www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

Global EditionASIA 中文雙語Fran?ais
World
Home / World / World Watch

Globalization drives development

By Cai Fang | China Daily Global | Updated: 2019-05-29 09:48
Share
Share - WeChat

While some state leaders and politicians exhibit strong anti-globalization tendencies, it is time to review the history of economic globalization and understand why we should rescue globalization, and how we can rescue it through global governance.

Classical economists of the 19th century, notably British political economist David Ricardo, said international trade, based on comparative advantage, can benefit all countries involved so they can prosper through globalized economic activities. However, it did not seem to bring prosperity to the poor countries, colonies and peripheral regions.

Modern theorists expect nations with initial low incomes to grow faster than their richer counterparts, and see a convergence of the world economy. According to them, as incomes rise quickly, the gap between poorer and richer countries will narrow.

However, such a convergence has never happened, at least during the period before the 1990s. Instead, the "Matthew effect"-in which the rich get richer and the poor get poorer-was in view. This phrase has been attributed to sociologist Robert K Merton. It has only been since the 1990s that convergence of the world economy has occurred, thanks to changes in the characteristics of globalization and their outcomes.

First, many developing countries embraced economic globalization and found their place in the global value chain. As a result, more low- and middle-income countries benefited from trade, cross-country investment and technological spillover.

Out of the 160 members of the World Trade Organization, more than half received their member-ship after January 1, 1995, when the founding members were designated.

Second, the wider participation in globalization pushed international trade back to the Ricardian type, in which comparative advantage determines the pattern of trade. According to Ricardo, a nation is said to have a comparative advantage if it can produce a particular type of goods relatively "more efficiently or relatively less inefficiently" compared with the other nation.

In the decades before the 1990s, the Cold War between the East and West and the divide between the South and North affected world trade. At the time, the developed countries conducted transactions between each other via intra-industry trade, while the developing countries barely participated in the worldwide division of labor.

Consequently, international trade was no longer based on comparative advantage.

Only after economic globalization became more widespread did international trade return to its classical form: inter-industry trade based on comparative advantage. As a result of inter-industry trade-developed countries exporting capital-intensive goods and importing labor-intensive goods from their developing partners-both groups gained from globalization.

Third, globalization does not guarantee equal distribution of overall gains among different groups within a country. In emerging economies, the labor market force has helped workers and low-income families share the outcomes of globalization through increasing participation in the labor force.

In some developed countries, the economic system and social policies in favor of the rich have failed to distribute and redistribute gains of globalization equally, resulting in losses to a major chunk of working families and the middle class.

Finally, the active participation in the global division of labor and implementation of domestic reforms have given the developing countries an opportunity to catch up with the developed countries. As a result, the world economy has been converging.

As a result of convergence, a large share of the world's population has been lifted from absolute poverty. From 1981 to 2015, China contributed to the overall reduction of world poverty by 76.2 percent.

Globalization and its governance can be characterized by two conflicting trends.

First, inexorably influenced by populism, protectionism and inward-looking policies of some developed countries, notably the United States, globalization is encountering a headwind. Second, as the world economic balance changes, the emerging economies, or broadly speaking, the developing countries-which make up a large share of the world economy and have a much greater say in international affairs-are increasingly becoming an important force in rescuing globalization.

The latter trend makes multilateralism not only a value, but also a necessity. As long as widespread participation universally benefits the developing countries, globalization will not be reversed by the will of a single country or handful of politicians, even though they are considered powerful. In fact, the overwhelming part of the world expects a more inclusive globalization and relies on multilateralism for reshaping the governance systems of globalization.

Just as infrastructure and equipment used for producing private goods require revaluation, the World Bank, International Monetary Fund and WTO ought to update themselves.

China has submitted a proposal for WTO reform aimed at maintaining its core values and basic principles, which include openness, inclusiveness and nondiscrimination, and ensuring the development interests of the developing countries.

The experiences of China and other developing countries show that openness and cooperation promote economic growth of a country and convergence of the world economy, while free trade and economic globalization will act as a strong driver for sustainable development of the world economy.

Cai Fang is vice-president of the Chinese Academy of Social Sciences. The views do not necessarily reflect those of China Daily.

Most Viewed in 24 Hours
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 久久久www成人免费精品 | 国产成人亚洲欧美三区综合 | 欧美日韩在线播一区二区三区 | 精品在线播放 | 久草免费精品视频 | 亚洲三及片| 天天se天天cao综合网蜜芽 | 亚洲香蕉久久一区二区 | 欧美久在线观看在线观看 | 精品韩国主播福利视频在线观看一 | 天堂av影院 | 国产精品成久久久久三级 | 亚洲欧美日韩在线不卡中文 | 国产在视频线精品视频二代 | tom影院亚洲国产 | 日韩久草 | 久久久亚洲欧美综合 | 欧美kkk4444在线观看 | 国产九九精品 | 国产综合第一页 | 一本色道久久88综合亚洲精品高清 | 国产成人aa在线视频 | 扒开两腿猛进入爽爽视频 | 精品欧美一区二区三区精品久久 | 暖暖免费高清日本一区二区三区 | 国产成人精品日本亚洲网站 | 精品无码久久久久久国产 | 一级毛片a免费播放王色 | 精品久久成人 | 高清国产精品久久久久 | 美国一级毛片片免费 | 亚洲国产精品综合久久20 | 亚洲一区二区三区四区 | a级国产乱理伦片在线观看 a级国产乱理伦片在线观看99 | 韩国精品一区二区三区在线观看 | 亚洲第一视频在线播放 | 日日摸日日碰夜夜爽久久 | 久久国产精品国产精品 | 中文字幕最新中文字幕中文字幕 | 视频一区 欧美 | 6一10周岁毛片免费 6一12呦女精品 |