This article explores the growing significance and theoretical implications of ‘local rules' — such as Chinese labor standards, US financial regulation and Swiss bank secrecy rules — in the global economy. In particular, the argument developed is that Ronald Coase's framework for analyzing...

The paper provides an operational definition of the concept of globalisation and reviews the pro-globalisers' case for the worrld-wide spread of free market capitalism through the implementation of the 'Washington Consensus'. The pros and cons of the case for capital account liberalisation and...

Measuring globalization of economy has become a challenge for academic profession, international governmental organizations and advisory institutions in the last fifteen years. Various indicators and methodologies are subject of polemics that often reflect viewpoints of institutions and...