Globalization and Economics

it imply for the prospects for the U.S. economy? And what does it imply for the economics profession? What is Globalization? You hear the term globalization all the time. There are demonstrations against it, speeches in favor of it, and incessant talk about it. If you do an Alta Vista search for globalization you get over 300,000 hits; if you mention a book with globalization in the title to publishers you can see the saliva; and if you put globalization in the title of your course, you increase enrollment by 40 percent. Globalization is hot. But what is it? Clearly, globalization has something to do with increased integration of the world society, with an emphasis on increased economic integration. It also has something to do with businesses changing their reference point--thinking globally rather than locally. Finally, it has something to do with technological change. But, although the term is new, none of these elements, nor academic discussions of them, are. They have existed since, at least, World War II. For example, the economic integration of world economies has been ongoing over the last fifty years, as countrie