A Global and Local Economy

Jean-Jacques Lambin
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Jean-Jacques Lambin: Università degli studi di Milano-Bicocca

Chapter 6 in Rethinking the Market Economy, 2014, pp 111-131 from Palgrave Macmillan

Abstract: Abstract Globalization refers to an historical process by which regional economies, societies and cultures become integrated through a global network of communication, transportation and trade.1 The increase of economic freedom in the world, combined with the development of the new technologies of information and communication (TIC), leads to the rise of democrades, which in turn stimulates and facilitates entrepreneurial projects. The removal of restrictions to free trade has encouraged privately owned institutions to flourish and launch entrepreneurial initiatives in the international market. Localization, by contrast, refers to a movement and/or an attitude which tends to give priority to using local labour, land and capital, producing goods and services for local markets in order to build an economy based on proximity.2 In an era of globalization it is easy to forget that local businesses actually have been the economic norm for social development and continue to account for most of the world economy today.

Keywords: Foreign Direct Investment; Market Economy; International Monetary Fund; Free Trade; Local Economy (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-39291-6_6

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DOI: 10.1057/9781137392916_6

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