In turbulent economic times, globalisation has become regarded as a dirty word, tainted by a toxic mix of misinformation, misconception and misanthropy.
Since then, the strong wind of globalisation has become a gale, market forces have assumed their present overwhelming power and the state has increased its share a bit more, to 46%.
Globalisation has become extremely important in the business world.
There, Chanda witnessed Asia's rise and its economic crisis of 1997-98, when the poster-child of globalisation had become its victim.
Embracing globalisation, London has become one of the most dynamic cities in the world.
The authors conclude that under the unequal conditions of globalisation, migration has become increasingly non-European and less colonial (see also Penninx, 2016).
Thankfully, Messrs Grossman and Rossi-Hansberg have a more felicitous phrase: "trade in tasks".As globalisation has advanced, it has become easier to move some of these tasks offshore.
Vivek Paul, of Wipro, a big Bangalore-based information-technology firm, says that for most of 2003, his company was adding staff at the rate of 1,000 a month, two-thirds of them in "business process outsourcing" (BPO).Nandan Nilekani, boss of Infosys, Wipro's great local rival, explains: "The globalisation of white-collar services has become mainstream".
Pessimists point out that monetary conditions have been loose in recent years, with real interest rates low and credit growth rapid, particularly in emerging economies.Others worry that the task of central bankers has become harder as globalisation has shifted from being a disinflationary phenomenon to an inflationary one.
THERE are two common explanations for why the pay of senior executives in big companies has increased so fast in the past few decades: globalisation (the market for top talent has become international) and technological change (it is easier for companies to exploit opportunities, wherever they arise).
What is striking about globalisation is, firstly, how pervasive it has become – across the globe and across sectors.
