00 FM Ed.6
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چکیده
S INCE ABOUT 1980 THERE HAS BEEN UNPRECEDENTED global economic integration. Globalization has happened before, but not like this. Economic integration occurs through trade, migration, and capital flows. Figure 1.1 tracks these flows. World trade is measured relative to world income. Capital flows are proxied by the stock of foreign capital in developing countries relative to their GDP. Migration is proxied by the number of immigrants to the United States. Historically, before about 1870 none of these flows was sufficiently large to warrant the term globalization. C H A P T E R O N E
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