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Issue 1: Summer 2004 : Globalization
Updated December 2012

Elements of Globalization

Globalization can be considered a process: a lengthy and often times convoluted process in which movement in one direction or the other is estimated by porous boundaries, shifting alliances, and seemingly contradictory patterns. The major elements of globalization - the impact of trade agreements; the fetters on cross- border capital movements; the effects of migration patterns; the accessibility and transparency of information; and the spread of technology – ebb and flow from the vicissitudes of political, cultural, and economic conditions.

Below is an explanation of the characteristic elements attached to Globalization:


Globe of the world from the
Theodor Horydczak Collection
(Library of Congress)
Reproduction number: LC-H814- 2271-004-A

Table of Contents

Defining Globalization
History of Globalization
Elements of Globalization
Trends in Globalization
Electronic Resources/Finding Aids

  • Trade Agreements - Bilateral, regional or multilateral economic arrangements designed to reduce or eliminate trade barriers.
  • Capital Flow - Measurement of an increase or decrease in a nation’s domestic or foreign assets.
  • Migration Patterns - Impact of labor market fluidity on production costs through the loss (emigration) or gain (immigration) of potential workers, especially those with particular skills.
  • Information Transfer - Communication trends that help mitigate the asymmetric functioning of markets and economies.

  • Spread of Technology - Rapid dispersion of the means and methods of producing goods and services.

Predating the term globalization by centuries, ‘cosmopolitan', which derives from the Greek word kosmopolitęs (‘citizen of the world'), had as its core the belief that all human beings belong to a single community. Although the term has had a checkered history (and for the most part is out of fashion), that piece of cosmopolitanism which advocated the benefits of shared markets serves to inform the movement toward globalization today. Still, like its predecessor term, the cloudy concepts behind Globalization have empowered its fierce critics to decry the perceived naive or unsavory motives of its advocates. Listed below are sources designed to provide both an introduction to the elements used to describe globalization and a pathway for further research.

Basic Guides          Internet Resources

Basic Guides

Anderson, James E. and van Wincoop, Eric. "Borders,Trade and Welfare,". In Brookings Trade Forum 2001, ed. by Susan Collins and Dani Rodrik. Washington, D.C.: Brookings Institution Press, 2002.
http://papers.nber.org/papers/W8515 External Link
http://papers.nber.org/papers/W8515.pdf External Link [PDF format: 139 KB / 37 p.]
LC Call Number: HF1371 .B76
LC Catalog Record: sn 98000814

The authors conclude, based on their gravity model measuring trade flow changes, that increased international economic integration, even with static constant returns, routinely lead to potential welfare benefits.

Blanchard, Olivier M. In the wake of the crisis : leading economists reassess economic policy. Cambridge, Mass. : MIT Press, c2012.
LC Call Number: HB3717 2008 .I6 2012
LC Catalog Record: 2011040553

This is a look at the future of the world economy after the global financial crisis including future directions for: monetary policy, fiscal policy, financial regulation, growth strategies, and the international monetary system, and the economic models that should underpin thinking about critical policy choices.

Frankel. Jeffrey A., editor. The Regionalization of the World Economy. Chicago: University of Chicago Press, 1998.
LC Call Number: HF1418.7 .R447 1998
LC Catalog Record: 97015325

Examines regional agreements on patterns of trade, focusing on the economic effects of price differentials and bilateral trade flows.

Gruber, Lloyd. Ruling the World: Power Politics and the Rise of Supranational Institutions. Princeton, N.J.: Princeton University Press, 2000.
LC Call Number: JZ1308 .G78 2000
LC Catalog Record: 99046063

Gruber suggests that the uneven distribution of "power politics" – the transfer of policy-making from individual nation-states to supranational institutions – helps explain why some states pursue cooperative arrangements under the guise of economic and political integration and why some states may lose out regardless of their decision to participate in the process or not.

Lawrence, Robert Z. Regionalism, Multilateralism, and Deeper Integration. Washington, D.C.: Brookings Institution Press, 1996.
LC Call Number: HF1418.5 .L388 1996
LC Catalog Record: 95026205

Lawrence examines the utility of regional arrangements for attaining international economic integration and provides a balance view of policy successes and failures.

Marcuse, Peter and Ronald van Kempen, Editors. Globalizing Cities: A New Spatial Order? Malden, Mass: Blackwell publishers, 2000.
LC Call Number: HT119 .G65 2000
LC Catalog Record: 99043570

The contributors focus on the affects of globalization on cities, the mechanisms in place to facilitate economic integration and how they operate, and the results they produce.

Moffett, Michael H. Fundamentals of multinational finance. 4th ed. Boston, MA : Prentice Hall, c2012.
LC Call Number: HG4027.5 .M64 2012
LC Catalog Record: 2011023356

Using case studies and real world examples this title familiarizes readers with fundamental concepts and tools necessary to implement an effective global financial management strategy. Sections include topics like the global financial market and foreign exchange theory.

Stiglitz, Joseph E. Globalization and its Discontents. New York: W. W. Norton, 2002.
LC Call Number:HF1418.5 .S75 2002
LC Catalog Record: 2002023148

Motivated by what Stiglitz saw as the failure of major lending institution to improve the economic and political welfare of developing nations, the author calls for a rethinking of the way industrialized nations have imposed economic policies on the international system

Internet Resources

International Forum on Globalization (IFG)
http://www.ifg.org/index.htm External Link

The IFG describes itself as “an alliance of ... leading activists, scholars, economists, researchers and writers formed to stimulate new thinking, joint activity, and public education in response to economic globalization.” The site provides links to news, books, analysis, and programs related to the impact of globalization.
p>GlobalEDGE: International Business Resource Desk
http://globaledge.msu.edu/resourcedesk/External Link

Michigan State University site designed to provide “current information on the business climate, news, history, political structure, economic landscape, and relevant statistical data for 196 countries.” Contains directory of international business resources, market potential indicators for 24 emerging markets, and a glossary of International Business terms.

Berkeley Roundtable on the International Economy
http://brie.berkeley.edu/index.html External Link

Provides full text access to over 1,500 research studies focusing on the interrelationships between technologies, markets, strategies and policies.

Council for European Studies
http://councilforeuropeanstudies.org External Link

American professional association that promote interdisciplinary research and study of Europe in the social sciences and humanities. Contains links to news sources and archive centers covering European perspectives on globalization.

Federation of American Scientists
http://www.fas.org/index.html External Link

Contains hundreds of full text articles devoted to the effects of globalization, especially on international security issues. The site’s content is consistent with the Federation’s definition of Globalization as “the integration of the political, economic and cultural activities of geographically and/or nationally separated peoples.”

University of Iowa Center for International Finance & Development: Globalization
http://blogs.law.uiowa.edu/ebook/uicifd-ebook External Link

The Center’s electronic handbook of international finance and development is an excellent gateway for descriptions, concepts, and definitions driving globalization.

WorldTradeLaw.net
http://www.worldtradelaw.net/ External Link

Contains primary source documents related to international trade law, including GATT/WTO decisions and a number of links to other sources of information on the web.

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