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PacNet #32 – Globalization, Vulnerability and Adjustment

“Globalization” has almost become the term to define this era. In its common and most general usage, it refers to the integrative forces knitting together a global society including economic phenomena such as enhanced capital flows, technology transfer, trade in goods and services, and the movement of legal and illegal labor, as well as non-economic forces such as the spread of ideas, norms, and values. None of these are new phenomena, but modern transportation and communications technology and the lowering of many political and regulatory barriers to transborder movement have so accelerated the speed and scope of cross border movements that it is commonly argued that today’s globalization is qualitatively different from any past experience.