Globalization and International Development: Critical Issues of the 21st Century

Globalization and International Development: Critical Issues of the 21st Century

Globalization and International Development: Critical Issues of the 21st Century

Globalization and International Development: Critical Issues of the 21st Century

Synopsis

This collection is based on the papers presented at the 2007 2008 Werner Sichel Lecture-Seminar series held at Western Michigan University. These papers address the issue of globalization with a special emphasis on its impact on poverty.

Excerpt

Sisay Asefa Western Michigan University

This collection is based on the papers presented at the 2007–2008 Werner Sichel Lecture-Seminar series held at Western Michigan University. These papers address the issue of globalization with a special emphasis on its impact on poverty. the dawning of the twenty-first century is a propitious time to examine this issue. Advances in transportation and, especially, telecommunications have imposed virtual synchronicity on nations. Information and communication flows are virtually instantaneous. However, wide differences in cultures, political systems, languages, and ethnicities impose barriers to optimal use of the technological advances that have occurred. Extreme variation in the international distributions of wealth, income, and poverty remain as enormous social problems to be addressed.

The general perspective of the economists who have contributed to this collection of papers is that expanding “flows” between countries is the appropriate direction for economies both in terms of accelerating growth and reducing inequalities. These flows include international trade and capital, migration, remittances, and foreign aid. But in addition to these hard commodities and dollars, there are flows of ideas, knowledge, and technical assistance. of course, as one of the authors reminds us, appropriate intellectual property rights need to be enforced concomitantly with the flow of ideas and knowledge.

The book begins with the chapter by Ian Goldin and Kenneth A. Reinert, who explore how globalization in the structure of trade and capital flows in its various forms (foreign direct investment, portfolio investment, and commercial bank lending) affect poverty. They also discuss the effect of foreign aid, international migration, and remittances, including the global flow of ideas in the form of knowledge and information.

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