In the late 19th century there was already an open global economy, with a great deal of trade, including trade in currencies. I would have no hestitation in saying that globalization, as we are experiencing it, is in many respects not only new, but also revolutionary. Yet I don't believe that either the skeptics or the radicals have properly understood either what it is or its implications for us. Both groups see the phenomenon almost solely in economic terms. This is a mistake.
Globalization is political, technological and cultural, as well as economic.
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