Indeed, during the past half century, the pace of economic globalization (including the reversal of the interwar decline) has been particularly rapid. But, despite occasional interruptions, such as following the collapse of the Roman Empire or during the interwar period in this century, the degree of economic integration among different societies around the world has generally been rising. Nor has it always benefited all whom it has affected.
This process of globalization in the economic domain has not always proceeded smoothly. Since the travels of Marco Polo seven centuries ago, global economic integration-through trade, factor movements, and communication of economically useful knowledge and technology-has been on a generally rising trend. Some communication and trade took place between distant civilizations even in ancient times. Global economic integration is not a new phenomenon. Emerging Market Economies: Net Capital Flows.The Internet Slashes the Cost of Transactions.Net Flow of Investment to Developing Countries.Financing Conditions for Emerging Markets.United States: Exports of Non-Factor Services.United States Immigration as a Percent of Resident Population.A Reversal in the Trend of Increasing Global Economic Integration?.The Particular Importance of Communications.
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