Regional and World-Wide Dimensions of Globalization

Since the Second World War, western governments have implemented trade liberalisation policies which have been very successful and have spread across the rest of the globe. However, some countries have remained outside this general movement because of national policies aimed at self-reliance, or because of the debt crisis, or falling commodity prices, the combination of which has reduced the purchasing power of developing countries, with the exception of those in East Asia. The degree of internationalisation has also varied across sectors. Trade is most extensive in electronic, textile and petroleum products, while other products (cement, food, electricity, domestic and public services) are, by their very nature, more difficult to trade. However, even in these sectors there has been a marked trend towards internationalisation as a result of deregulation and direct investment.