What are Global Markets: The Significance of Networks of Trade?

  • Jonathan Perraton
Part of the International Political Economy Series book series (IPES)


Economic globalization is often seen simply as the emergence of global markets. This is problematic for two main reasons. First, economic globalization also includes non-market organization of economic activity, notably MNCs’ international organization of production within firms. Some accounts point out that non-market organization is rising relative to market operations though globalization (Dunning, 1993b; Ruggie, 1995). Second, it assumes that the concept of a global market is itself self-explanatory. This chapter examines what the globalization of product markets through international trade entails and thereby examines the nature of global markets and their importance relative to other forms of global economic activity.


Exchange Rate International Trade Global Market National Market Exchange Rate Change 
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© Palgrave Macmillan, a division of Macmillan Publishers Limited 2000

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  • Jonathan Perraton

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