Intriligator, Michael D. --- "Globalisation of the World Economy: Potential Benefits and Costs and a Net Assessment" [2009] ELECD 393; in Yueh, Linda (ed), "The Law and Economics of Globalisation" (Edward Elgar Publishing, 2009)

Book Title: The Law and Economics of Globalisation

Editor(s): Yueh, Linda

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781845421953

Section: Chapter 11

Section Title: Globalisation of the World Economy: Potential Benefits and Costs and a Net Assessment

Author(s): Intriligator, Michael D.

Number of pages: 16

Extract:

11. Globalisation of the world
economy: potential benefits and
costs and a net assessment
Michael D. Intriligator1

INTRODUCTION AND PURPOSE

Globalisation is a powerful real aspect of the new world system, and it rep-
resents one of the most influential forces in determining the future course
of the planet. It has manifold dimensions: economic, political, security,
environmental, health, social, cultural, and others. The focus here will
be on the concept of `globalisation' as applied to the world economy.
The term was coined in the 1980s, but the concept is an old one that has
different interpretations to different people. Partly as a result of these dif-
ferent interpretations, there are very different reactions to `globalisation'
with some policymakers, scholars, and activists seeing it as a force for
advancing the world economy while others, again all three, seeing it as a
serious danger to the world economic system. (For the former, support-
ing globalisation, see International Monetary Fund 1997; Ohmae 1990;
International Monetary Fund 2002; Friedman 2000; Micklethwait and
Wooldridge 2000; World Bank 2002. For the latter, opposing globalisa-
tion, see Greider 1997; Rodrik 1997; Bauman 2000; Gray 2000; Giddens
2000; Hutton and Giddens 2000; Hertz 2001; Bhagwati 2001; Stiglitz 2002;
and Sullivan 2002. See also Salvatore (ed) 2004 and Gangopadhyay and
Chatterji (eds) 2005 for further discussions of globalisation).
There are three purposes of this chapter. First, it will clarify the notion
of `globalisation' as applied to the world economy. Second, it will evaluate
both the potential benefits and the ...