2- from Free Trade to Globalization: 21st Century Colombia and Institutional Conditions to Join One-World One Market-System

Abstract

Technological development and enlargement of investment currents during the second half of the 19th century and early twentieth century started an era of emerging global economy. Conditions are now given so a global market will spread during the 21st century, where the Nation-state will have to undergo important institutional transformations and compete with world institutions to sustain and distribute enlarged world trade benefits and receive benefits of direct foreign investment. Encouraging further enlargement of the world market production frontier will need the creation of new political and economic tools to allocate more efficiently the increasing level of world savings. Accountability to control enlarging and diffusing constitutions, will be the consequence of supra-national institution's creation that will co-govern Nation-states and influence trade and investment transactions. World product expansion will have to be accompanied by institutional improvements and to orderly orient productive uses of generated savings and technological advances obtained from widespread world savings and investment opportunities that will follow.

JEL Classification: F15, F23, N16, O54