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Cambridge Journal of Economics 25:669-684 (2001)
Copyright © 2001 Cambridge Political Economy Society

Review Article

The global economy—myths and realities

Jonathan Perraton

Department of Economics, University of Sheffield, 9 Mappin Street, Sheffield S1 4DT, UK; j.perraton{at}sheffield.ac.uk

Abstract

Hirst and Thompson's Globalization in Question is the key text questioning claims of economic globalisation. This review of its revised second edition examines its main claims: that contemporary levels of international integration fall short of the Gold Standard period; genuinely global companies remain exceptional; capital mobility is not shifting economic activity to developing countries wholesale; international economic activity is primarily regional rather than global; and that international economic activity is sanctioned by nation states and remains subject to their political power. This review argues that, while their evidence provides a useful corrective to extreme globalisation views, focusing on this view understates changes in the international economy.

Key Words: Globalisation • International economic integration


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