More than 170 years ago, Frédéric Bastiat noted in his masterly work Economic Sophisms that the “opposition to free trade rests upon errors, or, if you prefer, upon half-truths.”1 Ever since Adam Smith successfully replaced mercantilist orthodoxy with free trade doctrine in his celebrated...

Economic integration, encompassing the removal or reduction of trade barriers and the coordination of monetary and fiscal policies, plays a pivotal role in promoting cooperation among nations. This systematic literature review examines the role of global value chains (GVCs) in promoting economic...

In recent years, China has drawn a lot of attention, not only due to its rapid economic development and the WTO accession, but also due to its active attitude towards regional economic development. China, as the world's leading producer, also looks for multiple markets to decrease the chances of...

This paper is an attempt to provide an ideological postulation of Adam Smith and Karl Marx on globalization. This paper gives a fair picture of the different dominant nations over a period of time from sixteen century till 2010. The industrialzation in Europe and later on in North America...

The half century leading up to the crisis of 2008-2009 was the best such period in world economic history, especially in the Asia Pacific. Peace and relative economic stability permitted unprecedented liberalization, economic integration, and advances in productivity and growth. But the...

This paper introduces an alternative indicator to evaluate the external sector behavior of a country or region. The objective of this indicator, titled “The External Sector Vulnerability Monitoring Index” (henceforth ESVM) (λ), is to offer policy-makers and researchers a new analytical tool...

The world is going through strikingly fast and comprehensive transformation. The harmonization of the bilateral or multilateral regulations and standards all over the world will make market penetrations much easier, or harder. This is also a critical turn for the overall Turkish economic and...

The possible creation of an Asian Economic Zone has been debated quite often in the last years. This is not shared by countries specially attached to the strict dimension of national sovereignty. The worldly trends of globalization and interdependence turn it into an urgency as Asia is required...

Policymakers increasingly view China’s rapidly growing wealth as a threat. China currently ranks second, or perhaps even first, in the world in gross domestic product (although 78th in per capita GDP), and the fear is that China will acquire military prowess commensurate with its wealth and...

We examine the real and financial integration of East Asian economies, comparing the degree of real versus financial integration, the degree of global versus regional integration, and the extent of integration before versus after the 1997/98 financial crisis in East Asian economies. We analyze...