But I believe the indications of a real historic global transition are quite strong. For one thing, the revolution in information and communication technology is changing the world before our eyes. While it is for philosophers, historians and social scientists to explore all the implications of this revolution, the economic significance is quite clear. In this rapidly emerging new world there is simply no place for closed inward-looking economic orientation. That would be a recipe for stagnation, for falling behind, for being left out.
Financial markets are already global.
Many service industries are breaking national borders with increasing ease. Even barriers to the flow of commodities are tumbling down faster than ever before. Many countries large and small are choosing to forego narrow concepts of economic and monetary sovereignty, with the expectation of increased prosperity for all. For better or for worse, more than ever before it is the global marketplace that assigns rewards and punishment for good and bad policies. But it is not only economics.