The Myth of Economic Globalisation

Alfred Kleinknecht and Jan Wengel

Cambridge Journal of Economics, 1998, vol. 22, issue 5, 637-47

Abstract: Geographic patterns of commodity trade and foreign direct investment are not consistent with the proposition that European economies are experiencing a process of increasing 'globalization.' Internationalization is taking place as economic integration within the European Union. During the last thirty-five years, the European Union has not become relatively more integrated with the world's other trade blocs. Moreover, in contrast to what globalization theory might cause the authors to predict, the share in foreign direct investment taken by low-wage countries shows little growth. The authors try to explain such findings, using arguments about the nature of the process of technological change. Copyright 1998 by Oxford University Press.

Date: 1998
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