What are Global Markets: The Significance of Networks of Trade?
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.
KeywordsExchange Rate International Trade Global Market National Market Exchange Rate Change
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