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Global Economic Integration: The Causes Of Global Nationalization And Globalization

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“Globalisation is the cluster of technological, economic, and political innovations that have drastically reduced the barriers to economic, political, and cultural exchange” (Drezner: 53). It involves intensified flows of commodities, capital, information and people which enable cross-border integration of activities (B&A: 1).

Economic globalization is characterized by the rapid expansion of international trade, integration of financial markets, multinationalization of production, foreign direct investment and capital market flows (B&A: 4) (Garrett: 790). It is perceived by economists to reduce international arbitrage costs (S&U: 301).

Global economic integration (GEI) is a phenomenon which has emerged from economic globalisation, and is defined by capital market openness (Mosley 2000). Its two main driving forces are: technological innovation and the reduction of transport and communication costs (Wolf: 181) (B&A: 1), and the liberalisation of world capital markets (B&A: 9) (Wolf: 179). Some examples of international economic organisations which have emerged as a result of GEI are the International Monetary Fund (IMF), World Bank, Organisation for Economic Co-operation and Development (OECD), and World Trade Organisation (WTO). → Limited the range of policy options available to states

There exists a common rhetoric in conventional literature that global economic integration limits the range of policy options available to states, negatively affecting/impinging

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