OXFORD REVIEW OF ECONOMIC POLICY, VOL. 20, NO. 1, PP. 1-14
© Oxford University Press and the Oxford Review of Economic Policy Limited 2004; all rights reserved.
The Assessment: How Far has Globalization Gone?
Corpus Christi College, Oxford1
Abstract
There is a widespread perception that international economic integration has been proceeding faster and further than ever before. A careful examination of the appropriate indicators reveals that such a dramatic account of recent developments applies only exceptionally (notably to China); the general rule is for steadily increasing trade shares and foreign investment, which still leaves the majority of workers employed in sheltered sectors. Differences in rates of social spending have survived pressures on countries to ‘race to the bottom’. Profitability has not converged, even in fiercely competitive manufacturing. Declines in absolute poverty and perhaps inequality still leave rising absolute differences between North and South, while expectations are probably converging faster.
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