap the globalisation process. Globalisation brings many amenities to society. There were once hopes that globalisation would benefit everyone. As time passes, globalisation’s downside becomes more and more apparent. If the goal of globalisation is to introduce and force the same standards everywhere and for everyone (including in the way in which people think), then there may be no room for differences.

Keywords: Globalisation, Fragmentation, TNCs, FDI, Technology, Integration

JEL Classification: F23, F15

Suggested Citation

Jovanovic, Miroslav N., Is Globalisation Taking Us for a Ride?. Journal of Economic Integration, Vol. 25, No. 3, pp. 501-549, September 2010. Available at SSRN: https://ssrn.com/abstract=1683328

Miroslav N. Jovanovic (Contact Author)

University of Geneva, Global Studies Institute ( email )

Sciences II, 30 Quai Ernest-Ansermet
Geneva 4, 1211
Switzerland
+41 22 379 3706 (Phone)

HOME PAGE: http://www.miroslavjovanovic.com

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