Discusses benefits of foreign trade. Defines globalization as the continuous increase in transnational flow of commodities, services, production elements and information. Emergence of economic globalization in the 1980s and its growth into the mainstream of world economic development. Diminishment of international trade barriers. Regional economic development and impact of Chinese entry into WTO.
From the Paper:
"The Process of Economic Globalization
Introduction:
Countries do not compete economically, they trade. Both the importing country and the exporting country benefit from trade, both are better off because of trade. Individual firms may be put at a disadvantage, but other firms and consumers come out ahead. The overall result is as a rule, positive for both trading nations (Hirst, Thompson, 1996, p. 12).
With foreign trade, a nation's standard of living will be determined by the combined effect of domestic purchasing power over home produced goods (as determined by domestic productivity growth) and over imported goods (as determined by changes in the terms of trade). But, the size of the trade effect on living standards depends not only on the magnitude of the change in the terms of trade..."
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