A Quote by Michael Spence
Globalization is the process by which markets integrate worldwide.
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The process of globalization has now interconnected almost everything ranging from financial markets to transport networks to communication systems in a huge system that no one really understands.
I think that the movement against the World Bank, against the globalization process that is happening, is very positive. We need a globalization, a globalization of people who are committed to social justice, to economic justice. We need a globalization of people who are committed to saving this earth, to making sure that the water is drinkable, that the air is breathable.
The Globalization of humanity is a natural, biological, evolutionary process. Yet we face an enormous crisis because the most central and important aspect of globalization-its economy-is currently being organized in a manner that so gravely violates the fundamental principles by which healthy living systems are organized that it threatens the demise of our whole civilization.
It is people who are the objects of globalization and at the same time its subjects. What also follows logically from this is that globalization is not a law of nature, but rather a process set in train by people.
Today we stand on a bridge leading from the territorial state to the world community. Politically, we are still governed by the concept of the territorial state; economically and technically, we live under the auspices of worldwide communications and worldwide markets.
The single most significant change has been the globalization of labor markets. Product markets - trade in goods - have been globalizing for years. But now, with the reduction in communication expenses and the building of all sorts of IT infrastructure, essentially any job can be done almost anywhere.
Like the effects of industrial pollution and the new system of global financial markets, the AIDS crisis is evidence of a world in which nothing important is regional, local, limited; in which everything that can circulate does, and every problem is, or is destined to become, worldwide.
The unfolding time for the end of globalization or a worldwide deflation is much longer, certainly measured in years, if not decades.
I stated that I'm a libertarian Republican, which means I believe in a series of issues, such as smaller government, constraint on budget deficits, free markets, globalization, and a whole series of other things, including welfare reform.
In Globalization 1.0, which began around 1492, the world went from size large to size medium. In Globalization 2.0, the era that introduced us to multinational companies, it went from size medium to size small. And then around 2000 came Globalization 3.0, in which the world went from being small to tiny.
The ability to change one's mind is probably a key characteristic of the successful investor. Dogmatic and rigid personalities rarely, if ever, succeed in the markets. The markets are a dynamic process, and sustained investment success requires the ability to modify and even change strategies as markets evolve.
I mean, you hear the word 'globalization' over and over and over again. Globalization, globalization, globalization. Rarely has a word gone so directly from obscurity to meaninglessness without any intervening period of coherence.
It isn't inevitable that we have a globalization which is used by the corporations not to pay taxes. It is not inevitable that we have a form of globalization in which corporations use the threat of moving jobs abroad to lower wages. None of this is inevitable.
What do markets do? They consolidate, they breakout, they extend, they overextend, they back and fill, they consolidate, and repeat the process. That's all you need to know about the markets.
Globalization is a complex issue, partly because economic globalization is only one part of it. Globalization is greater global closeness, and that is cultural, social, political, as well as economic.
Globalization - and I think we share this conviction - is that globalization needs to be shaped politically, it needs to be given a human face, but we cannot allow to fall back into plagued globalization times.
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