How Can Globalization And International Economic Integration Be Measured?
1. How can globalization and international economic integration be measured?
Globalization or international economic integration can be measured by four main factors which are “trade flows, capital flows, people flows and the similarity of prices in separate markets.” Trade flows basically refer to movements of products or outputs as exports or imports across national borders, whereas capital flows and people flows together make up a general category known as factor movements and refer to flows of production inputs, rather than the products themselves, such as capital and labor to the international markets. The similarity of prices factor can be thought of as the effect of globalization or global economic integration on prices in local or national markets as they converge with those of the international ones despite some differences due to transportation costs. The more globalized the countries are, the more similar or less differentiable the prices of their goods or services will be.
2. In what sense is the U.S. economy more integrated with the world today than it was a century ago? In what ways is it less integrated?
To determine and compare economic integrations of the U.S. with the rest of the world now versus a century ago, we should refer to differences or changes that might have occurred in the previously discussed four factors of globalization. In terms of trade flows, the textbook claims the difference between the extent of trade relations now compared to hundred
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