The Global Economy in Transition (2nd Edition)

This book thoroughly explores the processes now driving globalization, their consequences for the structure of the world economy, and the concepts needed to understand what is unfolding. Emphasis is on transition — the replacement of a global system that prevailed until 1980 by a new world order driven by both technological and political forces. This publication draws together systematically the current understanding of the radical shifts now underway in the international economy, including the newly emergent theories of location and of trade. With twelve chapters organized around the theme of globalization, it explores the role of political and technological changes in the worldwide triumph of markets, the role of multinational enterprise in the process of globalization, and the emergent bases of competitive advantage. It also examines the declining role of the nation-state and the continuing reinforcement of cultural differences at both civilizational and regional scales. Focus is made on the declining role of the original factors of production, population and resources, in global development, and the resulting shifts in locational choice and regional specialization.