Forces driving change in the global economy
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Lecture slides in International Economics from a course at the University of the West of England, Bristol. Discusses recent and ongoing transformations of the world economy, including Ohmae's concept of the "Invisible Continent". Download available on the TRUE wiki for International Economics: http://economicsnetwork.ac.uk/international/lecturenotes
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Forces driving change in the global economy
- 1. FORCES DRIVING CHANGE IN THE GLOBAL ECONOMY Derek Braddon University of the West of England
- 22. THE RESULT Runaway capital, the growth of huge corporations more powerful than many governments; rampant speculation; employment insecurity and growing inequalities all point to a turbulent global economic system. The failure of markets to attain natural equilibrium in the modern global business environment is therefore scarcely surprising, given the complexities and unexplored dimensions of the new 'invisible continent' and its unpredictability.
- 23. WHY DOES IT MATTER? Policy-makers in business and government are unprepared for the catastrophes of the invisible continent; for example, millions of dollars might gush in or out of a local economy in nano-seconds, with the impact of a typhoon or hurricane on the population. (Ohmae, 1999, The Invisible Continent)