Globalization and Sustainable Growth

Dear Colleagues,

The last few decades have witnessed a process of increased integration in the world economy, affecting all sides of international economic involvement. Such a phenomenon, usually termed as “globalization”, can be defined as the process whereby markets liberalize and become more international, losing their national and local characteristics. The ultimate reason would be the fall in transport and communication costs, which has facilitated the mobility of goods, services, technology, capital, and people.

The current wave of globalization has encouraged growth in the world economy by promoting specialization and the division of labour, but it has simultaneously brought about social and economic insecurity. Accordingly, a new “conventional wisdom” on globalization, in Dani Rodrik’s words, has emerged based on the following points:

• Globalization entails growing inequality and insecurity in advanced countries;
• Trade and financial openness do not lead to higher economic growth by themselves, in the absence of institutional reforms;
• Globalization therefore needs to be complemented by a wide range of institutional reforms, in both advanced and emerging countries, which make it possible to fully reap its potential benefits.

All these developments, on the other hand, are the basis of the current surge in populism. Thus, populism emerges as an answer to a generalized unrest in modern societies, mostly rooted in the increase in inequality and the cultural backlash as a reaction to progressive social changes, given a perceived lack of an effective response by the elites.

This widespread discontent that characterizes the current situation is leading to a state of generalized uncertainty all over the world. With all these problems in mind, the aim of this Special Issue will be to examine the most recent trends of globalization (involving the movements of goods, people, and financial assets) and how they relate to social cohesion, inequality, and the functioning of democracy, which in turn are the necessary requirements for a sustainable growth.

Prof. Oscar Bajo-Rubio
Guest Editor

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• globalization
• international trade
• international migration
• international finance
• sustainable growth