The World Economy: Challenges of Globalization and Regionalization

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The process of globalization can be seen in the increase of: trade interdependence, the importance of global multinational corporations, mobility and volatility of capital flows (with dangers demonstrated by the recent Mexican crisis). This globalization creates both dangers and new opportunities, both winners and losers. The parallel growth of regional blocs is equally hazardous, particularly for countries left outside the regional blocs. This work describes the impact of both globalization and regionalization, and the relationship between these two dominant trends. The interdisciplinary approach covers economic and socio-political dimensions. It also suggests policies on the basis of critical evaluation of past trends.