| Policy Discussion Paper (2007) | |||||||||||||||
Abstract | |||||||||||||||
| This paper examines the extent and causes of globalization and its consequences for the policy strategies of developing countries. Three technological revolutions have made major contributions: the steam engine and telegraph last century, the internal combustion engine and telephone during this century, and most recently the digital revolution's impact on communication and information costs. Equally important have been the deregulatory policy reforms made by national governments. Those have been partly unilateral or regional, but the GATT/WTO has been crucial during the past half century in encouraging economies to open up more and to commit to staying open to international trade. These three sets of contributions -- technological, governmental, and the GATT/WTO institution -- have lowered enormously the transactions costs of or barriers to doing business with people of other nations around the world | |||||||||||||||
Details der Publikation | |||||||||||||||
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