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1. Globalization
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Globalization |
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INTRODUCTION The interplay between economic regionalization and globalization has been one of the central focuses of the world economy. It is useful to analyze the relation between the European integration and globalization out of two major reasons. First, the EU is the most advanced process of economic integration and could, therefore, be representative for the relations between other regional economic organizations and globalization. ... The main thesis of this paper is that there has been a difference of speed between the two tendencies: globalization pushing for liberalization proceeding at a faster pace, while European integration lagging somewhat behind the rhythm of globalization. This implies that even if the European integration fits in the trend of globalization, it does so slower, which sometimes leads to tensions. ... These assumptions will be tested by analyzing the development of the European Union with regard to the most representative forms of globalization: interdependence via trade, development of multinational companies via foreign direct investments and financial globalization via capital markets. The tensions will also be illustrated by the relation between the organization that is considered to be one of the heralds of globalization, GATT-WTO, and the European Union, frictions that emerged at the Rounds of multilateral negotiations. DEVELOPMENT HINTS Let us refer to the first manifestation of globalization that entailed increased interdependence-trade, in whose bargaining for liberalization we can find evidence of the slower pace the European Economic Community(EEC) adopted. ... New Protectionism(best characterized by non-tariff barriers) led to a notable feature of globalization, the development of multinational companies, especially through foreign direct investment, in countries not yet affected by voluntary export restraints and orderly market arrangements. ... The Uruguay Round, the most ambitious WTO Round so far gave a new impetus to the globalization of world economy by liberalizing to some extent trade with agricultural products, extending the GATT regulations of intellectual property, services, anti-dumping measures, subsidies and safeguard clauses. ... Let us refer now to the another sector of globalization. ... Why should be enlargement a threat to globalization that pushes for greater liberalization? ... My argument is that this time the reduction in the openness of the EU will be more severe because globalization has rendered the states’ power more ineffectual, so they will rely on the EU for most of their accommodation in the new construction. |
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Title: Globalization
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