Chapter

Overcoming Truncatedness

Baldev Raj Nayar

in The Geopolitics of Globalization

Published in print December 2007 | ISBN: 9780195693034
Published online October 2012 | e-ISBN: 9780199081783 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780195693034.003.0007

Series: Oxford India Paperbacks

Overcoming Truncatedness

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Economic globalization refers to the integration of different regional markets into a world market. In this context, goods and services are exchanged at the local community or neighbourhood level. Such a market arises because individuals and households engage in this exchange. The interdependencies between households results in division of labour and specialization, thus enhancing market efficiency and improving economic gains. The same principle underlies the exchange of goods and services between nations. This chapter explores the relationship between openness and economic development and how globalization can be harnessed to achieve development. It discusses market efficiency and market expansion as well as the link between globalization and economic growth.

Keywords: globalization; economic development; market efficiency; market expansion; goods and services; openness; world market

Chapter.  2988 words. 

Subjects: Political Economy

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