As technology has shrunk time and distance over the
past forty years, integration of the world's major markets into one global
economy has proceeded at an increasingly rapid pace. This trend was greatly
accelerated when the end of the Cold War opened virtually the entire world to
the dynamism of capitalistic market forces.
Globalization is both necessary and
desirable as rising costs of research and investment compel exploitation of
worldwide markets and as nations realize that being left out means being
left behind. But precisely because globalization is inevitable, the
terms on which it is accomplished are of critical importance. Globalization
based on fair and transparent rules, mutually open markets, equal treatment of
investors regardless of nationality, and competitive business practices is
different from globalization based on mercantilism, cartels, administrative
guidance, and unchecked speculation.